Days before its October interest payment fell due, Blackmore announced that payment would be unilaterally delayed until November. That deadline has now also been missed.
Watching Blackmore’s interest payments has turned into a Groundhog-Day-esque ritual for those interested in the unregulated investment scene.
It is safe to say that never in financial history has there been this much interest over whether a £25m-odd company can scrape together around half a million pounds to pay quarterly interest.
That a relatively obscure micro-cap property company’s debts, which should only be of interest to a handful of sophisticated private investors, should end up in the national newspapers, emphasises the absurd extent to which the unregulated sector has been allowed to spread into the mainstream.
Movers and shakers news
In other Blackmore news, a Companies House filing shows that Blackmore Chairman Kenneth “Buzz” West jumped ship from Blackmore Bond plc on 1 September, though at time of writing he remains on the board of a number of other Blackmore companies.
West was until recently also non-executive Chairman of Kingswood Group, a regulated wealth management company, but resigned in April according to the FCA register.
West now appears to be taking an interest in the growing legal cannabis sector as Chair of Cannagrow Biosciences.