Intu Properties mooted to ask shareholders for the odd billion quid to keep the shopping centre lights on
No! This is not an April's fool. Many of our team have been incredibly critical of Milestone (MSG) for several years. It has been the sort of lifestyle/joke company that has given the AIM Casino such a bad name and that is why you can buy its shares for just 0.13p. We admit that this is high risk but try to look through the front windscreen not into the rear view mirror.
I see that AIM-listed Milestone Group (MSG) has had its shares marked down below their nominal price of 0.1p today: they are now 0.09 – 0.1p bid to offer. Given that the company has a desperate need for cash, that’s a problem – especially when it passed on the opportunity to put resolutions for a capital reorganisation to its forthcoming AGM.
I had a flick through the 2017 Annual Report released by AIM-listed Milestone Group (MSG) yesterday. Having noted the missing auditor’s statement in the results RNS, let’s see what it says.
Yesterday afternoon two RNSs came out from AIM-listed Milestone Group (MSG). At 4pm we were notified that the 2017 Annual Report had been published, as had the AGM Notice. But at 3.07pm a rather more interesting announcement was issued regarding Black Cactus. Yes folks, that’s the one we’ve been waiting (and waiting and waiting) for. You will no doubt remember that Black Cactus is the outfit of Larry (who has not got an Oxford Maths Degree) Cummins, and that Milestone had agreed a deal with it whereby it would get a few quid in commission and new shares worth 29.5% of the company. Now we are told:
AIM-listed Milestone Group (MSG) has this morning posted the most awful set of results. Having been on the AIM Casino since 2003, the company clocked up losses of £2.26 million on revenues of a paltry £24,640. Retained losses stood at a jaw-dropping £33 million and the audit report (needless to say, missing from today’s RNS) contains, we are told, a material uncertainty paragraph. I should coco.
Way back in November 2016 I first commented on the fiasco at AIM-listed Milestone Group which eventually saw then CEO Deborah White handed a black bag. This was the placing, first announced in October 2016, where the £1.25 million of cash never arrived and which the company sat on news of non-payment until it ‘fessed up on the day Donald Trump won the Presidency. It was a good day to bury bad news – but as ever, ShareProphets was watching. Well, the cash STILL hasn’t arrived, even on the much reduced 10p in the £ compromise terms announced on 22 January this year and I think the company has again been tardy in passing on the news.
Milestone Group (MSG) has announced a memorandum of understanding with Seed Media Limited and Martin Heath with a joint venture that is intended to be owned 50.5% by Milestone. The proposed deal has two things in common with the proposed deal with Black Cactus namely that underlying technology to be used is Blockchain and the fact that Seed Media like Black Cactus is technically insolvent and loss making.
On 6 December 2017, Milestone (MSG) announced that it entered into a software license agreement with Envoy Group Corp (soon to be renamed Black Cactus Global, Inc). Yes that is the company run by serial teller of untruths Lyin' Larry Cummins.
AIM-listed Milestone Group (MSG) has been up to its neck in controversy for over a year now, but I wonder if the company has had some bad news it hasn’t quite got around to sharing. This is regarding its blockshain spoofery (oops), I mean its software license agreement with Black Cactus Global Inc (Envoy Group as was) which we were told it had entered into on 6 December.
I do not always agree with Richard Jennings of Align Research. He is 100% right about cats, 100% wrong about Israel and on all other matters he sits on the spectrum between those two extremes. But his latest missive to the FCA is bang on. I share his frustration.
With Milestone Group (MSG) still unable or unwilling to put out an announcement to its shareholders about its relationship with Lyin’ Larry Cummins, I thought I would keep the pressure on with a couple of snippets that I find amusing about the fraudulent front of the man. I mean he’s not a writer, gardener, ballet dancer or boxer from Boston but I still find it amusing.
That Larry Cummins of Black Cactus is a proven liar is now widely accepted. What is stunning is that AIM listed Milestone (MSG) whose entire market value is based on the belief that a deal with Black Cactus is worth something has failed to comment. Maybe the Securities & Exchange Commission in the US will force its hand.
