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Tue 25th Oct 2016 - BrewDog reschedules trading day after embarrassing website failure |
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BrewDog reschedules trading day after embarrassing website failure: Brewer and retailer BrewDog has been forced to re-schedule its first trading day in two years, which was taking place through the Asset Match platform, after frustrated sellers and buyers were unable to access the website through volume of interest. It was suggested by Asset Match that the indicative price to buy shares was £41, which would value the company at tens of millions of pounds less than its circa £300m valuation when it was selling shares for £47.50 in the Equity for Punks IV fundraising round. This afternoon, a statement to shareholders by BrewDog said: “As many of you are aware, our trading window was due to take place today. Due to unprecedented demand from prospective new investors registering interest in purchasing shares, the trading platform unfortunately crippled under the weight of attracted buyers, and was unable to open as planned. This is due, in part, to the valuation document released earlier this month, as well as unveiling our 2017 plans. We are truly sorry for the issues experienced today! For any investors who tried to invest more in our business or sell some of their shares today, we apologise unreservedly for any inconvenience caused. As a solution to this issue we will be rescheduling the trading day to Wednesday 26th October, 10am-3pm. Asset Match have assured us (and reassured us!) that their servers will be able to cope with the number of potential investors tomorrow. Any expression of interest submitted during the previous pre-auction window or today will still be registered and accounted for. Don’t forget – if you’re an existing Equity Punk and you buy £150 or more shares during the trading day, you’ll bag a bottle of Death or Glory! Thanks for your continued support, without Equity Punks we’d never be where we are today!”
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