state of play2 Jun 2020 20:25
bmn invested in ies
bmn investors like bmn, vanadium storage, and follow bmn's lead in investing in ies.
redt were poor, camco, McGregor the whole sheet show.
bmn effectively rescued redt by introducing them to avalon, and giving them a vanadium supply they didn't have.
Avalon and redt merge, keeping all Avalons key people and a couple of redt senior people. ies is born.
McGregor isn't retained other than as a consultant, so ies can continue to ask him what happened to camco, where has all the cash gone etc etc
a fund raise was done by placing at 1.65p in old money 82.5p in new money. some invested, most didn't.
redt investors took a real beating before the merger. shorters were all over the company driving the price down. they probably stood a fair chance of driving the company to zero for had it not merged it probably would have run out of cash.
some of the redt investors on the ies board, by the way they conduct themselves, would like ies to fail also and give them a second chance of the short coming to zero.
they cite McGregor when he has gone, they moan about no evidence of sales for a company formed only in april. they rampage the board attacking investors who invested in ies not redt, and fill the board with all sorts of ridiculous arguments in true basher style.
so how is it going to end?
maybe ies will be a roaring success, I haven't seen anything that suggests to me at this time that this isn't a reasonable long investment. maybe it will muddle along demonstrating there is something worth persisting with, and get taken over.
maybe it will fail. the point is its far too soon to call and so we need to wait. we shall see.
will the noise on the board make me sell up, no it wont, I am happy with my position here, and might add if I think I want to.
In fact, I am going quite well in SNG and may trim that a bit to increase here. the point is what other posters say on here wont make any difference.
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