Saturday, 13 January 2018

MyGravity sold to Loyalty Angels but nothing about it on Crowdcube

In a highly significant move, one of Crowdcube's recently successful pitches has been sold to Loyalty Angels. A fact we missed back in the Spring of 2017.

The odd thing here is that we can find no mention of this momentous exit anywhere apart from on MyGravity's Chairman's Linkedin page where he states - 

Last Friday Loyalty Angles Ltd completed on the acquisition of MyGravity Ltd - of which I was Chairman, which owns a Loyalty App called My360. This is a great deal for both companies and we achieved an excellent valuation for MyGravity's shareholders. Congratulations to all involved and good luck to the combined company. 

We have taken a hard look for the anticipated PR that a 'excellent valuation' for Crowdcube investors would generate. But there is nothing. Not one piece. That's why we missed it. Recent accounts filed this month show the company made further losses, had failed to raise the money that they predicted and were as at March 2017, insolvent. This was just weeks after the company changed hands. The only reason we know this is because the last confirmation statement shows all shares have been transferred to Loyalty Angels.

Greg Gormley seems to have been the man behind the move. He is the single largest shareholder in LA and was made a director of Mygravity in February 2017.

For some light relief, the last Confirmation Statement for LA states that A Shareholders get 'One Vole per share ' which will give Mr Gormley 340,000 voles. And I thought Bitcoin was a little risky.

We asked the ex Chairman to comment - we'll let you know what he says. Maybe something from Jeremy, at Tales of the Riverbank would be appropriate. 

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