Investor Hugh Honey was left disappointed on two fronts when he attempted to exchange his stock in Candy Club (ASX: CLB) for store credit.
Participating in the IPO which listed on the ASX in January 2019, Honey was always a big fan of Candy Club and it’s pleasures, so had no hesitation participating upon hearing of the planned listing at an IPO price of 20 cents per share.
Since listing on the ASX, shares in Candy Club have slid to a 52-week low of 5.7 cents per share which had Honey keen for an uplift. Turning to his trusted bliss, he googled Candy Club to double check their opening hours before heading down to head office.
Upon arrival, Honey was greeted by his favourite receptionist but upon request for payment, he was disappointed to hear they did not accept stock in the business as payment, nor did she have any idea what he was talking about at the same time.
Following discussion with the Candy Club manager on duty, Honey left dissatisfied.
“I was shattered,” Honey told The Sentiment.
“It’s been a tough few months for my investments and I figured Candy Club would be one of those businesses which always has customers and would never go out of business.
“It’s probably the most stable industry I know of which is why I wanted to invest in the company without having to jump through all the licencing hurdles if I wanted to own it outright.”
Honey was later advised the Candy Club he invested in was a confectionery delivery business which delivered its subscribers an array of different candies each month.
This was of no satisfaction to Honey who was recently diagnosed with Type 1 diabetes.
Failed stand-up comic who now gets his kicks from Simpsons business memes.
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