Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

The People's Operator warns it could go bust if shareholders don’t approve latest fundraising

So far TPOP has managed to conditionally place £2.79mln worth of shares, although it is looking to raise up to £3.2mln if the interest is there
white flag
If TPOP shareholders don't approve the fundraising, the company reckons it might have to wave the white flag

Struggling mobile virtual network operator The People’s Operator PLC (LON:TPOP) has unveiled plans to raise yet another load of cash in a bid to stave off insolvency.

The company has burnt through the best part of £24mln since it joined AIM back in 2014, and has asked investors for up to another £3.2mln.

It plans to raise the money through a heavily discounted placing of up to 3.2bn shares at 0.1p apiece, while it will also issue up to 1.39bn warrants which come with an exercise price of 0.2p.

The proceeds will be used to settle outstanding liabilities which total around £0.5mln, while they will also be used to implement a new digital marketing strategy.

Seeking shareholder approval

TPOP said it has most of the investors lined up and ready to go but the fundraise still needs shareholder approval and a meeting has been arranged for 22 December when the vote will take place.

If shareholders decide not to pass the placing and warrant issue, TPOP will have to “urgently seek alternative sources of funding”, although it concedes that finding the cash from elsewhere is “unlikely”.

“In the absence of any other source of funding, there may be no alternative but to place the company into insolvency proceedings.”

TPOP shares closed at 0.53p on Wednesday but plunged 62.4% on Thursday morning to 0.2p. Only a couple of years ago they were changing hands for more than 140p.

View full TPOP profile View Profile

The People's Operator Timeline

Related Articles

UUV-Aquabotix_Hybrid-and-Endura-pic-757.jpg
June 18 2017
Brendan Martin talked underwater drone technology and commercialisation.
bluechiip-andrew-mclelland-presenting-Syd-Mar-2017.png
March 16 2017
Andrew McLellan discussed with investors wiresless tracking technology.
picture of trading screens
November 30 2017
Tavistock’s optimism is based on the surge of money into its seven discretionary funds that trade under the Acumen brand.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use