FINPROM Findings
4“Any funds raised through the ABB will be used in support of the Company's Bitcoin Treasury Policy, details of which were set out in the announcements of 24 June, 27 June and 1 July 2025, and for general working capital purposes”
Accelerated bookbuild proceeds explicitly earmarked for bitcoin treasury policy. Company is an AQSE-listed consumer loans fintech pivoting to bitcoin accumulation as a core strategy.
“Paul Mathieson...to convert £300,000 of debt owed to him...via the issue of 60,000,000 new ordinary shares...at a price of £0.005 per share...a discount of approximately 81.81%...Following completion, Paul Mathieson will have an interest of 55.79% of the voting rights”
CEO converting personal debt at an 82% discount to market, increasing his stake from 30% to 56% via an accelerated Rule 9 waiver. Concert party reaches 60.6% and can acquire further shares without triggering mandatory offer.
“The ABB will open at 4:30 p.m. on 17 July 2025 and is expected to close at 8:30 a.m. on 18 July 2025”
Extremely compressed bookbuild window of under 16 hours (overnight) limits investor due diligence opportunity, combined with complex multi-part transaction involving debt conversion, subscription, and further debt conversion.
“60,000,000 new ordinary shares...at a price of £0.005 per share, a discount of approximately 81.81 per cent. to the Company's closing mid-market share price on 16 July 2025”
Shares issued at an 82% discount to market price for debt conversion and further subscription, representing extreme dilution for existing shareholders not participating. [Severity adjusted: discount alone insufficient for high severity without compounding factors.]
RNS Announcements
1Debt Settlement, Subscription, Rule 9 Waiver & ABB
the Company and Paul Mathieson, Chief Executive Officer of the Company; (ii) the launch of an accelerated bookbuild to raise up to £200,000, including director participation and a related party transaction, and; (iii) a further debt settlement agreement to convert existing debt into equity and issue to Paul Mathieson. Debt Settlement, Subscription and Director Dealing The Company has entered into an agreement with Paul Mathieson, Chief Executive Officer of the Company, to convert £300,000 of debt owed to him by the Company, via the issue of 60,000,000 new ordinary shares of £0.005 each…
LinkedIn Activity
1Amazing to see the full launch of Ethiopia's Tulu Kapi gold mine project. Proud to support in advisory role. 164,000 ounces of gold annually. Retail share offer raised £774,245. The numbers align with the vision.
UK government adviser promoting a specific company's fundraise with superlative language ('Amazing', 'rewarding to see the numbers align with the vision'). No risk warnings. Noteworthy that a HMG official is cheerleading a specific AIM-listed issuer's retail fundraise.