The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
with a �30 million tax bill missing from the liabilities ???
good post ji,this should be ttached with all our lteers to SFO and FCA ,KPMG are dissmal at their jobs ,how can they call them selves an audit /accountacy outfit,these ppl need to be brought to accountability and severly punished ,its on these ppl that investors rely upon ,if they lie and get it wrong they need to be punished
No space left. The emphatic statement that everything was ok going concern-wise to year 2019 and the endorsement to that effect in the half year results published in Jan 18 by KPMG. Why are KPMG allowed to practice after Carillion, CVR and many more. Need to sling arrows at the Accountancy and Auditing regulatory bodies. SFO is a soft touch!
Extract from 2017 a/cs 2. Accounting Policies The principal accounting policies applied in the preparation of the consolidated financial information are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated. Basis of preparation The Consolidated Financial Statements for the 52 weeks ended 30 April 2017 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial information has been prepared on a going concern basis and under the historical cost convention. The Directors have prepared cash flow forecasts for the period until April 2019. Based on these, the Directors confirm that there are sufficient cash reserves and available working capital facilities to fund the business for the period under review, and believe that the Group is well placed to manage its business risk successfully. The Group is forecasted to be cash generative going forward. For this reason they continue to adopt the going concern basis in preparing the financial statements. INDEPENDENT REVIEW REPORT TO CONVIVIALITY PLC Conclusion We have been engaged by the company to review the condensed set of financial statements in the half-yearly report for the 26 weeks ended 29 October 2017 which comprises the consolidated income statement, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows and the related explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the 26 weeks ended 29 October 2017 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the AIM Rules. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express a
bestways cash and carry picked up the retail shops ........still asking ,if the value was there why did it go into adminstration...cant seen to justify the outcome
Hasi,you just fill in box's,then the message box at the bottom.I'm sure SFO would be happy with a selection of statements,its more genuine.
Today 17:27It would be helpful if somebody draft a letter here ,with a bit or more knowledge how to put the letter in an organised way so we can look at it and maybe copying it so we all focus on the same main issues. Any thoughts??
It would be helpful if somebody draft a lerrer here ,with a bit or more knowledge how to put the letter in an organised way so we can look at it and maybe copying it so we all focus on the same main issues. Any thoughts??
mattwales . Sent mine to SFO . Thanks for yours. Let's see what we hear back within 20 days
Now we know the true value of Conviviality, a little less than �8m in equity and to think it was once valued at over �750m less than two months ago, a bit of a disgrace,
may have bought to show a false pretence and to entice the Pi to buy as well,probably used copany funds ,splashed out 150k of stock as a cover up...
To me the 5th of February 2018 was the date they all knew. They all bought in and those who needed to plea the greatest ignorance before the truth was revealed were,Steve Wilson,chair of Audit committee,48500 shares,Mark Moran,CFO 60,000 shares and of course Diana,50,000 shares. Does anyone else have another reason why they would buy?
matt,I think you have summed up the chain of events / thef by the company and its directors and advisors
Rumour on twitter saying sold to Bestway for �7.5 million, think someone got a bargain
shareholders need to voice their concerns to the FCA and SFO. The more letters they get the greater the chance of them investigating shareholder concerns leading to any prosecution.
On 9th March i purchased Conviviality shares LON:CVR just after the CEO of the company Diane Hunter purchased almost �50000 of the company shares. Later that same day the finance director also bought over �120000 of shares. My concern is 2 days later the company issued an RNS suggesting a �30m tax bill they hadn't accounted for which led to the groups suspension. At the time of the first profits warning both the CEO and Finance director would have been aware of the companies accounting position. After the initial purchases by the directors of the companies it became public knowledge that institutions had sold out some or all of their positions like they had been tipped off to get out. Also the day before the first profit warning Investec the companies nominated advisor and Investors Chronicle both issued BUY signals to their clients like they were colluding to orchestrate retail investors buying the shares of Conviviality as Institutions were exiting the company. I believe a serious investment fraud has been orchestrated by both Conviviality directors and Investec their nominated advisors and possibly even KPMG the auditors of the firm. I hope that you can investigate this ASAP because it needs to be substantiated if the directors knew (which they couldnt have possibly forgotten a �30m tax bill) as it appears to be a clearly designed fraud orchestrated by both the company and Investec to defraud retail investors who bought after the director purchases of shares on the day of the profit warning.
if you feel its fraud which i do fill in the following SFO form which i have. I have also contacted the FCA a week ago with my concerns. Its all we can do. https://sforeporting.egressforms.com/
From the article, but there is more to it than KPMG. IMHO it has been a massive perpetrated FRAUD and SFO need to get involved. "Now, as the hangover kicks in, the recriminations are beginning. Former investors in Conviviality are considering a lawsuit, while the chair of the work and pensions committee, MP Frank Field, has questioned the role of the auditor KPMG, which also ran the rule over the books of the government contractor Carillion before it failed."
https://www.theguardian.com/business/2018/apr/05/conviviality-administration-bargain-booze-wine-rack-owner-acquisitions Forgetting that you owe �30m in tax is pure negligence of responsibility. What these company failings do...is highlight...the poor performance of NED's who are supposed to be appointed to provide an independent view of the company and look out for reg flag scenarios. They often appear to be paid for adding nothing of value Shocking chain of events here....the ex CEO, with a Porsche Cayenne, oblivious to the tsunami brewing .... -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- " 1 in 5 CEOs are psychopaths, study finds " https://www.telegraph.co.uk/news/2016/09/13/1-in-5-ceos-are-psychopaths-australian-study-finds/
I lost only �2,500, bought on a punt just before they were suspended, & I am furious with with the situation, so I really feel sorry for you Robo and all others that have been conned. Robo, hope you recover your losses soon.
The more awareness that is raised with that link, which is the same link my relative used, the more something may a) get done and b) hopefully Stop directors of other companies from applying the same logic that they can get away with taking money from private investors in this way It is extremely unlikely to get any money back, but justice would be nice, and that is all we can hope for now. It is a sad state of affairs. My thoughts go out to all who have lost. The way the directors treated private investors is beyond belief! It only takes about 5 minutes to log a report.
https://www.met.police.uk/report/fraud/ Perhaps we need to draft some sort of a letter of cvr events so all investors use and e mail to above to investigate those scumbags. Your thoughts?
Hi Robo, I have been watching your posts for a while. I am invested in BOO and EVRH and value your posts, and Jambons. This sounds like a huge loss you suffered. I know of a relative who lost out on CVR when trading was suspended, who has reported this to the Police fraud department because of their concerns to how the information was presented in Rns publications and the timing of director buys. There is already a case file open.
Same from me Robo. All the best. I know some of the pain and hurt and it is horrible to deal with personally. Good luck and all others here that have fallen victim to an elaborate play that will never get uncovered and no one will be punished.