Microsalt (SALT) one of the dogs floated off by Tek Capital (TEK) has completed an equity fund raising bringing in a total of £1.54 million gross ( call it £1.45 million net). And the company has now made projections claiming it is funded through to profitability next year. Bollocks. If that is true both myself and fellow bear Evil Banksta are bananas.
MicroSalt (SALT) is, as I pointed out most recently here, both running on vapours and guzzling cash. Today its shares have been suspended under the new Capital Access Regime rules which allows a temporary share suspension at a company’s request ahead of a placing as it tries to get away a $1 million placing. Natch the RNS comes with a monster spoof.
Microsalt (SALT), as I have warned both you and the FCA in recent months is almost out of cash and unless it gets a placing away soon it faces an Autumnul gig with the Fat Lady. The shares have collapsed to just 16p so I reckon it would be lucky to get an issue away at 8p. It needs to happen soon. The maths are stark.
Microsalt (SALT) is a shite company with debt and almost no cash, It is burning cash, It is a matter of when not if there is a deeply discounted bailout placing. I reckon that it is imminent. The shares are now just 17.5p – shall we say placing at 12.5p vicar?
Shares in companies valued at £20 million do not collapse by 40% in just five days for no reason at all. Even on the AIM casino. I have written to the Oxymorons at AIM Regulation regarding Microsalt (SALT). It and its Nomad Zeus should be forced to issue a statement
Liverpool’s greatest numbers man since Ken Dodd, the 55 year old sole member of Bexley Young Conservatives, Evil Banksta, says that you cannot short Microsalt (SALT) but he wishes he could. His maths is compelling.
Microsalt (SALT) is part of the TekCapital (TEK) nest of snakes. Tek buys crap companies for peanuts, funds them, usually with debt, then lists them at a crazy price so it can get its debts repaid and flog shares. That allows it to buy another shitco for peanuts and, more importantly, to fund bloated PLC costs. Rinse and repeat. Microsalt is revolutionising the world of salt….whatever. It is almost Woodfordesque. Now do the maths.
Still guzzling cash and with a majority shareholder in TekCapital (TEK) keen to dump stock, Microsalt (SALT) has two reasons to ramp its shares. So today we have an RNS Reach which gerbils might think is significant but where MicroSalt is forced to state:
Yesterday, shares in Tekcapital (TEK) spin off Microsalt (SALT) absolutely roofed it. Today we have a statement. Something is not quite right here.
MicroSalt states that it “confirms there is no trading or operational update, further to the statements made in its maiden interim results announcement on 27 September 2024"
Floated at 43p in February, Microsalt (SALT) is shortlisted at the AIM awards as the IPO of the year. Surely it must win. The ramping which saw its shares zoom to 140p was everything that is best about the AIM Casino. Okay the shares are now back at 48p and falling after truly appalling interims today but who cares about bothersome fundamentals?
