The CEO of Localpropertyindex.com listed a previous company on the LSE, according to Crowdcube's 2014 pitch for the company. Well it seems he has lost this one.
Backed by some two-bit US VC firm Jensen, the company is now dark - no website no SM. Recent accounts show little activity and no cash. - Correction - see comments below. Jensen Solutions seem to be the VCs. So investors in their SEIS fund will have lost out.
Luckily Crowdcube investors were only in this for £9k as the VC put the rest in to get to £159k, which was someway short of their target but it funded anyway in good old Crowdcube fashion.
It turns out that Gary Smith the CEO, had been involved in the IPO of Netstore in 2000. The shares were offered at £1.50. By 2001 the share price touched 12p. See here Gary resigned in 2001.
It turns out that Gary Smith the CEO, had been involved in the IPO of Netstore in 2000. The shares were offered at £1.50. By 2001 the share price touched 12p. See here Gary resigned in 2001.
What's next? Who knows. It is hard to run an online property platform without being on line.
Actually I think it was a Jenson SEIS fund that invested. UK based fund manager. That would dovetail with 150k (maximising available SEIS) so some poor punters blindly trusting a fund to pick 'winners' for them will have been the ones to lose out here.
ReplyDeleteTks - correction noted in text.
ReplyDelete