Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Overall they are gradually losing all those at the wheel. This is not the signs of a company that intends to return to the market. The fact that they are unable to pay creditors seems even more bad news! Where is all the money they supposedly had in the bank gone? I was suprised the final broker did not quit last week. Maybe asked to stay on for a few more days? Be very suprised if there is anything left at the end of this.
Well, that is that. I am pretty sure I know who the main creditor is and they will take what is left of the cash pile (if that even exists). Once all the lawyers and etc. have had their cuts I doubt there will be anything left.
Further to the announcements of Monday 26 October and Wednesday 28 October, the Company continues to work with the relevant parties to seek to establish the current financial position of the Company and is aware that various payments are due to be made in the coming weeks. The Company has received a letter from its main creditor in which it states that it is aware that one or more events of default have occurred and that it reserves all of its rights and remedies in relation to such event(s) of default. The main creditor is still considering its position. Gavin Burnell resigned as a Director of the Company, and Lorraine Young as the Secretary of the Company, on 29 October 2015 with immediate effect. RBC Europe Limited has today resigned as Nominated Adviser and Broker to the Company with immediate effect. In the event that an alternative Nominated Adviser is not appointed within one month from today, then, in accordance with Rule 1 of the AIM Rules for Companies, the admission of the Company's ordinary shares to trading on AIM will be cancelled. Further announcements will be made in due course, as appropriate.
Why did you buy this share????
Seems little point fining the company if it turns out the CEO or FD have run off with the money or delibrately faked the accounts to show a company outperforming way beyond what really existed. Especially if the share ends up in Administration with the parts being sold off to pay the debts. I doubt the fine would ever be paid. I think it is better to chase those responsible so they can't do this again. An example needs to be made of those involved here. Least so they can't run any other companies in the near future.
Asbury: Probably because AIM is so poorly regulated (if at all) it attracts crooks like bees round a honey-pot. (Yet another profound statement from Piltick!) It wouldn't surprise me if the FCA decide to fine the company for breach, rather than the perpetrators, thereby reducing shareholder value even further. Isn't that more or less what happened with the banks?
This is such a sorry state of affairs. I managed to convince one of my firends to reduce his holdings here after the Paul Scott article i posted here. He has still lost thousands. Yet he still held with the believe they had a industry recognised product and were making good money. He had also read the IC article and used that to defend the company. Paul Scott has since commented further on this share and some of the RNS that have been made. He feels vindicated now. I think the IC had a duty to it's readers after writing that article. Which may well have encouraged many to invest thousands in this share. Did teh IC article comment on the shorting of the share at the time? Many people here have been duped. Others chose to ignore the red flags thinking the shorters were just trying to scare investors. Unfortunately in this case it looks like the shorters got it right. The sale of Costis shares now explains the high share volumes over the past few weeks. I wonder how long he had been dumping the shares?? Could Forum of unwittingly of bought 18M of the shares?? It would seem to fit in with the numbers talked about here. It is mind boggling just how much a firm like this can get away with. Even more bizarre that many of the directors and staff seemed to know nothing about it. This whole situation will leave many questions about Director share dealings, auditors, credit ratings of firms. How the FCA investigate firms. Do they really need to wait for Gbo to tell them something is wrong before they start an investigation?? I am suprised no one reported this 6-12 months back when many strange things were going on. If they find the bank accounts mentioned are fictional this will only add more questions. I also wonder if Costis is still around to face the music or will he have run off? Money siphoned off to other countries. Be a few weeks before we really find out anything. I hope for investors sake the parts of the ACTUAL business are more than the 40M debt. GLA.
need to explain their limitations...atm how do they recognise fraud? .. probably listed companies shd be asked (or required) to allow auditors to expand their scope to include random forensic investigation of management accounts ...companies that don't allow this shd be avoided imv
Has anyone seen or had any kind of response from Grant Thornton as yet over all this? Whilst we all wait patiently for any formal update here, an important point to note is that a clean audit report was signed off on 29th May 2015 per group accounts filed at Companies House. Is it correct to say that any irregular or fraudulent activity that took place (which from my understanding, has yet to be formally confirmed in terms of the precise details) before this date should have been brought to the attention of shareholders by the auditors before the accounts were signed off? There are lots of questions but no real answers as yet. I would like to hope that when the company is ready to, an EGM will be scheduled inviting shareholders to attend to get some straight answers here about what the situation actually is.
should not have unfettered access to their shares...simple lesson ...why shd anyone trust that they will act honourably? ...imv It shd not be a matter of trust...their shares shd be escrowed and only sold under strict scrutiny
So sorry to see what has happened here, for those invested. How is it so many AIM directors are such a shower of whatever? Suppose being 3 Bubbles at the top should have been a red flag. If that is correct about the FCA being unaware of director share sales, it is another example of their pathetic inadequacies imo.
...should read "CEO selling a large chunk of his shares" not the CFO.
ST has written an article in this week's IC. He is most upset because he tipped Globo not so very long ago. He has contacted the FCA to make sure they are aware of what's been going on and to insist that the CEO and CFO are prosecuted. He says that the FCA didn't know about the CFO selling a large chunk of his shares until he told them. Well, is that a surprise?
only just catching up on this now, lordy, what a horror ... Sorry for anyone caught up in this :/
MM was highlighted in one of my previous posts. Obviously taken in dribs and drabs, shifted to unsuspecting PIs , who would have run a mile had they known.
Very good question and one I had been wondering... Any ideas anyone? Thats a serious amount of money for someone to fork out at that late stage!
Hi Spin, An administration is the obvious conclusion to this, i would have been very surprised if the company had not called them in.... Their function is to try and keep the business running as a going concern while offering some protection.. I am not invested but wish you well.....and all the other holders and employees whose livelyhood is dependent on the outcome...... GL
At straws but is there anyway company may not go tits up?
Who bought Costis' 42m?
today and left a message. his mobile number is posted on advfn. no reponse yet but i was going to ask him how come they dont just check the bank balance which will take all of 30 seconds and inform the market what they find.
I guess the figures and profits were too good to be true. What's the old saying? 'Beware Greeks Bearing Gifts' How bloody appropriate, B*stards!
thanks for sharing..... your were in for a lump, I hope you can make it back on other investments. gl
take a look on the iii board there is a well informed and credible poster called eagle 51. He uploaded some posts yesterday that he made in 2012. Basically he analysed the company and shared his thoughts. as it turns out costis or someone close to the company reads the boards(big red flag imo) and emailed him in a threatening manner trying to counter his claims. apparently costis had done this with a few posters across the BBS. please share if anyone has had a similar experience. qute an interesting read
their chosen name proved a good one ,globo