Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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With safestyle gone under surely they should sell all assets to pay debts.
So why today do I see a 23 plate safestyle van on the road. 🤔
Thanks Boar that's useful to see. My holding also dropped off my acc. Strange as I have shares in mccolls that still show from over a year ago...
Strange HL are still pushing the point on a possible liquidation payment. I reached out to KPMG and they told me that there was no cash for us. Hopefully something has changed.
Crooked that they are back up and running in an identical guise!
I have received a reply from HL, posted below.
Thank you for getting in touch.
I am sorry for the concern caused.
The company's admission to the AIM was cancelled on 12 Feb, so they were delisted at that point. It is fairly common for a company in liquidation to delist before an initial liquidation payment date has been set.
As mentioned in our message, we expect for there to be a payment to shareholders however when and how much this will be has not been released yet. This is also quite common. Unfortunately these processes take time, however we will release this money to shareholders once we receive it.
Hope everyone is making up losses accrued here and there seems a slim chance that we may receive something back.
So there isn't anything left for shareholders! HL made a 'mistake' apparently 🤥. Well I hope whoever sent that email out has been fired. Probably got a promotion lol.
I wonder how many people voted for the resolutions believing the 'mistake'? 🤔
I will email HL and see what they have to say . I’ll post the reply in here when I get one .
All the best
You’re welcome!
Bit of ashame really, as you say it would be nice for once to get something back from a bad situation. I was surprised they attached the SOA. Maybe when they delve deeper they will find a few quid for us but seems very unlikely.
I wonder if anyone plans to respond to HL’ statement, I don’t use them and Halifax didn’t even bother sending a note so I won’t be taking any further action.
Best wishes
Hi Gordon, thanks for posting the response you got from the liquidators. I have reposted the email from Hargreaves lansdown. I wasn’t expecting much but for once it would have been nice to have not have been lied to. I voted against all resolutions so part of me feels satisfied that I didn’t fall for it.
What is happening?
The board of Safestyle UK plc has announced details of a proposal to liquidate the company and return cash to shareholders. The company will appoint a liquidator subject to shareholder approval at an extraordinary general meeting (EGM) to be held on 10 January 2024.
How to find out more and vote
You can vote on whether the liquidation goes ahead online. If you’re already logged in to your account simply click here and select the ‘give instruction’ link next to the relevant shareholder meeting.
If you’re not currently logged in, you’ll need to follow the steps below first:
Log in online at hl.co.uk
Select ‘view shareholder meetings’ which you’ll find under the link to your secure messages
Click the ‘give instruction’ link next to the relevant shareholder meeting(s) and follow the instructions.
You’ll need to do this before 7pm on Thursday 4 January 2024 so your vote can be passed onto the company before the shareholder meetings. If you’ve recently bought shares, it will take 2-3 days for you to be able to vote on these.
We’re not able to accept instructions through the HL app.
How much will I receive from the liquidation and when will this be paid?
The company is expected to have sufficient cash resources to make distributions. The date for these has not yet been announced. We will contact you again once we have received confirmation.
Other information and warnings
Should you have any queries relating to the liquidation please contact us. Please note, we can provide factual assistance but cannot provide advice about which option you should choose.
Yours sincerely
Mya-Leigh Sim-Jones
Corporate Actions
Unfortunately the SOA attached shows their are zero assets which seems pretty fishy to say the least, preferred creditors -4.2 mil and unsecured creditors due -2.56 mil.
Not the news we wanted guys but was probably what we all expected. Corruption at its best!
So seems the notification from HL was wrong, here's the response I received back from the liquidators.
Good afternoon,
Apologies for the delay in my response.
It appears that the letter that you received from Hargreaves Lansdown has mistakenly suggested that there is cash available in the liquidation. Please see the enclosed statement of affairs in which you can see that this is not the case. Whilst the Joint Liquidators intend on verifying the information provided within the statement of affairs now that they have been appointed, at the moment it appears that there is no cash available and therefore there will be no distributions made to shareholders.
In addition to this, you will appreciate that any distributions made to shareholders, such as yourself, will rank after any dividend paid from available assets to creditors with admitted proof of debt claims. This makes it therefore highly unlikely that you will receive any distributions.
I appreciate that this is not the news that you had expected, however I trust that this has sufficiently explained the situation.
Who know Bond, You would think it should be someone independent otherwise its open to question. Id imagine the broker collates? even so not independent!
Lets see if we get anything as HL suggest.
I suspect we won't hear from anyone who voted for the resolutions, which makes it all the more difficult to believe that the votes passed so easily. We only needed 25% to block it. I'm sure we had more than that!
Does anyone know how these things work? Is there anybody independent of the company involved in the vote count to ensure it's done honestly? Not that I'm suggesting anything fraudulent has taken place lol 😄
You never know
The way the share dropped the last few days of trading you would think .32 would be a fair distribution
Haha that's funny. Can you tell I've been ignoring these? :)
I wish it was but yes that is the suspension price
Aklee, it was 0.32 at suspension
Not sure if it means anything but the price shown on my ii account has reduced to 0.32 recently. Perhaps a sign of the price being paid...who knows
Hi Gordon thanks for the empathy regarding copl, well done on getting out hopefully without a loss. I actually sold some copl shares to get into here thinking we might see a bounce just prior to suspension. I bought at 0.45 . I have no idea as to the amount we might recover back.
Hi Wildboar,
Sorry to hear about the stress COPL is putting you through, having been invested there in the past and now watching from the sideline I understand where you are coming from.
Like you I voted against having 859k shares, I was quite surprised only 6 mil voted against given my vote alone makes up a decent portion of that.
Thank you too for confirming the HL statement. I did believe Stug but it’s always nice to have it confirmed. Any thoughts on what value may be returned? My initial thoughts were .25p which is lower than the suspension price and only a few hundred k! Anything less would be pretty insulting anything more a bonus, in my case at least.
I hold 665,000 shares and I voted against all resolutions . I did receive the message from Hargreaves lansdown about distribution so the content of the letter posted previously here was correct.
I have been busy losing all my money in copl so not been checking here much. I voted against resolutions here partly as I have completely lost faith in trusting the BoD’s in all companies under stress (because if copl experience) and partly as I believe the message I received through an email from Hargreaves lansdown should have been RNS’d to all holders. I am almost certain we’ll receive some money back however I am not expecting much, not based on anything other than a hunch.
Good luck to everyone holding
Just curious but how many shareholders here voted for the resolutions? If so, what were your reasons? Trying to figure the rationale behind it.
Did it too mention the distribution
I got a letter but was after the vote
Will do beach! Did anyone else receive the notification from HL? I use Halifax and got nothing, not the first time either.
Thanks Gb1, let us know what they say...