Member Info for Reardon95

Good to see you back Neil and thanks for the kind words mate, hope you had a good weekend! We will see what happens here, I’m not expecting much but you never know people do love a trade and we have seen crazier things than this spiking to 1.5p in the next 6 months would that really be out of the question?

It’s going into a cash shell with £500k balance left. They do often trade as a premium to cash, sale hasn’t completed yet either but is expected to go through on Monday. Wondering where BAAJ has got the cash from to be honest…

Poor didn’t you buy this at a much higher price?

I should have bailed on Friday, me too Gordon I have been shafted. Never again be sucked into a ramped share. Even Adam himself thought he could of negotiated a far better deal that’s what’s frustrating.

I have read that these cash shell companies can be valuable especially for tax purposes and ease of listing, what do you foresee happening on Monday Gordon?

Thanks Terry, great work! Not looking very promising then as they said they won’t be looking to go down that route…still can’t believe I’ve had adam messaging me!

Thanks Terry :) this is trading below cash at the minute. Do you think this could ever get back to the 1.5p just as a cash shell?

Can this capital loss be offset against income? Would this company count as a qualifying company? Any help greatly appreciated.

I know he is terry. But maybe this deal wasn’t as easy to broker as we think. Terry do you have any experiences with cash shell companies? Can they be worth anything?

Looks like no one wanted the business in this climate it was just burning threw way too much cash for anyone else to consider buying it.

I didn’t take £15m. I took home less than 9 , now I know that sounds like a huge amount but over half of that is gone helping my family… i wouldn’t of been in a position to solely fund the business and staying on the stock market. The business is currently losing nearly £5m a year, realistically I would of lost the majority of that money in such a short space of time with no guarantee of an outcome. Things aren’t as simple as they look. I was always willing to reinvest some of my money alongside anybody whether that was causeway capital who was a big investor, any other shareholder or trade company and I offered it to everyone, there was no takers. It would not of worked if I solely funded it myself and would of ended up in the same position and lost even more money?

Agreed, I have just asked why he didn’t loan the company some money to keep it going. Could of negotiated a better offer in months to come.

Guys Adam has gone into great detail, maybe we was completely wrong about him and the company?

“I would of been happy to answer originally but you didn’t ask me a question you just called me ‘an absolute disgrace’

Anyway… just so you know I’ve wanted to share an update but because of AIM regulations I’ve been advised im not able to which is why I haven’t.

Firstly it’s worth me saying I only stepped back into the CEO role in December when the previous CEO let the business down. At that stage I had 3 months to try and secure a good outcome for the business - we did absolutely explore ALL options including a placing from existing shareholders in which there was no interest at all due to the macro economic issues and I guess highlights where the public market is currently at. Then we explored over 140 options of trade, private equity and financial options and only BAAJ gave a formal offer. It’s worth me saying that I would hate anybody to think that this was some scheme of mine…”

BAAJ would not put an offer forward unless I remained CEO so for the sake of staff and suppliers i had no choice. This wasn’t anything I had pre arranged or planned.

It’s also worth noting I am the biggest ITS shareholder so the sale of the business in this way has impacted me hugely and I would never of wanted this to be the outcome if there was any alternative.

The stock position hasn’t changed. The cash position naturally is worsening as the business was losing money, so this is why there needed to be an outcome for the business in a short period of time.

Trust me as the biggest individual shareholder if I had ANY alternative that would of been better for us as shareholders we would of done it but it’s unfortunately the climate we’re in and there was no alternatives.

Wow…Adam has just messaged me on Instagram.

Seeing as you feel the need to either message or comment on my posts I thought id reach out and ask what YOU think I should of done?

You’re so happy to throw around hate and tell me how I should be ashamed so go on… tell me why I should be and what you’d of done differently… I’m all ears

It’s expected that this will be sold on Monday but who knows if it will be delayed. This still can get more interesting than current levels. Market cap nearly 50% lower than cash I’ll be looking to sell out at 1p in the coming 6 months.

I know I thought it was going to be a great day! Quite the opposite it’s turned out. Have you sold out now?

It does need a investigation into this one though as it really is super corrupt what has happened. Only 62% voted and adam holds 23% alone. Very unfair especially as he is still keeping his shares.

Yeah I’m still holding as this will trade for 6months cash shells can still be worth something. Especially this one that has just made a huge loss, tax can be offset and also the £500k holding in it. Might jump back up to the 1p mark who knows at this point. For me there is no point selling now

This will still be traded for 6 months so god knows what will happen…it’s extremely crooked but not sure they have technically broken any rules

It was legal under the aim rule of being a cash shell and a reverse takeover so it only needed an ordinary resolution.