It's worth remembering9 Apr 2018 11:03
It is now 9 months since the fund-raising at 6.5p - then commenting on the interim results for the half year to 30thJune2017, the BOD announced:
Quote: Accordingly, the Group expects to deliver full year results in line with market expectations.
In addition, the Board is also pleased to confirm that, following admission of the 336,101,128 new Ordinary Shares issued pursuant to the Fundraising to trading on AIM becoming effective at 8.00 a.m. this morning, that the Fundraising has now completed, raising approximately �20.8 million for the Group, net of expenses, which will be used primarily to help fund the Group's acquisition programme. Endquote.
Since then, we have had indeed some tantalising news along the way with a few contract wins and completion of one modest acquisition. So, what's gone wrong at top board level ?
For indeed it has in my opinion, you don't raise �28 millions for primarily acquisitions and then go quiet for so long. I shall continue to hold my shares because I've been in since the Corac days and also I believe they are ludicrously cheap at this level - but shareholders I think deserve better explanations why the money was raised.