I was smiling for much of yesterday having read the announcement from Monchhichi (MCC) about its proposed cancellation from AIM and a move to the Sub-Standard segment of the Main Market. Let me explain why.
I last wrote about Monchhichi (MCC) in February HERE when it completed its underwhelming placing of £2.1 million at the incredible price of 35p and I wondered what it was going to do next. Well, rather than actually invest its funds and generate shareholder value it is has just announced some more financial spoofery last seen at the disastrous Highlands Natural Resources (HNR), It is worth taking a closer look.
I have been following the Monchhichi (MCC) story, or Mercom as was, since Calvet got involved last year (as can be seen HERE) and so today’s RNS announcing the completion of the promised placing was no great surprise although there were certain aspects that amused me.
I only wrote about Mercom Capital (MCC) at the weekend commenting on the strange goings-on, particularly the share price continuing to hit new highs on hype and hope alone (and a lot of Calvet buying!) at the same time as the funding round being reduced. Today’s announcement of further changes to the proposal adds to the mystery.
With Mercom Capital’s (MCC) share price rising ever higher in recent weeks, I felt it merited an update from my last piece in October as the situation is getting ever stranger and I suggest care needs to be taken from here.
I first wrote about Mercom Capital (MCC) last week on 18 October, (HERE) commenting on the extraordinary recent share price rise from 3.5p to 13.5p suggesting that it could be time to take profits. Well, I may have missed some upside as Calvet International have put an interesting deal on the table but it merits closer examination.
I’ve been watching the share price of Mercom Capital (MCC) rise recently with interest wondering what is going on behind the scenes. Following a further 30% rise yesterday to 13p, a couple of after-hours RNS’s shed a bit of light on the situation….but also raised plenty of questions. In any event, there should be a bit of fun and games for the neutral to enjoy.
