Wednesday, 5 October 2016
Earlybird asks investors to pay for its EIS submissions. No - you didnt misread that.
This is a script that David Croft would have loved. You can just imagine Battery Sergeant Major "Shut Up" Williams' expression as Private Pugh explains that although investors have lost all their money - in order to claim their 30% tax rebate they have to fork out more cash because Pugh hasnt yet put through the paperwork with HMRC (loud snorts stage left).
This is the guy that many people trusted with a lot of cash. And you have to ask why, for instance, the Crowdcube 2015 raise has still not managed to file its EIS paperwork? This was Crowdcube's job, so clearly their EIS department have joined forces with the due diligence crew and are both down the local.
It is quite simply - amazing.
The good news, if you can call it that, is that Crowdcube have agreed to pay for their EIS paperwork, so Pugh only needs investors to cough up for the other two outstanding applications. Salt and wounds.