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If it's private it means negotiations would take place via some bent lawyer with shareholders. The company would be Uber obstructive. Would increase hurdles and costs for shareholders and EVENTually offer them some crumb from the safety of a tax ghetto(haven!). This is why they had a bent plan to consolidate control after float and Nomad let it happen and Lenigas congratulated Barby " that's the way to build up a stake''. FSA and company and Nomad and all others involved will be ordered to compensate investors. This is a well known formula used by groups and states to steal from shareholders. Russian oligarchs used it. Lots of bent groups use it worldwide and then our military calls them Sir. When they invest tax free status is accorded. If criticised they muddy waters saying their country,culture, religion is being criticised
HSBC got fined for similar issues so I suspect Octagonal will end up losing case even if they decide to fight it.
Not sure, what difference does it make being a private co. Vs Listed Company in this scenario.
Did Gunn see it coming ?
Hence the intention to delist- too much of a coincidence for me
What do you think of the SEC claim? Does it have merit. I definitely did not see that coming!
Just voted against all resolutions with my whole holding
....these owe me 4p per share after holding circa 7 yrs
second thoughts i'll take Rogers house in Guernsey. You don't mind if i value it low do you???
Thanks Thorndon for posting that. To me that exactly confirms the existance of a corrupt , premeditated plan to take back majority control after float. IT WAS THE BACK UP SO IF THEY HAD TO RUN THEY WOULD TAKE IT PRIVATE. So it was organised. So the nomad etc didn't act. Why does it take so long for authorities to act. I've been syaing this on here for years. The actions of this group ruined me. Meanwhile Fred Goodwin has a pension of 10k a week. Nomad and company can compensate us...... Thanks
with help of FCA ... Are they going to compensate investors for the fraudulent behaviour after float. I thought i was getting involved in a Lenigas checked out venture which was going to somehow get involved in banking and therefore coud be involved in doing banking differently because we all know how greedy they have been post 2008 and what a closed circle they seem to be and also how easily they walk us all into a recession , not because its good for the country, but because they can seize and resell a few choice properties and boost the balance sheet that way ( after a massive crippling tax payer bailout which smashed the building of the future economy/tech/jobs etc
looks like Nilesh is up to his neck in it! same old names like justin drummond
Purple Lounge – The scandal that will not go away
MAY 14TH, 2014
ARTICLE
RELATED
COMMENTS
With an estimated GBP 650,000 still owed to players of the now collapsed online poker site Purple Lounge (see previous reports) the issue continues to escalate following recent actions by directors of parent and former public company Media Corporation – since delisted for not submitting accounts.
Our readers will recall that former directors Jason Kingsley Drummond, Justin Piers Drummond, Nilesh Jagatia and Christopher Simon Gorman handed Media Corp and the crippled Purple Lounge asset to Philip Jackson, who claimed that he had placed the Purple Lounge company in Malta (which had allegedly held all player funds) in liquidation.
It has since been alleged that this is not true, and the Maltese company continues to languish with neither funds, licence or activity.
The Player Claim Group pursuing Media Corp for payment of the Purple Lounge monies they had entrusted to the care of management says that initially Jackson appeared amenable to some sort of arrangement that would satisfy the aggrieved parties, but after one meeting a London lawyer named John Botros was called in and rejected all player claims to be creditors of Media Corp.
It is reported that Jackson subsequently moved on to another gambling company, Boxhill, leaving Botros effectively running the ailing Media Corp.
Although effectively broke, Media Corp reportedly does have some “assets”, including a GBP 11.5 million tax loss and two cases of litigation against London solicitor firms.
Media Corp’s woes mounted when Her Majesty’s Revenue and Customs commenced winding down proceedings on a tax issue last month, and to save the company from liquidation Botros recently proposed a Company Voluntary Arrangement, the process to be managed by Antony Batty and Co LLP as nominee and proposer.
