Oppo Ice Cream is a success - isn't it? A shareholder update dated 9th July said it was. Now a new shareholder update, 14 days later, says things are not quite so great. And it adds, we'd like to buy back some of your shares. Which is an interesting proposition.
We wrote about Oppo recently as they had called for shareholders to flock to Asda online and post 5 star product reviews. Lots of you thought that was fine. We didnt.
Now having told shareholders just 2 weeks ago that all was great - ''Oppo
has driven more sales in the last three months than the last year combined.
We're growing!'' - in a new update they want to go for more funding - as things are not great - 'Therefore to stay afloat we will have to complete another raise'. In order to prevent more dilution to the two founders, they are willing to buy back Seedrs investors shares. They dont say how many. So are they sitting on an offer where they can buy back shares at X of Seedrs investors and then bring in cash at Xplus 50% thereby recouping value? Just an idea. Cynical of me, I know.
Casting the buy back aside it seems truly incredible that a shareholder update can be so misleading. But then you have to remember that the company thinks it's ok to post shareholder reviews on a UK supermarket site just to up their overall rating level.
We thought Oppo looked good. But you really cant tell your shareholders two different versions of reality within 14 days.
What do Seedrs feel about all of this? Maybe they could let readers know as they run a system where they are supposed to be much more involved with shareholder relations than the defunct Crowdcube help yourself model. But maybe that is just for show??
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