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Management Resource Solutions – another shocking admission from the recent investor lie-fest

By Tom Winnifrith, The Sheriff of AIM | Wednesday 15 May 2019

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.

On 2 May Management Resource Solutions (MRS) held an investor lie-fest at the offices of its uber expensive PR posh-tards FTI Consulting. It was recorded so hapless Nomad Arden has full access to what was said. I have already detailed, here, a stunning admission by boss John Zorbas which would have seen any normal Nomad resign on the spot. But there was more….

Elliott Talbott, the founder and former principal owner of the “unmanned aerial vehicle specialist” Alerion Consulting which is being bought for £1.32 million in a ludicrously dodgy deal, in answer to a shareholder question, admitted that Alerion has never even completed a survey. So how is that valuation justified?

Even more astonishing was the admission by CEO Paul Brenton that he “didn’t look at any other drone operators” as alternatives to Alerion.

Investors can only wonder why this business has been acquired for an unbelievable £1.32m from Elliott Talbott and Chris Grove, who until recently were President and IT advisor of a business called Leinad which is based in the same office suite as and is believed to be partly owned by John Zorbas, and why AIM bad boy Leon Hogan was paid £19,000 to introduce people who were already well known to him and the Chairman.

Zorbas also claimed that the software had taken over 20,000 hours to write, an extraordinary feat for Chris Grove to have achieved since Alerion was formed last August!

No doubt Arden is okay with all of this too?

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