Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Good point MarketIsCorupt - On 23rd August the company wrote in a RNS "However, the ongoing review will result in a delay to the publication of the Group's interim results, and it is now anticipated that the Group will release its interim results in early September." It wasn't until the 16th September that they issued a further RNS saying that the results would not be published. Obviously by 10th September the threshold of "early September" had passed, by any reasonable definition so on the 10th September they had a legal obligation to issue an update - which they only did on 16th September. I don't see how they can be considered to have been compliant by not updating the market to the information that was in their possession on the 10th of September - namely that they had no chance of issuing the accounts for several months ? I suspect that a miracle will now occur and the accounts will be published shortly - or will we see a pre-pack and a sale to DBay for a £1 ? The SFO's history over the last 3 years has been equally shambolic, it would probably take them 6 months to figure out where Warrington is and then decide it was too far to travel - in any case they are not motivated to buck the system by their political masters, sadly. Chehsire Police however have jurisdiction over the Warrington HQ so they will have to take a look if any evidence of wrong doing is presented to them.
Just a question to ponder over:
This company suspended trading because failure to publish an interim report on time triggers a share suspension under AIM rules.
When Wincanton requested accounting documents they were refused.
How are the shares going to be unsuspended from the AIM if the company does not want to disclose accounting documents for public scrutiny?
As stated, before the SFO NEEDS to investigate this shambolic company.
So now the completely legal and above suspicion deal has been done, we can proceed with the following investigations:
Share transactions of DBay and their associated entities in H1 2019 in ESL
Role and conduction of the Directors of ESL since flotation through to suspension
Investigation of the auditors involved in failing to undercover basic accounting issues
For the BOD to say they expected to issue their H1 accounts in early September and then not be able to do so three months later, during which time the company is effectively taken away from the shareholders is astounding. Don't be surprised if DBay take the rest of the business over in a debt for equity swap when there is not enough earnings to pay the onerous interest rate.
First stop the Fraud Squad of Cheshire Police and on from there....