Thursday, 17 May 2018

Thevibe Ltd, Vibe Tickets Ltd, Vibe Tickets Holdings, Newco Ltd - whatever, there might be some good news for Crowdcube shareholders.



Thevibe is now in administration but yet to file. Vibe Tickets is up and running and according to an article is about to be fully funded. 


We wrote about the collapse of Thevibe recently and its purchase out of administration by its founder Luke Massie. It's all now called Vibe Tickets. A recent article here states that Luke will personally be giving all Crowdcube shareholders shares in the newco. Previous statements by Luke mean that the old co will be closed with no o/s creditors and only losses by the major shareholders, 2 of whom will be backing the newco. 

Given all of that, you have to wonder why the first company closed.

Luke has been good enough to respond to my queries. Asked why he had set up Vibe Tickets Ltd in December 2017 he said - 

As for why New cos were created - is was agreed many months ago, by the old co board (Documented minutes signed) that as Vibe launches new offerings (Vibe Pay coming soon) that we would naturally move towards a group structure, with subsidiaries. Check companies house probably - you will see what I’m saying adds up. I’ve nothing to hide all is documented.

We checked CH and Vibe Tickets has no legal ties to Thevibe and is not a subsidiary of it. It is in fact 100% owned by Luke Massie. When we asked to see the minutes he refused to show them. Since we first heard about Thevibe's problems from a shareholder, Luke has been busy setting up Vibe Tickets Holdings Ltd (incorporated 23 April 2018) - which is also 100% owned by him and in no way tied to Thevibe.

In the end if he keeps his word then CC shareholders will have got away with it  - which is really all we are interested in.  

Whether things would have turned out this way had we not applied pressure is a moot point. We only became involved in this saga because one of Luke's original investors contacted us. 

Finally, it may be indicative of the way he works but in our chat he told me that he no longer wanted me as a shareholder and he would not issue free shares to me. I never was one.   

2 comments:

  1. Im sorry to have to do this but we seem to have a few readers who for whatever reason,are having a go at me personally. I dont mind posting up criticism - I have been around too long to listen to much of it - ask my wife. But I will not post the sort of anon criticism - you know who you are - which I have had to read over the past few days. It doesnt add anyhting to the blog. If you want to critique what I do, that's fine but you will have to give me name and an real email address - verifiable. Or you will not get published here. I hope you understand.

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  2. it was sugru, less than 10 per cent return..

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