By Tom Winnifrith | Wednesday 30 May 2018
The latest Winnileaks bombshell for Julie "lingerie on expenses" Meyer MBE is a spreadsheet of her ACE fund as at 29 February 2016. In part 1 I have shown how this demonstrates how she fleeced the fund ( other people's money) to pay the bills at her flagship Ariadne Capital Limited ( now in administration). Now I draw your attention to evidence that she is a deluded fantasist or worse. Turn to the final column below.
You will see that the amount "invested" by the fund as at 29 February 2016 was £3,673,8121.70. But that seems to have done well and the fund NAV was now £4,046,891.1. Well done Julie although we will look at your valuation methodology later. What is interesting are the returns Julie promises -she is going to deliver an average NINE bagger! Wow freaking wow!
Yes that is right the implied exit valuation is an astonishing £23,074,764.30. Feck move over Warren Buffett. No wonder that Julie reckons that some folks think that she is "freaking cleverer than God!"
But hang on how has it actually worked out? To be fair let is ignore ECG where the ownership is uncertain and the valuation even more so. On that basis Julie would have invested just under £3 million and would be targeting an exit valuation of £18.5 million. That would be fairly amazing.
But in her fraudulent email to potential investors in late April we learned the grim truth. The valuation excluding companies even Julie admits are dead and ECG is just £2.6 million and that includes a few doubtful valuations (£147,000 for Taggstar which Julie terms a winner but is actually in administration).
So in fact rather than turning just under £3 million into £18.5 million she has turned it into just over £2.4 million ( at best). But maybe things will get better? After all Julie is freaking clever than God so maybe there will be divine intervention?
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