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"Sefton: Ben Turney accuses ADVFN's Chambers and Hodges of lying to investors" hTTp://www.share prophets.com/views/24896/sefton-ben-turney-accuses-advfn-s-chambers-and-hodges-of-lying-to-investors Remember to close the space between "share" and "prophets" to make a working link
Good morning tozerk. The reluctance to publish any accounts raises questions. I have long feared that SER's 'future' will be a long slow bleeding of funds, including to certain 'consultants' until its final demise. I think Clem will explain that, despite his best efforts , he was unable to conclude a deal, and, by the way there's sod all funds left. The alternative 'positive' scenario could be that he has a deal, however it does require re-capitalization of SER and the shareholders to 'invest' more funds. If TW is right, and, on the face of it, his numbers look reasoned; SER is blowing £10,000 per month somehow. Another year of this and next to nothing will be left.
Let Clem do what he needs to do. Realistically people still here will get next to nothing compared to what they invested. So let it ride and see what happens, or get an absolute pittance.
Does not appear CC was up to date with BT''s plans when he wrote his piece; When did the 'leverage' piece get published? hTTp://www.share prophets.com/views/24435/sefton-call-to-arms-flip-flop-ben-turney-now-at-21-support-to-oust-the-board Last line of TW's article "Turney promises that Sefton will simply return its remaining cash to shareholders. We think this is the right thing to do and so urge you to get in contact with Flip Flop now." You have to close the gap between share and prophets to make a link that works. LSE automatically deletes otherwise
wont be an EGM..... Turney just trying it on..... he wont be spending out on this....
"We are working on deals that enable us to leverage our many shareholders to initiate a new future for Sefton." (AT WHAT COST TO THE SHAREHOLDERS?) " we can pay out funds to shareholders even without distributable reserves.This could facilitate a number of interesting opportunities" . (MONEY FROM HEAVEN?, MAGIC CASH TREE?) "This can’t be done with a UK company " ( I WONDER WHY NOT?) being a BVI company give Sefton the possibility to use its shareholder base as a platform for deals. (BY TAPPING THEM FOR EVEN MORE CASH?) ===================================== Sounds too good to be true. If only Clem had made a success of ADVFN which , AGAIN, posted terrible results with losses. Hard to believe he can make SER work when ADVFN looks like its in a dire state. Not much of a track record. And WHY, WHY, won't Clem post the accounts. Where has the £10,000 been spent every month?
Good. He appears to be an A hole.
he needs to save up first to afford a BVI lawyer first. Turney has no chance
We can vote against the egm can't we, or has Turney got enough shares to force one, with those ho bought from chris oil?
As such we plan to return a balance of cash directly to shareholders with an eye to closing the company if its prospects deteriorate further. We believe the shareholders would prefer some return to no return at all.
We have been asked by a number of shareholders for an update. This has been brought on by a swirl of rumours created by some shareholders looking to involve Sefton in a corporate action and an EGM to change the board. Firstly, no EGM request has been received by the company. Secondly, we have examined the bare outline of the deal that has been circulated. The basis of the deal offered to Sefton is to inject its cash into a delisted company that needs funding for a finance app which can make secondary placings available to the general public. This app has been released before and did not create sufficient income to save that company. The software’s stability, maintainability and technical status is unknown. That aside, your board does not find this idea compelling. We have ourselves spent years on a similar idea, which you may recall had various incarnations, the most recent being All IPO. Sadly, the online equity placement model does not work. The proposing company has already found this out to its cost. The idea is superficially attractive, but it is flawed. If an equity offer, secondary or primary, is a good one, it is offered and snapped up by the broker’s most valued clients. A broad offer does not need to be made and very seldom is. Most of us will have witnessed this time and again. Only unpromising placings get distributed to anyone outside this group, leaving little appetite in the general market for those unattractive share offerings. At best, this is a business that touches on many highly regulated activities and requires millions to pursue. As per the above and after long experience, we do not think it wise to go along with the proposed investment. As we wrote in our previous email, Sefton is by and large cleaned up as a company, with only a US legal case, funded by insurance, outstanding. As far as we are concerned we have won this case and are now simply trying to recover costs from the other party. We have a single material asset: our shareholder base. While our cash reserves may seem significant, for corporate development purposes they are minor. We are working on deals that enable us to leverage our many shareholders to initiate a new future for Sefton. What few realize is, the BVI structure of Sefton holds a number of benefits for corporate action. A simple example is, we can pay out funds to shareholders even without distributable reserves. This could facilitate a number of interesting opportunities. This can’t be done with a UK company. This and other features of being a BVI company give Sefton the possibility to use its shareholder base as a platform for deals. We have been working along these lines and made progress. However, the threat of an EGM throws these efforts into serious doubt, not just for your management but also for any party considering entering into a transaction with us. As such we plan to return a balance of cash directly to shareholders with an eye to closing the company if its prospects det
hasnt received notice of EGM.... doesnt like TEA at all.... basically he will fold the company if he has to deal with an EGM
Good morning Robert34. We know from experience that when BMD offer his services for next to nothing ; the later reality turns out to be 50,000 times as big. I wonder if he is a paid "consultant" ? Maybe he has started a consultancy business. Who got the £10,000 every month?
Perhaps ome money may have been spent on the bank robber being entertained on his frequent trips to London. But we need to see the audited accounts, Remember BMD has written on his website that reconstruction at SER is underway. But he has said nothing as to why he sold all his shares. A case of forked tongue ! Come on BMD tell us what you think of the offer from your mate Ben Turney.
Where on Earth are the accounts? Why won't Clem publish? In this piece TW looks at the numbers; hTTp://www.share prophets.com/views/24381/tom-winnifrith-bearcast-special-the-sefton-pantomime-has-started-all-over-again He worked out that about £10,000 has been spent every month and asks "where's the money gone?" To open the link close the gap between Share and Prophets. I had to insert that as the LSE automatically deletes otherwise. The relevant TW calculations are from 11 minutes 45 seconds.
i probably have more time than you , because unlike you i am a success - you are what we would call a ****
Any news on your action group ? You certainly have plenty of time. 😥
Ask BMD. He has the inside information. Thinks CC is doing a great job and SER well on the way to reconstruction.
I'm not too sure what to do. There are lots of rumours, information and misinformation on everyone involved in this. I wouldn't want to jump out of the frying pan into the fire. It really needs an update from Clem pdq.
Bloody corrective text
Received another email from Ben Turney, that makes about 5 in total now. The latest email is asking for a photocopy of my share verticals and proof of identification. In this day an age of online fraud, I don't think so. Will all due respect I have no idea who he is. Also, what I don't understand is that if there is only 100k or so left in Sefton it's hardly a life changing anaount. If the Business he is promoting is so good and vialble then why not creat a business plan and go to the bank for the money??? I for one and leaving my shares where they are and will see what plays out.
coming from the company for Turneys egm... what will he do bring legal procedings?? unlikely and very expensive..... What we need is an update from CC....maybe events will hasten one... personally think CC is doing a good job and has done well to save Sefton....i dont believe this 10k a month cash burn rumour....
BMD writes in a bullish manner about SER and says shareholders should believe him when he says the reconstruction is underway. As a previous director of SER, his words of encouragement should be noted.
I will pay 20 pounds for them which is probably more than they are worth but that could the start of a takeover so I could pay myself consultancy fees for the rest of the cash sitting in SER
Its good to hear BMD is on track,I have 12k worth of shares and I hope I will somethings back¬!!!! and one knows where can I find more details about Madagascar Oil,they also done a runner with my 15k worth of shares Thanks