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Good post Bennster - my thoughts entirely.
Like you, the StartArt reversal is good to see - "Apart from this the projected new sources of income at the time of acquisition have not been realised and therefore the decision had been taken effectively to sell the more recent 80.04% acquired back to the original vendors" - tells us the "independent valuation" was based on spurious assumptions that should never have been accepted by the independent non exec director - Stephen Birrell.
He should resign from Live Company immediately. How can any shareholder have confidence in him?
Interesting article and good to put Jangada in the context of other names. For me, the Jangada £ opportunity is understated and the Fodere tech could do with more explanation. That said, clearer management guidance on milestones needed to make the narrative more exciting.
Site for tickets for Frankfurt reads “ The K.Flex Festival has now been postponed from june to october 2023!”. Clearly no one paying any attention to that area of the business. Other areas can continue trading even if Live Company were to go into receivership. Indeed, watch and see if the directors pick up any of the viable bits that could be sold off by the receiver. How much would SmartArt fetch? Must be worth, errr, at least £4 million…
Probably right. I contacted the NOMAD, who I believe has been far too lax with this company, three times this week. I also sent an email. Roland Cornish as not taken my calls or responded. Unless Roland is pouring over a rescue RNS for the company (in which case my apologies to him), I can only conclude the worse. If Live Company goes down, Beaumont Cornish needs to be reported to the LSE (London Stock Exchange) - not fit to act as a NOMAD imho.
#LVCG Live Group
LVCG Discussion and Research
…are the two telegram groups.
But this board has been reasonably active too. LSE has become a minefield of manipulation for many AIM shares but I don’t think we have too many traders here.
Your post Private Ryan is my optimistic scenario!
I give it 15% probability but hope you are right.
What conditions would Ciclitira place on any loan? - the company has been nearly strangled by some of the past financing deals.
There is no CFO and the independent director has not - in my view - done ordinary shareholders any favours.so who is looking over this? The auditor may be our unexpected friend.
But overall I do think getting an auditor to sign off on the accounts could have been a sticking point; I remain curious why the previous auditors walked away.
What happened after the exit of the short lived CFO - John Millar? He was a chartered accountant and had worked for EY. He came in on a fanfare in the RNS of 18th Nov and never went beyond 16th Feb: The RNS cited “personal reasons” and I think he took up a role at a growing marketing data company in west London. But what happened after he left? There appears to be no Finance Director on the board. How can we be having a change of auditor and current ongoing situation without a finance director? (Bryan Lawrie is detailed as a non exec director board member - and as we know Bryan was an interested party in the StartArt deal).
I don’t think Ciclitira can br proved negligent or criminal in the case of StartArt. I have looked at this and his vested interest was declared in the 8th July acquisition RNS. Disagreeable and unethical business perhaps, but not illegal. I think we have more chance against the independent non-exec who was the only person to sign off on the “independent “ valuation for StartArt. As discussed, I’d like to see the document/ valuation and rationale. Acceptance of any wild or unreasonable assumptions will be his responsibility.
She’s been using Ullman as a surname for some time. I don’t assume Sarah is cut from the same cloth as Ciclitira. I believe she is paid/ has been partly paid in shares, so probably paying some price for Live Company’s current predicament. There are, I sense , some decent, dedicated people at Live Company who are struggling to keep the show going in spite of their dubious leader.
Anybody know anything about Stephen Birrell? The only “independent non executive director” who approved the StartArt valuation?
Do you think there should be at least a couple more independent directors on the board? Even the upcoming “news”, I start from a position of not trusting a word the word says.
One of us should volunteer as an NED!
Understand your frustration Suedee.
Not sure we’ll see many “official accounts” - everything is unaudited and prepared by Sole Associates of West Byfleet. There is only one independent Non Executive Director and his main expertise is the mining industry.
Bennster: This sentence succinctly articulates how many feel:
“I will NOT give a man who allows 5 months of suspension, cancelled concerts, self satisfying deals for StartArt, exorbitant "consulting fees" (the list just goes on and on) any benefit of the doubt”.
Apologies - pressed the post message too early
Second point - will DC and his partner Ranjit write off/return the cost of the Start*Art investment given their conflicting vested interests and withholding of important information regarding the underlying performance of the Start*Art business?