Good morning!


  • Share price: 3.7p (-18%)
  • No. of shares: 17 million
  • Market cap: £640k

Cancellation of Admission & Notice of GM

I mention this out of morbid curiosity rather than any interest in investing in it

The directors have taken the opportunity to write up a more complete explanation around why they seek to delist.

It is very carefully worded. There have clearly been a lot of tensions between various parties associated with the company, and this has been going on for a long time.

The bottom line financially is as follows: MBL had cash of £800k at the end of July, and expects to receive another £375k from a disposal. Out of these funds, it needs to pay the £75k fine to the FCA and running costs until it liquidates.

We also have this grenade of a sentence:

Shortly before issuing this Circular, the Company received notice of a claim in relation to a historic matter which is potentially material.  The Company is taking legal advice about the merits of the claim and will update Shareholders, as appropriate, in due course.

The saga of disagreements and disputes rolls on and on.

The directors have had enough:

The Company has little opportunity to make a return to Shareholders should it continue to face the costs such as those arising from further requests for investigations, litigious behaviour and the associated additional costs involved in investigating and defending these claims whilst maintaining its public company status

MBL is heading for an ignominious end to public life. It turns out that the market wasn't unduly bearish on it for all these years. If anything, it wasn't bearish enough!

Boxhill Technologies (LON:BOX) (suspended)

Update on Annual Report and Accounts - another share I'm mentioning so that we can file it in the "what can go wrong" or "this is how shares die" category.

This has been unable to publish accounts for the year ending January 2018.

Apparently the year-end bank balances of a former subsidiary can't be accessed, because a director of that company was dismissed and (s)he was the sole authorised signatory. The process to fix this is estimated to take around 3 months.

It's the sort of thing you might expect from…

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