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I shall use this template and send to all parties mentioned this week.
Many thanks to all those that are fighting this and I hope all investors see justice here.
The bit that sticks in my teeth and that is very questionable is the fact Koovs posted an RNS on the 18th November stating it has enough money to last until the end of December, but only 3 weeks later on the 10th of December brought in the administrators .
This is surely is culpable?
Had to post in 2 posts so you will need to put them together
As a shareholder I believe this company was forced into administration, there was no cash conserve implemented to extend the life of the company as had been done in previous years, the spending was just crazy and out of control, in the final 6 weeks the Company spent or used 2.9 million pounds, where did this go?! Had the company implemented proper cash conservation they would of had until the beginning of March 2020 to find alternative funding. This constitutes to Purposeful negligence and Market abuse by all of the Directors in my opinion as a shareholder.
I also note the company (sgi3) Waheed used to buy Koovs was set up on the 10th of Oct, why would he set this up while withholding MARKET SENSITIVE information?
I believe there has been fraud here and request this to be investigated by the FCA and the SFO
To whom it may concern
I am emailing regarding my investment in Koovs which is an AIM listed company
My name is xxxxxxxxx
I held xxxxxxxxx shares
The total cost was xxxxxxxx
I am reporting Koovs as i believe there has been FRAUD
I invested in this company as I truly believed what the company and it's Directors were telling the Market.
The company paid Hardman & Co to do a report on Koovs which was then released via RNS, It is now clear this report was a paid for pack of lies and designed just to sucker investors in, this report was released in the lead up to a 15p placing which valued the company at 60 million gbp.
The Company also lied about the Ht Media deal as a second tranche was never subscribed for, this I believe was because the company couldn't afford the approx 1.8 million gbp cash the company would need to pay Ht Media. This is complete NEGLIGENCE by the Directors as the deal should never have been done without proper due diligence to make sure Koovs could afford this expense when required.
Koovs also failed to do full due diligence on the FLFL investment and they told the market that the investment deal was all done and FLFL also had all the necessary permissions from the RBI, this was clearly lies as the FLFL deal fell through due to the RBI not giving permission for the last tranches. This strikes me as very strange because there was no problem with the earlier tranches?
I also believe the company has committed market abuse by withholding market sensitive information, the information released on the 21st of Oct was known to the Directors at the beginning of Oct (probably earlier).
This information when released caused over a 50 percent drop in shareprice value so anyone buying from the beginning of Oct to the 21st had ZERO chance, they were in fact just robbed.
In a nut shell and in my opinion what has happened here is this -
Waheed Alli listed this company on the AIM market to get the funds required to grow the business, growing this company was far harder than he anticipated. While he was talking others to invest by buying shares he himself invested via a CLN which gave him the best opportunity when the company eventually collapsed, as Chairman he had a complete conflict of interest and this come the end was crystal clear. He used 100 million pounds of investors money and then bought the company for 3 million pounds, how did he value the company in 2018 at 60 million when it was on it's knee's then buy it the following year for 3 million when it was in a much stronger position?
I agree alpha, Certain AIM companies attract corrupt people who run these businesses, if it’s that easy to shaft shareholders like what’s happened here then it’s utterly draconian and needs to be addressed, FCO, FRP, SFO need to start to look into the AIM and what going on with some people, not all I may add. Some people are genuine and genuinely want the shareholders that are loyal to get something back from there investment.
I’ve gone through so many different emotions here as I really thought and believed in waheed/pursell and I now feel embarrassed for them and the rest of the so called TEAM, this won’t get swept under the carpet what’s happened here, it’s actually ruined people’s lives, if you stop and think about it it’s so sad and will be dealt with.
Well done Putney and everybody’s hard work! Fingers crossed some justice can be achieved on these lieing scumbags who should be locked up from robbing people who believed in their words and story.
Guys, I can't post much, because my posts here & elsewhere are being reported. No guesses as to who.
We are uncovering some pretty horrific stuff & I will not be silenced.
Nearly £3 million 'was spent' when the company was meant to be in a cash conserve (in last 6 weeks).
Where was this money being sent?
Lord Waheed Alli & his sidekick CFO Robert Pursell are actually both the Directors of the set up in India!
I am stating facts here.
I will be passing on hundreds of emails sent to Pursell, Turner & Alli expressing my serious concerns on how they were running the company with their flawed business plan & paid for exaggerated reports to the main investigators here.
I would love to say more, but not on here.
Justice will be done
Waheed is actually not indian or asian although he looks it.
