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Forever Young Retro Music Festival Crowdfunding opportunity

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  • 11-12-2023 9:13pm
    #1
    pale rider
    Registered Users Posts: 264 ✭✭


    Spark Crowdfunding are looking after this cash raise with 49% of the company available and valued at €2 million with €1million available with indiviudal shares starting at €1000 a share.

    There is a genuine good vibe almost love for this festival, we attend every year and have added friends each year that come with us, last years Saturday event was a wash out and the event organisers have yet to address how they will compensate ticket purchasers, there was talk of a refund or use next year but nothing I've seen in writing.

    Interested in views on this, my sense is that I am interested in supporting the event and to become a shareholder but of course a shareholder with no voice really with just one share proposed of €1000 and company valuation of €200000, not sure how that number can be validated with a business that has made no money.

    There is no after market and returns seem to be based on profit share, maybe a buy out in years to come IF a bigger player swoops...Im warm to the idea but there are so many sensible questions to be asked.

    • Treatment of small shareholders, will they have a seat at the table with a representative or two .
    • Perks or benefits
    • Lot of it'll be alright on the night but new entrants into the retro music could swallow some of this love, I heard an ad for Rewind - a retro fesrtival in Dublin for June 2024 that is a new direct competitor with many of the same names playing that have played FY
    • As consumers we were always told profits would go to animal charities, that appears not to have happened for various reasons not all of them very clear apart from weather last year. not sure the same love will exist when its privately owned and operated as a business.
    • Risk - high in my view versus reward

    As I'm typing Im going cool on it....

    Any thoughts especially from those that have attended ?



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    #2
    chrisd2019
    Registered Users Posts: 437 ✭✭chrisd2019


    https://www.boards.ie/discussion/2058326552/forever-young-retro-music-festival-crowdfunding-opportunity

    This is a very high risk venture, am very slow to call it an investment, as you are very unlightly to make a profit !

    Heard about the Saturday issue, through liveline as was driving at the time. How that washout is addressed or not has a big bearing on the current offer.

    What if anything brings about the 2M valuation?



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    #3
    daheff
    Registered Users Posts: 5,834 ✭✭✭daheff


    seems to me like its a way for the existing owner to exit the business.


    i'd be looking to see financials for previous events to understand how profitable the venture is. and where you get your money back/profits from



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    #4
    Lad GAGA
    Registered Users Posts: 668 ✭✭✭Lad GAGA


    I've been down every year and love the festival but I was wondering whether or not they would survive last years washout with the financial implications and bad press etc. Much as I like it and would be sorry to see it go, the other question I had was that it was my understanding that this was a registered charity to assist animal welfare etc. (i.e. a not for profit organisation). And now it seems to be about a potential profit making business. For me it speaks of desperation. The fact that they're looking for money and not in a position, currently, to announce plans for next year is not a good sign in my book.



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    #5
    magnumlady
    Registered Users Posts: 3,657 ✭✭✭magnumlady


    https://www.boards.ie/discussion/comment/121486143#Comment_121486143

    Before they deleted all the Facebook comments someone asked how much they had donated to animal rescues. The answer was nothing. They aren't making a profit at the moment so nothing has been donated. I'd be keeping my money in my pocket.



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    #6
    dxhound2005
    Registered Users Posts: 20,503 ✭✭✭✭dxhound2005


    On Liveline again 09 January 2024. She says they are waiting for a €300K VAT refund from Revenue.

    https://www.rte.ie/radio/radio1/clips/22340858/



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    #7
    pale rider
    Registered Users Posts: 264 ✭✭pale rider


    Over a month on and they are at around €550k of the €1 Mn sought, their FB pages says they might have large investors coming in.

    No mention of the €300k vat refund and they are ignoring my emails from before Christmas so now asking for a refund from last year, all mails being ignored.

    All looking very suspect but I hope they make it super festival.



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    #8
    rubberdungeon
    Registered Users Posts: 606 ✭✭✭rubberdungeon


    I noticed the funding campaign ended a couple of days ago and thought there would be an update but the funding campaign has reopened again with a timeline of 47 days to go.



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    #9
    pale rider
    Registered Users Posts: 264 ✭✭pale rider


    I actually ‘ invested’ despite the above and gave €1000, I emailed Spark when I saw the campaign had closed, they did not come back to me.

    This is beyond a joke, I’m going to mail them and get my money out.



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    #10
    Head Hunter
    Registered Users Posts: 1 ✭Head Hunter


    I'm a member of one of the bands that played at the festival and we didn't get paid along with other bands. She said on the Joe Duffy show that the bands got paid so she is a complete liar. Anybody who invested in this scam can most likely say bye bye to their money.



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