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Totally agree with you on this Tillerman and whatisname is often quite right. IMHO JM and the Bod have not acted in the best interests of shareholders and therefore should be removed. Once they knew that DBC would not be ready, they should have looked for another RTO and I suspect they knew that 6 months ago!
You will need to put the right name in link in prior post to get full article and avoid the ***'s extract again "This is a disgrace! 18 months ago when Life Science was created, it said that if a deal hadn’t happened after 18 months, it would call an EGM to consider giving the surplus funds back to shareholders. With hindsight, it should have just handed back the $1.5 million it had then and avoided this farce altogether, but it is what it is. However, instead of doing the decent thing, keeping its word, and handing back the few pennies that remain, it is determined to spend the last remaining funds trying desperately to see if a deal can be done with The Diabetic Boot Company. Funnily enough, it hasn’t repaid the loan either. For the love of God, Jim, can you not just give it a rest with DBC or, if you think it’s that damn great, just fund it yourself rather than using other shareholders’ money, pay back the loan to Life Science and let its shareholders get on with their lives with a couple of quid in their pockets. Maybe I’m just being naïve, I mean, why would anyone do that though when there’s other people’s money to spend??"
http://www.*************.com/views/28279/life-science-developments-it-s-life-jim-but-not-as-we-know-it-to-be-booted-off-aim "18 months ago when Life Science was created, it said that if a deal hadn’t happened after 18 months, it would call an EGM to consider giving the surplus funds back to shareholders. With hindsight, it should have just handed back the $1.5 million it had then and avoided this farce altogether, but it is what it is. However, instead of doing the decent thing, keeping its word, and handing back the few pennies that remain, it is determined to spend the last remaining funds trying desperately to see if a deal can be done with The Diabetic Boot Company. Funnily enough, it hasn’t repaid the loan either. For the love of God, Jim, can you not just give it a rest with DBC or, if you think it’s that damn great, just fund it yourself rather than using other shareholders’ money, pay back the loan to Life Science and let its shareholders get on with their lives with a couple of quid in their pockets."
Maybe Melon would like to invest in a couple of companies I am setting up. The first will provide chicken lips to the food industry, they are tasty, low in fat and good for the kids. The second is a Rocking horse sh@t manure business, it makes great compost and is really good for your roses. You gotta laff, it's better than this shit.
Make that an "unlisted, NED related party, debt spiral company like the DBC".
It seems to me that there may actually be corporate governance offences of the type that get directors disqualified going on here, if they ignore the requirement to call a new EGM prior to extending any unsecured "loan" to an unlisted debt spiral company like the DBC. A complaint to the regulatory authorities may be worthwhile. http://www.investopedia.com/terms/n/non-executive-director.asp
Going to have a few convos and see what our options are.
I'm sorry Tillerman, but I'm just as annoyed as anyone else at this fiasco. I was never impressed with DBC being a suitable investment and the way JM has treated and continues to treat LIFE shareholders with this pathetic announcement this morning shows that ultimately he only cares about himself and his pet projects. Look at the same way he and the Bod of Regent Pacific have treated their shareholders with contempt.
Yep, this is how I read it too, It's deliberate like at Teathers. It's time to remove them.
That is exactly the compliant response they want SP, the word of BOD is clearly worthless since they are seeking to avoid acting on resolutions passed at the last EGM. If the DBC doesnt improve it will never list and you will lose 100% of your investemnt. Any listing could be years away if it ever happens. The loan extention is a despicable attempt to force s/holders into aquiesence.
As I read the situation, rightly or wrongly,JM could not or decided not to raise the money yet to finance the RTO because DBC was not in sufficiently good financial shape or progressing well enough for potential investors to be interested and so more time is needed. Regent Pacific is going through a fund raising itself at present. I guess the Bod will be good to its word about seeking to relist on AIM, but who knows when!
Agree completely, the announcement is lying BS, and they are ignoring the resolution about calling a new EGM to vote on returning cash in the event of delisting, passed at their last EGM, I don't think they can legally do this.
A pack of lies, 18 months to vend in your own asset is utterly ridiculous. Working on potentially forcing an EGM to push BOD out. DBC owe us £200k
your a billionare how about dipping into your amassed fortune and seeing small shareholders right here give us something back here you ****
Concert Party would be the only option then. I'm just shocked by how badly this has been handled. I want the accounts as much as anything, terms of the loan agreement, the lot. Not going down without a fight.
Sorry, that yes does not relate to FOR, it's a reply to SP.
Yes, I think there may be a default format supplied essentially by the AIM with only basic info. I wonder if will get that or something hand crafted - simultaneously apologising, calling an EGM and announcing the resignation of JM, but I doubt they have that much decency. Pity they didn't turn this into a longevity Investment co, that would have been easy enough, & gone down well as unique on AIM, not enough in it personally for JM and MA too clueless I suppose.
Did they announce an EGM too?
With my last one FOR, they issued an RNS at 7 am on the day of the AIM listing being cancelled announcing the fact . So in this case tomorrow morning.
Why is Mr Steggles relevant and who is Ben? AM Thu delisting a certainty now it seems. Will it just be a stock announcement?
In fairness he was quite elderly (born in 1936)
I note Peter Steggles has stood down from DBC according to companies house
Perhaps so, but in the event of delisting without an EGM, we must pull together in a concert party and remove the BOD - I'll enquire with Ben about this if necessary. I honestly don't know if they can call an EGM tomorrow/tonight or tomorrow morning. I've never seen a company not announce a delisting before actually doing so. Totally perplexed here.
Comms are just the way they want them to be I suspect. They could have given notice to delist and call an EGM after JM provided alternative financing for the DBC back in Dec, but they chose to 'soldier on' pointlessly, but presumablly to their own financial benefit, without even commenting.