Big Sofa Technologies Share Discussion Threads

[gheebee] 24/1/2017 12:10

I can't say it's a fraud as all the evidence of the poor record and the high future risk is there in the Admission Document. The value of the company was determined by a concert party made up of two concert parties with overlapping membership. If that wasn't enough the CEO went on camera to explain that they don't yet have a product to exploit the potential market. It's only a matter of time before the reality dawns on the non locked in investors that there is no good news coming.

[larva] 23/1/2017 20:21

On Admission, 24,982,311 New Ordinary Shares representing 44.02 per cent. of the Enlarged Issued Share Capital will be subject to a full lock-in for a period of 12 months



So 56% is not locked in



Highly suspicious AIM fraud I suspect

[aggieuk] 23/1/2017 19:41

12 month lock in I think mate

[opodio] 23/1/2017 17:22

not long before the 3 month locking expire and they will dump

[gheebee] 23/1/2017 09:02

Depends on who you know. The valuation is high and arbitrary but a large % of holdings are locked in. Unless there is news and it is well spun sooner rather than later the price will slip downward. The trick is, as always, to spot the signal and get out in a timely fashion.

[ny boy] 23/1/2017 07:31

Sounds like best to be avoid at this early stage of Company development?

[gheebee] 23/1/2017 07:27

And still no announcements of significant contract wins. How is it that 2016 was claimed to have generated £2m revenue when £70k had to be borrowed to see them through to the fundraising at the end of December? Worse, as we come to the end of the first month of being floated how are they expecting 2017 to generate £4m revenue with just a video filing software package and a bought in hosting solution? Something is not stacking up here.

[larva] 22/1/2017 13:39

OMG the head office will EAT all the cash before long

[gheebee] 18/1/2017 11:55

Not with 13 directors it wont.

[larva] 18/1/2017 09:07

Anyone have update figure on cash burn here

Sales were 400k last year which wont cover even the board salary and office

[larva] 14/1/2017 13:11

Subsequent events
New World Oil and Gas plc, a company registered in Jersey (registration number 105517), provided
Big Sofa a loan facility of £675,000 as part of an intended acquisition of Big Sofa. £250,000 of the
facility was drawn on 9 May 2016, £250,000 was drawn on 19 July 2016, £100,000 was drawn on
1 September 2016 and the remaining £75,000 was drawn on 20 October 2016. The loan had a coupon
rate of 6% and was secured by way of debenture on Big Sofa’s assets. The acquisition did not
materialise, and subsequently the loan was restructured into a convertible loan. The new convertible
loan carries a coupon rate of 5% per annum and is to be converted into shares in the Company at the
lower of a) the issue price of £0.17 or b) the lowest price at which new ordinary shares may be issued
by the Company as part of any fundraising conducted between the date of Admission and
31 December 2018 at the election of New World Oil and Gas plc any time until 31 December 2018.
On 31 October 2016 Big Sofa received a loan of £100,000 from the Company as part of the latter’s
commitment to the acquisition of Big Sofa. The loan is secured by a first personal guarantee by Adam
Reynolds, a director of the Company, and a second personal guarantee by Nicholas Mustoe who is
proposed to become a director of the Company following the acquisition of Big Sofa. An interest of
5% per annum is accrued on the loan on a daily basis. Should the acquisition not materialise, the loan
and interest will be repayable in full on 31 January 2017.





This would have gone bust in January if it didnt float

The £5m will rapidly dwindle once these and other director loans are repaid


As every month goes by, this is heading to oblivion

[gheebee] 14/1/2017 09:31

Interesting week coming up if Adam Reynolds is to meet the Jersey regulator's requirement for an NWOG EGM by 10 February. The new articles say 21 days notice is required. Can't imagine that Big Sofa won't get a mention.

[opodio] 14/1/2017 07:36

looks like there is 1.59m shares or £300,000 of stock ready to hit the market. Ouch. Wouldnt want to be holding this on the next results for sure.

