Member Info for Smellyben

I've been trying to buy for the last 30 minutes - no shares available it seems

If you take out the investment in the platform ( which in most companies would be capitalised as fixed assets) we are already profitable, growing and have an expanding geographical reach in an industry about to explode exponentially I'm still buying though it is difficult to get more than 2 or 3 k worth

Thansk for the reply I appreciate it

I would have done the same im sure

Viera - how did you get invited to the placing while other shareholders were excluded - seems weird ?

No but I'm interested in this as it's by far the biggest discountEd placing I have ever seen - seems outrageous to me

Exactly - no one would care if the funding was a rights issue where everyone who wanted could take advantage of the massive discount but the fact that it is limited to only the directors and those friends of theirs is what makes it in my view illegal ( though I'm notva lawyer and last studied company law two decades ago!)

The directors who own about 50% will obviously vote for as they get their jobs and their options but a 75% majority is needed for this resolutio. So that over 50% of the remaining 50% - i reckon any funds that are not participating will probably vote against , probably the former directors and maybe a lot of the PIs who have been victim of a 95% drop in the value of their shares but I'm only speculating. In any regard I would suggest such a hugely discounted dilution benefiting the only people allowed to take up that issue ie the directors would be open to legal proceedingsas it really is them just stealing the company out from under the PI minority interests and there ate laws against that. !!

Totally fine to have a different opinion and I agree it couldn'tcontinue as a going concern for long BUT surely the IP the company owns is worth many multiples of the current share price so current shareholders should be able to realise some level of return maybe only 4 or 5 p but better than being diluted 80% from an already destroyed share price

Oh and IF shares have been forward sold in anticipation of a successful share issue and there is a no vote I can envisage a situation where the share price soars like in ITS recently and gamestop to name a few

Not necessarily a bad thing for current shareholders- a no would force the Board to end their plans, massively cut expenditure and instead try sell their IP and whatever else they could - current shareholders would likely get a lot more going down that route than being diluted to zero by the Board who get their large salaries share options etc

If they have forward sold their shares then they must buy those shares in the future to meet the contract.

If the agm approves the massive share issue that won't be an issue but if it does not there are only so many shares Currently available and so they need to buy whatever is available and Obviously demand and supply would push up the price significantly like a short squeeze

That's my understanding anyway

This is a really weird share because of the the higher the price goes means less dilution which means the shares go up - rather than death spiral financing as TW said its now profit enhancing financing !!

Kat - have you ever heard of closed periods ?

The company shares would be suspended pending a liquidation where they would have time to either raise cash on better terms OR sell whatever assets they have - they may well get more than the current market cap - surely the IP that was once valued over 100m is worth more than 1m to someone?

Even if not my point is when you have lost 99% of your investment at the hands of the CEO do you really want to reward him and the other directors for their complete and utter failure - I'd rather lose it all and vote against - just my opinion - but I see directors take PIs to the cleaners too many times because PIs - anyway just passing through you wont hear from me again ! Good luck to those who have lost - a cautionary tale !

The directors need a 75% vote in favour - they have about 50% but still alot to play for if PIs can get their act together

Brave man/woman - out of interest are u going to vote in favour of the raise ?

So you can't think of a reason - I wonder if any shareholders feel the same as I do

My point is I'd rather lose money than have it stolen from me and it appears as an outsider that the new board are attemtping to steal the company and destroy the people who supported them and paid them very well for a number of years - in that situation I'd rather let the company go bust and perhaps salvage some money from IP sales or whatever - I've no skin in this game but just my opinion as an investor who has been burnt by some dodgy Boards over the years!

By my own admission I know nothing of the history here but its a genuine question - surely shareholders cannot approve this final insult ?

Why would shareholders vote for their own decimation and for the same shower of characters who lost them their money ?

I'm completely new here and don't know the history so pardon me but I'd rather lose all than lose 99% and give these chances hundreds of thousands of pounds but I am contrary like that !