Friday, 20 May 2016

MEEM get their cables crossed

MEEM SL Ltd raised just over £700k on Crowdcube in June 2015

Now they have gone into administration. 

This has to be one of Crowdcube's fastest success to failure stories?

Ah but there is a twist. 

A letter sent to shareholders explains that the company had to go into administration, it doesn't say why. But a new company MEEM Memory has galloped into the void to buy the assets of the old one. All the creditors have been paid off, according to the letter, although there is no report yet from the Administrator. MEEM Memory now owns all the IP of the deceased MEEM SL.

Shareholders in MEEM SL are being offered the equivalent shareholding in the new company at no charge, plus apparently a 30% bonus holding. How that works is anyone's guess.

There is no talk of funding or what happened to the £700k put into the old company only months ago.

As you would expect the Crowdcube vetted financial projections bear very little resemblance to the accounts now filed at CH. They never do.

All a little odd. 

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