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Started: Gunster, 8 Mar 2024 10:14
Last post: Doppo59, 12 Apr 2024 09:39
Roger65, I hope this finds you well.
Did you manage to sell some of your holdings, or are you waiting to see what happens. Does your holding just carry over to the new "company"?
I would be intrested to see the video that you and a friend put together regarding VDTK.
All the best.
Thanks Adm04,
So do our shares transfer over to this new company
Hi Gunster.
The company has changed to be know as Earnz. The solar business was sold off. The new company Earnz has the cash from the sale and are looking to acquire a new business.There are more details in the recent RNS.
Sorry not been on here but what has actually happened.
My investment has disappeared from HL and vdtk gone from trading view.
Have they gone bust?
Last post: roger65, 5 Mar 2024 18:41
ah splendid, the new director's mates getting in on the action then. about to be fleeced again i feel....well, if you're a lth in verditek then you'll be well used to it by now. gotta laugh. maybe in 10 yrs time i'll get a few quid back from this heap of ****e
You cant' even trust this lot to get their dates right in an RNS! Says a lot about WHIreland.
We had an RNS correction stating the Meeting had been brought forward to Feb 28th. then in today's RNS it seems to still be on Feb 29th. WHI obviously really care about this one!
I wonder if the massive dilution of an extra 2.4bn shares comes before the consolidation?? If it's after then it's a bit like spending a day trampling all over an already dead body
Last post: roger65, 27 Feb 2024 09:00
Only 24 hrs before this farce is finally over.
If I ever see Robbing Richards or Gavin ‘mayhem’ Mayhew in person….
It’s not my video. Made by someone in my investment club. I’m getting a hard time from some who decided to follow me into this scam but they know I’ve lost loads more than anyone.
Roger, I'm looking forward to watching your video when this has run it's course.
Maybe there is a bright person out there who can use the video and expose these charlatans for their actions.
Some comfort for you.
I think what irks me most here, other than obviously losing over £100k, is that the BOD at no point have shown any humility for their failure and, just as Verditek is breathing its last, they don’t even attempt to make a show of trying to look after lths or achieve an end result that may provide them with even a morsel of comfort - lths who have already lost a fortune. It’s just horribly blatant and outright greed.
Last post: roger65, 23 Feb 2024 10:50
They cd buy them then have the company for at least a couple of £m rather than ask us to pay for the costs of them having it for nout.
Then there needs to be a buyer first ;)
If the Directors saw a way to get the sp up to .25p I’d just sell my shares at a loss and wave adios but at this level it’s daylight robbery.
I’d prefer to see the company go cheaply to Lindab for a couple of £m than what these rotten souls are trying. It really should be investigated. Rt Hon Lord Willetts definitely tarnished his reputation being involved and I’ll happily write to any press agencies to highlight what’s happened to see if I can generate something more damaging in terms of negative publicity for these ‘Directors’
Roger, Mr Richards is saying " please vote for my way or else it is likely that, potentially, I will have to consider something else". "Robbing Robbo" is running scared. I wonder if the GM is going to be pulled.
The smoking gun here is that they didn't conduct a proper competitive sales process for the operating company. They would have had cash flow forecasts indicating way in advance that the cash was going to run out, giving them ample opportunity.
Instead by leaving it right until the last minute, to the point where cash almost completely depleted, the impression is that they are trying to force shareholders' hands to gain the assets on the cheap.
Totally agree Roger. You took the words out of my mouth. Horrendous RNS. Makes me sick that they can take this blackmailing tone with shareholders. Won’t work and will probably make it worse. They’ve already shafted us with zero respect for what they’ve done to people’s hard-earned money; that’s already happened; if they’re not going to propose anything to actually RECOVER our losses, then the only logical thing for shareholders to do is to ensure that management go down with the ship. Must say I’ve lost an enormous amount of respect for Lord David Willetts over this. He’s totally tarnishing his name and reputation by having anything to do with this farce.
It is interesting to note that the threat actually comes from WH Ireland.
Rob Richards is probably reading this forum and gauging sentiment. The big shot would rather make an RNS about it then engaging with the shareholders directly. Weak.
Wonderful RNS which basically is a threat:
Please vote in favour so we can wipe you out quickly and without too much hassle on our part or…we’ll wipe you out anyway but it’ll just take a bit longer.
I suspect this RNS has been issued because they know the vote as things stand will fail. It’s a ‘do this or else!’ message.
They offer nothing.
Just my opinion but I have voted against because I fail to see any justification in the way share holders have been treated here by the Directors. If we go under then we all go together. I absolutely refuse to accept my money will help the Directors become rich whilst it’s mostly retail pis who have funded the company for the last few years. Crap management and underhand and decidedly dodgy objectives have been at play for far too long here and these directors should be sent packing empty handed.
