By Loice Takarindwa
Kenneth Raydon Sharpe’s company’s, West Properties has recorded a dismal failure in the recently published results of the Initial Public Offer.
A local online news media had earlier published and article signaling that West Properties was misleading investors on the Victoria Falls Stock Exchange(VFEX).
The company’s capital raise is under subscribed as it managed to raise only US $ 3,2 million or 8.23 percent out of the targeted US$ 40. 00. Of the total raised, the underwriter contributed US$ 3 million while members of the public contributed US $ 276, 590.
The ordinary shares raised were $ 14, 050.
Responding to a tweeter post by eBusiness Weekly @BusinessWeekly, the business world expressed their disappointment in what came out to be a flop.
Kudzanai Sharara posted on tweeter @kudzie_sharara saying it was not what he expected. “Not what I expected.”
Another tweeter user Lovejoy Manduku said, “Ken Sharpe has too many negative stories surrounding him and some legal issues. Trust could be an issue spilling over the business confidence.”
Another user said that Ken Sharpe’s projects are mainly on paper than on the ground.
“Whilst there are a combination of factors involved, the most significant factor is that the business model is more on paper than on ground.”