Member Info for Reardon95

AIM regulators are now looking in to this matter...Stay tuned.

Thanks Mick & Neil, we could do with some more transparency into shareholder payouts and why there are such high costs of liquidation.

I wrote to AIM regulators after being advised by the FCA.

To whom this may concern,

I am completely bemused this deal was allowed to go through without red flags showing on your side. In December 2022 In the style had £3.2m of cash and several million in stock. By the end of February it had £0.9m of cash and no mention of stock and with a market capitalisation of £3m.

It was announced that there was a conditional acceptance of an offer from BAAJ capital for an extremely minuscule sum of £1.2m with only £500k being distributed to shareholders. Where are the £700k costs attributed to?

Upon looking into the deal an BAAJ’s balance sheet it looked like they were completely unable to fund the takeover. Even more worrying was that the CEO and founder of In the style had his own equity position transferred in the new company with no additional cost. This completely put shareholders and investors at risk as Adam being the main and largest shareholder has a very unfair advantage to vote through this plan to detrimental effect of all other small holders and a personal gain for himself.

The proposed name change to ITSUM plc has now been released as ITSarm which is contrary to the first RNS. This whole deal looks completely rigged and has created detrimental market conditions for current shareholders and could be incredibly damaging to the AIM market.

Please have a further look into this takeover and respond accordingly.

Best wishes

Fizzled out a bit today Neil!

ITS cost me an ITSarm and an ITSleg lol

I think most people are down fairly large on this share. I know I am at the minute but it doesn’t concern me, this is a giant and has a considerable amount of resources to viably weather the storm (which I think has begun to pass) I am comfortable with my holding here and I optimistically think we will be back over a £1 by the turn of the year. Retail is extremely cyclical but I think BOO have an incredibly diverse portfolio of brands and some considerable growth to still achieve.

Quick update for anyone still holding before the dreaded drop this was me mentioning BOO or Frasers Group who I thought would take ITS to Adam.

“I’ll be honest mate I did have one of them step in a few months back and they absolutely shafted me last minute. I can’t really go into details but they let me/ITS down big time - those kind of people/ business’s don’t buy anything at a premium and never have they’ll try force the business into admin to scrap for it at nothing. so again it’s hard because I understand from your perspective but being a shareholder I feel it too”

Not to worry at this point guys, I wouldn't consider selling my holding here. We have 6 months left of being listed anything can happen and i expect this to be volatile.

They’ll be some big swings in this now at this level. Can jump at anytime and come straight back down

There she blows, 20% up this morning.

SCB I agree it wasn’t a great company but still would of thought it would of been worth a great deal more than 1.2m even the CEO was shocked he couldn’t negotiate a better deal as was pulling in £50m revenue

Thank you mate, has been a tough couple of weeks. No reason behind such a bad deal there, shock the CEO has still kept his stake, a bit of a recurring theme here

I’ve been caught up in ITS unfortunately, not one buyer for it when it had 3.2m cash and 3m in stock. Fire sale at 1.2m with £500k going to shareholders, a truly shocking deal with a £50m a year revenue company. Another one where the CEO has fleeced investors

Been a tough couple of years for BOO, this year has started well though for us. We are running out of steam breaking into the 60s but my guess is it won’t stay this low forever. REVB results coming out at the end of the month and we have had a result there so far, might be a catalyst for this moving North and etching above that £1 mark towards the end of the year if we avoid a recession.

Swazers thanks for turning up now, this has been a crazy deal and no chart could of forseen this happening let’s be real. There were a lot of people ramping this but even some respected traders like Afzal put his money where his mouth was. None of us saw such a shocking deal coming.

Mick how much realistically do you think this could achieve?

I agree it’s an extremely bizarre situation. In December ITS had 3.2m cash and 3.5m of stock then it’s decided it’s worth 1.2m in a sale with £500k going to shareholders…This situation really is beyond me

A £500k balance and an AIM listing for 6 months…Cash shells can be valuable as there can be some big tax benefits of buying them and the listing itself.

Jonny it’s a cash shell company with AIM listing and £500k cash. Probably worth more than ITS shares as they were burning through £5m of cash a year, lol

Thought the sale would of gone through first thing…no RNS yet!