Whatever happened to four years of TexRad promises ?21 Nov 2019 13:27
The market cap of £5m was there before young TO became CEO, but it was there to reflect the prospects for TexRad. Read what the Statements says on this subject (there weren't any other subjects) from 2014-2019. Problem now is that the market cap has to be sustained on a trial of a untested product in a very competitive market where the monopoly buyer is very slow in buying EVEN if the trial is a success. Maybe TO is too busy to answer shareholders enquiries, but if so, why? The trial on which everything has been gambled won't conclude until the new Year...
Shareholders wait years for the ground-breaking technology, TexRad to reach payoff, with millions dilutively raised along the way, then a few months ago, a new CEO is appointed who totally changes the business of Feedback to a start-up project with unknown and uncertain prospects. Not a whimper of objection from shareholders...extraordinary
Interesting history lesson for investors here. Four years ago in June 11m shares were placed at 1.8p, raising £200k. The market cap was thus £3.6m (202m shares at 1.8p) post this 2015 placing. There are now 369m shares in issue but with the share price at 0.75p the market cap is £2.6m, i.e. £1m less.
Have the overpaid Feedback directors invented a money shredding machine - the real meaning of texture analysis?
John Zorbas and shadow director Leon Hogan and their associates have benefitted unfairly from their activities. These activities have now been reported in detail to the FCA, AIM team, Arden and the Takeover Panel. Copious documents have been supplied to support allegations. The authorities are investigating, and the nomad, Arden* having clearly not performed proper dd checks on the statements in recent RNSs, are probably vulnerable to further pressures.
*Market cap now £7m at 23p, raised £5m a year ago at 40p
Management Resource Solutions hosting today 2 may 2019 a presentation for analysts and investors at 14:00 BST at the offices of FTI Consulting.
Shareholders attending this afternoon's meeting may take the opportunity to ask be a little more about Cavialeco, which has a Toronto address but is registered in Cyprus, and was the second largest participant in the July 2018 placing by MRS to “employees, contractors and directors”. All the information which follows can be found, with a little digging from publicly available sources. Examining the published information appears to indicate an undisclosed and unexplained relationship between John Zorbas, Chairman of MRS and Cavialeco.
Cavialeco is also listed as an investor in Captor Capital on page 19 of the attached file from February 2018 which was filed and signed by John Zorbas (see page 30), overall it was one of the largest investors in this private placement, as was the case three months earlier in December 2017, in this case apparently contributing over C$2m. The form can be downloaded herehttps://webfiles.thecse.com/CSE_Form_9_-_Notice_of_Issuance_of_Securities-1feb_12_2018.pdf
Cavialeco is listed as the 5th largest investor in this placement by Captor Capital on the attached form submitted in December 2017, listed on page 7. The form was submitted with John Zorbas as the signatory. It can be found at https://webfiles.thecse.com/CPTR-9-Dec11-2017.pdf