From the iii bulletin board on Ceres Power – a post that echoes our questions of earlier today…
“Misleading RNS in July – some questions It’s worth looking back at the RNS of 27 July which reassured investors that everything was on track for a product launch in 2016. They said they had £10.2m in cash but gave no indication that this would not see them through to the launch.Like many others I added to my holding on the strength of this update. How can it have changed in two months to the extent that the company now needs to be wound up? Was it deliberately misleading to manipulate the share price? Why are the major partners such as BG, whose presence helped give confidence in the product, not stepping in to give financial support for the technology that was to be an important part of their future too? Why are the banks not using some of their quantitative easing funding to back this important new enterprise? Why is the government allowing one of the potential growth points of our greener industrial future to go down in this way? Why is the FSA not ordering an investigation? Does anyone else feel there is something wrong going on here?”
Coming on the heels of Mouchel, JJB and PMK to name a few, we think that for may retail investors, the small and micro cap area of the market is now simply un-investible. It is riven with crooked managements in our opinion, with vested interests misaligned with wider shareholder bases and of course the insiders that seem to get away with their actions with impunity. The FSA’s rules that also act to restrict information dissemination about companies to the wider market and that many Directors hide behind only loads the odds against you. It saddens us to say it but there is no confidence in the probity of management statements, the integrity en bloc of corporate UK and the logic behind many of the regulations.
Editor.