By Cynical Bear | Saturday 13 May 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.
Despite the nonsense spouted by AberdeenMan, Mr Selfridge and BrokerMan1 on LSE about CloudTag (CTAG) and its bright prospects, confirmation that the end is nigh has reached Companies House with the CEO, Amit Ben-Haim, stepping off the board of CloudTag’s UK subsidiary and being replaced by the Grim Reaper himself, Massimo Ventimiglia.
I first wrote about Massimo Ventimiglia last September when I noted (HERE) that the main directors had left the main UK subsidiary at the time, CloudTag Active Limited, and been replaced by Massimo, also noting that his appointment on boards usually seemed to be just before they entered some form of insolvency proceedings.
As it turned out, when CloudTag was forced into its confessional in December when it resumed trading (for a short while) it explained that there had been a corporate reorganisation and as part of that it had:
“…incorporated a new wholly owned UK subsidiary, CT Technology Services Limited for the development of the Company's latest technology and products. CT Technology Services Limited was incorporated in England and Wales on 2 June 2016 and became a wholly owned subsidiary of the Company on 22 June 2016. The purpose of CT Technology Services Limited is to facilitate the ongoing development of the Company's technology. The operations, employees and directors of CloudTag Active Limited have, during the course of this year, been transferred to CT Technology Services Limited. CloudTag Active is being wound down.”
Oh, so CloudTag Active was being wound down, as I predicted in my earlier piece, but not to worry because everything was being transferred to a new UK subsidiary, CT Technology Services Limited.
Well, the bad news is that history is repeating itself.
One can see the company filings for CT Technology Services HERE and worryingly, the two directors, including Amit Ben Haim, have just stepped down to be replaced by Dr Death himself.
There is only one rational explanation which is that insolvency is nigh. I reckon we’re only talking weeks and we can all put this sorry saga behind us, although I will be amused to see how the usual suspects put a positive spin on it.
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