RE: Investors1 Sep 2023 09:21
Hi Roger, this stock seems like its certainly not for the faint hearted so I absolutely commend you for continuing on your journey and hope you eventually achieve the gains you hoped for. As for the placement, although its a kick in the proverbials and a big hit for anyone currently invested, I sometimes try to put a positive spin on things...... so, here goes:
They only went for £500,000
They likely only went to one investor, or an investor went to them (average down opportunity for someone?
They have some ventures in the pipeline that may bare fruit
The flip side:
The Going Concern stated they had adequate resources to continue in operational existence for the foreseeable future but may have needed to raise additional funding in the next 18 months to fund ongoing operations......... this was clearly UNTRUE
"As described in note 2.4, the Directors have considered base case and worst-case scenarios, the Group has secured additional funding by the issue of £500,000 Secured Convertible Loan Notes as announced on 3 May 2023. The Board has used the proceeds of the bond issue principally to repay the Crowd for Angels Bonds which were due for repayment on 18 May (of £221,605) and 3 August 2023 (of £103,253) and to provide additional working capital for the business. As such, the Directors believe that the Company and the Group as a whole have adequate resources to continue in operational existence for the foreseeable future. There is a risk that the Group may need to raise additional funding in the next 18 months to fund ongoing operations, and therefore acknowledge that there is material uncertainty around going concern in this respect. On balance, they continue to adopt the going concern basis in preparing the financial statements"
OHS
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