My comments are based on a conversation and a badly worded document, may be lost in translation or context, but gut feeling says it isn't.
Drivers having one share (at €50 each) and he claims to only have one himself. A limited company can have an authorised share capital of a million or more, depends how it is set up. Maybe couple of thousand paid up (issued) so still leaves a lot for 'others' to buy and dominate the driver shares.
Like I said very vague, which may raise questions, not the best way to convince drivers that it is fair, open and transparent, at best I might say he just doesn't know how to set it up properly, it is a complex matter. But first impressions stick.
I have learnt a lot about the need to present the ownership in the right way, so all good.
Definitely said he gave €30k up front, that they had 800 drivers signed up (although that became 220 that had paid €50 later in the conversation).
Is that €11k paying for the radio ads, it's on all stations, interesting to see how long they last. Bad timing either way!
Also said he had people who knew what they were doing, investment wise, investing because they believed in the idea. So are they loans or share purchases and if so how do they relate to the drivers shares?
Tripping up along the way, maybe attempting to lend the business more credibility than it has. If he is genuine, he is fooling himself by beefing it up, because any reasonable person can see through it.
Shame.. could have been good. Ah well back to eircab.
