Monday, 22 June 2015
When will this information asymmetry end?
We come across this scenario too often with equity crowdfunding.
Datemy Ltd pitched for money on Bank to the Future at the end of 2013 and completed in January 2014 according to both the owner of Datemy and Bnktothefuture - the infamous Simon Dixon. To confirm this an article appeared in the Huffington Post in December 2014 where the owner of Datemy was interviewed -
http://www.huffingtonpost.co.uk/2014/12/04/rachael-wardle-datemy-young-entrepreneur_n_6235924.html - in it she confirms that she raised the money on Bnktothefuture in January 2014. However the article states that she raised £25k only - whereas Bnktothefuture claimed £50k.
Accounts just filed for Datemy to YE 09/14 show no sign of any shares being issued or any cash being delivered in. The company has £100 of share capital all owned by Rachel Ward and its AR01 from October 14 shows capital of £1. It has accrued £15k of trade creditors and done nothing else - no cash, no sales etc in 9 months since the £50k was apparently lodged. Companies House have no record of any share allotment since 09/14.
It doesnt add up. Of course as you would expect, the Datemy projections for YE 09/14 show a turnover of £140k for the nine months from January - not the zero actually filed.
It's just another example of the power of the web to misinform and the way that platforms are using this to create facts that never happened. Journalists seem unable or unwilling to do the basic research to verify their output but then they are not paid for that. So it goes on - good luck to anyone trying to invest in ECF with anything closely resembling the true facts.
This investment was SEIS qualified according to bnktothefuture website and the business plan, so we would love to know if HMRC have issued £25k back to 'investors' - the ones that do not seem to exist. Maybe this is the answer to this riddle?