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TrendIT – a shocking indictment of the Standard List: part two

Yesterday saw a shocking litany of scandal regarding Iraeli tech play TrendIT (TRIT) of the LSE’s Standard List on the main market. We saw how it managed to gain admission claiming to be raising £4m which didn’t arrive, how its accounts suggest that it was not solvent either before or after the IPO, lost its Broker (Peterhouse) which is yet to be replaced, confusion over which firm was acting for it in its IPO and admission placing, a boardroom merry-go-round, a going concern warning from its auditor and suspension from trading “pending an announcement” we’ve all been awaiting for almost three months  – and it only listed in January! Today we bring you, courtesy of the Global Shorting Conspiracy, a translation of an article published by Israeli newspaper Calcalist.

EPIC TRIT
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Trendit - surely someone has got to go to prison, this is FRAUD

Trendit (TRIT) announced on 4th January 2016 that it had "completed a placing of existing and new ordinary shares at 5.53 pence per share, and is raising a total of £4 million before expenses." Its shares duly joined the Standard list and were soon trading at north of 6p. The statement was not a lie but it was so utterly misleading that someone must go to prison.

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