UK 19:27 Friday, 23 October 2026
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Polemos (PLMO) has been a value destruction exercise par exellence by David Lenigas and his wrecking crew and news of another planned placing today just adds to that tale. The only question is who would be daft enough to get involved?
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Comments
NEMESIS
Not quite correct, I believe even before the £80k placing they had working capital till 2017, so why they do 2 placings in 2 months is a mystery.
From the annual report via RNS 5th Feb: “At 31 December 2015 the Company had cash and cash equivalents of £207,000 and no borrowings. The Company has minimal contractual expenditure commitments and the Board considers the present funds sufficient to maintain the working capital of the Company for a period of at least 12 months from the date of signing the Annual Report and Financial Statements.”
7 days later (RNS) they placed £80k, followed by another £175k today.
So they were OK for cash but diluted shareholders 72%. Maybe they think they haven’t been paying themselves enough?
Tom Winnifrith
Nemesis
I reckon, given 97k trade payables, they would have struggled to be solvent for 12 months without a successful firesale of the shit shares it owned witrhiout the 890k placing.
But the 175k one is inexplicable
T
NEMESIS
Tom
That might well be the case but they advised to the contrary all the same.
I notice the initial placing before these 2 was for 500m shares was a cashbox because they couldn’t get shareholder approval to dilute, I wonder how these faceless individuals benefit from this endless dilution?