RE: Detail is in Admission document24 Dec 2025 15:02
This is where I believe the problem is with SP collapse: As per the admission document, they issued by "mistake" an additional 605M shares at 0.039p to an investor ??? as per appendix 2. disclosure. So this "investor" paid 235K for cheap shares they were not entitled too ( by mistake apparently ) and can sell them at today's price for £1.2M .......If they started selling them when the price was 0.5p + then they made over £3M free ! This is clearly not right and fraud ? You cant simply issues shares like confetti like this without the consequences on a share price collapse as we have seen ?
Since suspension of the Company's Ordinary Shares on 31st March 2025, there have been 1,167,280,275 Existing Warrants exercised at various exercise prices, which equate to total £832,641 proceeds received from these exercises. These resulting new Ordinary Shares have been included within the Existing Share Capital of 10,739,259,735 as at the date of the Admission Document. Most of the 1,167,280,275 Existing Warrants exercised since suspension formed part of the direct subscription warrants issued in August 2024.
Further to the announcement made on 1 August 2024 pertaining to the Company's direct subscription raising £471,900, a total of 1,210,000,000 Ordinary Shares were placed with a single investor at 0.039p per share. The subscription price represented a discount of 8.2 per cent. to the Closing Mid-Market price on 31 July 2024 of 0.0425p. In conjunction with the direct subscription, a total of 605,000,000 warrants (which equated for one warrant for every two direct subscription shares) were supposed to be issued to subscribe for one Ordinary Share exercisable at 0.039p per share for a twelve-month period ending on 31st July 2025.
However, the Company in error subsequently issued one warrant for every one direct subscription share, thereby increasing the amount of warrants from 605,000,000 to the incorrect and increased 1,210,025,000 warrants. All of 1,210,025,000 warrants issued as part of the 1 August 2024 direct subscription, were exercised at 0.039p, resulting in total proceeds £471,975