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Results: 7DIG

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EPIC 7DIG
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7digital – AGM confidence… so why a share price decline?

Having last month stated “largely completed the rescue”, an AGM Statement from 7digital (7DIG) including “we are confident that all resolutions put forward today will be passed. We can confirm that our second stage financing plans are well underway, and we should be in a position to confirm the fundraising in the near term”. The shares have currently responded, er, more than 7% lower, to 0.24p…

EPIC 7DIG
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7digital – argues “we have largely completed the rescue”, but…

Shares in 7digital Group (7DIG) are currently on the rise on the back of a “Management and Board Changes and Cost Savings” announcement, including “we have largely completed the rescue by securing a new, strategic majority investor, which has stated that it is prepared to invest further funds”

EPIC 7DIG
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7digital Group – I having previously suggested results won’t be pretty & financial distress... “Business Update”…

Previously writing on self-styled “global leader in B2B end-to-end digital music solutions” 7digital (7DIG) in January it was “pleased to confirm” restructuring completion… but much it shouldn’t be pleased to confirm! – as the shares slumped below 1p… and still I concluded, I suggest “a detailed statement of the expected out-turn for 2018 once accounting issues related to the restructuring and revenue recognition under IFRS 15 have been resolved” won’t be pretty. That there’s the restructuring with “several operations and offices have been closed or discontinued and staff numbers reduced in all locations” and the HMRC situation of circa £0.417 million seemingly relying on expected receipts, also suggest financial distress – and hopefully my prior warnings were heeded. Natch, still a sell / avoid. Now a“Business Update”

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