Serious loss of capital - quote5 May 2022 12:58
Not sure what to make of this company but looks like some smoke and mirrors going on. This link https://polaris.brighterir.com/public/boston_international/news/rns/story/rn9zkpw has a recent doc (to do with fundraising) which has a section stating:
"Serious loss of capital
It has recently come to the attention of the BIH Board that the value of the Company's net assets is less than half of its called-up share capital and that is deemed to be a 'serious loss of capital' within the meaning of section 656 of the Companies Act 2006 (the "Companies Act").
In such circumstances, the Directors of the Company are required, pursuant to section 656(1) of the Companies Act, to call a general meeting to consider whether any, and if so what, steps should be taken to deal with the situation. Accordingly, the business to be conducted at the General Meeting (referred to above for the purposes of approving the Share Capital Reorganisation) will also include consideration of what, if any, such steps should be taken.
The BIH Board does not consider it necessary for specific resolutions to be proposed at the General Meeting in relation to the 'serious loss of capital' position, but it does however invite shareholders of the Company to discuss the position generally at the General Meeting.
Whilst the Placing, which will raise £187,033 (before expenses) for the Company, and the receipt of the £147,857 subscription monies for the New Convertible Loan Notes will not result in the Company's net assets equalling or exceeding half of its called-up share capital, it will go some way to addressing the position."
Make of it what you will, but I think shenanigans are a foot somewhere.
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