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ITS have £500k (1p/share) in the bank, minus the next 6 months running costs.
MVL is subject to shareholder vote / approval.
TR1 for £7k anyone lol
Not a large position but my stock was only worth ~£2m at the highs, so only need a 500 bagger to get there again.
(Ps a joke ^ Im making light of the situation for the serious)
0.5p limit, 0.49p paid, 0.5p with fees in end, im not worried about the 0.01s, it’s the 0.1s / 1.0s I want. ;)
Just filled, that’s me done.
Not filling my orders at 0.5p tbh, no stock changing hands.
That’s why I bought some, neil, <£300k shell with 6 months trading left in it and cash currently at 4x the mcap, likely to reduce to 1-2x the mcap.
We have all seen shells die off and they have normally had a few 100-300% spikes in them before they do off their lows even when they have £500k+ debt, this however is strange as it shouldn’t be this low to start with because of the cash position it should be 2p and drift as cash runs out, im definitely selling in to one of these spikes if we get one as I don’t want to hold through another RTO suspension (I’ve sat through many over years, most fail to achieve anything) but the odds of making cash here look quite favourable to me.
Don’t get me wrong it’s still potentially zero in 6 months if managements ideas and efforts are not inline with shareholders, they need to be on as little salary as possible and manage costs like they have never known in order to preserve cash, none of that influencer lifestyle off the petty cash tin now.
i think shareholders need to get a GM vote to keep the cash within the company and not distribute it to holders which would then put the company in a position where is would need a capital raise, and get a board in that will activly persue an RTO, the current board do not intend on this.
An unfortunate loss but good to hear that Afzal didnt lose out the full wack, an extra 1.1p / share loss would have been another -£15k for him, hopefully just a temporary hit for him and he recoups his losses elsewhere quickly, he has picked some great recovery stocks over the years, still never nice to lose in a stock you back with the best intentions.
10p paid, looks like a strong close in to suspension, good luck to holders.
Just remember 52m shares in issue.
People trading 1-2% of the company at a time, that level of stock availability in open market is not normal and will drop off, this is at bottom and accumulation zone, ready to sell and fuel the availability of stock to buy in to a rise.
If it’s the same 5% changing hands it will eventually reach hands that won’t want to let them go and price will have to move.
Guess that was the only way he could buy stock while in a closed period.
No one else took the 10p, director got lots of stock for a song with minimal dilution. £2.5m raised at 10p
They could have just sent shareholders 2p / share worth of stock, im Sure most could all do with a few new shirts after having the old ones ripped off their backs.
3 other websites. £1k to £5k. They are pulling your leg at £700k
How much does an MVL cost?
Our Members’ Voluntary Liquidations start from a low cost fee of just £995 (+VAT & +disbursements) and take just 35 days to complete.
Gold Product from £5,000
This is our bespoke and advice driven service for complex MVL's requiring a higher degree of expertise and skill. From the start, Frost Group will be proactive in discussions with a company's professional advisors particularly in cases of restructuring and realisation of going from a live business to a liquidation. We will take a commercial approach to asset realisation and deal with all creditors and contingent liabilities.
What will it cost me?
Our fee is completely fixed. If you meet our criteria, you get the headline price of £995+VAT. If you don’t meet our criteria, we can’t assist you (only exception being some limited director loan situations).
https://www.kirks.co.uk/faqs/members-voluntary-liquidation/how-much-does-a-members-voluntary-liquidation-cost/
£5,000. On that website.
I’m in another stock that’s liquidating with estimates of £50-150k costs.
So where’s the £700k cost coming from?
The subsidiary with all the assets is being transferred to BAAJ with its baggage. So just having an empty PLC is simple.
They really think it will cost £700k to do a MVL? Seems extreme for what would be mainly admin costs to me, but if it is the case maybe another GM and vote to retain the capital within the company and to use it to peruse an RTO would make better use of the money.
As set out in the Circular, the Company intends, as soon as practicable, to implement a members voluntary liquidation ("MVL") of the Company in order to distribute the net proceeds of the Sale received by it. However, while these net proceeds are expected to be approximately £500,000, the Company will need to deduct the additional costs and expenses associated with the MVL, as well as the general administrative costs of now having to remain an AIM-quoted company, before the distribution of any residual value can be made to Shareholders.
Paying suppliers for last seasons wears and the goods ordered 3 months prior.
£3m doesn’t go far in high rev / low margin / loss making businesses.
Expected a bit more from this today tbh, I get it though with suspension and uncertainty looming.
Shame they can’t raise more and buy up more of the INLZ shares in market and then use the cash saved as margin on their debt to clear uncertainty and aim to eventually use profit to buy back INL shares off market.
Holding ~50% debt / equity on the assets, there is wiggle room.
The company was poorly run and encountered the inevitable lack of cash flow to cover debts as they came due, ITS could have had £100m of stock and gone bust if they were not selling it and couldn’t raise new capital.
You only had to look at the accounts and the margins / returns costs / admin fees, they bought tons of winter wear they couldn’t sell at full price, then look on their website and see what was on clearance, they were working on thin margins after costs as it was, then they were selling £100-150 products with a probable cost of £60-70 for £30-40.
Majority of their sales were marked down items, they sold very little new product.
Everything leased, rented.
There were other ways the company could have dealt with it, should have raised more capital as soon as they could have after IPO, they didn’t and probably didn’t want to take the dilution hits at time, and then share price dropped off anyway.
Unfortunately Very poor management of shareholder funds and suppliers credit lines isn’t illegal.