RE: RNS8 Feb 2021 08:18
@trillsg If you could recall the condition of Integumen when new management got involved in August 2018. It had no cash, short term debts of close to £3m and July payroll of the remaining 5 staff in Labskin had not been met. Private funding was provided by new management in travel, expenses and no salary, which is why we took shares. Until December, the entire exercise was more putting out fires, with paltry funding, and short term debt, totally hand to mouth.
In that time, a number of urgent crisis were encountered, which required immediate cash and so my wife provided private funding and this was supposed to have been paid back at the next placing of £750,000, which ended up being a Placing of £170,000 and subscription of £180,000, plus a rolling flexible facility from Cellulac. Debts to Cellulac were also supposed to be addressed from the Placing. However, shares were issued instead and Cellulac dealt with the debt to my wife with shares which was later paid back to Cellulac as advances made in the Loan Note (see RNS of the 1st November 2018).
So, Integumen did not issue shares to my wife, part of the payment of shares to Cellulac, was used to settle that small (£12,600) debt to my wife. That is why it was not shown up as a direct issue from Integumen.
On the second part, my wife, had not invested in MWG and did not gain 500% profit, like others, so she wished to participate in the Microsaic transformation, and used those shares to settle payment of £50,000 (plus her CGT on the profit from those shares).
I doubt if any single director of an AIM Company would be as open as that, and I don't begrudge her making a profit from helping to save Integumen (Deepverge) when nobody else would.
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