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Yes but has he now got a conscience ? now he's even more famous
What is the difference between robbing a bank and robbing SER. He has bank robbery experience
BMD won't have to issue many more shares before the crew go over 50% of the equity. That makes things so much easier. No need for inconvenience of a vote by the general shareholder base to wind up and distribute the cash. The 6 directors could vote at any time and no-one else gets a look in.
Nothing would surprise me on aim anymore Sorry we don't have the strick rules of aim do we
The only reason I can logically see as to why BMD has brought in NED's is to protect his position and carve up the company's assets with his mates. He is conscious of the position if he personally goes over 30%. He needs cronies. Why pay for the useless paper when you can create tons of shares and blow away all the original shareholders equity value? BMD loudly condemned ELLERTON for changing the articles of association to allow him to create an UNLIMITED number of shares. Dan is now cynically using that ';right' to relieve shareholders of their fair share of the assets. What is to stop him , overnight, creating 40 billion shares and depositing them in the companies treasury? All existing shareholders then only hold 10% of the company's wind up value. Surely that couldn't happen? could it?
How many non executive directors does it take to manage £150k? And how much should an NED as part of a team of NED's be paid to manage £150k? A lot less than they seem to be paying themselves I would suggest.
BT is a director at new Just the same thing ias far as I'm concerned But at least it's got people posting on the BB And I'm sure that they read it
TW pulling his punches as regards BMD as usual; "Sefton Resources - shares in issue balloon but what is the cash position?" By Tom Winnifrith | Monday 24 July 2017 hTTps://www.share prophets.com/views/30521/sefton-resources-shares-in-issue-balloon-but-what-is-the-cash-position I have had tp put a space between the words share and prophets as LSE auto deletes otherwise. Close the gap to make a working link. TW makes out the cash position is FAR worse than my £150k guesstimate. He does not raise the legitimate questions of the up front award of shares to the new directors or even why they are required. Looks to me like BMD is taking care of his friends and ensuring his gang have enough votes to stop BT or anyone who may try to call an EGM.
Whats annoying is his twitter page where he decries other people for being liars and scumbags by ramping or ripping people off through share placements, and he's done far far worse here. All this return value to shareholders ******. The only shareholders he's looking after are his mates. What a low life!
He had an opportunity to make himself look really good. But instead chose to confirm the fact that he's a total lying sh*t. What a complete shyster.
Its worse than I first thought trying to work numbers in my head. There are now 8,949,299,416 shares in issue. Rounding DOWN Dan's numbers on the directors holdings to 45% means that 55% belong to everyone else. 55% is approximately 4.922 Billion in others hands. For 4.922 billion to be 10% of the share capital ; the total share capital has to be 49.22 billion shares; rather more than the stupid off the top of my head 20 billion. Makes a huge difference to what a MILLION shares are worth. Works out at 0.000816p per share. Thus 0ne million shares will be worth now £8.16 instead of £16 as they are possibly now. In my wind up scenario after great investment success there will still be £360k for the 6 directors and £40k for everyone else to share. Just a lot less per share. Sorry, its far worse than I thought. What is clear is that there is every incentive for the directors to create masses of shares to award themselves. The ordinary investors can not win even if the directors have significant success investing the £85k You are being diluted to oblivion. Sorry about my poor sums .
I was giving BMD the benefit of the doubt, hoping he was doing something for shareholders based on a sense of gilt for how he contributed to destroying the company. He's proved the opposite in fact, y kicking holders straight in the teeth. What a scumbag.
correction; should read 0.002p .
NEW! another of the pumper dumpers playthings. The point of directors keeping SER going is to line their pockets imo. BMD indicated that they had punted £85k in to 4 stocks. Say they do reasonably well. Next year the directors issue themselves another few billion shares. The investments continue to do modestly well. Next year , they again issue themselves billions of shares. It goes on. In a few years time the directors own 90% of the company. Maybe they made stunning investments in that time and the investments are worth £400K (don't laugh!). Then they have a board meeting one day and a motion to wind up is passed. The directors the have 90% of £400k to split between them; £360k.. Every other share holder has just £40k to split between them. By now the share capital is around 20 billion shares. Each share is now worth 0.00002p each. So a holding of one million shares has gone up from being worth £16 to £20. Wow! you are better off by £4!! What's to complain about? The directors are delighted of course; they are splitting £360k amongst the 6 of them. About £100k going to Dan. Good old Dan. This all depends on a good deal of investment success on the directors part. But they will obviously deserve the cash as they have added £4 PER MILLION to the value of YOUR shares; BE GRATEFUL and all praise Dan. Of course, they could make a complete f*** up and invest in another dog like SER. I am just trying to look on the bright side lol
Sorry I'm missing something here The company hasn't got a lot of money It needs to be listed really for a RTO I have shares in new but that has a big investment in bst So I can see why the directors want to keep that going Until they work out a way of getting theirmucky little hands on it But this i can't see the point
BMD lambasted Ellerton when he changed the companies articles of association to allow the company to issue an unlimited number of shares. BMD is such a hypocrite. He has used that facility to effectively take total control of other shareholders money and democratic rights. BMD and his 'directors 'now own over 45% of the shares. How could he removed from his post now? This company has effectively been lost to BMD.
Cal li fornia J oe
I guess its a case of do they care what the affect is on their name. I used to live not far from a guy called 'shameless Mick'. He was put in prison a few years ago, for burning several of his kids to death, by setting fire to his own house. The reason they called him shameless Mick, was that he didn't give a sh*t about what people thought of him, in fact he quite liked peopl thinking he was a t*sser. Looks to me like BMD is cut from the same type of clothh. What the fook has ************** done, to be given millions of shares?
I can't understand why anyone would risk their name for what they will gain as a ned in this company
The shell is worthless without any listing. Those clowns lost the only thing of value SER had left; its AIM listing. The chief cheerleader Cal li fornia J oe is now a director. Its outrageous.
How anyone can be in doubt that we are being ripped off again is beyond me, not that this was in doubt for years now. What hurts is that it is some of the people who were most vociferous against previous managements for ripping us off (mostly after first supporting them ). It is those people who used to post here all the time who have seen an opportunity to gain back a small amount of what they have lost by becoming directors of a sinking ship or already submerged ship. There is no , I stress NO likelihood that Sefton ever will again become a viable company in any form whatsoever. Somebody might pay some peanuts for the shell but the recent transactions have now assured that general shareholders will get nothing. Of course the only real winner will be Brokerman Dan who I cant understand can look himself in the mirror. After already have taken substantial sums off the company he has now gone back in with a "loan" at 100% interest which is the best way to drain the last few pennies out of the company. It is a farce, ought to be illegal, is definitely immoral and for anyone including myself that thought he had turned a leaf and given up his criminal ways, we can just ascertain the he has become more sophisticated in the way he steals and robs
Feels like we're being ripped off all over again.
I suspect this will drag on for sometime. The over rewarded directors will punt the available cash and hopefully make a few grand. A year from now they will create even more confetti, over reward themselves and take their share of the company to well North of 50%. It will go on and on until they have diluted everyone else into oblivion.
Fees for what and for so many. Who are they all. How can they issue themselves sooo many shares. This is looking more and more like some people said, that the only ones getting any cash back are the people that helped create some of the problems in the first place. Not good, unless thay come up with something staggering, and even then they'll make sooo much more that anyone who currently holds shares.
No hope , unless you are a director and the company gets wound up. Time will tell. This company has a history of self serving management creating enormous numbers of shares and rewarding themselves generously. To pay 'fees' in advance absolutely STINKS .