Big Sofa raised a target of £700k. Ka-ching went the commission. So why have all four lead directors now resigned and where has the cash gone?
There seems to be some connection between this company and Big Sofa Technologies PLC, which went public shortly after changing its name on Dec 2016. There seems to be no legal bind but they do the same thing and have largely the same directors. - Correction.... Big Sofa Tech Gp PLC (on AIM) bought BS Tech Ltd and it is now part of the Group. So does that mean it is Crowdcube first IPO?? And if so why havent we heard about it??
The Crowdcube version should, by Dec 2016, have been at BE. The filed accounts show losses for the year of 2.3m. Revenues are well below projected levels and the company is technically insolvent. So just about standard for Crowdcube.
No doubt there is a plan.
On further research we have the answer. Bloody typical. We havent heard about the deal for BS Tech because in Crowdcube's own words -
Big Sofa initiated a realisation for its investors prior to a listing on AIM Market in 2016. Investor returns were at a lower valuation than the initial investments.
I think what Luke is struggling to say is Crowdcube investors in BSTech lost some of their money. Was this on another drag along deal? Shares in BS GP were listed at 17p and opened at 21p, then rose to 28p before falling back to 21p now. Hard luck to all you CC believers. Luke you need to go on a realism course.
UPDATE - today 11/09/18 share price is at 8.2p so under half its listing price. Good job.
On further research we have the answer. Bloody typical. We havent heard about the deal for BS Tech because in Crowdcube's own words -
Big Sofa initiated a realisation for its investors prior to a listing on AIM Market in 2016. Investor returns were at a lower valuation than the initial investments.
I think what Luke is struggling to say is Crowdcube investors in BSTech lost some of their money. Was this on another drag along deal? Shares in BS GP were listed at 17p and opened at 21p, then rose to 28p before falling back to 21p now. Hard luck to all you CC believers. Luke you need to go on a realism course.
UPDATE - today 11/09/18 share price is at 8.2p so under half its listing price. Good job.
Surely that should count as another great exit by cc's metrics, no?
ReplyDeleteProbably :))
DeleteSo here is a cc funded company that IPOs and the Crowdcube funders get shafted. No wonder we didn't hear about it. I thought the "dream" was for a crowfunded business to IPO.
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