RE: Accounts18 Jan 2025 11:44
Rob-50
Frankly it would have been more of a surprise if they hadn’t announced the date of the AGM. Will the accounts be ready by that time? Who knows? But the announcement of the AGM date does not mean they definitely will be.
With regards to recent happenings since Lynn at the helm I’ve been a bit flabbergasted tbh. As I indicated previously, the notion that any sophisticated or institutional investor would either want to or indeed be allowed to invest in a suspended company , with zero visibility on their accounts/financials , is preposterous. It was NEVER going to happen.
So here are some of the questions one should be asking….
Why did Lunn think this money raise attempt would be a success?
At best naivety/stupidity. At worst he was trying to luff-in PIs to support the deal.
Why did he use a DA with a minimum price? Why not let the market decide?
Why did he think by extending closing date would change things?
Why introduce a BOGOF deal as a way of calming potential investors? Crazy stuff.
At every opportunity Lunn in his RNSs had sought to be positive with regard to the DA. 8th Jan RNS he used terms like “growing confidence”, “abundantly clear this capital raise has been positively received “ and that he was “pleased by the level of firm demand”.
All bull in my mind. He knew he had no demand initially hence the change in terms. And still there was no demand. Rest-assured if there was enough demand to get a scaled-back version away to PIs he would have. It was the only possible outcome from the beginning and that’s what he was aiming for. But fortunately there was not enough demand from you guys. The extra £300k black-hole was a get-out-of-jail card as to why the raise failed.
How can a company who cannot produce accounts after months of delays even contemplate a capital raise?
How can he expect anybody to invest in a company who can’t produce accounts?
The £300k he knew about in my opinion and would have been “revealed” some time after the raise had it been successful. It was instead brought forward to explain the failure of the raise.
It all stinks.
He tried to play the PIs.
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