Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Below Should read line 6 I mean a way forward was put to the BOD for funding........
I bought in just before the EGM. I didn't expect the BOD to suspend the shares before the vote . I didn't expect them to throw there dummies out and put the company into administration to spite the shareholders keeping the good bits for themselves . These guys are crooks and need to be brought to justice. I mean a way for was put to BOD for funding from the action group, they totally ignored it. This administration was planned for, they are criminals.
separate things will have to be done here. 1. Try and work with administrators to get company assets fully realised. 2. We still have a mine which is not in administration. So need to work out a plan to realise this as well. Could we get this relisted ? 3. Bring a class action against the BOD for running company into the ground over the last few years.( I see this as a way for long term holders to get some of there losses back ). IMO
I've unfortunately put £17k into this and have no money left to contribute to any Class Action. So be it. I wish everyone well who may have the funds available to pursue justice, but I can't afford to do this, so I'm forgetting this share now. It's gone for me, written off. I shall record it as such and move on. Best wishes to those who remain, fighting for their investment, but for me, a real long-termer, I may as well sign off now. Good luck all, for now and for the future.
Best to forget this crap and get on with our lives then. Commiserations. It's been an experience, but lessons learned. Good wishes for the future.
Aye, fair enough.
Fair comments UCL. Just wasn't sure. Yeah, so the longer termers on high averages and lowish amounts of shares are absolutely fooked. Yep.
I should add that if successful, compensation would be awarded as I see it to those in the class action, but then, the administrators on behalf of the company I assume, would have difficulty in trying to prevent payouts also to other genuine shareholders, as a precedent would have already been set by the court, but only if there is a cause of action worth pursuing, and if it were successful of course. Just my opinion, but a barristers opinion would answer this for everyone concerned.
Just popped in again, Beacon Hill Resources is a UK listed company at companies house therefore the company can be sued within the courts jurisdiction for England and Wales as their registered office is here. They are based in London and interestingly, companies house webcheck site states that the company is still active. I assume I am looking at the right company, sometimes doubt myself, but I'm sure I am. My fear is that as I said some weeks ago, it would have been best to have sought legal action then when this started brewing to see whether an injunction could be obtained from the High Court o freeze assets but that has now gone by the board due to the company going in to admin and nothing happening. Now it's down to the administrators and I think the leaders of the action group need to find out quickly from the administrators what their plan is, and if at all possible, take a barrister along to that meeting. As I have said, in view of the financial difficulties of funding lawyers, I personally take the view that direct access is the route to take to get a barrister on board and get a barristers opinion very quickly. If someone or a few people were prepared to finance that then it would be a start, and you can always ask for a fixed fee consultation or set a limit for initial work but I would suggest that the action group try and arrange a meeting with the administrators and a barrister all on the same day, and if possible, take the barrister along to the meeting with the administrators, and then have a separate meeting with the barrister afterwards to discuss a possible plan of action so that the group can then report back in one go, perhaps by way of a group meeting in London the next day? These are just my views. I am trying to help as best as I can, even though I was called all sorts of nasty things a few weeks ago, but I am genuine, and do have a holding, and am not in any way connected to the company nor Litigation101 whom I think I rumbled as JFJ! Finally on the point of any pay out, again, I believe any pay out if achieved would have to be on the number of shareholdings of all shareholders, regardless of price paid, as that is the risk we all take of course, and that if an action was successful, then obviously an order for costs would be made by the Court so that the legal costs are reimbursed! Best wishes all.
Doorway you are missing the point. Class action has absolutely nothing to do with realising the residual value in BHR: this action is more to do with individuals suing individuals for misrepresentation, malfeance, misfeance or whatever. The key here it is individual(s) against individual(s). So if enough individuals want to bring a claim against individual(s) and the grounds are the same then they can roll it up into a class action. Costs are shared amongst those bringing tha action as are the proceeds, if any. Go back and think it through. Mr x buys 10m shares at. .03p the day before the gm , he spent £3k on a punt and then sits back, doesnt contribute to the class action but expects to benefit whilst others take the financial risk. Sorry but get real. Anyway i temain to be convinced that there is any merit in pursuing such an action anyway; JFJ and RK are as individuals outside UK jurisdiction, I believe.
