Wednesday, 24 January 2018

Reports of the death of Myshowcase have been greatly exaggerated - apparently.


In a complete reversal, Myshowcase CEO Nancy, has now told shareholders the company has been sold in such a way as to protect their EIS status.



Hats off to Nancy. The deal she has done is with Miroma, who were an existing investor. How the deal is structured is not clear - certainly from Nancy's explanation. But according to her, Miroma will own all of the stock of Mychowcase and then apportion 12.5% of the enlarged Miroma to existing CC shareholders. Hmmm - how does that work again?

Questions asked of Crowdcube get the usual reply  - go ask Nancy. 

She also claims that 'as the bargain has been done at arms length' the EIS status will be intact. Right.

Miroma Group is a dormant company but is part of a chain of Miroma companies. Miroma International as the email indicates has a £100m turnover with £2.5m net profits. It's picking up a bargain but what is not clear is what Myshowcase investors have picked up.

So we imagine CC shareholders will end up with 12.5% of the empty Miroma Group - up until now owned by the Miroma CEO and as we said, dormant. Is this essentially a phoenix where the old Myshowcase will be able to off load irritating creditors? Miroma are paying a nominal amount to purchase 100% of Myshowcase. We'd expect to see Nancy taking a seat at the Miroma Group table shortly. 

Anyway it has to be better than her last email which simply stated the company was closing and would cease trading at the end of January.  Or maybe not?

Myshowcase raised £1m a year ago on CC.

Thanks to all those who emailed this in to us.

6 comments:

  1. Is Nancy not already on the board of Miroma Ventures (https://miromaventures.com/our-team/) and therefore selling the company effectively to herself?

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    1. Well of course she is. Mind you they have been very clever in selling the company to Miroma Group - 100% owned by the CEO of Miroma companies. It is clearly all a scam.

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    2. Odd isn't it? Esp as CEO, Mark Boyan is on of her oldest friends!!

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    3. wonder what the other 2 founders feel about this, or are they being kept sweet?

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  2. So as someone who invested in the CC I doubt I'll see my money again! I just wish people would wake up and stop praising Nancy for saving the company and shareholders and instead ask her 'what the hell did you spend £1.1 million on?"

    I do hope she isn't allowed to get away with this

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  3. Im prett sure she will. The Insolvemcy Service for whatever reason is not interested in prosecuting anyone. It' a free for all and I would not be surprised to find that this was the plan all along.

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