The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Final liquidation distribution should be September 10, and I got a corporate action notification from Interactive investor. Cash has not yet arrived in my interactive investor or Hargreaves lansdowne accounts however. Does anyone else have a different experience?
From Eysenck poster on ADVFN
Hi Folks, I received this from KPMG. I thought there'd be more detail.
Cheers, mark
Dear Mark,
Happy New Year!
Thank you for your e-mail.
We can confirm that the auction process has concluded and the Voluntary Liquidators are in the process of finalising the sale of the remining assets. We anticipate a final distribution to shareholders will be made in Q1 2021. An announcement will be made to all shareholders prior to the final distribution being made.
Please note that as you hold shares via a nominee, we will not be in a position to provide you with details directly and therefore, suggest that you liaise with your nominee regarding updates on the sale and the final distribution.
We trust the above is in order, however, should you have any further queries please let me know.
Many thanks & kind regards,
For and on behalf of the joint voluntary liquidators
*wave*
http://www.cityam.com/264826/pwc-faces-guernsey-probe-over-audit-failed-claims-funder
copy and paste it into your browser if the link still doesn't come up...........
http://www.cityam.com/264826/pwc-faces-guernsey-probe-over-audit-failed-claims-funder
Some might recall a performance fee of $14.5m was paid to JCML (JIL's appointed investment manager) in 2015 - allegedly based on the increase in net assets as shown in the 2014 accounts (adjusted or otherwise there was no such increase). The manager (JCML) was controlled to the extent of 45% by Richard Fields, which trousered $5m a year for its skilful management of JIL's shareholders funds. Fields, who could count on JIL's 15% to give him full control of JCML, took most of the $5m a year. Neat. There were a host of other expenses charged to JIL by JCML over many years that can't be justified - countless millions of $.
RF got divorced for the 5th time in 2015 and a US insider noted to me he wanted $10m to settle it.
https://www.dailymail.co.uk/news/article-3111027/Russian-former-beauty-queen-wins-3-3million-share-lawyer-ex-husband-s-6million-fortune-judge-tells-ll-cut-800-000-year-spending.html.
It didn't help his cause that a big case (8008L) had been kicked out at the highest federal level in the US in 2013 (it was the so-called LCD case - look it up). Shareholders were told otherwise and the $30m loss wasn't recognised until the $14.5m fee had been paid.
A liberal interpretation of the startlingly simple agreement relating to payment of the performance fee was required in 2014 for the payment to be made and guess what............it was flagged through, as had been the transfer of the management contract from JCML to JAML the previous year, which was 100% owned by Fields (Mrs Fields V owned 22.5% of JCML you see). Cue? Kiss goodbye to your 36% investment in JCML, which TLBQC had found warranted a payment of $4.75m of your funds to buy out RF's former partner, a certain Mr Scrantom, who would no doubt otherwise have expressed concern because he too owned 22.5% or thereabouts of JCML. Ignore TLBQC's: "buying this interest entitles us to a share of a performance fee that gonna be paid next year" - it was never due. $7m of your money written off at a stroke. Mrs Field V denied her share of the management fees. Job done. Oh what a tangled web we weave.
https://www.investegate.co.uk/juridica-inv-ltd--jil-/rns/significant-new-investment--/200811140700181581I/
It's worth working out who stood to gain from the money JIL handed over to Fields's US law firm from Nov 2008. You were providing unsecured money to RF - all a bit different to what appeared in the admission document in Dec 2007.
The Lord Brennan QC (TLBQC - chairman), Richard Batty (serial Guernsey-based NED) and Kermit Birchfield (US contact of RF) were non-execs throughout, waving everything through for more than $4m between them to the end of 2016.
Bernie Madoff eat your heart out..........
The meeting's in Guernsey on 20 Dec. Try booking a return flight. Good time to put it to bed and slip out the back door. Disgusting.
all imho - DYOR
Did you have a fair value? I thought it would be between 3 & 4p. That seems to be playing out.
Thanks JohnLaw.
I guess the liquidation process will take 3 to 6 months?
Nothing happens on delisting, other than the shares will stop trading. Any payment to shareholders will come during the liquidation process. There may be interim payments or nothing until it is finally wound up.
How does the delisting process work? Is there a payment back to the owner of shares on delisting?
got out at 6p now down to 4p shame!
Glad I never brought in when I was thinking about it!
Still think there maybe some positive movement upwards with liquidations and unwinding. Its not stated that it being listed yet
looks like this last RNS yesterday means the End?
Thinking of buying a bit more in here, another dividend is due within the next quarter (4p IMO).
I wonder about the quality of the PATENT investments we bought. Who recommended them and have we any recourse to them for selling us duds?
Seven investments remain active with 3 being litigation related & 4 relating to special purpose vehicles.
"Continue to work to monetise all of the Company's remaining investments by 31st Dec 2018."
Agree, I think its worth staying invested! The dividends payed out the last 2 times have been 4p and 8p a share which are quite large amounts (approx 50% of share value). Will be holding for now, but won't use my dividends to reinvest as some people have done GL either way
Got mine. I'm really not sure, no doubt due to lack of research, how things are going to pan out from here. I know we have 2 active cases & 4 held in SPV's, which could suggest it is certainly worth staying invested. How do others read the tea leaves here please?
Yep, not got mine yet. Expect to get it before lunch. Got paid around 10.30ish last time
today
Due next week! Expecting a significant drop after that
Hopefully see a move up and break 10p soon
Slow but steady burner.
So many buys but not shifts past 9!!
Don't know how many more the market have at 9
8.7 now but still showing a drop