For any potential newbies dropping by over the weekend8 Feb 2025 08:22
For any potential newbies dropping by.
This company has serially failed to deliver on most of its promises over a number of years – cash flow break even in early 2024, reverse takeover of Recyclus Group, TFS permits, additional plants. The company has lied in RNS statements to the market relating to its sale of a lithium asset in Ireland.
Since early 2024 it has been funded by death spiral finance leading to massive dilution and a 90% decline in share price. The last accounts, delivered late leading to temporary suspension of trading in the shares, disclosed that the parent company and its associate Recyclus were both making losses in excess of £2M each, while the balance sheet showed current assets of £1.35M and current liabilities of £4.63M. It was therefore technically insolvent to an extraordinary degree and both the directors and auditors noted a material uncertainty around the company’s ability to continue as a going concern.
The company’s latest accounts also show its associate Recyclus Group owed the PLC £7M, a fact that must hamper its own efforts to raise new funding while it continues to make losses.
A significant shareholder related to the CEO has recently been selling shares to loan funds to the company. The company cannot issue new shares without publishing a prospectus, except to directors and other parties exempt under the Prospectus Rules. The board has already used up the majority of its authority from the 30 December 2024 AGM to issue new shares.
If you have already invested you are relying on a greater fool to buy your shares from you. They are, in my opinion, worthless.
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