Comment on 4th November RNS re Cancellation of K.Flex 02 Event5 Nov 2022 11:58
Our smooth talking Executive Chairman David Ciclitira’s announcement regarding cancellation of the K.Flex 02 event – was perhaps understandable but his commentary made me wonder if he is finally seeing the gaps in his empire and strategy.
The wording of the RNS received little comment on this board – most of the attention being on Ranjit’s selling of shares, which is of course a major concern for us ‘ordinary holders.
My own thoughts on DC’s comments re K.Pop lead me to a conclusion that his positive upbeat Buzz words have been toned down – and have, in this instance, been replaced by much more realistic, doubtful and dare I suggest it concerned/worried comments.
His wording that ‘we are WORKING ON bringing a number of K-Pop events during 2023……and will be announcing this programme through December'. ... and 'this is LIKELY to be a full European Tour with a minimum of five events………’ really make me wonder if he is trying to string us along?
D.C continues that ‘We HOPE that this is just a postponement and will make a further announcement IF WE ARE ABLE TO RESCHEDULE.
His upbeat style now seems to be missing with the words - Likely, Hope Working on and If . These, to me, are a significant change of tone for him – and of course assuming Five concerts actually do take place I wonder just what revenue will they will bring in?
A delay in the needed and much vaunted cash flow is certain (and without definitive figures will they actually cover ongoing working capital needs other than DC's own expenses). Surely a business in this field should have a firmer programme of many more events not just one every 10 weeks if the ‘Likely’ scenario of 5 events do materialise.
Yes, I am probably biased - but my faith in DC and his Group has been battered - given that I did invest here some relatively short time ago at an sp of around 75p before the dilutions to fund acquisitions etc took hold and other events took the Company to the current dire sp value.
Good to see that the Chairman himself is now sounding more realistic – and dare I say worried? ABOUT TIME!