The spoof bid approaches behind it, pregnant with a so far undeclared lack of profits warning and with its banks knicker wetting over ballooning debts , the good ship musicMagpie (MMAG) is already taking on vast amounts of water and the waves are getting higher and higher. What would you do if you were a rat?
Someone, guess who, leaked to the Daily Telegraph that musicMagpie (MMAG) was in bid talks so forcing a statement from the debt laden company. It states that it is in “early-stage discussions with both BT Group plc and Aurelius Group as to a possible offer to acquire the entire issued and to be issued share capital of musicMagpie.” So what is really happening?
I flagged up earlier how these numbers from musicMagpie (MMAG) breach IFRS rules but that is really the least of the company’s problems. When the company floated in April 2021 it was profitable and had net cash. Now it is drowning in debt and loss making. Thank heavens that founder shareholders including the CEO’s wife were able to dump £95 million of their shares at the 193p IPO onto dumb fund managers. The shares are today 15.5p.
I shall turn to what are quite dreadful results shortly. However it is worth flagging up a schoolboy error, a breach of IFRS Rules as musicMagpie (MMAG) serves up its piss poor results for the six months to May 31.
Back Market is launching a new platform on June 13: Trade-in. It served up a presentation on that on 25 May which you can see below. On the basis of that I asked the world’s greatest living Magpi-ologist how and when it will knock musicMagpie (MMAG) for six? First the presentation
Earlier I posted damning claims about musicMagpie (MMAG) by someone claiming to be an ex employee, which suggest that the busineses's new ventures will flop and its existing business is in real decline. So who is this poster? It has been suggested that it is the company's CTO David Hilton. The company's PR firm Powerscourt cannot be arsed to return calls as promised which only fuels uncertainty whiile musicMagpie HQ was not even answering the phone mid afternoon. But Mr Hilton has better manners and has got back to me to say he is still employed at music and is not the whistleblower.
musicMagpie (MMAG) the company one heartbeat from being in the hands of a fraud enabler has been a long term – and quite utterly brilliant – bear call by myself. I think I have made the ongoing bear case quite clearly after the most recent (lack of) profits warning. Now a chap claiming to be an ex employee has popped up on the LSE Asylum with a few posts. Now I know this is the No 1 asylum but the virgin poster seems to know what he is talking about. Maybe he/she/they is real?
musicMagpie (MMAG), the company floated by COO and proven fraud enabler Ian Storey has – as predicted – served up a (lack of) profits warning which is bullshit heavy.
I suggested yesterday that musicMagpie (MMAG) was trading badly and that this means that an equity raise will, at some stage, be needed in order to stave off a visit from the Fat Lady. I pondered if that fund raise was already underway. Bang on cue an email drops to those who may or may not have signed up to being spammed by Magpie.
Of course, musicMagpie (MMAG), the cash guzzling POS floated with a fraudster steering the ship, is already in Dire Straits. But now let’s chuck in some executive greed.
