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Hi All Hi all, - I called AIM regulation the other day to ask what they are proposing to do about BHR. (these are not exact words but I am sure you get a rough idea of the content) - AIM ANSWER: - due to the fact that information about whether or not a company is under enquiry they cannot comment as it may be market sensitive........ I then asked if they could confirm or deny if they are investigating or planing to investigate BHR at some point AIM ANSWER - same as previous.......... I then asked exactly what they can or cannot do AIM ANSWER They can only enforce AIM rules and can look into a company but not the board members, and only really sucessful if that company is still trading..........I then asked if in the future we may see the results if an enquiry has taken place AIM ANSWER - unable to comment........... I then mentioned that my original complaint went to FSC then onto AIM Regulation, and I am unsure who would be able to look into the allegedly questionable way that the company has traded AIM ANSWER - we do not have indemnity insurance so cannot answer. So basically we are investing in a market that is not particularly well regulated, and shareholders are not allowed to know whether an enquiry is taking place or not, and the results of said enquiry probably won't be published due to market sensitivity. There appears to be no one else re financial watchdogs that police this market. I am considering another course of action - I am going to write to my MP and ask that this situation is brought up in the house of commons as to questionable behaviour re reporting of finances, closing of the company, dilution of shares etc, but also as a bigger picture that the AIM market is not regulated when something like this happens again. I am sure that with the current heat on banks and financial services that they will not want to have focus on more bad behaviours. Aslo does anyone know if the Financial Times has been contacted about this situation? - otherwise I am happy to start a discussion with them. #fuming!!
The letter just went on to say when all creditors have been paid there will be nothing left for shareholders.. fighting this will be sadly throwing more money away.... Only my opinion but Andy would have checked this one out if there was any chance of winning they would have taken that option... Duxi
Thanks Duxi, is strange i never got the letter but nothing surprises me any more .Still think as a group we should have took legal counsel.
I had a letter a long time ago saying there was nothing left for shareholders its time to move on I am sorry but its all gone sad rely but there you are my friend a big (CON) Duxi
Its taking a very long time to hear anything on what's happening. We used to own 80% of this company and last to know what's going on.Its a complete joke.
I think they are as sick of all this as we are they have lost a lot of money and gave it there best shot but I feel its all over now, my thanks still go to Andy Eddie Katie Red and many more Thanks again folks!!!!!
Yes I to have email Andy a few time and have not heard back.He may well be busy or on holiday. I'm sure he will look into this site at some point.It just between Andy and Eddie they know more detail of what's best to write as they were more involved.
But have unfortunately received no reply. If anyone is able to get in touch with them, please let us know their thoughts.
On here has it all gone, rely sad for a lot of us nice people robbed and there is nothing we can do about it.. Daylight robbery..
Really we need Andy or Eddie to draw out the contents if possible, as they know more of what's been going on within the company .If this could be drawn up I'm sure all shareholders would put all the names to it and demand an in depth investigation .
Hi 46, I think this would be a good idea! If you are able to spell out all the areas which need investigating I would be happy to sign/have my name added.
Can we not send a letter from all us shareholders out lining the main points for an investigation. To the serious fraud office.surly they have to take a look into it.
sorry but feel this has all gone! the committee tried everything possible on this one at there own cost....Its with regret I have wrote this one off.... I will continue to watch this site in hope there is a update but as Andy said don't hold your breath.....
i dont know if andy reads this board ,if any body is in touch could they pass UCLstudents message about police /serious fraud squad.it would be good if they could put all the teams hard work to good use against the crooks.
Guy's the last update from Andy was on 8th June as followings: 'Hi All. Eddie and I are still plugging away. Vitol had asked for all bids for the assets to be tabled by the end of May, we were not in a position to table a bid given an almost impossible task of unravelling the ownership of assets. Baker Tilly show no interest in understanding what's occurred claiming there are no funds available to pay themselves. Vitol will be looking to secure any offers above $10m to cover their losses, we can only hope there is more than one bidder, and a price above $10m could see some dispersal to shareholders post event. The company now needs to be put into receivership in order a proper investigation can occur, this is what should have happened in the first place as Baker Tilly have done nothing to resurrect the company which is the sole purpose of administration. As for conducting class actions, our efforts to enlist help to proceed with them have faltered, we are now struggling to understand why the individual who offered to help put himself forwards, as he has contributed fork all. Sorry it's not better news but I guess everybody knew the Chuckle Brothers will have muddied the water so much as to make any actions against them almost impossible. Having said this we are able to write to their new employers highlighting their inadequacies, Karstel for instance is now working as a project engineer, take a look at his linked in profile for details. In summary BHR was used for years as a vehicle to draw large salaries by a group of ex-pats who in my opinion had no intension of bringing this company to Tier 1 cost production, in the end their greed caught up with them. We will see through the process of what happens post sale of assets to see if there are funds for shareholders but I wouldn't hold your breath.'
does anybody know what the aim rules are?
I am going to reply and ask them directly if they are investigating BHR, and also if their powers only go to aim rules and nomads, please can they put me in touch with the body to report this to if its not them.
they send the same email to every complaint/request for assistance - nothing to do with us is the bottom line
Hi all, I have received the reaponse below - if anyone can translate from code to english it would be very much appreciated......... Thank you for your e-mail below regarding Beacon Hill Resources ("the Company"). As you may already know, AIM Regulation is the department within London Stock Exchange that is responsible for the regulation of AIM. We can assure you that AIM Regulation investigates all complaints made as regards the conduct of AIM Companies and Nominated Advisers in respect of their compliance with the AIM Rules for Companies ("AIM Rules") and for Nominated Advisers ("Nomad Rules") and takes action where appropriate. Please note that AIM Regulation's remit does not extend beyond the AIM Rules and Nomad Rules. As indicated, we can assure you that we investigate all complaints which relate to the AIM Rules. However, you will appreciate that confidentiality is essential in maintaining the integrity of our work and, accordingly, please note that we are unable to comment on individual complaints. Thank you for bringing your concerns to our attention. Kind regards AIM REGULATION
Hi all, I got an e-mail response from AIM regulations which was pretty generic, but it did say that if this was a case of fraud (which we all know it is - fraud by false representation and fraud by deception at least) then it should be reported to " an appropriate law enforcement agency such as The City of London Police or The Serious Fraud Office ". Whilst I believe this is probably the right way to go, I am not as well versed in the finite details of what has gone on here, knowing just the broad brush strokes. Perhaps someone more informed may wish to register a complaint with either of these two agencies on behalf of shareholders? Anyone hear anything from Ducati/Andy? Thanks.
Correct I was at that meeting only£10 for the room.....Andy and Eddie seemed very honest to me they like us have lost a lot of money .......
I'm not aware of any payments - I went to the meeting in London (which we all contributed to the hire of the room) but nothing more has been forthcoming - thats not to say that they havent made any progress. 30 ish turned up and it was a good discussion with some possible outcomes. However Its my understanding that they had to wait to see what Vitol would offer, and also Baker Tillys stance re the remains of the company. I am unsure if any more news has been issued around these 2 points.
Hi al, AIM regulation have confirmed receipt of my email (been with them a week now) if you havent already, please email them and request an enquiry Their email address is aimregulation@lseg.com telephone +44 (0)20 7797 4154
I thought there was some kind of action group and a payment was being requested at the time to take it further - if not for BHR it may have been AMI around the same time. Apologies if incorrect.
Me too, any thing to help