Joke27 Jan 2020 12:08
This share is a joke! There are some very handy bits of information in today’s announcement.
Having given away its US business and it’s B2C business all that is left here is its B2B business and look! They’ve had it valued for us :
“Following an independent valuation, Nektan (Gibraltar) Limited has also disposed of its B2B business to Nektan Technology Limited, a fellow group company for £0.2m”
So that business is worth £200k and there’s about £3million of debt excluding HMRC.
Now to HMRC.
“In discussions with the Gibraltar Licensing Authority as part of obtaining the necessary licenses for the Group Company acquiring the B2B business, the Directors have confirmed that it is their intention to see settlement of the full amount of the liability. “
So it’s clear that the ongoing business still intends to settle the £5.9m outstanding tax. More so, it looks like the Gibraltar Licencing Authority is making settling the £5.9m tax demand a condition of awarding a B2B licence .
How is a business like this allowed to trade on the stock market? The directors have had the business valued at £200k - it has debts of about £4m and still has to deal with the tax demand. Businesses like this are the ones that being AIM into disrepute.