A statement today from Cirata (CRTA) really does take the piss and is an open invitation to sell or go short.
Shares in Cirata (CRTA) formerly the Wandisco fraud, were trading in the low twenties just a couple of months ago. Today they are 26% ahead at 33.5p, a market cap of £42 million. On balance iId rather be short than long but either way a trading statement is needed urgently. Here’s why.
You should always be wary of companies that say that they will meet targets but it will be H2 weighted. Cirata (CRTA) is worse than most, it is reliant on a bumper Q4 and we are now half way through Q4, in fact more so if one accepts that no orders will arrive after about December 20.
We all knew that half calendar year results from Cirata (CRTA), formerly the Unicorn tech fraud Wandisco (WAND) run by disgraced Dave Richards MBE, would be piss poor. They are atrocious. But what should alarm folks, notably those duped into backing a 55p per share placing in July, is the statement on prospects.
I reckon that anyone who uses the phrase “The cadence of customer interaction” is an A grade corporate wanker and almost certainly has an MBA. Step forward Stephen Kelly the grossly overpaid new CEO at Cirata (CRTA), the dog formerly known as the fraud Wandisco.
Way to go chaps. You can change the name, you can get rid of bosses who awarded themselves huge bonuses AFTER massive fraud emerged, but once a dog, always a dog. Just nine months after raising a bailout $30 million at 50p ( having had its shares suspended at c£13), Cirata (CRTA) has served up results, a piss poor trading statement and has had to flag up a material, uncertainty. Ouch.
