Hmm… Dec 2017-Dec 2018 they sold new shares for £23.50.
April 2019’s liquidity event saw actual buyers and sellers come together as a market to trade at £15 a share. This is the closest thing to a real price as the company is not able to pull valuations out of their arse.
June 2019 company sells new shares for £25 (ie. pulled a valuation out of their arse).
Something is not right here.
If you are thinking about getting a free beer for the minimum possible investment (as discussed above) then maybe it’s a good investment, but if you are looking at a serious capital investment you have to question how far away £25 is from their future IPO price (if they ever get there & how long is a piece of string etc).
Even if I did decide that it was a good investment I would not touch the new shares with a barge pole when I could go on their forum and buy the shares in large quantities for a 40% discount. There is a massive disparity between what investors think it is worth and the valuations they are coming up with.
They are getting away with it because they are relentlessly pushing it at novice investors and the marketing gets more and more aggressive until they hit the goal.