Larry Cummins of Black Cactus and Milestone (MSG) infamy has in SEC filings and - until yesterday - on LinkedIn and on the Black Cactus website claimed to have a BA from Oxford. We have now double sourced this with the University and can now say it straight: Larry you are a fucking liar.
Black Cactus which is run by proven liar Larry Cummins (BA Oxon NOT!!!) is clearly critical to Milestone Group (MSG) which - without BC - is pretty much worthless. We suspect that even with BC Milestone is sunk so let's go to Companies House shall we?
Further to my weekend expose on Milestone Group’s (MSG) saviour, Larry Cummins and his dubious CV, I couldn’t help but notice that Larry suddenly seems to come over all immodest and has removed all signs of his incredibly impressive education from his LinkedIn and corporate website. Why could that be?
Yesterday we accused key Milestone Group (MSG) player Larry Cummins of lying about his educational achievements. Cummins has told Align Research, a supporter and shareholder, that our article was not true. He has "denied" it. Align has thus urged Milestone to make a statement and has again urged it to comment on today's article about Adrian Towning. You can see the tweet from Align below. We urge Milestone to proceed with extreme caution on this matter...
In his expose yesterday, Cynical Bear raised several questions around the probity of Larry Cummins the CEO of Black Cactus Holdings group. I am sure that Milestone (MSG) is rushing to clarify whether this key player has a bogus CV. Perhaps while it is at it it might clarify something about another of the four key players at Black Cactus, Adrian Towning.
Further to yesterday’s piece on Milestone Group (MSG), it gets a bit more serious today as any Milestone shareholders should think very hard about whether they want to get into bed with Black Cactus and Larry Cummins as he looks like an A1 prize bull-shitter to me.
A couple of pieces this weekend on one of the Blockchain Buffoons, Milestone Group (MSG). First a light-hearted look at what must have been a dispiriting clear-out this week of the ex-CEO, Deborah White’s mess and then tomorrow a more serious piece that I would urge all Milestone shareholders to read. First though, the (more amusing stuff.
Following an increase in its share price by 70% to reflect a value of the group of almost £9 million, Milestone (MSG) had to put out the following RNS:
Nigel Somerville raises a red flag about AIM uber dog Milestone (MSG) HERE but is too nice a guy to point oiut just how worthless and overvalued this crock is. I am not so nice.
On Wednesday at 2.13pm AIM-listed Milestone Group (MSG) knocked out a TR-1 RNS. Nothing unusual about that, but hang on – what about the dates?
Having correctly predicted that useless AIM rule breaking Deborah White would get the order of the boot as CEO of Milestone Group (MSG) my first question for her temporary replacement Tony Sanders is whatever happened to the missing £1.25 million?
Deborah White should have been fired as boss of AIM uber-dog Milestone (MSG) so many times. The company has been a serial non deliverer, shareholders have lost nearly everything and Debs has made out like a squealer being amply rewarded for her abject failure. Then last Autumn was the crime that should have seen her go to jail
I have it well sourced that the leading shareholders in AIM Casino listed Milestone Group (MSG) have demanded the immediate resignation of its serially underperforming CEO Deborah White. And the demand is backed with menace.
This morning AIM uber dog Milestone (MSG) announced that a new investor, Para & Co (UK) Ltd, was providing a cash advance of up to £400,000 of cash via a convertible loan note as part of a total capital raise of up to £1.5 million for a maximum interest of 29.9% at a price of 0.29 pence per share. Nigel covered this earlier here but let's dig further into the affairs of this new investor.
AIM-listed Milestone Group (MSG) has had a colourful history recently when it comes to raising money. There was the cash which didn’t arrive which the company ‘fessed up to rather late in the day. There was an RNS dated 3 August last year which announced a placing which was already announced in the company’s Interims in June 2016. Now we have a new investor ponying up £1.5 million at 0.29p against a share price of 0.14p when the company was surely running on fumes.
Milestone’s (MSG) interim results today were truly appalling as it racked up a loss of £1.1 million. The statement about the "progress" of its range of sub scale crap businesses is - as ever - upbeat. Read the words and you think this company must have done brilliantly. And then you look at the P&L buried beneath the acres of spin and you see that sales in the six months to March 31 2017 were just £22, 237. Down by 56% on the prior year and just pitiful. The ice cream van parked in my street just now generates more sales than this POS which has no right to be on the AIM Casino at all. It gets worse...
