Member Info for itisagame

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.

Further to its announcement on 23 March 2023, the Company is in advanced discussions with a view to commissioning an independent report from a professional services firm for the purpose of reviewing certain related party issues (which may or may not fall to be treated as related party transactions under the AIM Rules). The completion of such a report is a pre-condition to the finalisation of the Company's audit process which is estimated will take a number of weeks.

On 6 September 2022 the Company announced that it had appointed Lazard & Co., Limited to assist with a strategic review of the business. This process has now come to a conclusion, in relation to which Lazard has terminated its engagement.

SO they havnt "completed" the strategic review?
or did Wickes not like the answer he was getting from them, hence the fund raise.?

no one voted for it to be called ITSARM right? so that vote is null and void yea lol

It has come to the attention of the Company that on 7 March 2023, the same day that the Company announced the conditional sale of In The Style Fashion Limited and the proposed name change to "Itsum plc", Maxrs Ventures Limited changed its name to Itsum Limited.

NB - i should have read the actual rns, we are now ITSARM PLC, i was laughing to myself at the time, i didnt expect them to screw up something so simple, why not have called it ITSHELL PLC, because for many it has
IT SHELL PLC

https://find-and-update.company-information.service.gov.uk/company/13245400

LOL no they actually called it ITSARM PLC at companies house

Lol cue another correction RNS then, make us feel special.

^ this is the quality of the board and nomad / broker, can’t even proof read

Itsum a joke.

The old 1 share trade means RNS logged never fails to amuse me it’s a myth but it plays out so often (normally within 2 days)

In The Style Group plc (the "Company")
Change of Name to Itsarm plc

Exactly, 1p should be the absolute downside for a trade, obviously if holding in to an RTO anything could happen from being worthless to not worthless.

Shells are generally terrible, but they are what they are, high risk punts.

A 1 share trade 20 mins ago for the mystics, crystal balls at the ready with what the next RNS says. (Funds received, seller out, director changes, pick your card and ready your fortune)

Added a few more sub 50.

Simple 1-1.5p initial target, likely see 2p / £1m mcap while it has cash, let the free float get absorbed and it will move.

Formal sale process gives everyone a clear vision of who owned what up to end of last month at 1% and above, only Adam and Chelverton as potential “big” sellers are f you can call them that still, Adam only had £60k of stock at 0.5p, Chelverton £12k, it will churn and move.

I know the £2b is waffle, it’s just marketing for the sales of their plots, buy the plots of us for X invest Y and you have Z at market value type stuff.

The nav at September we were told was 40p / share

If you put £50m provision / £5m cap raise against that you still got £40m of net assets, / 20p.

There’s 40p nav at sept 22, even a fire sale / small cap raise its worth 20p.

Get past the current issues and I got a feeling the next years results will look much healthier (not the results sept 22 due), all it takes is one major sale or multiple smaller sales like todays and the debt soon gets cleared, refinancing will start to get costly in high rate world so imo winding down / selling off some of the assets and not forcing any new deals (unless they are opportunistic few pennies in the £ bids from others in distressed financial positions) makes most sense, it has ~50% debt to equity and smaller operations just using its own cash would make more money.

“Planned land sales still to complete were expected to contribute over £75.0m of recognised revenue and significant profitability towards the Group, however there is now a question on the legal completion date which will determine the recognition point for the relevant financial year. Some or all of these land disposals will now slip into the next financial year ending 30 September 2023 however the sale of these assets will be reviewed in light of the Strategic Review which will be focused on maximising shareholder value.”

“the Gross Development Value of Inland Homes' land bank is in excess of £2.7 billion (31 March 2022: £2.8 billion, 30 September 2021: £3billion)”

And another one…

is pleased to report it has exchanged conditional contracts to sell 31 affordable homes to Eastlight Community Homes for £6.54m to be satisfied in cash on completion.

Whats the worst that could have happened in just 83 days since lol

And one INLZ rns too

Covenant compliance

As at 31 December 2022, Inland Homes plc ("Inland Homes"), which has guaranteed the amounts due to ZDP shareholders, had complied with all its covenants under the Loan Note, Contribution Agreement and related security documentation.

Inland Homes signs Self Remediation Contract

There you go