[llandudnochartist] 14/1/2017 07:11

stinks tbh


this is also overhang

8.20 Subsequent events
New World Oil and Gas plc, a company registered in Jersey (registration number 105517), provided
Big Sofa a loan facility of £675,000 as part of an intended acquisition of Big Sofa. £250,000 of the
facility was drawn on 9 May 2016, £250,000 was drawn on 19 July 2016, £100,000 was drawn on
1 September 2016 and the remaining £75,000 was drawn on 20 October 2016. The loan had a coupon
rate of 6% and was secured by way of debenture on Big Sofa’s assets. The acquisition did not
materialise, and subsequently the loan was restructured into a convertible loan. The new convertible
loan carries a coupon rate of 5% per annum and is to be converted into shares in the Company at the
lower of a) the issue price of £0.17 or b) the lowest price at which new ordinary shares may be issued
by the Company as part of any fundraising conducted between the date of Admission and
31 December 2018 at the election of New World Oil and Gas plc any time until 31 December 2018


Aim cesspit for sure

[aggieuk] 14/1/2017 07:05

Also look in the admission document his shares may be locked in for 12 months.

[aggieuk] 14/1/2017 07:03

And????'The events happened some years ago and concern what was then an investment company on ISDX - Hubco. These days that is on AIM and known as Big Sofa (BST) and there is no suggestion of any wrongdoing by anyone currently involved.'

[llandudnochartist] 13/1/2017 21:22

In a ruling handed out on December 21 but published today the Takeover Panel has handed out the most severe sentence in its history to City grandee and veteran financier Bob Morton and also branded him a liar for the way he tried to cover up his actions.

This is the fourth time Moron has been found wanting by the Panel and that offset concerns about the poor health of the 78 year old Jersey resident who the panel admits is in the "twilight of his business career". The events happened some years ago and concern what was then an investment company on ISDX - Hubco. These days that is on AIM and known as Big Sofa (BST) and there is no suggestion of any wrongdoing by anyone currently involved.

In essence Morton controlled vehicles took their combined holdings over 30% but in order to avoid a mandatory offer, when this was discovered, Morton created a fiction that one purchase had been made by a friend of his son, a Mr John Garner. Mr Mortin then bought shares in Mr Garner's company from him so he was not out of pocket.

What appears to have enraged the Panel is not so much the offence by the way that Morton repeatedly lied to cover it up. The judgement goes into great detail on what he did and even covers expletive ridden - almost comical - calls involving Morton.
The punishment, the most severe in the history of the Panel is a six year "cold shoulder"

The Panel describes it thus:

The most serious disciplinary power exercisable by the Takeover Panel is to cold-shoulder an offender by declaring the offender to be a person who in the opinion of the Panel is not likely to comply with the Code. Such a declaration triggers the consequence described in section 11(b)(v) of the Introduction to the Code, namely that, while the sanction remains effective, under the rules of the FCA and certain professional bodies, their members become obliged in certain circumstances not to act for the person in question in a transaction subject to the Code. The seriousness of this sanction is evident from the fact that it has only been used twice before during the Takeover Panel's history.

- See more at: hxxp://www.shareprophets.com/views/26463/city-grandee-bob-morton-gets-most-serious-cold-shoulder-sanction-in-history-of-takeover-panel-branded-a-liar#sthash.fFavnaWO.dpuf

[aggieuk] 13/1/2017 16:42

LOL good call!

[elrico] 13/1/2017 16:23

Good call...repeat please ;-)

[llandudnochartist] 13/1/2017 15:14

share price down sharply

[gheebee] 10/1/2017 16:21

So at Christmas "Honest" Bob Morton is a reason for buying Hubco (now named Big Sofa Tech)
:

:
And today Morton is pilloried as a liar but nothing to do with the current crew of course
:


Except that Companies House has him as having significant control at BST Group from 16 April 2016 and still does as of today.

[aggieuk] 09/1/2017 16:05

Oh no tin foil hat boys are out in force again! LOL