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A bad week for all things Ince – ouzos all round for me

It has not been a good week for all things Ince. First up, Mr Paul Ince, once the Guv’nor, was fired as manager of Reading. Like all West Ham supporters, a P45 for Judas, is, for me, a good start to the week. Better still, yesterday afternoon, Ince Group (INCE) announced it was going into administration.

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#INCE – having announced sinking into administration, nomad and broker Allenby now abandons ship

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#INCE – auditor BDO “raised further queries in the final stages of quality control”, now expects to publish delayed results “in early March”

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#INCE – “auditor, BDO… requires approximately two more weeks” on year ended 31st March 2022(!) results

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#INCE – completes sale of Arden Partners to Zeus Group

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#INCE – raises £4.7m at 6p per share, argues ‘progressing re-focused strategy’

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Ince gives away broker Arden for nothing, the final chapter of a comedy of errors

Well I guess it is not quite so funny if you are a shareholder but this acquisition – now – rreversed – has destroyed Ince Group (INCE) as a credible investment. I was urged by the company’s PR to tip the stock but, according to some folks, that really would have been a kiss of death and anyhow it was self-destroying – as I predicted – without my endorsement. 

NEWSFLOW

#INCE – agreement to sell Arden Partners to Zeus… having only acquired it in April this year!

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#INCE – argues “progress”, but LFL H1 “not expected to improve on the same period in the prior year”

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#INCE – following recent fundraising, further £0.17m subscription at 5p per share