Sunday, 20 May 2018

Hilarious letter to Sugru shareholders from Jane Delahanty.


In an acutely embarrassing letter to Sugru shareholders, the Founder, Jane Delahanty, tries to dress up as a pixie bringing good news.


As with so many Crowdcube disasters, the Sugru story is rapidly taking on the elements of a farce.

The letter sent to shareholders starts of by telling SHs that the company has been sold to one of the worlds leading etc etc. Then the next paragraph starts -

''The difficult news is the low price being paid for the company.''

I know the Irish pride themselves on their sense of humour but please. There is no other way of putting this - shareholders have been royally screwed and the founders have come out of it smelling of roses. It is essentially a collapse not a sale - 91p in every pound invested has been LOST. That is not a low price; its next to zero. 

Like their grossly exaggerated sales figures and their grossly exaggerated valuations, Sugru in its last dying gasps serves up a grossly misleading statement. All with that Irish smile and pixie glint. To be sure. 


6 comments:

  1. Reminds me of the final episode of the first series of The Office when David Brent tells his staff he has good news and bad news. "The bad news is that some of you are going to lose your jobs."

    "The good news is - I've been promoted!"

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  2. Since in crowdcube the ownership is on a individual basis instead of nominee seedrs structure, do investors have to sell or can they reject to do so and keep their shares?

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    Replies
    1. According to the Articles, there is a mandatory drag-along in a bona fide, arm‘s length majority sale. Sugru put minorities on drag-along notice. On what basis (see above) is another matter...

      Delete
    2. According to the Articles, there is a mandatory drag-along in a bona fide, arm‘s length majority sale. Sugru put minorities on drag-along notice. On what basis (see above) is another matter...

      Delete
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