Early this month Monitise (MONI) served up a dismal profits warning. Delays in revenues were – in true Rob Terry fashion – viewed as being for good reasons but once again this company failed to hit targets. Now we see a weedy non-announcement and an Edison puffery research note all of which are Red Flags. Whatever Monitise says it is running out of cash and a placing is inevitable.
The non-announcement is of an extension of its relationship with IBM. Has that caused Edison to change its numbers? Er… well Edison says it is jolly good news ‘natch but its forecasts are unchanged.
Now to cash. In the profits warning Monitise stated:
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