Further to yesterday’s piece on Milestone Group (MSG), it gets a bit more serious today as any Milestone shareholders should think very hard about whether they want to get into bed with Black Cactus and Larry Cummins as he looks like an A1 prize bull-shitter to me.
A couple of pieces this weekend on one of the Blockchain Buffoons, Milestone Group (MSG). First a light-hearted look at what must have been a dispiriting clear-out this week of the ex-CEO, Deborah White’s mess and then tomorrow a more serious piece that I would urge all Milestone shareholders to read. First though, the (more amusing stuff.
Following an increase in its share price by 70% to reflect a value of the group of almost £9 million, Milestone (MSG) had to put out the following RNS:
Nigel Somerville raises a red flag about AIM uber dog Milestone (MSG) HERE but is too nice a guy to point oiut just how worthless and overvalued this crock is. I am not so nice.
On Wednesday at 2.13pm AIM-listed Milestone Group (MSG) knocked out a TR-1 RNS. Nothing unusual about that, but hang on – what about the dates?
Having correctly predicted that useless AIM rule breaking Deborah White would get the order of the boot as CEO of Milestone Group (MSG) my first question for her temporary replacement Tony Sanders is whatever happened to the missing £1.25 million?
Deborah White should have been fired as boss of AIM uber-dog Milestone (MSG) so many times. The company has been a serial non deliverer, shareholders have lost nearly everything and Debs has made out like a squealer being amply rewarded for her abject failure. Then last Autumn was the crime that should have seen her go to jail
I have it well sourced that the leading shareholders in AIM Casino listed Milestone Group (MSG) have demanded the immediate resignation of its serially underperforming CEO Deborah White. And the demand is backed with menace.
This morning AIM uber dog Milestone (MSG) announced that a new investor, Para & Co (UK) Ltd, was providing a cash advance of up to £400,000 of cash via a convertible loan note as part of a total capital raise of up to £1.5 million for a maximum interest of 29.9% at a price of 0.29 pence per share. Nigel covered this earlier here but let's dig further into the affairs of this new investor.
AIM-listed Milestone Group (MSG) has had a colourful history recently when it comes to raising money. There was the cash which didn’t arrive which the company ‘fessed up to rather late in the day. There was an RNS dated 3 August last year which announced a placing which was already announced in the company’s Interims in June 2016. Now we have a new investor ponying up £1.5 million at 0.29p against a share price of 0.14p when the company was surely running on fumes.
Milestone’s (MSG) interim results today were truly appalling as it racked up a loss of £1.1 million. The statement about the "progress" of its range of sub scale crap businesses is - as ever - upbeat. Read the words and you think this company must have done brilliantly. And then you look at the P&L buried beneath the acres of spin and you see that sales in the six months to March 31 2017 were just £22, 237. Down by 56% on the prior year and just pitiful. The ice cream van parked in my street just now generates more sales than this POS which has no right to be on the AIM Casino at all. It gets worse...
The underlying problem with Milestone Group (MSG) is that it is a crap business that never generates any cash. Thus in order to keep CEO Deborah White in the lifestyle to which she has become accustomed and to keep paying crony capitalist advisers such as shamed PR firm Walbrook (Eden, Fusionex, Advanced Oncotherapy etc) it relies on bailout placing after bailout placing with shareholders seeing value destroyed every time.
Readers will be aware of the aborted placing in Milestone Group (MSG) and the City bucket shop that is City of London Markets per HERE. What we can reveal is that the individual at the heart of the debacle is a gentleman by the name of Spencer Binks – a name in certain circles of the City that is described as “colourful”.
AIM-listed Milestone Group (MSG) has released an AGM statement – but it is not the voting result, it is the Chairman’s statement – to be delivered by Deborah White, who is (corporate governance Red Flag) also CEO. Of course, some of us think that there should have been a change at the helm some while back in the midst of the non-arrival of placing funds scandal which the company was, to say the least, tardy about ‘fessing up to.
I think Deborah White of Milestone Group (MSG) should be fired and then made to to a perp walk for her blatant breach of AIM rules with regard to non disclosure of price sensitive information. But there is another reason to hand Debs a p45 today...her stunning record of non delivery. It is worth chronicling just how bad it is.
