Member Info for shamI89

Did not surprise me as there were always going to be gamblers who think they can ramp it for their 10%. Wait for another month and then tell me how has your trade gone.

Company has £450000 cash and bank wants to get its money back as soon as possible . That is not the end of it company needs to find 1.3 to pay off other lenders in a month time. Total debt is 14 millions and working capital is 10 millions.Equity has no value left.Part of me says that banks had a look at "assets" and decided to pull the plug.

I do think that bank held the talks with company but think bank did the right think, this company owes money to other lenders too and there is no buisness model. Management has been fleecing shareholders and looks like shareholders had enough.It looks like their administration costs are 10 millions and that is hell alot of money for a loss-making company.

It looks like company has raised roughly 35 millions through placings, plus loans and warrants.It has nothing to show for it as in couple of years company turned profitable but despite that it raised 21 millions through placings, not to mention of loan.Where is all of this money going?

It is opaque buisness and this company has been doing it for years.Looks like lenders had enough , needless to say shares have lost over 90% of value this year. Track-record of this company suggest that is placing and type of money we are looking it has to be at heavy discount.That is not end of it, largest shareholder and lombard are owed money too and if they do go to convert that into warrants then we are looking at permanent overhang for quite sometime. Right now people getting in are doing so on the basis of "bigger fool theory" however placing RNS can land any day now.Previous RNS landed out of blue and caught quite a few people out.

If someone wants to take a gamble it is upto him/her but company is in desperate need of money and a placing RNS can land any day now, as £400000 not going to last long. Secondly going through RNS one can see that this company has raised money through warrrants in every quarter, not to mention of placings. We only had two profitable quarters in last 13 years. Market is brutal to these sort of lifestyle comanies and is flushing them one by one. This company has lost 90% value in last year alone.I have seen in trading well above 30p.

It remains outstanding I believe as they did mention it in January update and expected to be paid by mid-year.

People in Sydbank are more smarter than any of us, there are some warrants worth 1.6 are outstand too and that is due to happen in mid year.Only only this company needs to pay 3 millions to bank, it also needs to pay to warrant holders, but that is not the end of it it needs to raise money to fund its day to day activities too. Looks like bank lost the patience with management and rightly so recouped chunk of its money.Dont think company has any tangible assets otherwise banks would have gone for these assets.

Been surviving on placings for years.Typical lifestyle company, at one point it had nat asset value of 76.4 millions, did have a stake in bushveld minerals, paragon diamonds, along with another company. From there it branched into timber, vegetable and fruit farming and bought a chain of supermarkets as well. What happened to those assets nobody has a clue.Share price has lost more than 90% of its value as it was trading at 30/40p at one point. It only has £400000 and needs to raise 3 millions plus working capital so roughly 6 millions.As far as usual suspects on twitter are concerned, rest assured that they will be trying to pump and dump it as most of them are sitting on heavy losses.Most of them started taking positions when sp was 3, and that has gone really well.

Until end of may to provide Sydbank a plan.Given that main source of this company has been "placing" we all know what that "working plan" would look like. Whichever way you look at a heavily discounted placing is nailed on. Meanwhile a few gamblers would try to gamble on "bigger fool" theory.

So far we only had two RNS on accounting, bank facilities were reduced by 7 millions and company has been buying Medchem products off a third party wholesaler. I am assuming BDO are going through everything before signing anything off, expected profit was meant to be 22 millions and looks like it will be much less than that.Secondly banking convenants would be tested quarterly.

We should be able to get a clear picture once we have got the numbers. It was meant to be a few minor things, then company gave a deadline of end of August and now we are approaching April. These are not "few minor things" that we were led to believe and some sort of "creative accounting" has been involved. It should have taken 9 or 10 months, we will get results anytime soon, although I wont hold my breath on that.

When shares got suspended in August, it was meant to be "a matter of few weeks". Nearly 8 months have passed and we still dont have a clue about deadline and how far has work gotten.

Lombard nearly dumped 4% on 18 and I guess that process has intensified since then. We can only get exact volume through RNS .

Wow, funny that you were raising very same points not so long ago.Please provide me with "facts" so I can consider them.

MC is around 2 millions, looks like market does not believe that this company would receive a penny of that 20 millions owed to it. So at this rate all of these assets are worthless. That is probably why Lombard are selling.A pure gamble at this stage

Right now company is losing money instead of making any and looks like existing cash balance is being depleted. Numbers don't add up.

Market is flushing lifestyles companies one by one. You know times are tough when a few well known "p&d" merchants are getting caught in these sort of brutal falls.

Most of these started promoting it when share-price was around 3, so don't think they are that lucky to survive nearly 90% fall. I do think that these are minimizing their losses through 10% trades.But they are running out of time, this placing would wipe out existing shareholders.Company needs to find 7.3 millions

Expect a full-blown "p&d" by usual suspects, a few of them are heavily under water and would do anything to exit. Don't get caught company desperately needs to raise money and would wipe out existing shareholders.