By Tom Winnifrith | Sunday 13 May 2018
Oh dear, oh dear, a bad week for devout Christian Julie Meyer is about to get worse. It is not that the communion wine was off today but the Winnileaks service has just come up trumps again. Having suffered regulatory suspension in Malta (see HERE) and facing criminal charges in the same country (see HERE) as well as an HMRC probe in the UK (see HERE) and a lawsuit from Henry Gewanter (see HERE) with more lawsuits from those to whom she owes cash to follow, now we have a devestating email sent by her Entrepreneur Country operation less than seven weeks ago which has arrived with Winnileaks. Ouch.
It seems that just two months ago the company was so cash constrained that it was prepared to offer to forward sell a claimed R&D tax credit of £156,000. Of course that does not tally with the R&D tax credit claimed in the 2017 accounts but who cares? Oddly the un-named "reputable accountancy firm" that prepares ECG's tax credit applications does so for a commission not a fee.
What is bizarre is the desperation. Essentially ECG is prepared to pay a fee of £25,000 in advance of a £140,000 receipt for just 40 days - an annualised interest rate of 163%. Even for invoice discounting that looks steep. Companies offering such terms are invariably in dire straights when it comes to paying bills.
Julie Meyer has repeatedly denied suggestions that her Ariadne group of companies face a cash crisis. This bombshell email suggests that there might just be a problem does it not?
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Search ShareProphets |
Stock market news |
Recent Comments |
Site by Everywhen