By Tom Winnifrith | Friday 12 January 2018
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.
To misquote a fellow Anglo Irishman, to have one company called Ariadne go into administration is understandable but two would look like carelessness. I flagged up 4 days ago that Ariadne Capital Entrepreneurs Investments Limited was an accident waiting to happen. It looks like we will not have to wait that long...
The accounts for calendar 2016 are now more than three months overdue. The Confirmation statement is now overdue. And thus for the second time in less than a year this POS faces a First Gazette notice for strike off.
The accounts for 2016, if they ever appear, will be interesting. The last accounts - calendar 2015 - show investments of £660,000 and amounts falling due within one year of £663,941 leaving the company with negative net assets of £3,941. So what is that investment? Oddly it is described as "a commitment to invest in Ariadne Capital Entrepreneurs (ACE), this is due to be sold down to a new investor". And that is an asset? A pledge to pay out cash to buy something that will then be sold on at an assumed profit is an asset? Whatever. It is a good job that ACEI got a small company exemption so needed no audit. The accounts for 2015 say that this commitment is an amount due within one year.
Hmmm. I see no record of shares being issued during 2016 (or 2017 for that matter). I put it to you that this company is bust and has hugely negative net assets. Time to say a little prayer, Ms Julie Marie Meyer.
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