Lord Alli may be a Labour peer, but his priorities are for the few not the many. I too got my fingers burnt, and have learnt a hard lesson about risk. Would be glad to get some money back, but very slim chance imo.
Alli might end up legging it...you never know with these bAsian/Indian entrepeneurs. They have the best lawyers that know one more trick than a monkey.
Anyone remember Asil Nadir , Turkish Cypriot that set up Control Securities 32 yrs ago. That was my very first investment the shares were flying and i was lucky to sell at nearly treble profit before they went belly up. Nadir was conning investors and lying about his handling. He did a runner back to Cyprus where he hid out for 25 yrs before returning back to UK to face the music and put his case to trial. Not sure if he escaped prison. No one knows how much he fleeced shldrs but it was millions. LORD ALLI fits a similar bill, imo
Everyone needs to contact there local mp, regardless what party they are in, this scandal is quickly picking up pace and by doing this adds fuel to the fire, it can’t and won’t be ignored, the big boys already know what’s going on here and regardless who alli thinks he his he will be bought to justice, there are billionaires that have not go away with it in the past so LORD alli and his peanut money will also not get away with it.
I’m sure this has been thought of, but I notice today having looked at previous RNS that on the 18th November a statement by Koovs announcers that they have £2.2milliion in the bank and have enough to last until the end of the current year.
But only 3 weeks later they put the company into administration !!!
I had decided to allow up to xmas at the latest and if funding hadn’t arrived then sold at a loss, but I would have still got some of my money back !
Now I think I herd on here somewhere that Koovs in the past had a cash burn of £750,000 per month when times were lean and as indicated in the RNS Koovs were going. To cut back on spending to allow maximum time to find backing.
On this alone there are some serious questions on what Ali has done legally.
Hi All,
Templates will be very helpful. I will send to everyone. I want to be added to any lists that are collated. I'll be keeping an eye on this bb. I will support you all and do what I can to get justice here. Lord Alli can't be allowed to get away with this.
Unless alli has the decency to give us some sort of significant compensation then this I guarantee will be discussed (and more) in Parliament. Alli/pursell/turner you can run but you can’t hide!! This is totally scandalous what’s happened here and those who have in some cases ruined people’s lives will 100% face justice. Just a matter of time.
*excel spreadsheet - Name, number of shares held, cost, current value, %loss - possible headers...?
Or should we compile a list of names from this platform say in an excellent spreadsheet and then have a covering letter which can be 'auto signed' by all? What of getting several signatures and maybe if we get sufficient numbers required by law for it to be debated/discussed in parliament?
Hi forsake very helpful been going to do it but not brilliant at letter writing. Thanks
Putney - have you looked at any previous history where FCA have investigated companies and hauled the Directors before the courts ? one assumes its a long process and did the share holders get anything back ?
forsure - thats a great idea to have standard template to fill and send , i will do just that.
Does anyone have email addresses to send an email to or does it have to be by post
Anyone that is looking to contact the above mentioned should keep an eye on this chat, in the next few days i will draft a few templates that you can copy and paste and just add your name and amount of shares you held, them email to fca sfo and frp just to make them aware of how many people have been ripped off
So the FRP state that Koovs knew about the RBI problem in early October. Instead of informing the market, or suspending the share, Lord Waheed Alli sets up a shell company at this exact time SGIK 3.
Koovs sat on this market sensitive information until they notified the market on Oct 21st, allowing more investors to buy into this sham.
And instead of conserving cash, they went full steam ahead to spend every last penny until the company was taken into administration. All this by the CFO Robert Pursell.
The shell company SGIK 3 bought the IP (Intellectual Property) for £250K!!! Is this a bloody joke? Nearly £100 million of shareholders cash spent on creating the brand, technology & platform, then Lord Alli buys it for £250K with his shell company he set up 2 months earlier.
Lord Alli was warned for several months, as were Simon Raggett CEO Strand Hanson, CEO Mary Turner & Pursell that all their antics were being reported to The FCA- he didn't care! This shows his sheer arrogance & blasé attitude towards shareholders. He clearly thinks he is above the law.
There is now a huge dossier being compiled against this character.
It's just a case of who will act upon it, The FCA, The Serious Fraud Office (SFO), The DTI or The City of London Police.
Of course that's what he did!!
Project the company as far as possible on the current funds then buy it for pennies once the funds were burnt out!
The company has burnt 29.5 million pound since the 15p funding deal last July, when they were asked about the cash burn by the analysts at their presentation morning Robert Pursell refused to answer, I heard it on the conference call
They blame the rbi yet in koovs own rns they state all permissions were GRANTED