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Electric Guitar plc – financial and related party announcements, red flags aplenty!

By Steve Moore | Monday 30 October 2023

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

There are today “Provision of Loan Facility and Financial Position” and “Related Party Transactions” titled announcements from Electric Guitar plc (ELEG), following it noting “the £1.2 million raised at IPO in January 2022 has allowed the company to research suitable acquisition targets in line with its stated corporate strategy and funded ongoing running costs of the company. On 7 July 2023, the company announced that it had identified 3radical Limited as an acquisition target in line with its corporate strategy and that it had agreed non-binding heads of terms on a reverse takeover of 3radical”. So now real financial progress towards that?, and what are the “related party transactions”?
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