So only people who put in money now for court action should get paid out.... What total tosh....it doesn't work like that....I'm not saying it's fair for for people to put more money in to fight this but it's for all shareholders....to try and divide this up would be impossible....say only 2 people pay in your saying they get everything...then your as bad as the bods
First I think we need to separate the possible class action from the moves being taken to get some value back from the assets through the administrators. The latter, if successful, will always be divided on a per share basis if any asset value is realised. As for the class action, that surely has to depend purely on contribution made to pursuing the action. If you want to take the risk, then your return should be in relation to your risk. However, if lawyers do taken on a no win no fee basis, then I can see merit in both arguments ie number of shares vs amount paid for total holding. In reality, I believe there will be a cost to any class action and people willing to risk money should be the beneficiaries in proportionate measure to their financial commitment; I am sorry but I cannot see any other way of people volunteering to finance such action. That aside, has it been considered that our friends JFJ and RK are not (to my knowledge) UK citizens nor UK residents. Therefore if civil court action is taken against them, how is that going to work out in a UK court? They may not attend to defend any action and if the court rules in their absence how is any judgement going to be applied outside UK? I have severe reservations about pursuing the individual directors for damages (whether through a class action or otherwise). Please feel free to shoot me down if I am misreading the situation.
I am in the same boat as you and though the numbers of shares I hold are not great compared to many I purchased at a price many orders of magnitude greater than they are today. This has really soured my views on aim investing, in future I will stick to FTSE 350 where there at least is some regulation.. I think that any compensation would be based on the number of shares held so unfortunately the long timers will be the ones to lose out. (really wish I sold when they hit 4p but as with all things you hope for a recovery and nobody likes to crystallise a loss. A big lesson learnt here ). I have been following the board and want to wish the action group the best of luck. I have signed up to the website but not sure how much help I could be as I am a businessman and don't have a legal or forensic accounting background, and this is increasingly looking like one for the lawyers to chew over now. But you have my best wishes and thanks for the sterling work so far on all of our behalf's.
The only shareholder that may be excluded is the hairdresser as that may come down to insider trading
If we're lucky to get anything back it would have to be split between all shareholders and the amount of shares you own and not the price you bought at as that is ridiculous. Still that's jumping the gun anyway and fair answers would be a good start
Eric, if we had been offered a price per share by a company, say, 0.5p per share, it wouldn't depend on how much you originally paid for your shares, it would depend on how many you OWN now. Therefore, if any class action results in compensation/damages, it is considerable that prices should EITHER be paid per share, or between the amount of individuals who actually partook in such an action. Unfortunately I see no merit at all for your argument, and it actually just further complicates things and sways people from pushing this further if too many suggestions of how to split compensation are proposed.
Just popped my head in here again and glad to see you are now taking note of what I said a while back that you should have a secure site so that the company cannot read your intentions and that you should seek legal advice, and the pointers that I gave. So far as whether only actiong roup members would get any money back if successful, that would of course be discriminatory to other shareholders in my opinion and in any event, if successful, those who funded the action would get an order for costs, so hopefully get their money back, but all I would say is, don't embark on litigation unless you get a very favourable opinion from counsel, and remember, a solicitor is like a GP, gives general advice, it is the barrister who is the specialist, and to save money, as I said, direct access to the barrister is the way to go! Good luck all.
Sorry if that has already been mentioned but why don't we have a close group on fb and the only way to become a member and your genuine prove your bhr holding
Hi UP - If you want to send a private message to the Action Group, you can send it to bhrshareholders@outlook.com Thanks
I want to set down an email to the BHR investors management Andy & Co. What is the email address, this is not something for public review. Katie & Andy & Co can you help? - Thanks UP
The last trades took place.
Sorry, that was further to your 12:52 post.
Shouldn't the Class Action consideration/breakdown really depend on how much you paid for your shares, rather than how many you hold? Not sure.
Feel for you Obi. Many of us have lost thousands here. We can only put it down to a life experience that didn't work out, but an experience nonetheless. Our investments are gone, quite horrifying, but we may see justice prevail here, so there is still a chance of a favourable outcome on that front, if not a favourable financial one. Best regards, and good luck.
What I nice person you are the truth as it is. But we have not lost yet Andy & co are on there case some great people working hard on this one. Have faith all is not lost good luck.......