Member Info for tilfatladysings

Look it up on Companies House.

As I said before, shareholders form no part of an insolvency process - it's all about maximising returns for creditors.

Have you read the Statement of Administrator's Proposal?

The administrators have no statutory duty to protect shareholders. The prime objective for the administrators of any company, be it private or publicly listed, is to protect and maximise returns for creditors.

Haven't they already said in an RNS that they can't raise cash through an equity fundraise? That was the reason Draper and Hau started the private company to see if they could raise money another way. And, when that failed due to Irdeto throwing their toys out of the pram, they were forced down the CLN route.

I'd say there's zero chance of them getting a fundraise away. Although Draper would dilute himself to oblivion in the process which might be the only positive!

Strange TR-1 announcement yesterday. Firstly, it says 'issuer notified 24th August' when the TR-1 itself was issued on 23rd August.

Secondly, the Bidstack Group website was updated weeks ago saying that, as of 30th June 2023, Geoffrey Cogill held 42,300,000 shares representing 3.25% of the issued share capital.

So clearly the company knew about his holding on or before 30th June and took almost eight weeks to announce the TR-1.

Don't they have to issue an RNS when someone crosses the 3% threshold?

"if Bids goes down, the biggest individual loser will be James Draper"

I beg to differ. He's earned millions out of Bidstack even if his shares end up being worthless.

The way I read it:
They made sales in 2022 of £9m but only expected to report £5m due to Azerion.
The EUR 1.6m is one third of the difference between the £9m and the £5m, and could actually end up being reportable sales.
So, once settled, total sales for FY2022 could end up being about £6.4m.

Or I could be wrong...

Probably more accurate to look at the situation since June 22. At that point they had £3.7m cash. They then raised £10.5m gross in October, so let's say £10.0m, and they had £8.7m at year end. So, cash burn of £833k a month.

The RNS stated that FY2023 and F24 forecasts were subject to revision, not FY2022??

Katstrangler - the Azerion contract started in March 2022 so it's already run for nine months, not four. And it was for $30m not £30m.

Having been involved in a couple of contractual disputes with big multi-nationals, you cannot put any value on the wording of the RNS or Bidstack's lawyers. Saying that the use of words like 'purporting' and 'alleged' means anything is utter nonsense, I'm afraid. Each side, and their lawyers, will simply paint their case in the best possible light, using the strongest language they can. If you were to read the correspondence between the two sides you could easily be persuaded that both sides are correct. I've seen it in action.
And don't forget that lawyers are businesses selling legal advice and services. They will argue their case fro as long as the client keeps paying.
The reality is this will not go to court. There will be a settlement. And the costs may come to £100k but unlikely to be much more on each side, in my experience.

I guess that muscle memory is pretty hard-wired. Looks like you're struggling to break it.
But I agree substituting 'of' for 'have' is excruciating.
This is all very interesting and, sadly, more entertaining than the SP at the moment. Many seem to be hanging their hopes on an imminent TU but there are no guarantees.

Bottomzup,
For the sake of my OCD please will you find the apostrophe key on your keyboard. It'll be on the right hand side, probably on the same key as the '@'.
Thanks.

btw, I'm not saying that proves anything, but I'd say it has to be a possibility. I have no idea how you extract the code of a mobile game but it would be next level fakery if the image doing the rounds was, indeed, fake.

Fifa, Rory McIlroy PGA Tour, 3 Real Racing and Madden are all listed on the EA website under games/library/simulation.

Racing and sports simulation. Surely Madden is sports simulation?

Tradevol - you're saying £6.5m against a forecast of £9.0m??

The raise was for £10.48m.
£5m from the placing, £5m from the Irdeto subscription and £480k from the retail offer.