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In Reply to: RE: The MQA Revenue Plan posted by Isaak J. Garvey on June 12, 2017 at 10:40:38
According to filings on the UK government website you linked, Bob Stuart is currently on the board of directors for both MQA and Meridian Audio. In addition it states that both companies are controlled by Reinet Investments S.C.A. - "Nature of control - Ownership of shares - 75% or more".
Oh it gets better. In 2015, Meridian sold "intellectual property" for approx 13.5 Million, which allowed them to turn a small profit, essentially the only profit they made after 40 years in business. Let's
take a wild guess who they sold that "intellectual property" to". It gets easier to guess when you look at MQA's capital expenditures.
That would be Reinet the ultimate controlling party. See page 34 Note 24 of the June 7, 2015 Group of Company Accounts.
...a simple case of follow the money...?
It's always been follow the money. I have too much respect for Grant Thornton and BDO (the auditors of Meridian Audio and MQA Ltd) to think anything out of the ordinary was going on.
A better explanation is we are seeing parts of the transactions where Bob Stuart sold most of his stock Meridian Audio stock and MQA Ltd was setup as a separate company.
In the short-term MQA Ltd must reduce its burn rate. In 2016 it was about $360,000 a month.
Oh, I did not suggest anything illegal was done. Just the typical legal paper shuffling and three card monty to save Stuart's company, which has been bleeding money for 40 years. His wife's wealthy family is probably tired of pumping pounds into a black hole.
Yes, the cash burn rate. Let's hope it accelerates at a healthy pace.
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