Buying shares in an attempt to sway to the vote is an interesting one, whether it's worth paying a 33% premium to the placing that could follow is the thing, with risk it goes the other way regardless.
Sadly in these situations they don't tend to even call a vote without knowing in advance they've got decent shareholder backing. Whole thing is very fishy and does look like a classic PI shafting so sincerely all the best for a rebellion.
I’ve a feeling things are rather finely balanced with his vote and someone feels the need to have an extra 6m to ensure it goes their way. It hardly costs anything does it?!
I’ve been thinking of doubling my holding for bery little too make sure it doesn’t get thru
I don't know why someone would pay 0.10 for shares today when if this vote goes through they'll be issuing 400m shares, increasing the share count by about 75%, at a price 0.075 - a 25% discount from the price they paid.
That's quite a weird statement to make given I just explained how their Circular impacts shareholders. Just pointing out the obvious maybe, but how it would relate to me working for Verditek really is something out of the ordinary?
Its under the 'view shareholder meetings' tab on the my-accounts page when you first log in. Just put my 200,000 shares in as against all three motions. I'm down 95% and at this point I'm not going to let them walk off with the only bit of value left.
Last post: roger65, 16 Feb 2024 21:04
Things are never what they seem on AIM so I’m unconvinced.
The only certainty here is that Gavin Mayhew and current Directors have done an absolutely terrible job and have been fighting between themselves to try and steal it from shares holders.
You do not usually add to your holdings and then vote to wipe them out.
Started: twink99, 15 Feb 2024 14:07
Last post: roger65, 16 Feb 2024 11:10
*missed
Fat fingers…
Have I kissed something? What makes you think PH might be against it?
Well, if Peel Hunt are against the proposal, they do not stand a chance.
Yep it's rotten to the core.
As usual there is no news on current sales. I am a definite NO. 2023 H2 figures should be released, the smell is almost unbearable.
Started: DJ79, 14 Feb 2024 14:55
Last post: DJ79, 14 Feb 2024 14:55
Riddle me this:
Why on earth would shareholders vote in favor of the disposal of assets? As they mention in their Circular those assets are the most important aspect of the Verditek company. Selling those would mean that the shares that shareholders have in the trading entity on Aim become abolutely worthless. The bondholders will gain those assets and intellectual property. Of course, they mention that they will explore a reverse takeover, but why would they?
From the bondholder perspective, they would have to share ownership with the remaining shareholders, diluting their potential profits and rights. They will simply want to have ownership of the existing assets in the newco, which will continue operating the Verditek brand as they are already doing, IN PROSPECT OF INCREASING SALES AS WE HAVE ALREADY SEEN HAPPEN IN THE PAST MONTHS.
This is a simple shareholder shakeout. They will get rid of us and continue under bondholder ownership, specifically, Gavin Mayhew, owning >30%.
The options are simple:
1) the bondholders AND FORMER DIRECTORS walk away with the value of the company assets and shareholders are left with nothing
2) or we vote no and we remain owners of the assets, the company has to attract financing and could go bust, again leaving us with nothing but also the directors of the company with nothing
With the way they have been treating our best interest, it is time to say no.
https://verditek.com/uploads/document/Verditek_Circular_09.02_FINAL.pdf
Started: w2ch00, 13 Feb 2024 16:58
Last post: 404x, 13 Feb 2024 21:29
I'm not holding this but have dealt with a few cash shells. If the cash shell was abandoned and ceased trading (or if there's no reverse takeover within 6 months) the shares would be cancelled and no value would be realised for shareholders.
Any capital raised for the new company happens within that shell, so Verditek plc (or whatever it's renamed to after they've sold the opco) effectively becomes a holding company for the new enterprise. Management's incentive is they can continue to draw a wage via capital raises.
Long time lurker here, looking for some thoughts from others.
I have a few shares in this company and am considering how to vote. I am minded to begrudgingly support the motion - anything to give the company a fighting chance and recover some of the value from my holding. Lots of other companies are struggling for finance at the moment so I don't entirely blame the board for it having reached this point.
However, I don't understand this part of the disposal process: "Upon completion of the Disposal, the Company will be regarded as an AIM Rule 15 cash shell, having ceased to own, control or conduct all or substantially all, of its existing trading business, activities or assets. The Company will therefore need to, within six months, make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14, failing which trading of the Company's shares on AIM will be cancelled."
What incentive would the board have to use the shell company to make an acquisition which constituted a reverse takeover, within six months? If they have created a new company and have permission to allocate 100% of the shares, surely they would just use this new company to raise capital, and leave the shell to cease trading? If someone could explain to me why the board would do the reverse takeover (i.e., why it would be in their interest to do it), that would be appreciated. As otherwise it just looks like they're gifting them all the assets and dumping the shareholders (turkeys voting for Christmas being the analogy which comes to mind). And if that's what they are doing I will certainly vote against.
