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Morning, RHJoyes. Is that thinly veiled sarcasm? :) I’m not sure if FCA will investigate AAOG or to what extent, but at least they have been given the nod. There is a lot of anger floating about from at least some seasoned investors who believe that there is more to this story than bad luck.
I think that we are due an independent audit.
Thank's for that Effugium.I was always of the opinion that the FCA wouldn't investigate company's trading on Aim.
Rhjoyes....the FCA have been notified of AAOG recent activity. If you feel strongly that something is amiss then please make a complaint to FCA.
It’s worth reading that Times article. David Sefton himself contributes in the comments section only to get shot down in flames. (Don’t f**k with cats springs to mind for all you Netflix bods).
Why are company's like this not investigated by the FSA.I don't understand what difference it makes whether they trade on Aim or the main market,fraud is fraud.Someone should be accountable.
I would LOVE to see it ALL to come out in the wash, resulting in the least that they won’t be allowed to ever work in these circumstances / circles again .
Beevorama, a good starting point would be AAOG Shareholder Action @AAOG_SH_Action on Twitter. If you don’t have an account it’s worth opening just to keep tabs.
I’ve not really been following what’s going on here since the big drop, can’t say I 100% understand what’s going on with the 80% of this and 20% of that. All I know is my £9k is now worth about £400 and so I might as well hold it come what may. No idea if I’ll ever see it or anything more again though but looks unlikely.
I’d love if some action was brought against these crooks, I’d put £400 towards that cause
Papa9911 - I'm sure you will appreciate, the more know about the goings on the better from a Karma point of view.
And The Times is already on the case - article from 31st December 2019 - I'm sure they won't mind me posting it in full as it is a few weeks old (paywall).
They refer to a rumour, but don't actually say what the rumour is, looks like the article has been eviscerated of the juiciest bits, no doubt on the advice of lawyers (a la Maxwell) - no doubt DS had an opportunity to comment, no doubt the lawyers did the commenting for him.
They do get in the July 2019 £8.25m fundraising though, and 5 months later the entire company was then worth £1.8M - read between the lines.....
https://www.thetimes.co.uk/article/chairman-quits-over-african-oil-group-rumour-fb0dfgp30
And The Times also did an article recently on how difficult it is to hide in this digital age -
https://www.thetimes.co.uk/article/world-of-the-digital-footprint-leaves-spies-with-nowhere-to-run-3bd89l7qz
"The chairman behind the restructuring of Iconic Labs resigned yesterday morning, on the day of its annual meeting, after financial traumas at a company he used to run.
David Sefton said that he was stepping down after “rumour and market speculation” over his role at Anglo African Oil & Gas, an explorer focused on the Republic of the Congo.
Iconic said that Mr Sefton had felt that his presence on the board “was having an adverse effect” on the company.
He became executive chairman of the loss-making, London-listed Iconic last February and set about turning it into a new media and technology business. The company, valued at just over £1 million, acquired Gay Star News, an LGBT publisher, and signed heads of terms to buy Social Alchemist, a social media agency. Iconic had been founded to pursue opportunities in stem-cell storage, including the promotion of a related insurance product. In October, Mr Sefton outlined how those ventures had “never achieved any commercial traction”.
He floated Anglo African Oil & Gas on Aim, the junior London stock market, in March 2017. As executive chairman there, he presided over an £8.25 million fundraising in July before resigning in September.
In the run-up to Christmas, it emerged that Anglo was in talks to sell its key asset in the Republic of Congo for about £1 million to Zenith Energy. The proposed deal was confirmed last Friday, with Anglo saying that it would “become a cash shell”. The group is now valued at less than £1.8 million.
Though Mr Sefton has resigned as an Iconic director, it said that he would “continue to be involved” in its operations and that “David has had no involvement with Anglo” since he left the company. John Quinlan, Iconic’s chief executive, will be interim chairman"
It will all come out in the wash eventually.
I read on here’s or Twitter that the BBC had been given the nod. It would make an excellent documentary.
Unfortunately, the analysis of Skittish makes a lot of sense after the event.
I have contacted a well known Newspaper and told them about the dealings of our board of directors, I asked them if they would like to investigate further, I’m awaiting a response from them, something needs done.