Those results made scary reading.The financial statements speak for themselves and tell the story of incredible mismanagement at Goldmoney relative to Bullionvault. It will be interesting to see whether the Goldmoney will be turned around via this merger with Bitgold.
GoldMoney's sales have collapsed – by 78.7% over three years.
It lost £9.4 million in just one year – 2014.
Its net assets fell from £25.4m in 2013 to £13.1m in 2015.
At its March 2015 year-end it is still posting losses.
On May 29, 2015 Bitgold announced a CAD$21m bought deal financing which should ally some of the concerns Mr. Tustain raised..
Consequently, while the uncertainty risk from a new service provider may not outweigh the risk of going with a trusted provider like BullionVault the merger with GoldMoney should be taken into account.
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