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One wonders why Shard would sell the debt to Sefton. It must be commission only as we know Sefton would never pay out anything. The £1m had no security or interest. I don't know how that was in iconics' interest. They said it was to buy Joe Media and Iconic couldn't afford it. But Greencastle bought Joe Media UK with just £233k cask. Oh well, a can of worms or what?

The deal with Shard meant they would start repaying after 4 months. So around March. The £185,000 looks like 3 monthly payments. The company had no money. The half-yearly accounts show they had just £190k at the end of December. Given the old board were there for another 4 weeks that would have gone.
As a secured creditor owed £185k Shard have the right to call in the administrators. But the £185k is not all they will want - they will now want the whole £500k plus interest plus compensation for the £500k of warrants. The warrants will have no value as far as Shard is concerned because of dilution if EHGOF are involved. I don't believe just paying the £185k will suffice.

Sounds good.
“EHGO has reached out to the administrator with the offer to immediately pay the debt of Iconic which is owed to Iconic’s secured creditor on behalf of Iconic in exchange for a promissory note from Iconic provided that Iconic is taken out of administration swiftly. The necessary funds are being transferred to EHGO’s counsel’s account by EHGO with instructions for immediate release to the secured creditor upon (i) confirmation that Iconic has executed a promissory note for the amount lent; and (ii) the receipt of an undertaking from the administrator that it shall take Iconic out of administration as soon as the secured creditor is paid. In EHGO’s view the amounts are not large, and it would be in all shareholders’ and the other Iconic’s creditors’ interests that the administration be ended swiftly.

A view here.
https://www.asktraders.com/analysis/iconic-labs-shares-suspended-from-trading-as-joint-administrators-take-over-the-firm/

Shard appointed the administrators and Shard can also remove them. Given they want their money and Icon have nothing then they are obviously expecting Mr. Ott to do something. But this must have been going on for weeks and Icon have done nothing. To think in November they received £750k plus £500k from Shard and at the end of December it was mostly gone.

It is now up to the administrator. They are in charge and normally (or used to) have around 8 weeks to produce a report. This is about one debt, I believe, so the board could enter into discussions. But why didn't they before?

It will be suspended in Monday. Intu was also suspended immediately there was a warning a few days before.
The only secured creditor is Shard. Maybe Brad just didn't understand how UK law works, he must have been warned many times. Oh well. Mr Ott will not be pleased. Anything now will take time, now we know while none of the directors bought shares.

Use fill or kill if it's small enough.

This is not aim so no speeding tickets.

The research company is wholly owned by Sting Industries Ltd. All normal.

Brian - companies have to start somewhere. Not many new companies hire so many people so quickly.

https://www.google.com/search?q=sting+industries+jobs&rlz=1C1CHBD_en-GBGB840GB840&sxsrf=ALeKk01FswOoxunMHpXqUw1R3r1teVhXIw:1620644024603&ei=uBCZYPn_IM6N1fAP8uanoAw&oq=sting+industries+jobs&gs_lcp=Cgdnd3Mtd2l6EAM6BwgjELADECc6BwgAEEcQsAM6BAgjECc6BQgAEMQCOgIIADoGCAAQFhAeOggIABAWEAoQHjoFCCEQoAFQtAlYsxdg1BloAXACeACAAWWIAdsDkgEDNS4xmAEAoAEBqgEHZ3dzLXdpesgBCsABAQ&sclient=gws-wiz&uact=5&ibp=htl;jobs&sa=X&ved=2ahUKEwiD7IC9-b7wAhV4aRUIHaeVC3wQudcGKAJ6BAgDECU#htivrt=jobs&htidocid=1wujJlRci4Zwb0CxAAAAAA%3D%3D&fpstate=tldetail

11-50 employers and have taken on some high paid positions lately. 70% owned by Mr. Ott and 30% Mr. Werner.
https://www.linkedin.com/search/results/people/?currentCompany=%5B%2272142731%22%5D&origin=COMPANY_PAGE_CANNED_SEARCH

Craig - the 5bn is in the agm notice. It is a very small amount and in the stock box interview this morning he says he won't just use it straight away.

Meanwhile Mr. Ott has set up Sting Industries in the UK. Not hanging about there.

STING Industries Limited is a dynamic tech start-up, developing exciting new Unmanned Aerial Systems and associated technologies in the Defence Industry.

Well situated in a rapidly expanding industry, our vision is to disrupt Defence by making it attractive to the best technical and ethical talents to work on the frontlines of the defence industry of tomorrow, with its world-leading INHIBITOR Drone Ecosystem based on Technology-First and Ethics-By-Design approaches.

Interesting new investment and a few familiar names reacting.
https://www.linkedin.com/feed/update/urn:li:activity:6791349411051057152/

https://www.ottproperties.eu/our-team/

A few familiar names including Iconic.

9 am.

They can't have any shares issued until after the prospectus and EGM.

Unload what? They have no shares currently.

The loan was to Greencastle MM LLP. At the time Greencastle Capital was said to be a 98% shareholder. However, companies house shows that on 31st March Sefton and his company Linton ceased to be significant holders of Greencastle MM LLP. And Greencastle Acquisition is now a significant holder. Now I can find nothing that say Greencastle Capital was a 98% owner directly. Maybe more research is required!