Maistro (#MAIS) – following an utter litany of platitudes & shareholder value destruction, departs AIM

Maistro – AIM cancellation approved. An utter litany of platitudes & shareholder value destruction...

“Maistro Plc (AIM: MAIS) announces that, at the General Meeting of the company held earlier today, all resolutions were duly passed”. But this was no ordinary General Meeting from this, the former blur Group (BLUR)…

From 82p to 0.4p in seven years …its all a bit of a Blur as Maistro prepares for AIM Casino exit

Retained losses are £27 million and counting, the shares have collapsed from 82p at IPO to just 0.4p, Blur (BLUR), now rebranded as Maistro (MAIS), has been a disaster for investors but at least its founder Phil Letts and his ghastly wife who was also on a fat salary have been able to buy and upgrade a Country mansion, as we noted HERE.  Today as it issued another lack of profits warning and warned of another cash crisis, Maistro says it is going to delist from the AIM Cesspit.

Maistro (#MAIS) – the former Blur Group proposes AIM cancellation, including noting “very limited appetite for the company's shares”. Can’t think why!

Maistro – re-pricing & further grants of share options, £250,932 & £122,451 insufficient to “align incentivisation”?!

Last week I noted CEO of ‘Procurement-as-a-Service’ platform company Maistro (MAIS, formerly Blur), Laurence Cook is “pleased to report on the significant progress that has been made in 2018”… so why a further share price fall? Today an announcement; “Surrender and Grant of Share Options” – and the shares further lower, towards 1p…

Maistro – “pleased to report on the significant progress that has been made in 2018”… so why a further share price fall?

CEO of ‘Procurement-as-a-Service’ platform company Maistro (MAIS, formerly Blur), Laurence Cook is “pleased to report on the significant progress that has been made in 2018”. The shares have responded currently to 1.25p – 4% lower. Hmmm…

Maistro (#MAIS) – emphasises 2018 increased revenue, but even “adjusted EBITDA loss increased 1% to £2.11m”

Maistro (#MAIS) – open offer oversubscribed, raises £0.25m at 1p per share

Maistro – fundraising at a massive discount, despite in September arguing “significant progress” & “looking forward with confidence”!

Writing on the former blur Group, Maistro (MAIS), in September with the shares at 5p, I commented “Business Update”… but it’s what has not been said - noting the previous cash flow and net cash situations. Now an intra-day “Placing” announcement…

Maistro – “Business Update” from the former blur Group… but it’s what has not been said

Previously writing on - then blur Group - Maistro (MAIS), I concluded the company’s track record suggests otherwise re. the company expecting a springboard for value creation. A “Business Update” announcement though sees the shares currently back up to 5p…

Maistro (#MAIS) – the former blur Group argues “significant progress”, but there’s no bottom-line info

Despite the name change to Maistro, blur looks set to continue to perform badly!

Despite changing its name from blur Group (BLUR) to Maistro (MAIS) at the start of the year, it is hard to see much of a change when it comes to the fortunes of the company. Basically, it offers businesses a platform for the procurement of business services, including marketing and human resources, and on its website it boasts that it has been in the business for over a decade. With that in mind, it doesn’t exactly look great that the company is still racking up heavy losses each year, and looks like it is going to continue doing so for the foreseeable future.