This just gets better and better. I have never seen such a long-winded post have so little content. So as surmised it is an unsanctioned (sanctioned in the US it would be SEC oversight through an underwriter) stock sale. (If it is sanctioned, who are the underwriters?) Where is the full financial disclosure including ledger, day-to-day, accounts payable, accounts receivable, payroll and whatever the UK equivalent is to a form 9K filing is for at minimum the last 4 quarters? This information is required for any proscpective buyer executing due diligence. How many shares per unit cost? How many shares do the 70% closely held and 30% to-be-widely-held represent? What are the insolvency rules for the shares? The limitations of shareholder liability? (That is a crucial one there). I could go on for an hour, but in short this info has to be made public to any prospective buyer without qualification. The whole point of disclosure is to be open and transparent such that anyone can evaluate the investment prospect, not just a select group.
Exactly. I know that any offering of shares in a foreign company to US citizens falls under the Securities Act of 1933. This would qualify Alpha Technologies as a "Foreign Private Issuer" and are subject to US reporting requirements. Since "some" of the customers are probably US citizens then Alpha Technologies will need to file in the US to be an FPI and start reporting to the SEC.
Something tells me that they did not think this plan through and this was just a knee jerk reaction to prevent a slew of lawsuits that would come August 1st when they are in breach of their initial terms and conditions. My guess is that current customers have stopped mobbing with pitchforks and torches to read the diatribe and are enticed by their greed to consider this. It might give Alpha Technology enough time to get the last 70% from customers on the fence to restart another chip run.
This is a last ditch effort to scam people to send them more money before the bankruptcy happens. Alpha Technology does not have the capital to fund the legal team needs to support multinational investors.