Vibe founder grants shares to original investors

Vibe founder Luke Massie has announced his intention to grant shares in his new business to those who invested in its original incarnation.

The online ticketing platform had previously raised investment through crowd funding, but The Vibe Ltd was this month forced into administration and then reformed by Massie.

He has now chosen to 'gift' equity to those original crowd investors, through an arrangement which allows them to opt-in to receive the newly-offered shares.

Those who do will receive shares in the new company, Vibe Tickets Ltd, proportionate to their original investment in The Vibe Ltd. These shares are being gifted from the entrepreneur's own personal equity.

He said: “This is a gift from me personally. Those investors are who Vibe stands for. They put their faith in me over other start-ups raising cash. They helped make Vibe happen. I owe them for that. I’m just reciprocating the support they’ve given to me because they deserve better than the situation they were left in. They deserve to be looked after and to have their investment honoured.”

The crowdfunders who opt in to accept the equity offer will sit alongside Scott Fletcher, who has committed £500,000 and Vela Technologies Plc investing £200,000, with Massie close to agreeing terms with a major new investor in the coming weeks.

Luke added: “This is a hugely exciting time for Vibe – we’re free from the shackles that were stifling our progress and we’re working on some significant developments. I want the crowd to share in all that, because that’s what they bought into in the first place.

The young entrepreneur cited the administration of his business, and the following controversy, as the 'most testing' of this life.

"I’ve watched conversations, based on misinformation and total inaccuracies, play out in the media and observed while others peddle their own agendas at my expense," he said. "It’s taken every inch of me to remain tight-lipped because I’ve known that, had I gone against advice and spoken publicly about my experience, I’d have jeopardised my plans to turn this situation around for the crowd.

“My actions speak louder than their words. While others have used my age as a weapon to insult me and tarnish my name, ironically, it’s their immaturity that’s stoked the fire in me to pull this off.

“I can’t go into any detail about the events that led to The Vibe Ltd facing administration but I will say Vibe was backed into a corner and the administration was forced upon me. It’s been a huge distraction which we’ve moved on from now. I refuse to dwell on it. I’ve got work to do and the next stage of the journey starts now, with the continued support of the crowd.”