Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
This was just a letter sent to me as a now Veative shareholder this morning from Launchmycareer Holdings PLC
The Board of Veative is pleased to announce that the Company has restructured the business through a sale of (i) its two Indian Subsidiaries together with the liabilities of those businesses and (ii) its immersive education STEM Library. This restructuring will enable the Company to focus on the exploitation of its Launchmycareer.com (LMC) platform globally through resellers and local distributors in international markets and further developing the work of the Inspirational Learning Group Limited subsidiary in the UK market. The board believes that the restructuring materially improved the financial position and balance sheet strength of the Company and will enable us to attract new investment later this year.
The Rationale for the restructuring is that since the Company cancelled its listing on the London Stock Exchange, the Company has been unable to attract the necessary material investment from existing as well as new investors to execute its growth strategy. The Board also believes that there is currently reduced appetite for smaller UK technology companies in the growth phase in general and particularly those where significant capital for growth is required.
As such, the business has accumulated significant liabilities, including the requirement to settle the outstanding consideration payment for the balance of its purchase of the immersive education STEM library and these obligations needed to be discharged. This transaction significantly reduces these obligations, provides much needed working capital for the Group and creates a solid platform for the Company to build a vibrant business focussing on the core elements of its original vision which was to develop transformative careers education support globally. Most importantly the business retains ownership of its LMC platform.
Strategy
The business will now become a dedicated international education technology (Ed-Tech) company with its operations focussed exclusively on the provision of:
(i) A careers discovery offering to support both student and teachers that are primarily delivered through the Company’s Launchmycareer platform for young people, initially launched in India and being rolled out to schools in the NISA association of c. 100,000 budget private schools and c. 20m students through an already developed and formed, strategic distributor and delivery partner, with a version tailored to the UK market in development for launch later this year.
(ii) Immersive experiences delivered through the Company’s “Future World of Work” that allows employers to showcase their organisation and future career opportunities to young people in schools and further education enabling tomorrow’s workforce to develop the skills they need to meet the jobs of the future.
(iii) In the UK, the Company will continue to deliver the National Careers Challenge (“NCC”) a physically delivered competition that will allow the Company to engage with students and schools and build links to employers for students from Year 6 to Year 13.
(iv) Further development of our agency services business which delivers innovative technology solutions for businesses and enterprise customers.
The Board believes that the above strategic actions will significantly improve the financial position of the Company, generate committed revenues, materially reduce operating costs and enhance product and customer focus.
Rebranding
Steps have begun to complete a rebranding exercise of the Company and its subsidiaries under the “Launchmycareer” banner and the Company’s name will change to LAUNCHMYCAREER HOLDINGS PLC. A new corporate website will be launched following completion of the unwinding transaction which concluded on 3rd May 2023.
Board and Management changes
Following the unwinding, Ankur Aggarwal has resigned as CEO and Director of the Company. Chris Jeffries, Executive Chairman of the Company is appointed CEO.
Scott Ashby currently interim CFO, is appointed and confirmed as CFO, and appointed a director of the Company with immediate effect.
Chris Jeffries said “the past 12 months have been a difficult time for the Group and without the support of our staff and suppliers we could not have survived. The patience of the shareholders is appreciated. Whilst this transaction releases our ownership of the immersive education STEM library, the board truly believes this will deliver long term benefit, enabling us to maximise shareholder value in the future. The management team are committed to driving forward to position the business and optimise the performance of the new operating divisions. It has been no mean achievement to significantly restructure the Company’s balance sheet and to obtain further working capital. There will be further head winds ahead of us but we will continue to commit to driving the business forward”.
I think you either hold as they are and hope at some point they become worth something, in which case you can transfer to certificates and trade the shares through Asset match. If you trade via Asset Match when that facility becomes available, the consensus seems to be that you will get very little for the shares. I transferred mine to certificates in the hope that one day they may be worth something and I can use Asset Match to dispose of them, or Veative shares become tradeable.
Just says the number of shares and "is/are the registered holder(s) of the above number of Ordinary Shares of £0.01 each fully paid in Veative Group Holdings plc subject to the Articles of Association of the Company. Given under the Securities Seal of the Company on this the 25th January 2023. So a massive loss as things stand on the former 30p a share value.
I transferred mine out of Barclays to certificates. The Certificate arrived this morning issued as Veative Group Holdings plc.