There's undoubtedly huge technology opportunity in digitally connecting almost anything, almost anywhere. Electronics microcap 365Agile (365:AIM) is among what will presumably become a long list of Internet of Things (IoT) hopefuls with what looked like a bright idea only to find out it was a duff one.
This is what it had to say today.
'The board has considered whether, with continued investment from the income stream generated from the company's licence agreement with Castleton Technology (CTP:AIM), its operations based in Nottingham and trading under the Wireless Things name could become core to the group's future plans.'
And the really important bit is this. 'Based on its assessment to date the board does not believe this to be the case.'
It's keeping hold of the IP it has for the 365Agile suite of software solutions, largely a platform to keep field workers in touch with back office functions while on the road. Clearly the company hopes it can put this is more profitable use down the line, just don't hold your breath. The shares crash more than 20% to 26.5p, valuing the business at about £5 million.
It is all rather bleak news for staff based at its Nottingham HQ, with a consultation process about to be kicked-off that looks highly likely to mean jobs axed, and for the company, an immediate future as a cash shell looking for a business to buy.
