Not a graveyard yet but have noticed that the CEO of Imagen Therapeutics who raised on CrowdCube has left in December and was removed as a director today from Companies House….never a good sign.
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Zapaygo has finally died. Was anyone else invested in them?
Yes, but only a tiny £250 fortunately… They actually never sent me an EIS3 share certificate, so I complained and they refunded my original investment last year. They were making noise about doing exceptionally well last I read, but isn’t that what most of these companies do when completing further fundraising…
This is a concern, they appeared to be doing well - let’s see what that means…
To me they never really seemed to live up to their own expectations. The app looked dreadful, no new venues listed on the platform since my investment back in 2019. Emails begging previous investors for more investment at a ludicrously discounted rate (I invested £350 in 2019, last year I was offered to invest something tiny like £10 and that would double my share count). Never got the share certificate for that either.
No news from management for a year. Most of the management team left last year as well.
Good concept, executed very poorly.
Seedrs update regarding Goodbox:
Dear Investors,
We want to apologise for the delay in providing an update on the situation regarding GoodBox Ltd. The reason for this is that we have been speaking to various stakeholders in the company to get total clarity on the company’s position and progress of the administration process. We wanted to ensure that we were in a position to provide a comprehensive update before communicating with you.
Overview
At a meeting last Tuesday (10 January), a Part 26A Restructure Plan was put forward to the company’s shareholders and creditors (the “Restructuring Plan”). This was put together by NGI Systems & Solutions Limited (“NGI”), a supplier and creditor of the company, which is owned by the pre-Administration Chief Technology Officer of GoodBox. The explanatory statement issued by NGI for this restructuring plan is attached to this update (“Plan Document”).
You’ll find NGI’s summary of the events as well as rationale for the Restructuring Plan on pages 4 and 5 of the Plan Document. Please note that the company’s administrators, Frost, declined to be part of this Restructure Plan and the Plan Document has been produced solely by NGI.
A summary of the Restructuring Plan is set out at the end of this update and the explanatory statement shared with the shareholders and creditors is attached.
What transpired
The meetings for each class of creditors and shareholders (further details on the classes in the summary below) were held on 10 January 2022, and Seedrs attended on behalf of Seedrs investors.
The Restructuring Plan did not receive the approval of one of the four classes, the convertible loan holders, as British Business Bank voted against the plan. The administrators of the company, Frost, also voted against the plan. We understand this was partly due to concerns around the viability of the plan and NGI’s conflict of interest.
Seedrs holds around 6% of the shares in Goodbox and less than 1% of the total value of the convertible loans, and was therefore not able to influence the outcome of the votes, which required the approval of 75% of each class of creditors/shareholders.
This outcome means that the court must now adjudicate and decide if the plan should nevertheless proceed despite the objections of the convertible loan holders. The court hearing is scheduled for today, 16 January 2022. We do not currently have the results of the court hearing and will share this with investors as soon as possible once the results have been shared.
Further details of the creditor/shareholder votes are set out in the summary below, and we will look to share the summary report of the meetings when this becomes available to us. We have followed up with the administrators for this.
We understand from the administrators that the alternative to the Restructuring Plan would be a compulsory liquidation. The liquidator appointed would look to sell the company’s assets and pursue any outstanding claims the company has in order to recover as much value as possible for creditors. Should some of these claims succeed, creditors of the company may see some return but it is very unlikely that any existing shareholders will recover their investment.
What happens now
We will update you on the outcome of the court hearing as soon as possible. We will also continue to engage with NGI, GoodBox, the administrators and the British Business Bank to identify the best way forward to protect investors’ interests in the circumstances.
In the meantime, thank you for your patience and please reach out with any question you may have.
Kind regards
The Seedrs Team
The important part:
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Another bullet dodged,this Crowdfunding game is akin to the Wild West!
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I have a sneaky feeling that Bnext (raised on CrowdCube) will “be next”
Coconut will be next sadly
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I think Coconut will depend on whether the latest crowdfund is allowed to complete and how many cancel their investment in the cooling off period.
They did a great job of preserving capital during the pivot to MTD ITSA. It’s not beyond them to survive until MTD ITSA actually happens.
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They are fighting for their lives,maybe they can just freeze the product and maybe use the money on the most recent raise to cover the wages of 4-6 staff and until the time is right in 2 years time
Whilst they may survive until MTD ITSA, the market is smaller and a longer path to profitability with greater cash burn. Much more risk and as an existing investor, I don’t want to wait that long for what might be a return only to find out there is another delay or hurdle. Hopefully they survive but their business plan will need to be amended to retain most of the crowd fund.
Please excuse the brevity of my reply, as I am currently out of the office.
Kind regards,
Sanjay
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Any more context?
My cynical side. Have been chasing CrowdCube for a few updates across businesses and they said that they had been talking to Bnext over the last few weeks. A recent article said that Bnext were looking to be bought which doesn’t make me feel positive.
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I see - yes I tracked down a couple articles from Spain talking about.
Some quotes: " The Spanish neobank Bnext analyzes the search for a partner to take a majority stake in the shareholding and instill the necessary [financial oxygen]" - So might not be a full sale but interesting.
They are also making monetization moves (unsurprising): " In an email sent to its active users, Bnext points out that the commission will depend on the use that each one makes of the account in the fintech itself. These can go from 4.99 euros for inactive accounts to 0.99 euros for active ones. All those accounts that have direct debit payroll or make purchases of more than 300 euros per month are left out of the equation." - " In total, according to data from the La Información platform , just over 200,000 users – out of a total of 400,000 – are 100% active"
Will find out at one point I guess.
Monzo should make an offer 
Thanks for that. I put a small amount into bnext, but have no faith in them given that the last I heard they were issuing their own crypto nonsense.
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Andersen EV
You are receiving this email because you are a previous investor and direct shareholder of Muller Ev Ltd (Company Number: 10025400) (otherwise known as “Andersen EV” or the “Company”).
We are aware that Muller EV Ltd (trading as “Andersen EV”) has been placed into Administration by its directors. The appointed joint administrators are Nick Holloway and Will Wright of Interpath Advisory Limited (the “Administrator”).
We are in communications with the Administrator and can confirm that the Administrators are in the process of conducting their administration procedures and their reports to investors have been made available via their portal through the link here: Interpath Advisory - INTERPATH Public Case Information (ia-insolv.com).