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At the tail end of the week before last, NightCap (NCAP) – the AIM Company created by Dragon’s Den star Sarah Willingham to buy - at a grossly inflated price - an insolvent company which she had founded, sounded out investors about a placing of £5-6 million at 25p. I exposed that so forcing a statement. Today comes news that she has raised £10 million but at only 23p. The shares were 33.5p before the roadshow. Natch Sarah says “We are really pleased to see such strong demand in support of the Nightcap strategy”. Tell you what love: If you’d cut the price again you could have raised even more.
Yesterday I revealed how Sarah Willingham's Nightcap (NGHT) was scrabbling around to raise money via a bucket shop placing. Let’s hope it manages to spend less on this fund raise than the AIM admission which had estimated costs of admission of £1 million to raise gross proceeds of £4 million, a ludicrous 25% of money raised.
Having ramped shares in Nightcap (NGHT) up to 32p-35p, the company’s managers led by Dragon’s Den star Sarah Willingham are, I can reveal, attempting a bailout placing to raise £5-6 million at just 25p. There is no specific acquisition planned and this is simply because less than four months after its IPO it is running out of cash.
The IPO of Nightcap (NGHT) was pushed back from pre Christmas to early January which means that in announcing results for the period 23rd September to December 31 2020, it reveals sod all of interest which allows boss Sarah Willingham to engage in fantasies about expanding her chain from 10 to 50 units. This disgrace of an IPO gets more tawdry by the day.
Shares in Ms Willingham’s AIM-listed Nightcap (NGHT) are the 3rd biggest riser on the Casino today, up 26% at 17p on the back of an article in the Mail on Sunday by Ms Harriet Dennys which, as I pointed out yesterday, is total bollocks and a deceipt. It quotes Ms Willingham and the question is has she told a monstrous lie or is Ms Dennys just making things up? With the shares roofing it, I have written to the Oxymorons at AIM Regulation as the company needs to comment urgently. This is a false market.
If you have invested in the IPO of her Nightcap (NGHT) company on AIM, I suggest that you have been. This company could go bust by the summer and should never have been allowed on the Casino. What on earth have Nomad Allenby and AIM Regulation been smoking?
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