Member Info for buried_treasure

Tro talking rubbish again.

Recyclus loan rates are

£9M to TM1 - 2.5% Y1, Bank Rate Y2-3, Bank Rate +1% and rising to Bank Rate +3% in later years

Century Cobalt £518K 13.75%

The Mega Company £500K 12%

Close Brothers £1.03M 13%

Ouch.

Still making losses Mazey.

Revenue is vanity... etc.

With the cash part of the settlement on offer Swanny and Atlas have little choice than to accept the restructure. IF (big if) Fortified can get the £3M placing away.

The next best alternative is significantly worse for them, but they will be forced down that route if the TM1 placing fails.

I know Guy Wheatley from his days at Mirabaud and he is good, but I think he's got his work cut out here.

One thing Crowdcube investors are definitely NOT being presented with is "a new beginning".

They are being presented with an old failed business, still loss making on 12 month view (hence half the raise being for "working capital") with £9M debt.

At a frankly ludicrous valuation of £30M.

Taking Recyclus through prepack admin, THAT would be a new beginning. And at the right valuation it might find EIS investors. But the current set up? No chance.

Where is this notion that they have "got funding" from?

They raised £350K fresh meat for the mincer in January to keep the lights on.

And, er, that's it.

I will be AMAZED if this Crowdcube raise goes any further now the regulator is all over it. But maybe Crowdcube, Recyclus and TM1 are all utterly desperate for mug punters' cash.

Blin

If you think the shareholders in TM1 will have a say in any Recyclus corporate action I think you are very much mistaken.

A Recyclus EIS equity raise has failed once already and I confidently predict it will fail spectacularly again. There is no way Recyclus is raising a penny from any sophisticated investor behind £9M of debt to TM1 and a first charge to Close Brothers. I am amazed Crowdcube have let it get this far and if they put the raise live roping in unsophisticated investors £100 at a time I will immediately report it to the FCA.

By the way, these boards are for all comment, positive and negative. You do not have to hold shares here and post only positive ra-ra to participate. I think you'll find that's telegram.

I'm going nowhere, pass the popcorn.

"This is my last post here..." at 1208 going well I see.

"The CEO is smart..."

Some days this comedy writes itself.

The Recyclus crowdcube raise is at a pre-money valuation of.... wait for it.......

£30 MILLION!!!

(For a battery crushing shed in Wolverhampton in debt up to its eyeballs!)

Good luck with that.

For financial masochists only.

Well... quite the meltdown.

For the record I have never met Tom Winnifrith nor spoken to him. We have exchanged emails on a few subjects and replied to each others comments on his website - not always agreeing, for instance on KEFI - but that is the extent of it.

And yes, my "agenda" here is clear and consistently stated - to run the bad actors out of town.

You don't have to look too far round here to spot them.

Stark_industries is the reincarnation of Frankie963 / Shrewed_mole. He admitted this in now deleted posts on advfn.

Quite why he feels the need to repeatedly pump out this AI generated garbage is unclear. He's not fooling anyone who has been here more than a week.

Methinks Troajan speaks far too soon

https://www.crunchbase.com/organization/atlas-special-opportunities

So many questions, so few answers.

For TM1, what happened to the £2M+ placing Fortified were arranging to keep Atlas (and to a lesser extent Swanny) at bay? One is left to assume, with no update, that fell flat on it’s a**e as predicted and either can take control of TM1 immediately or on longstop 31 March.

How against that backdrop can the auditor be satisfied as to going concern if the first money from Recyclus doesn’t arrive for TWO YEARS? I would be amazed if any auditor put his reputation on the line and signed off on this nest of vipers without getting another stay of a year and a day from Atlas and Swanny. And after a year and a day, then what?

While we’re on that subject, if the first money from Recyclus doesn’t arrive for two years how does TM1 pay its ongoing PLC costs?

How does anyone invest a penny in Recyclus equity, new money for old, Crowdcube or otherwise, knowing that the first profits go to Close Brothers and the next £9.6M plus interest goes to TM1?

You’d have to be utterly mental to invest in either. It remains for financial masochists only.

I do indeed have an agenda Frankie. It is as stated yesterday. To run the bad actors out of town.

One look at my posting history should tell you I'm very good at sniffing them out, and once I've found one I pursue them without relent.

Stark is the latest LSE incarnation of Frankie / Shrewed. Admitted as much on advfn where his profile is much older. Lots of edited / deleted posts over there.

I will not be engaging.

From Crowdcube's own Due Diligence Charter

"Crowdcube will not offer an investment opportunity in anything other than a group top company, except in exceptional circumstances (such as where an special purpose vehicle is being used for the investment and this will be clearly disclosed)."

Will be fascinating to see how Batman and Robin get around that. TM1 is definitely the "group top company", hence being forced to consolidate, the supposed reason for the delay to the accounts.

Except it's not "TM1 advertising for crowdfunding", you utter mug.

They are asking people to put equity funding into Recyclus behind £7M debt to TM1.

And to do that you would have to be the biggest mug on the planet.

How this got through crowdcube due diligence is just staggering. They are FCA regulated. There's a report to the regulator going in today.

Equity crowdfunding with £7M owed last seen as debt to the listed parent?!?

How Crowdcube approved that just beggars belief. Full stewards needed.

You'd have to be a complete mug to sign up for that. Which means it will probably be over-funded by tonight solely from the mugs on this board.

"Nice progress!"

Where? What progress?

All I see is another ramptastic announcement in a blindingly obvious attempt to pump the shares over par so the lifestyle grifters involved here can get away another desperately needed deeply discounted forward sold bucket shop placing.

Who on earth is going to fall for that?

This remains for financial masochists only.

Exactly six short months ago, on 3 September, I posted this.

Let me re-state why I am here, and why I am on any board I post on.

I have a significant pension fund that needs to keep me in the style to which I have become accustomed over my working life. I am overweight FTSE350 stocks, weighted slightly more towards the 250 than the 100 through various fund holdings and some direct investments.

Put simply, I believe that clean and efficient markets have benefits for all. I do not have a view whether we need more regulation or less, but I would like strong regulation to enforce the rules we do have, so we can judge whether rules should be tighter or looser. At the moment we have hardly any regulation at all. Anything goes. Are you a wrong’un? London Markets need you!

I strongly believe that the London authorities need to get a grip on some of the shenanigans down the stagnant small cap end of the London pond, and throw a few of the worst offenders in chokey for 12 ‘pour encourager les autres’. Then we might see fewer PIs getting shafted on an almost daily basis, and a return to strong flows of inward investment of patient capital from the world’s investors, which again has benefits for all London market participants including me.

So I like to ask straight questions and get straight answers. I like companies and management teams who say what they are going to do, then execute.

In this particular case, if you say “I’m going to make this a billion pound company in the current cycle [whatever that means]”, you had better get going quickly off this base. If you say you are immediately going to invest money and deploy it, I expect investment and deployment to be immediate.

So if St Sath does indeed put the company in funds for £2m, and they RNS that they have spent £1m on BTC, I will go quiet. I’ll still be watching as a bit of due diligence tells me I don’t think your man quite has the creds you might think he has, but I will admire his commitment and wish him luck.

I am not here to get a lower entry price. I am not a buyer of where this going at any price. But if it is a clean, honest, profitable success story that makes you all rich, I’m happy too.

Peace be with you.

Siennaj

The only question is whether this will be suspended by the regulator pending clarification of its financial position before it delists to go private and die quietly.

Either way I suggest there will be a 0700 RNS in the not too distant effectively advising all holders, including FlipFlopFrankie, that they have done their dough. In some cases not for the first time.