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Extremely poor Corporate Governance
Part 1
I posted here on 28th December 2022 about some concerns about Corporate Governance.
It is never nice to see a Company go bust and the shareholders lose everything.
Hopefully the Administrators will look into what happened with the Charge (details on Companies House) on basically all of Love Hemps assets.
Charge code 0962 1265 001 created on30/06/22 in favour of Windfall Logistics (this is really Angelos Panayiotou)
This “Charge” on assets of Love Hemp was for:
All present and future estates or interests of the company in, or over, any freehold, leasehold or commonhold property.. The company’s present and future patents, utility models, rights to inventions, copyright and neighbouring and related rights, moral rights, trade marks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world, including without limitation the following registered trade marks: (1) UK00916530991 (2) UK00003124273 (3) UK00003124273 (4) UK00003478495 (5) UK00003560923; and the following domain names: (1) lovehemp.com (2) love-hemp.com (3) lovehemp.co.UK (4) love-hemp.co.UK.
Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge.
RKB
Extremely poor Corporate Governance
Part 2
So Angelos Panayiotou, basically had control of all the assets but on 15th December 2022 this “Charge” was satisfied in full.
But on 24th January 2023 another “Charge” was taken out in favour of Portillion Consultancy Capital Ltd.
Portillion Consultancy Capital Ltd is controlled by Kamran Sattar.
I do not believe ordinary shareholders have any chance of recovering anything from the demise of Love Hemp.
Hopefully the Administrators will seek redress from certain parties that were not working on behalf of the Company and ultimately the Shareholders.
RKB
The shares are suspended - so I wonder how that effects things ? and whether it means shareholders get their balance back ?
Shareholders will receive nothing at all.
I don’t think the Administrators will collect all that they are due, any funds they do realise will all be utilized to pay their fees.
I believe there will be updates placed on Companies House from the Administration and that’s when it will be confirmed how poorly Love Hemp was run by the BoD.
RKB
seems very unfair - as we can’t sell our shares
It’s not just poor corporate governance.
If we are to believe the Philip Small allegations it wi more a matter of fraud and criminal wrongdoings.
An RNS is to be issued this afternoon, which should confirm the current position.
What seriously hacks me off is the fact that Calamita seems to direct all responsibility for this disaster to the door of others, yet he has been CEO throughout! Does he still not realise that the buck stops with him!