Second question - I presume there's no way we can engineer an ousting of Rob Richards as CEO? I'd be much more willing to vote for the proposal if his departure was the quid pro quo.
Yep once it’s up. We’re waiting for the next RNS which tells us it’s all over and that the BOD ‘did all they could’ to try and preserve the interests of all shares holders. lol
Happy to see it. Will you post the link?
Given what's happened here over the course of the last two or three years, right back to the supposed 'burglary' and repeatedly delayed Certifications and constant tiny changes to the products so that they were always having to go back for reappraisal time and again, surely you don't give RR any credit for being a decent human being? Jeez.
There will be a short video released on Youtube very soon which gives a run down of the actions of Verditek's BoDs over time and its recent 'suggestions' to help 'secure' the company. It highlights the involvement of the Rt Hon Lord Willetts, the Chairman and all the Directors, especially dear Rob. Lovely man. It's hilarious and will make people think before they throw their hard earned cash into scams, sorry companies, such as Verditek. It also ends with a very funny send up of Rob Richards' other company which of course, as if by magic, will benefit hugely from what's happened in the wiping out of VDTK ordinary share holders. Just imagine what could happen if some kindly folks in the Press got wind of it..nudge nudge wink wink.. And before anyone worries about it, one of the members of our Investment Club is a retired lawyer who worked for Linklaters and also Morgan Stanley for 12 years. He says there's nothing illegal or that can be challenged in the video....because it's ALL ABSOLUTELY TRUE and irrefutable, even though when it's all laid out it seems utterly unbelievable and farcical.
Do you have more details because this is of course a pretty hollow claim
I feel very sorry for shareholders here. I worked with Verditek a few years ago and can testify RR is the most obnoxious man going
Started: roger65, 8 Feb 2024 15:45
Last post: roger65, 8 Feb 2024 15:45
Was right about Rob Richards all along. Wish I'd listened to him.
Started: twink99, 7 Feb 2024 17:03
Last post: roger65, 7 Feb 2024 17:30
Couple of million to Lindab is chicken feed.
I would have no qualms now voting for a buyout even at that lowly figure. Far better that than seeing RR and pals pick this up for nothing having let pis pay him to run the company into he ground.
Please vote against everyone. Our best chance of getting anything is to vote this down and the BOD try to sell the company on the open market. Someone will buy it and for rather more than £500k. If we are to lose everything then so should the Directors.
I think they need 75% to approve. If the AGM deal was scrapped because the major shareholders did not want the board to gain control by the 100% placing it is difficult to see why they would agree to such a blatant giveaway. If you approve, you are certain to lose almost everything. If you vote against then an alternative will have to be considered. It seems to me that it is a no brainer and I will be voting against. This is another attempt by the board to use the threat of collapse to ensure that they get their way. There has been a reasonable amount of buying today, so at least I am not alone in saying to the board " bring it on, if I go down so do you"
Not sure what else they can do. Bondholders have loaned the company £100k effective 6 Feb. They already have control and voting down the proposal would collapse the company.
Not sure why the mcap is still £600k. The deal would leave a cash shell with £50k (which will doubtless dribble away in 'admin costs') so either an AIM listing is worth over £500k or a counter offer is expected by some. I hope that white knight shows up but I'm not tempted to take a punt on it.
Anybody other than the bond holders that vote for this proposal must be mad. Not even 40 pieces of silver are on offer. I cannot see how the board are going to get the necessary votes to get this through. The company is almost up for sale.
Started: roger65, 7 Feb 2024 14:29
Last post: roger65, 7 Feb 2024 14:29
...someone in this sector is going to realise there's a basement bargain to be had here. There is over half a million quid of stock let alone the IP and future potential earnings for someone who can actually sell the bloody things!
£2m would get my vote where as the current slap in the face will receive what it deserves. Directors need to offer lths at least something to get this through. I"m in favour of voting against even if I lose everything. I will not stand by and hand everything to RRs on a plate
I’m amazed Lindab or MErrotile aren’t making a counter bid of £1.5m. For the IP alone it would be a bargain
History has taught us that this management are not to be trusted which means we should do the opposite of what they request.
I fear there may be deal costs that, in the end, mean the shareholders are completely wiped out.
We either almost certainly lose everything and vote to allow them a few more lavish holidays or we certainly lose everything and take them down too.
Which do you prefer?
I'm amazed the stock isn't much lower today -maybe I'm missing something.
Heavens sank Roger, I really do feel for you, as no matter how much money you have £1000.000 is a lot of money.
My £2000.00 is bad enough to losee for me. Main problem with Verditek panels is that they are far more expensive than the competition. Also why spend so. Much on R&D if you are not selling the ones you have developed, and getting cash into the business.
