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So why don't the FCA do something about it
Yes all must play by the rules. Did Clem when he 'avoided' an EGM, or when he failed to give shareholders an opportunity to attend an AGM as specified in the companies articles of association? The new NED'S have duties and potential liabilities; http://www.mondaq.com/x/221686/Directors+Officers/BVI+Companies+Directors+Duties+Indemnification+And+Protection Extract; Directors must always bear in mind their duties to the company. These duties are codified in the BVI Business Companies Act 2004 (the "Act") and include: ⦁ Acting honestly, in good faith and in what the director believes to be in the best interests of the company; ⦁ Exercising their powers for a proper purpose, including not acting in a manner that contravenes the Act and the memorandum/ articles of the company; ⦁ Exercising their powers and performing their duties with a level of care, diligence and skill that a reasonable director would exercise in the circumstances, taking into account the nature of the company, the nature of the decision and the position of the director and the responsibilities undertaken by the director. Transactions entered into in breach of these duties may result in personal liability for the directors +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
The thing is cyan If they are playing by the rules There's naff all anybody can do about it
Good afternoon MRPlumper. SER is not a going concern and the last person I would want to be associated with is Dan LEVI. His record is appalling. So its a NO!!! I see ************* (chris Bailey) is claiming the NEDS are working for free. Patently untrue as the NED's declared remuneration is 300 MILLION shares. There are , at the moment, 6,449.299,416 shares in issue. If the company has ,say £150k each share is now worth 0.0023258 PENCE per share. When the NEDS are issued with their 1.2 Billion shares the shares in issue will , in theory number 7,649,299,416. However, I am assuming the NEDS pay will be paid in 12 months time. By that time I am sure LEVI and the other director already in place will likely have awarded themselves even more shares. Lets say just 600 million as a possible number. Shares in issue will then be 8,249,299,416. Assuming the company has £150k still (may have gone up/ may be lower, of course) At that point each share will be worth 0.001818336 PENCE. The NED's 300 million shares would,then, on possible wind up distribution ,be worth £5,455 to EACH NED; A total of £21,820 for their joint services. Are they really needed? On 31st December 2015 there were 812,741,519 shares in issue. It appears likely to me that , by next year, the number of shares in issue will have ballooned by more than TEN fold!!!! in two and a half years. TW is right to highlight the NED's possible legal position . It is possible for them to take out insurance in case they are cited in legal action. I hope they have thought everything through.. One can only guess what company TW is on about.