Spirit On Media Group plc ("SOM")
Official Statement
The comments on this forum are in our opinion are born out of frustration, limited working knowledge and the challenging financial climate post the global financial crisis.
The delay on the accounts and therefore the late registering with Companies House has been caused by limited resources and confusion over year-end dates post the acquisition of Caribbean Island Traders, which gave SOM plc status in order to qualify for broadcasting and wagering licenses. The Company accepts the oversight in this regard, and the accounts will be posted with Companies House on or before 13th August 2010.
The delay and frustrations around the delivery of shares is a consequence of allowing the Company to seek mezzanine funding to be able to implement its business plan by a private placement of Treasury stock. As SOM did not IPO, If all the stock were in the market and freely tradeable, then SOM would be vulnerable to a hostile takeover to the detriment of all shareholders.
The Company Website, The number of personnel mentioned therein, The equi8 Website, The Company announcements, The Company accountants - Mazars, The trail of open information, clearly shows that SOM is a going concern and not a scam as claimed by anonymous people in this forum.
The Company accepts that the time frame in delivering shareholders expectations has been far longer than originally anticipated, but this is largely a factor of the challenging economic climate and limited resources the Company is having to work with.
The negative comments expressed in this forum should be addressed to the Company and not aired in this forum, as it is counter-productive and will make the job of delivering on shareholders expectations that much more difficult. However, this may be the work of scammers looking to de-stablise shareholders for their own benefit.
Therefore, it is of vital importance if anyone has any genuine concerns, they should contact the Company and not discuss matters in this forum only to feed information for the scammers to work with indiscriminately.
For Investor Relations queries: Please contact Paul Miller (paul.miller@spiritonmedia.com)
For Accounts, Corporate finance and Share queries: Please contact David Hirst (david.hirst@spiritonmedia.com)
For Capital Investment and Mezzanine Finance queries: Please contact Paul Morton (paul.morton@spiritonmedia.com)
For Group queries: Please contact Udo Schaar (schaar@spiritonmedia.com)
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