RE: Something left field22 Jun 2023 20:37
Hosai, I tried to help earlier by giving two examples of companies where this has happened, Joules (JOUL) and In The Style group (ITS).
Both happened recently so very easy to research, Joules only the end of last year and In The Style in March 23, but still ongoing in liquidating the cash shell.
No one is saying that’s happening here for sure, but the point is it can and does happen, much easier than I ever realised.
It was only possible due to both companies simply running out of cash and not able to pay their bills.
That’s not the case with REVB at present thankfully, but the only reason I brought this up is because Bob made it clear that the lenders may not be supportive of BOO taking over, which then would put REVB in the same position as what JOUL and ITS were in.
Next did a deal with Joules founder to save the company, but wiped out the rest of shareholders, In The Style Group did a deal with its founder and sold the companies assets for £1.2mil (a company that has a turnover of around £60mil and had no debt!) basically leaving shareholders with almost nothing, well it will be nothing by the time the remaining directors have finished with it.
I’m sure there must be many other aim companies that have shafted shareholders in a similar way, but this was all new to me as I rarely deal with aim plc’s and now I know why