Cakebox (CBOX) has already warned that results for the six months to 30 September would be piss poor and it did not disappoint but folks who have lost a packet ignoring our numerous red flag warnings had a straw to clutch at, one covered with jam tomorrow.
Specialist retailer of fresh cream cakes Cake Box Holdings (CBOX) states that it “is pleased to announce the appointment of Liberum Capital Limited as joint corporate broker to the company with immediate effect”. With the shares currently down, to 108p, in response, why might the market not be pleased?
Back in November of last year the CEO of Cake Box (CBOX) sold 3 million shares at 350p to mug fund managers. That means that over the past two years he has trousered £16.4 million at 170p and 350p. Lucky him. The company, which I have called out for months as a slam dunk car crash waiting to happen, has recently served up a horrific profit warning and its shares touched 90p. But then the CEO invested £250,000 at 121p and hey presto the shares are now 142p – more than halfway back to the pre-warning 180p level. This is absurd.
Lucian Miers may have become a big fan of Cake Box’s (CBOX) egg-free mega calorie cream cakes but it seems that others are taking a different view. You have been repeatedly warned that this was a disaster in waiting and today there is a catastrophic profits warning and it is only going to get worse. How jolly glad the CEO and his Mrs who sold 3 million shares at 350 to poor dumb sheeple fund managers last November and 3.75 million 170p in September 2020 will be to have banked £16.88 million as the shares are now just 98p. And things will get worse.
Specialist retailer of cream cakes Cake Box (CBOX) has announced it will publish full-year results on 27th June following an end of year audit process which has raised “an issue” in terms of the Companies Act 2006 and past dividend payments. Hmmm!
