A hommage to the recent departure of The Prodigy lead. Beats talking about yet another Crowdcube failure.
Fantoo talked a great game and came up way short. Backed, in a way that was never very clear, by Dell, this email organiser was run by a guy whose feet never touched the ground. Only a few weeks ago he was emailing SHs asking for more emergency cash so that they could get to the next stage and raise more cash before raising more cash to get to the next stage. Punters declined. Although there are filings showing new equity investments as late as last month.
At the end of 2018 the company gave shares valued st £40k to an OS creditor in lieu of payment - now that was some deal! And at the end of January 2019 the OS debt to Finstock Capital Ltd, which had only been registered in October 2018, was fulfilled. Neat timing on a very short term facility!
We wait to see what happens in the administartion but a pre pack wouldnt be a surprise. When is it?
Absolute shambles the administrator put the business for sale with a last offer date 15th March , let shareholders know it was advertised on 21st March , 6 day after offers closed and then said when queried that it was closing 29th March so due to lack of competence or diligence had 6 crucial days when any potential buyer would have gone no further as closing date had past. Will see how this goes as a shareholder and probably be giving the ICAEW a buzz later on when this progresses as these admins are taking money and not acting in a professional manner expected of a member fo a professional institute. They must be very busy though with all the pre packed lunches coming their way and dont really want the hard yards of actually trying to get the business sold and recoveries for the creditors and members
ReplyDeleteInteresting thanks. If you had a moment could you forward me the admin docs - rob@ecfsoultions.co.uk. We are building a list of very poorly administered admins/liqs. The system is all wrong and shareholders are being ditched in favour of crooked directors being able to add prepack and shake, to crate a new shit storm. It needs changing.
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