"Valereum Plc, the Gibraltar technology group, is pleased to announce that it will be issuing a total of 1,260,337 new ordinary shares of 0.1 pence each (the "Ordinary Shares") at a price of 10.3175 pence per share"
Surely they meant pounds, not pence?
It’s admirable that you can laugh at all this Slugs. I thought you guys would be gutted when the RNS landed and the SP crapped its pants, since you were all predicting rockets.
Good luck with that wall. Maybe it’ll wake you up to what you’ve got yourself into.
"Patrick stated the only reason they didn’t add the crypto information into the rns was because it was already packed with 3/4 bits of valuable information there was no need to reiterate what we already know"
You really have been sold a bridge Slugs.
By Tom Winnifrith | Monday 31 October 2022 (Share Prophets website)
Richard Poulden’s Valereum Blockchain (VLRM) first applied for permission to buy the Gibraltar Stock Exchange on 25 October 2021. Today it says that Gib’s equivalent of the FCA, the FSC has cleared the deal. But has it?
I can see why Poulden and his toadying mate David Lenigas, a shareholder in Valereum, a twitter cheerleader ( as you can see below) and a man who has twice vested assets into Poulden’s other company Wishbone (WSB) without disclosing if he enjoyed any mark-up, would want to big up what has happened.
But today’s statement says that the FSC has finally given the green light for the transaction but that:
"This is subject only to conventional conditions pertaining to regulatory and working capital as required."
So it’s a green light as long as certain regulatory conditions are fulfilled. So that is really an orange light then. And the FSC needs to see that Valereum’s tank has enough petrol in it to get past the lights and keep the car running. Oh…. Er…
As at 30th June, Valereum had current assets of £988,736 of which about two thirds were cash. It had current liabilities of £2,462,751. Its operating cashburn in the first half of this year was £990,385. So ceteris paribus, right now it has NEGATIVE working capital of c£2 million.
Hmmm do you think that in allowing an entity to control its national (albeit joke) exchange subject to working capital conditions a MINUS £2 million ( and growing) position checks all the boxes. Maybe in the dodgy world of offshore tax havens it does but I suspect, even there, that it does not. And of course that is exactly why Poulden and Lenigas are ramping the shares… Valerem needs cash to sort out its working capital and there is only so much its death spiral provider can pony up given the lack of liquidity in the stock.
Therefore, anyone buying into this bull needs their head examined.
I asked the FSC what the exact remaining conditions are but in the spirit of transparency for which dodgy offshore tax havens are renowned it took five hours to say that it would not comment.