MYC4 is still a young company and the income we earn from the business (as we have planned as part of our business model) is still far less than our operating costs. This means we are completely dependent on raising new capital each year to continue operations. Mads has agreed (subject to terms) to fund half of the original budget for 2011, but we have not yet been able to get commitments for the remaining half. In order to ensure the company can continue as a going concern and thereby protect our investors’ interests, we have taken the painful decision of giving notice to three employees in Denmark.
It is our hope that additional funding will be found in the near future and we can withdraw the termination notices. Note that this decision only affects the team in Denmark. The team in Kenya will remain in order to ensure continued collection and ongoing risk management of the portfolio.
MYC4’s organization going forward will be Steven and Ian in Denmark and in Nairobi we will have Eric and Titus – these 4 people will be supported by the founders in Tim and Mads.
Mads Kjær and Steven Thomas