Adili Share Discussion Threads

[dibbs] 28/3/2010 23:53

It looked like the most probable outcome for a long time. Never should have come to market in the first place IMHO.

Dibbs

[trigger45] 28/3/2010 22:29

And another one bites the dust.

[dibbs] 18/12/2009 01:05

Millair,

It could be but you'd be very brave to take the plunge. They say funds are short and a fund raising in Feb/March 2010 may be required.

They had sales of around £500k last year and made losses of nearly £2 million. This business has a massive amount to do to justify it's market cap. I run a socks and underwear retail web site with sales not much less than these guys yet we have very few staff and I see us as a minnow in a sea with thousands of more significant sites.

Below is a recap of their fundraisings, taken from the most recent results.

Fundraising


During the year, the Company raised additional funding through a placing and a
loan, both of which are described below. These have resulted, before costs, in a GBP1.4 million increase in the Company's cash resources. Since the year end a
further GBP0.9 million has been secured.

Placings
In October, Adili completed a placing to raise approximately GBP360,000 before
expenses through the issue of 6,596,350 new ordinary shares at a price of 5.5p
per share. The net proceeds were used to fund the Company's growth and for
working capital purposes. The new shares issued were admitted to trading on AIM
on 7 October 2008.
In April, Adili completed a further placing raising approximately GBP349,000
before expenses through the issue of 11,633,500 new ordinary shares at a price
of 3p per share. The net proceeds were used to fund the immediate working
capital requirements of the company. The new shares issued were admitted to AIM
on 16 April 2009.
In August, Adili completed a placing to raise approximately GBP940,000 before
expenses through the issue of 62,666,666 shares at a price of 1.5p per share.
The proceeds will fund working capital and continuing growth, which the
directors believe will take the company to cash breakeven.




Convertible Loan Facility
On 2 October, The Company entered into a secured convertible loan facility for
approximately GBP640,000 with its largest shareholder, Hawk Investment Holdings
Limited ("Hawk"). Hawk, following the placing on 2 October, was interested in
29.95% of the Company's issued share capital. The loan converted into equity,
when the Panel on Takeovers and Mergers granted a waiver of any obligation on
Hawk to make an offer for the Company and independent shareholders gave their
approval at the AGM on 28 November. Following the conversion, Hawk was
interested in approximately 48.5% of the Company's issued share capital.

Dibbs

[dibbs] 20/10/2009 00:42

Share price nearly halved in the last few days. Only a matter of time before these delist IMHO.

[dibbs] 15/9/2009 16:19

Looks like they are trying to finish themselves off double quick judging by todays announcement. Were they not happy with their already rapid cash burn!

Dibbs

[dibbs] 14/9/2009 23:25

From the results the extract below. Not sure I can see it myself but who knows? Sales of £550k, amazing how little they still sell.

The proceeds will fund working capital and continuing growth, which the
directors believe will take the company to cash breakeven.

Dibbs

[fl4nders] 15/8/2009 17:59

I gave up and dumped them

[dibbs] 28/7/2009 16:51

The trading statement said they need more funds by the end of July. No news yet, they must be running out of cash any time soon. A few hundred grand does not last these guys long but then they do have high overheads to keep pushing the massive sales volumes ahead;-)

Dibbs

[trigger45] 18/6/2009 07:49

Good luck if you decide to keep holding, but as with many other aim stocks the chances are you will lose all of your investment.

The clue is in the chart above, but good luck.

[fl4nders] 17/6/2009 21:24

Its so lonely in here

[fl4nders] 10/6/2009 12:11

Is there any news due on these?

[dibbs] 29/5/2009 01:07

No change then. Luckily virtually no shareholders left who can be bothered to sell.

[westcoastrich] 15/2/2009 18:09

2 weeks later, 2 weeks less cash left

[dibbs] 05/2/2009 12:27

More of a EBTM than an ASC IMHO. Peoples spend on higher priced organic food is well down, can't see that ethical will fair any differently.

[westcoastrich] 02/2/2009 21:59

not much cash left, less than 6 months it seems - from October - simple maths assuming burn per month is constant

[dibbs] 30/1/2009 01:10

£900k loss on sales of £250k Lol. I wonder how easily they will raise cash next time?

[bigbigdave] 29/1/2009 07:49

Hmmm sales up 78% but still making a loss.

[trigger45] 19/12/2008 08:02

Had this on my radar for quite a while now. Was pleased to see a banner pop up on my local newspaper yesterday.

Anyone who has been with this one from the start able to give me an honest opinion of how the website is progressing.

Do they really look like they have their fingers on the pulse?

Is the website improving over time?

Has the product offering increased?

Has anyone ordered from this company, and did they deliver a good service?

etc,etc,etc.

I would welcome any feedback.

[dibbs] 08/8/2008 18:42

Trading Statement said results in July. I wonder why they are so much later? they say bad results take longer to prepare etc, time will tell....

You have to wonder if, with the greater losses when will they need to raise money? Alike ASOS these may perform badly post float and yet come back strongly once profits are within sight and desperation survival fundraisings are behind them.

No position for me here but another ASC would be nice.

They came to market way too early IMO.

Dibbs