Such arrangements are conditional on the support of 75 percent of creditors, and Botros allegedly accepted the Players Claim Group as bona fide creditors of Media Corp and asked them to support the CVA.
In return, subject to conditions, Botros offered to pay the players 1 percent of their losses, increasing to 8 percent of losses if the company was allowed to continue operating and managed to secure funds from its pending litigation or tax losses.
The players felt there was a better chance of getting their money – or at least part of it – if the company was allowed to go into liquidation, although they did not say as much to Botros. Liquidation would also facilitate a full and independent investigation into how Media Corp was run by former and present directors, the players believed.
After two adjournments the issue went to court on May 8, but it seems that more creditors had appeared, diluting the players’ influence, and in any case the players were not allowed to vote for reasons that are not at present
Google Tom winnifrith. Com
He calls him the sheriff of aim, and he blogs on aim stocks
I won’t subscribe to him as he is not to be trusted, just google the aims stocks he has run in the past.
I will say though he is quite often right about stuff like this. As he knows pretty much every trick in the book himself...
I also noticed he thinks the nomad is in trouble as well.
Taverham who is TW
Read the rebuttall and whilst it looks to have some merit, I have doubts the SEC will allow the 'distance' to US people to provide sufficient defence. We shall see- however big point is when shall we see? Meanwhile TW has written a damming article and my hope is we get some sort of payout from the going private process. However given the risk here my guess is JG shelves that idea until the dust has settled. Can you run a company from inside prison, does anyone know?
The SEC tend to fine companies much more heavily than U.K. counterparts. Also not clear how much of GIS revenues and profits may be at risk.
Details of the SEC complaint can be found here. https://www.sec.gov/litigation/complaints/2020/comp24996.pdf
Despite the rebuttal in this afternoons RNS, I think there is no smoke without fire.
Off to watch Wolf of Wall Street, with the romantic notion that penny stock shysters are a relic on the 80's, now only found on film!
What a great last 7 days it’s been.
Well I liked the idea that the suspension might be due to some generous offer, but suspected it might be something murky.
Now we have the prospect of sitting in suspension through the de-listing process.
"The Company notes the decision of the U.S. Securities and Exchange Commission to file a complaint alleging that Global Investment Strategy UK Ltd. ("GIS") violated section 15 of the Securities Exchange Act of 1934 by acting as a broker-dealer in the U.S. without registration with the SEC"
Maybe.....just maybe, John William Gunn has been burning the midnight lamp looking over the QCA Code(Quoted Companies Alliance Code)
http://octagonalplc.com/wp-content/uploads/2017/09/CORPORATE-GOVERNANCE-REPORT-14.12.20.pdf
Principle 1 for me says it all-
Strategy and business model to promote long-term values for shareholders.
Principle 2 is pretty damn good as well-
Meeting and understanding shareholders needs and expectations.
Last but not least, Principle 10 - Shareholders Communications.
The Company recognises that its shareholders are imperative for future growth and
prosperity of the Company. The shareholders are treated equally both in relation to
participation at meetings and in the exercising of voting rights.
It is only being taken private, not going bust. Dividend will still be paid. I imagine when we look to sell shares privately we will get a better valuation as the point is the market is not valuing a premium to our very profitable fintech business. I’ll hold my judgement on JG and wait and see. Each to there own. Have a great Xmas all
Looks like we might be in for a good Christmas. Since Crest and expansion announcement in the UK the share price massively increased. Maybe good things happening in the background.
It will only be suspended until the results of the votes...
It should have been suspended from the moment they announced their intentions to delist, until the results were announced
I suspect they left suspension until today to protect their own interests,
hopefully the announcement is that they are being investigated by the FCA, but frankly that is pure fantasy as they are about as useful as a chocolate teapot ... in my opinion of course.
Legally, do they still have to pay the promised dividend in January?
Yes, very underhand.
Suspended @ 8.01 RNS
Sneaky on ex-div date IMO
However very interesting.