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Tom Winnifrith "well educated and well read" says MySquar boss Schaer as Pizza Hardman Atwater grills him

By Tom Winnifrith, The Sheriff of AIM | Thursday 12 October 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.

The first question at the LSE Asylum moron-fest with MySquar (MYSQ) boss Erik Schaer was about me. Apparently the old rogue thinks that I am "well educated and well read." Well he ain't wrong. But flattery will get him nowhere. I sent Pizza Hardman Darren Atwater along to grill him and the questions only mount.

The key question is what happened to daily revenues after the peaked at an, RNS announced, $8500 for the last days of June. Since the July -September average was $4,500 it seems likely that they fell. If that is the case then not announcing that having announced two increases in daily revenues ( RNS 6 June & 4 July) ahead of the July 31 placing would be securities fraud.

On the off chance that sales carried on increasing into July but then collapsed utterly in August and September then the failure to declare that on a timely basis is a massive breach of AIM Rule 11.

So what were the July daily stats? Comrade Schaer responds " daily rates are meaningless".WTF. If they are meaningless why base two separate ramptastic RNS statements ahead of the placing on daily rates? Erik you is 'avin' a Turkish!
Erik responds that he had an agreement with a note holder that he had to provide daily stats and that agreement ended at the end of June. Now this is complete horse. If Erik had such an agreement he could have provided the data privately there was surely no compulsion to RNS it and to do so in such a selective way. And the ffact that Erik proved that MySquar could provide daily data within a couple of days with the June and July RNS's shows that he had the ability tgo track data up to the time of the placing.

After the formal presentation the pizza Hardman persisted. Just one simple question. MySquar has told us average revenues for July through to Sept ( $135,000 pcm) but what were July sales alone? Remember that the run rate at the end of June boasted about via RNS was an implied $263,500 ( and rising). So what were July sales.

It was a simple question. If the answer is less than or equal to $263,500 MySquar has committed securities fraud., If it is more than $263.500 then its just a breach of AIM Rules for not fessing up to the implied August sales collapse in a timely fashion.

Quite simply Erik Schaer and his, uber posh, PR man Damian McCrystal refused to answer saying that it is price sensitive, they must discuss with the nomad, etc, etc etc.

Well that is fine. I suggest they do discuss this matter with Morally bankrupt and spineless nomad SP Angel first thing. And after they do they ask the Nomad to report them either to the FCA/SFO for industrial scale securities fraud or to the Oxymorons at AIM Regulation for a wholesale breach of AIM Rule 11.

Either way MySquar is uninvestable, the only questions remaining are a) when will it run out of cash and b) which regulator should be sanctioning the company

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