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[pwhite73] 10/4/2024 11:32

All companies work with outstanding debt, profitable as well as loss making companies.

As individuals we all have creditors whether it be the mortgage company, overdrafts, bank loans or credit cards. There is nothing untoward about the Innovate debt.

Debts only become an issue with companies and individuals when it becomes apparent they cannot be serviced within an agreed timescale if at all.

This was the case with VRS up until the date the CEO resigned and Prompt brought in.

[bbmsionlypostafter mk2] 10/4/2024 11:28

Seriously, how do the Directors sleep at night?

Oh, I know. They never bought any shares!

[bbmsionlypostafter mk2] 10/4/2024 11:22

Bank - "Ok given your record and expertise on these turnaround matters here is £5 million"

To go with the other £5,000,000 @ 7.4% VRS already owes, which they have had to defer once already & which is now due in a year or so.




Dream on.

[pwhite73] 10/4/2024 11:17

"We have the experience and strong network to source funding for both turnaround and growth."

[pwhite73] 10/4/2024 11:15

The banks wouldn't lend money to VRS direct.

The conversation would go along the lines of.

Bank - "Prompt why are you asking us to lend money to this basket case".

Prompt - "Because we have worked with this company over the last 12 months and A,B,C has been put in place and our projections show by late 2025 the company will be profitable.

Bank - "Ok given your record and expertise on these turnaround matters here is £5 million"

[kemche] 10/4/2024 11:15

The price now: 38.5p. 641% wrong!


kemche - 10 Jan 2024 - 09:10:36 - 1920 of 2284 At 8p the shares are significantly undervalued - CSFS

"When I first started posting negatively about this company the share price was about 6p it is now 31p however my stance has not changed one iota."

Whilst your stance may not have changed some of us have taken out three times the amount of our initial investment and letting the rest ride for free. So there is that.

And I thought you were precluding yourself from posting due to "legal reasons" - why the change of heart? Could it possibly be because you make it up as you go along?

[bbmsionlypostafter mk2] 10/4/2024 11:04

I'm sure the banks are just queuing up to lend money to a successful enterprise such as VRS.

Group results

Revenues from continuing operations were £5.45 million (2022: £11.11 million). Revenue from graphene was £0.24 million (2022: £2.15 million). The loss from operations was £13.72 million (2022: £7.69 million).

[festario] 10/4/2024 10:59

I was hoping you would, you are very good at it.This day in history, subset PWhite.

[bbmsionlypostafter mk2] 10/4/2024 10:54

Fest, C&P a few for our edification, after all he is one of the posters with more knowledge about AIM than me & I suspect, most of us.

[pwhite73] 10/4/2024 10:54

Festario - Prompt Strategies does have access to bank funding. However as VRS already has outstanding debts to Santander and Innovate UK the preferred method of funding at this stage are placings. Contrary to what people think its the MM who take the initial risk with placings not PIs.

To satisfy the MM the company needed to be stabilised. They done this by securing the services of turnaround specialist Prompt, installing a reputable CEO, downsizing the company from 94 to 22 staff and transforming the business model to one of light manufacturing and licencing. With these changes in place the company really has no need for bank funding at this stage as the MM will now support them so long as they continue to show commercial traction.

Placings are preferable to bank funding as they don't have to be paid back whereas bank loans do.

Having said that you should be under no illusions Prompt can secure bank funding for them if needed.

[festario] 10/4/2024 10:50

Look back at some of his posts from 12 months ago.Just compare what he was saying then, to what actually transpired.

[bbmsionlypostafter mk2] 10/4/2024 10:48

I'm afraid you won't get any answer to that question as PW has not opened a window for you Fest.

[festario] 10/4/2024 10:39

Seeing as you are offering to answer the questions that you usually swerve so devoutly, where are those banks (plural) that you were expecting to pump funds into this basket case?

[pwhite73] 10/4/2024 10:38

The only thing you should be 'Wowing' over is that there are people out there with more knowledge about the AIM and AIM companies than you and I am one of them.

[bbmsionlypostafter mk2] 10/4/2024 10:36

Now that there is no issue of the company going bust, reputation has been restored and joint ventures are resulting in licence agreements there will be a steady increase in the share price from hereon.

Wow. Just wow.

[pwhite73] 10/4/2024 10:32

The falling share price is a completely different subject from the company going bust.

Due to the appalling reputation NR left behind the MM would only take the risk with a new CEO and heavily discounted placings.

Now that there is no issue of the company going bust, reputation has been restored and joint ventures are resulting in licence agreements there will be a steady increase in the share price from hereon.

That's it from me. You had your opportunity to put 'difficult questions' but needless to say you couldn't because you are simply not in my class.

[bbmsionlypostafter mk2] 10/4/2024 09:36

From you? LOLS!!

Nothing. You've demonstrated your ignorance about this company & the main players involved here time & again.

I've forgotten more about VRS than you'll ever know. Do us a favour & jump out of your open window.

[davemac3] 09/4/2024 22:22

another blow to VRS's plans for world domination, wasn't this place going to be built using VRS's graphene enhanced concrete?