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Previously writing on Imaginatik (IMTK) in April, I questioned the progress being made and attempted discounted fundraising ahoy? Last month there was a “Placing and Open Offer to raise up to £1.9 million” announcement and this week a “Result of Open Offer” announcement.
The former saw the company “pleased to announce” the raising of a gross £1.4 million in a placing at 2p per share and an open offer to raise up to a further £0.5 million – with “the net proceeds of the placing will be used to invest in sales and marketing, development of partnership channels and to support further investment in technology”.
Hmmm. I look forward to the cash information when the company gets around to announcing results for its year ended 31st March 2017. It emphasises “sales momentum started to build”, but also higher customer churn – “the result of the loss of two clients in the main, the first loss was the result of the client being acquired, an event that resulted in the loss of the entire innovation team. The second client underwent cost reductions resulting in the loss of their innovation programme”.
The raising was at a stated 5.9% discount, though the share price has since fallen a bit further and the company now “is pleased to announce it has raised gross proceeds of approximately £0.07 million pursuant to the open offer announced on 9 June 2017”. This also includes more than £0.009 million from a non-executive director – yet the company “is pleased to announce” such an open offer take-up?!?
The record here sees me continue to wait for clear financial evidence of claimed good progress and, ahead of reviewing results when the company gets around to being able to announce, I currently continue to consider this a bargepole stock.
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