ENI raised $3m from their gullible public (mostly depressed seminar junkies I fancy) after their first attempt to raise $10m was stopped by the regulator. The promoters effectively issued themselves so many more shares that a listing price of 50c overvalued things by at least 95%. The delay in listing saw their business fall into loss with the second prospectus. As an old timer, I remember the same promoter listed the same business in the eighties (as Sales Pursuit) and it went spectacularly belly up then, re-emerged privately as Vision Pursuit and so I've always expected its just a matter of time before ENI runs out of money and goes the same way again. Note the cash is covering rent on property owned by the promoter and paid fees to the promoter etc. The big loss was a simple writedown of the goodwill taken on when the overpriced business assets were folded in for the float.
ENI Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
