Bidstack Shareholders Alliance

On the 23rd March, 2024 James Draper and Lisa Hau, the only two executive directors of Bidstack Group PLC, a public company listed on the London Stock Exchange (AIM), put the company into administration and immediately bought all the valuable assets of the company for themselves at a considerable discount to the true value. At the stroke of a pen the existing loyal shareholders lost everything and the directors gained it all.

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The company has exceptionally good prospects. It owns significant Intellectual Property including several key patents granted. The company needed a short-term injection of capital. At no time did the board ask the existing shareholders to put more money in. At no time did the board offer to take existing shareholders over with them to the de-listed company. The directors simply decided to take it all. While they were still being paid very generous salaries by shareholders of the PLC, they went about securing private investment into a new LTD company they had set up which they then used to force the takeover. 

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It took £40 million of our money to build Bidstack. The directors likely paid the administrators less than £1million for the lot and they owned barely 3% of the shares of the company between them. Acting purely in their own interests the very people responsible for steering the company to the edge of insolvency then took everything. Failure has been rewarded through a massive conflict of interest. Whether through conspiracy or negligence the non-executive directors (Bryan Neider, Doug Lowther, David Reeves) failed in their primary duty to protect shareholder interests.

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Minutes after the company was formally put into administration the directors took to social media to say how 'happy' they were to have acquired the assets of the company and how 'excited' they were for the future. Be in no doubt - they know they have walked off with a viable business with substantial contracts and value.

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We are an alliance of ordinary people who owned shares in Bidstack Group PLC at the time of administration. We are supported by some amazing people who wish to assist us in fighting this injustice and making sure it can never happen again.