Just came across this article from last year about shareholders trying to overthrow the board based on the Bartercard and accounting. Seems pretty ironic how everything has played out recently considering this happened less than a year ago.
It seems like the company has great potential at the current share price but how can you trust when they wouldn't even listen to substantial shareholders. Surely they must have known about Bartercard back then and if not they probably shouldn't have been running the company! Maybe someone with more history with the IMS could shed some light?
"Earlier this month the BPS board demolished many of the arguments put forward by the activist shareholders in support of their notice of meeting.
In particular, the activist shareholders sought to portray the Bartercard business as being in rapid decline by presenting a chart showing the company’s EBITDA dropping dramatically in FY17."
"The activist shareholders also cast doubt over the management of the company in their notice of meeting to shareholders by pointing out the discrepancy between the accounting profits shown in the accounts and the actual cash amounts that hit the bank for the year."
