By Tom Winnifrith, The Sheriff of AIM | Monday 20 March 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
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.
The Chairman’s statement of 11 December 2009, accompanying the results of Milestone for the year ended 2009 (a loss of course) announced that he was delighted to announce that “Deborah [White] has decided to dedicate 100% of her time to Milestone with immediate effect”. Unfortunately this dedication hasn’t been rewarding for her shareholders as the losses for the last seven years shown below illustrate:
|Revenue||Loss for year|
The latest accounts show net liabilities of £1,019,656 and unsurprisingly an emphasis of matter over going concern from the auditors. The deficit would have been even bigger if the Directors hadn’t agreed to write off £704,347 of what they describe as “contingent liability and Directors’ trade payables”. Based on past experience in the period covered by these results, the deficiency will have increased further.
Surely nobody will be stupid enough to fund this dog any longer. Any new monies will simply be used to pay off existing liabilities and fund plc costs and, based on prior experience, Milestone will continue to generate insufficient sales to generate any profits.
Deborah White's track record since going full timde is one of unmitigated failure. The principle purpose of any future placing will be to continue to fund that failure and keep Ms White in the lifestyle to which she has become accustomed.
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