The underlying problem with Milestone Group (MSG) is that it is a crap business that never generates any cash. Thus in order to keep CEO Deborah White in the lifestyle to which she has become accustomed and to keep paying crony capitalist advisers such as shamed PR firm Walbrook (Eden, Fusionex, Advanced Oncotherapy etc) it relies on bailout placing after bailout placing with shareholders seeing value destroyed every time.
Readers will be aware of the aborted placing in Milestone Group (MSG) and the City bucket shop that is City of London Markets per HERE. What we can reveal is that the individual at the heart of the debacle is a gentleman by the name of Spencer Binks – a name in certain circles of the City that is described as “colourful”.
AIM-listed Milestone Group (MSG) has released an AGM statement – but it is not the voting result, it is the Chairman’s statement – to be delivered by Deborah White, who is (corporate governance Red Flag) also CEO. Of course, some of us think that there should have been a change at the helm some while back in the midst of the non-arrival of placing funds scandal which the company was, to say the least, tardy about ‘fessing up to.
I think Deborah White of Milestone Group (MSG) should be fired and then made to to a perp walk for her blatant breach of AIM rules with regard to non disclosure of price sensitive information. But there is another reason to hand Debs a p45 today...her stunning record of non delivery. It is worth chronicling just how bad it is.
Tom and I have been pretty consistent in our criticism of lifestyle company, Milestone Group (MSG), and although it was touched upon in Friday’s Bearcast (HERE), I thought the ridiculous recent RNS’s required a bit more of a kicking. It is an appalling effort with one sole purpose, to try to seduce new mug punters into supporting this useless company.
In its final results yesterday AIM listed lifestyle company Milestone (MSG) commented about the semi failed October 2016 placing:
I wrote about Milestone Group (MSG) back in November (HERE) highlighting it as one of the best examples of a lifestyle company on AIM. That combined with the lack of disclosure around the (lack of) funding in October suggests one should stay well clear. Today’s results for the full year to 30 September 2016 only emphasise that fact.
It seems the pantomime season has started early: AIM-listed lifestyler Milestone Group (MSG) has announced that it has raised a keep-the-lights-on placing at just 0.3p, and that of the original October placing which was announced to have brought in £1.385 million, only £60,000 has made it to the coffers. If Nomad Cairn Financial thought that its (currently suspended) client CloudTag (CTAG) was just a rogue case, Milestone begins to make it look more like carelessness.
AIM-listed lifestyle company Milestone Group (MSG) has updated on the placing that didn’t raise the £1.385 million announced on 20 October. Having previously announced that £1.25 million of the proceeds hadn’t arrived, it now turns out that the little bit of meter-money which did arrive has now been paid back and the company is trying to do a replacement placing. Shambles upon shambles.
I feel legged over and am angry but there are wider points: how financially screwed is Milestone Group (MSG) and why has no head rolled for the way it mislead investors?
I appreciate that there are many contenders for the title in the heading of this piece but I do think Milestone Group (MSG) can make a real claim to be up there as one of the best examples of the AIM lifestyle company and, as a result, the recent funding issue highlighted HERE shouldn’t really be that much of a surprise. Please allow me to explain.
Following on from my earlier piece about yesterday’s disgraceful episode at AIM-listed Milestone Group (MSG) in which the company ‘fessed up that £1.25 million of cash from a placing announced way back on 20 October, the shares for which were admitted to trading on 31 October, had not turned up, ShareProphets has learned the name of the firm at the centre of yesterday’s controversy.
Talk about a good day to bury bad news: every media commentator is trying to come to terms with the election of Donald Trump (with the notable exception of our own Tom Winnifrith, who is off to get his new Poll Sheriff’s badge) and so at 3.41pm yesterday AIM-listed Milestone Group (MSG) slipped out a “miscellaneous” RNS. It may have won two big contracts recently but in terms of this RNS, there was nothing miscellaneous about it: this company is in serious trouble.
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