Thursday, 24 September 2015
Square Pie reduces its mini bond raise
They launched an attempt to raise much needed cash via a mini bond to the tune of £750k.
The pitch has been struggling for a variety of reasons but one of the main ones was the lack of confidence that investors would see their money back at the end of the bond period, or their regular dividends. The company had extended the pitch and still there was very little activity with the bond only being half fulfilled. It was never going to complete.
Now they have reduced the amount of money they need - to the amount already raised. Eh? Yup so they have completed. Eh? They dont need the extra £300k they did need only weeks ago. Eh? But the good news is you can still take them to £750k using Crowdcube's old friend over funding. Eh?
We love the way they have worded their announcement - '' We have all deciided to lower the amount that we are willing to close the bond at.'' Eh? You were not going to get close to £750k so you have simply fudged it to ensure you do get £450k.
Only weeks ago, the head of the SP pitch when asked what would happen if £750k was not reached stated that the bond WOULD NOT GO AHEAD. I hope the fillings are more substantial than their responses.
If we have a word of advice for investors in Square Pie its Run Away..............