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MySquar – and another thing the FCA may wish to look at – remember young pipsqueak Josh Adams

By Tom Winnifrith, The Sheriff of AIM | Tuesday 6 November 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.

You may remember Joshua Adams? Aged 28 he wrote to me to say that he “prayed for my destruction”. Wind forward five years and, playing with Daddy’’s money, he amassed a stake of 16% in the MySquar (MYSQ) fraud. Now looking at both Companies house and the RNS feed I worry that young Joshua may have been a very naughty boy indeed and I have asked the FCA to investigate him accordingly. But fear not Josh, I am a nice guy and will be praying for your salvation as I kneel at the bedside tonight.

If one looks at the RNS feed for MySquar you will see that between 21 April and May 4 2017 Young Josh bought 90 million shares for his Imperium Limited company which at the time gave him a stake of 15.7%.  Even at the death yesterday as the fraud emerged in full ghastly detail, that would still have been c9.5% of the issued equity.

Josh’s buying and comments he made saw the shares, now worthless, soar to 5.5p by mid May 2017. The guy was a fecking genius and was very diligent about issuing TR1 notices showing how his stake had increased.

But here are two odd things. Firstly, if you go to the MySquar website and look at its list of .shareholders with a significant holding at the death you will see no mention of Imperium Limited at all as you can see below. Surely gobshite little creep Joshua Adams was not encouraging folks to buy and offloading his stock while neglecting to tell anyone by filing a TR1 as he went through percentage point hurdles? Surely this find upstanding young man would not be so naughty.

Meanwhile, checking out Imperium’s 2017 accounts HERE you can see that investments at the start of the year ( i.e pre MySquar exposure) were £880,182 and at the end of the year were £1,647,682. Joshua was able to splash well over a million quid on MySquar shares which then went up in value but where do they appear I wonder? Incidentally I see that young Joshua had to take out almost half a million quid of bank debt in 2017 despite reporting a profit of almost the same amount and that he has had to mortgage various properties to keep his company afloat.

I digress and, suspect that I intrude on private grief.  For what it is worth I pray that young Joshua turns things around as, I think, that is the sort of praying that Jesus would approve of. Turn the other cheek and all that.

But I am still confused by the fact that young Joshua appears to have sold 16% of this fraud while remaining bullish but not issuing any TR1s. I have asked my good pals at the FCA to have a butchers just in case young Joshua has been a tad forgetful in his filings and as such has been a bit of a naughty boy. 

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