Mulberry Group PLC
FINPROM Findings
5“"from tax efficient savings vehicles such as ISAs or SIPPs" ... "sign up here: https://www.retailbook.com/get-started" ... retail offer alongside audited results disclosing material uncertainty on going concern”
The standalone RetailBook retail offer RNS promotes ISA/SIPP eligibility and includes a sign-up CTA, but does not itself reference the material uncertainty / going concern warnings disclosed in the companion results announcement published the same day. Retail investors encountering this RNS in isolation may not appreciate the severity of the financial position.
“"material uncertainty that may cast significant doubt over the Group's ability to continue as a going concern" ... "Underlying loss before tax of £23.7 million" ... "Reported loss before tax of £31.8 million" ... "net debt of £9.4m"”
Auditor's report contains emphasis of matter on going concern with material uncertainty. Multiple references to material uncertainty (6 instances). The company reports significant and widening losses alongside a retail offer. This is a serious distress signal. [Adjusted: shareholder-only offer that expressly excluded majority shareholders — pre-emption context.]
“"Subscribers, which in aggregate are interested in 93.5 per cent. of the Ordinary Shares" ... "Retail Offer up to a further £1.2 million to facilitate participation by existing Minority Shareholders" ... "conversion price of 150 pence per Ordinary Share, a premium of 53.8 per cent"”
Two shareholders (Challice and Frasers) hold 93.5% and subscribe for £20m in convertible loan notes, while minority shareholders are offered just £1.2m via retail offer. The disparity in scale and the convertible structure create significant future dilution risk for minority shareholders. [Adjusted: shareholder-only offer that expressly excluded majority shareholders — pre-emption context.]
“"£20 million subscription of convertible loan notes also announced on that date" / "raising approximately £105,000 (before expenses) for the Company" / "107,720 new Ordinary Shares"”
The retail offer raised only ~£105K against a £20M convertible loan note subscription. The disproportion suggests the retail offer may have been a procedural inclusion rather than a meaningful capital raise. Investors in the convertible notes were excluded from the retail offer.
“"The Retail Offer is only available to existing Mulberry Shareholders" ... "Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (which includes an existing member of Mulberry Group PLC)"”
Correctly restricts the offer to existing shareholders under FPO Article 43 rather than opening it to new investors. This is appropriate given the company's financial distress.
RNS Announcements
3Result of Retail Offer
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL…
FY25 Results and Fundraise of £20 million
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY…
Retail Offer
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNL…
LinkedIn Activity
7Advised Mulberry Group on £21.2m fundraising and retail offer via RetailBook platform. Net proceeds to make targeted investments to accelerate future growth and meet medium term financial targets.
Law firm describes purpose as 'accelerate future growth' while the actual RNS disclosed material uncertainty on going concern and £49.7m operating loss. Significant disconnect between LinkedIn framing and regulatory disclosure.
Describes the IPO as an 'exceptional opportunity for investors' offering 'private equity style returns, usually reserved for professional investors and developers'. Projected 21.75% pa IRR and 2.58x equity multiple.
FINPROM concern: 'Private equity returns' language used in promotion of AQSE-listed shares to retail investors via RetailBook. The projected 21.75% IRR is presented without caveats about construction risk, pre-let conversion risk, or the fact that AQSE Growth Market has lower regulatory standards than AIM or Main Market. Oberon Investments and RetailBook appointed as joint capital raisers. No direct LinkedIn post found but the language permeates all promotional materials that would be shared on the platform.
Advised Dekel Agrivision on placing, subscription and retail offer raising £2.5m. Partner Sam Hudson led. Net proceeds to strengthen balance sheet and provide ongoing working capital.
Law firm promoting deal for overleveraged company. 'Strengthen balance sheet' is euphemistic for acute financial distress — the RNS disclosed the company is 'currently overleveraged' with multi-year cash deficits.
CEO/Chair personal LinkedIn post about J&J partnership for POLB 001 clinical trial. Describes 'exciting update' and 'good news'. Johnson & Johnson providing multi-million euro drug supply free of charge. 126 reactions on company repost.
Cathal Friel uses personal LinkedIn to promote clinical developments during fundraise period. While this specific post is about a clinical partnership rather than the fundraise itself, it creates positive sentiment during an active BookBuild retail offer window. No risk warnings. Friel is a serial AIM entrepreneur (Open Orphan/hVIVO, Amryt).
Savannah Resources' own LinkedIn page and Proactive Investors posted about multiple fundraises: a £9.2m oversubscribed placing and subscription (scaled back from higher demand), a £6.5m fundraise at market price made available to private investors via PrimaryBid (July 2023), a £6.1m placing and subscription, and a further £1m placing to a major shareholder. The retail offer component via PrimaryBid was highlighted as providing retail shareholder access. CEO also discussed Barroso lithium project funding on Proactive.
LinkedIn posts from company page: linkedin.com/company/savannah-resources-plc. Proactive post: linkedin.com/posts/proactive-investors_savannah-resources-ceo-outlines-way-forward-activity-7348705237223833601. Pattern of repeat raises with PrimaryBid retail component is consistent with the 'repeat raises' concern.
Blencowe Resources ran multiple BookBuild retail offers: (1) Nov 2024 - £195k retail offer via BookBuild alongside a £1.5m raise (£1m placing via Tavira Financial + £500k management subscription), retail window open 7:05am-5:00pm on 06/11/2024; (2) Apr 2025 - £100k retail offer via BookBuild at 3p/share, window open 4:40pm on 15/04/2025 to 7:40am on 16/04/2025 (approximately 15 hours). Alan Green posted on LinkedIn about BRES graphite developments. Company also announced a US$500k subscription with an African investor plus conditional US$3.15m subscription at 5p (premium to market).
Alan Green LinkedIn post: linkedin.com/posts/alangreenbranduk_bres-blencowe-resources-graphite-sales-activity-6877157754549665792. The 15-hour retail window (4:40pm to 7:40am) for the Apr 2025 BookBuild is confirmed by RNS data cross-referenced with LinkedIn company page content.
Announces new subscription agreement for 21 million ordinary shares, continuing capital-raising strategy. Notes majority of shares from prior June 2025 agreement have been placed. Bitcoin Treasury mentioned in title.
Company page post about ongoing share subscription. No risk warnings. Multiple capital raises indicated (June 2025 + September 2025). URL: https://www.linkedin.com/posts/the-smarter-web-company-plc_bitcoin-treasury-activity-7369248084368736256-pN1-
Board of Directors
9| Name | Role | Appointed | Status |
|---|---|---|---|
| Alison I-Lee Beveridge | Director | 2025-11-03 | active |
| Andrea Baldo | Director | 2024-09-01 | active |
| Andrew Christopher Roberts | Non-Executive Director | 2002-06-06 | active |
| Billie Joan O'connor | Executive Director | 2025-02-17 | active |
| Christophe Olivier Cornu | Director | 2013-05-07 | active |
| James Anthony France | Director | 2025-07-30 | active |
| Leslie Anais Serrero | Non-Executive Director | 2023-09-07 | active |
| Melissa Cheng Sim Ong | Non-Executive Director | 2010-09-07 | active |
| Steven Howard Grapstein | Non-Executive Director | 2003-11-17 | active |