Thank you.
I have over 7m shares here, bought over the last 4 years, and they are almost worthless now. Over £100k down.
I’m left with little choice it seems: accept I’ve lost the lot or take another huge gamble that someone might actually be able to do something with this technology and the products which are excellent. Seems Gavin Mayhew might be at the heart of a new team taking it forwards. At least he put some of his own money into VDTK recently.
What ever happens I just hope and pray Rob Richards will not be involved.
Dare I ask what others who still hold shares here will do? Feeling gutted even though I knew something like this was inevitable.
Roger65
Verditek will sell all of its assets for £50,000 in cash and cancellation of its loan notes.
You keep your Verditek shares which no longer has any business or assets but it retain it stock market listing.
A new management team may put some cash into Verditek and try and find a new business venture to buy.
The alternative is probably insolvency and you get nothing for your shares.
Started: roger65, 1 Feb 2024 17:21
Last post: roger65, 7 Feb 2024 09:26
Is that the one Rob Richards is involved with?
It wouldn't surprise me in the least if he has deliberately held VDTK back so he can make the most of it with this other company. Should be illegal.
All the signs have been there and I've even recognised them but simply didn't believe people could be allowed to do this with listed companies. Shows just how crooked AIM companies are and the Directors who run them are.
What a loss! My own fault. Well, with a little help from RRs too
Have a read up on fly solartech Roger. You may notice a familiar name and location
This from the end of Nov RNS
..the Company is in discussion with a potential strategic partner, active in the solar energy space, concerning a possible collaboration including taking a significant stake in the company and a possible Joint Venture.
Sounded good until share holders realised they wanted to be a 50/50 partner for no cash. I am fairly sure that will have been MTG or Lindab and once the BOD were told what to do with giving at least half the company away there is no deal and VDTK will either be taken private or its IP bought once it's gone into administration. Either way share holders are going to lose everything here. Typical AIM crap and truly questionable and shady management. Fully expecting the axe to fall next week.
Started: MORWENATRELAWNE, 7 Feb 2024 07:21
Last post: MORWENATRELAWNE, 7 Feb 2024 07:21
Do they expect us to vote in favour? Show us why it would be worth it.
Diabolical treatment of shareholders. No news for months, and now this.
Started: MORWENATRELAWNE, 2 Feb 2024 08:54
Last post: Jenkoo, 7 Feb 2024 07:15
Careful what you wish for and all that Roger …..
board are terrible. Shocking rns but not entirely surprising.
J
Moron's what??
Why don't they just put us out of our misery?
Moron's.....
Started: twink99, 31 Jan 2024 08:59
Last post: roger65, 31 Jan 2024 22:17
Nah, I reckon it’s over. Buyout on the cheap is our only hope. £1.5m if we’re lucky
Huge number of bot trades. Not sure what that's all about.
I seem to recall that MTG were meant to try and sell 850kw worth of panels and that this meant costs could be cut by VDTK in manufacturing in bulk rather than piece-meal. Or have I completely misunderstood that?
Yes they sell products. However, the costs still exceed revenues. In fact, based on interim results 2023, operating costs exceed operating revenues, so even to get a product costs more money than it brings in.
Roger, Verditek have a product that is selling. That means it has value. Metrotile do not seem to be concerned that their product supply is going to stop,
Started: twink99, 31 Jan 2024 15:21
Last post: twink99, 31 Jan 2024 15:21
I agree that administrative costs are way way too high The loss per £ between revenue and costs is coming down and the move to the new factory should bring costs down even further. If sales are rising, economies of scale should help. I still believe that the company has a decent value due to the proven sales of its product. Whatever happens I will one of the last to know about it.
Started: twink99, 30 Jan 2024 10:46
Last post: roger65, 30 Jan 2024 16:30
I admire your optimism twink. If I walk away with anything from this it will be a very pleasant surprise.
atb
Roger, I share your frustration but things are beginning to turn. Metrotile are only the UK arm of RTG. Similar mock up roofs will be ongoing all over Europe. RTG believe in this product hence the investment. If you look at the article from Metrotile on the 12th you can see how good the product looks. Why Verditek have not mentioned these bits of good news is strange.
Started: twink99, 30 Jan 2024 09:53
Last post: twink99, 30 Jan 2024 09:53
Look on David Padmore blogs on linkinin. He is the sales director at Metrotile. Dion Black posted that a mock up roof had been built for a major house builder. Says they were impressed with the whole setup and is confident of at least a pilot order.
Started: SandyS, 30 Jan 2024 08:56
Last post: SandyS, 30 Jan 2024 08:56
Had a good look, but can't locate this little piece of news. Could anyone please provide a signpost? THX