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.