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I see you've lost your premier badge, have things got that bad now? Personally I don't blame you, because what does it give you?
I assume that is like VIVA JE, VIVA BMD, VIVA RAYLENE. Viva must have another rmeaning in your language like " down the drain" :-)
can only wait and see if anything comes out of it!
VIVA CLEM! !!
What PROCESS "SAFE GUARDS" Have been put in place to stop "consultancy fees" going to close friends etc
Buller I'm sure we will get the "sorry we tried but couldn't save sefton due to the damage done by previous BOD" in time but not before the remaining funds have been distributed to "consultants" we all know how much BMD's £1 fee equates to! U are spot on Sefton has nothing except for possibly carrying some tax losses however I read from a poster on here these were sold to hawker and any remaining would be US based so out side of minimal upside the only reason these guys have to cling onto sefton is to try and minamise their losses well 300k goes along way to minamising a 500 investment any one want to give me 60% for my holding?? Please private message me! ST I have spoke with u numerous times and you seem like a decent guy but your loyalty to certain individuals involved comes across as questionable. As I've said before if Clem has located this leaky pipe and is now mopping up the mess how is he going to fix the pipe from leaking in the future?? Seems very reasonable and based on what sefton share holders have been thru is a bit to much of a "leap of faith" to ask us to trust in his integrity or anyone else's for that matter!! Please tell us
Perhaps it's because they still think there is mileage in this, after all, they have never looked after the PIs on this, and if there are still some around wishing to put more cash in they hey, why not string it along for another six months or so. As you rightfully say, £300K is not enough to run any business for very long, so I'm sorry for all the Viva Clem Clan, but I still think our money has gone. I'm sure a lot of you will come back and say "You didn't come to the AGM, things will be different this time", we'll hang to that is all I can say, good luck.
Come on , you know that those 300k can be blown in no time, legal fees, accountants, maintenance guys in the US, director fees etc. But I am not even concerned about the 300k. it is certainly not a base to start a company on. Nobody could blame them if they closed down the company and even if there was 300k left wouldn't give much to shareholders. there is nothing preventing them from doing that, as I said before they cant be blamed, they have made sure to blame the people some of them were involved in employing. So I am trying to understand why would they try and sustain this company instead of starting a different one where they owned the full thing and didn't have to carry the Sefton legacy and shareholders?
Buller, firstly, the board cannot just use the £300k to set up something else, it is our money, there are a 1000 shareholders. It has to be run as a company. The repercussions for all involved in running the company would be extemely damaging if they perpetrated what would as good as be another fraud by doing what you suggest.
So I see an immense amount of speculation based on .... nothing. People are talking about assets , money from shareholders. money to be recovered from previous management , lawsuits etc but all of this is pie in the sky and nothing concrete has been proposed , costed or financed. if we get anything back from the previous management it will be peanuts, so the money we have will not carry us very long if we ever get any paid employees. I have no problem with what the new management have done or not done, so not critiscising them but would be careful to have too high hopes and I now see the same people who used to support JE and then BMD and the Raylene, all of which they quickly regretted (sometimes not so quick) and now they are throwing themselves 100% behind the new management. Loyalty and confidence in authority is good, but thrice bitten I would be a little more shy now. My real question is this. With my business experience I try and put myself in the position of the new management and the major shareholders. I am sitting with a company without any real assets, I have lost the valuable AIM listing, I have one of the worse reputations any brand has ever had and the oil price is the lowest ever (in memory). So let us assume that there are new assets , probably distressed due to the oil price, let us assume I can raise cash and let us assume I want to run a company with these new asetts. So the question is why don't I establish a company I and my investors would own 100%. Why would I carry a bunch of shareholders (no disrespect,( i am one of them) and let them share in my profits if I ever get any. I don't owe the shareholders anything and it would in fact be easier simply to establish a new entity and close down Sefton. That is what I would do and most people in business are in it for money. the new management would never be blamed if Sefton went down. The only thing the old Sefton has left is some tax losses, and I am no tax specialist, but I assume the new company could make an offer to buy out Sefton for a cheap price including the tax losses. I will be happy to hear any views on what is wrong with my assessment or if you agree.
Who said it had anything to do with JE ? .... How do random people know he has no cash ? Most people post hypothetical nonsense with no substance you just have to see through the BS.
things stand. There will be no 'legal proceedings' or associated costs. Those who took the cash will hand a percentage back in order to avoid them. Regards Raylene, Jossie and other board members, I do not think for a moment they set out on the course by where they finished up But when you can see the end, you all look after number 1 and there is absolutely NO doubt Raylene, Jossy and everyone else in the position to do so, capitalised on the situation and took as much as they could. Chri, it's not a case of 'if' the accusations are true, they ARE. You do not make statements of that kind unless you can substantiate them and the fact they were made at the AGM pretty much guarantees them. From a personal situation, I am aware that some information was released about me that was used by certain individuals to discredit me and that is a fact. Brummie, the Samudra Energy asset WAS there and Jossie was brought in to oversee the acquisition. One cannot blame someone for bringing another into the company then them changing the game plan. That would be like blaming the voters for Cameron allowing unlimited refugees in. Voters did not vote for that but they got it! Regards the advisers/consultants, NONE of them were related to ANY shareholders, they were more likely Raylene's chums, Jossy's chims and others. Jossy had a number of companies, Exiga Energy, Arctic Bay Ventures, Arctic Bay Resources and others. There is still work going on in the background in an effort to reclaim certain payments, but one thing that needs to be accepted and that is what has happened in the past is distorted, part revealed and much will likely never be known because certain entities will demand non-disclosure agreements when it comes to handing back cash. The past has been costly to all shareholders remaining and to people who got out when they could. There's no going back for those who sold out and the only hope for those that remain is that Clem and his team can do something with what is left. From what I can gather, those attending the AGM were impressed by the way the menagement have dealt with the situation and the way they explained what has happened. If you didn't attend that meeting, then I guess you only have the past history and the comments from people here to go on. It's going to be a new era (again) for Sefton, one can only treat it as such moving forward and judge it on whatever progress is made. If they manage to come up with an investable option, then it needs to be assessed on its merits, not on what Sefton has been. As a large shareholder, knowing what I do now, I thank my lucky stars that requisition was done when it was, I wish it was done three months earlier and I know the only way I will ever see anything back will be down to whatever route the board now take. On that basis, they have my full support!
That's too much of a gamble, but they have to make there case first, and good lawyers don't come cheap.... That's way before any court case.... And if it's JE they are also after, I thought someone said some while ago he hasn't got any cash.... Or was that just rambling by someone ? Either way, it's high risk, because you can bet your bottom dollar, the third parties will also have their lawyers on the case as well. Too much of a risk????? Who knows, for sure, none of us do, because we certainly don't know all of the facts.... I will wait and see what happens before judgement...
If we win the legal battle it wont cost a penny. When you win you don't pay! :-))
The trouble with that statement was "They have legal proceedings" I would like to know how much is this costing? against how much they are likely to retrieve, against how long these proceedings will actually take. Quite a lot of unknowns there isn't there...!!!!
Where is this story heading ? So what i'm hearing is have faith/trust the new BOD, shareholders won't be asked for money, They are chasing money that was given away by the last management and they have legal proceedings which should bring major money in. <<< That all sounds fantastic. When are they going to tell us what option 3 is ?
I was a big supporter believed all the hype but was forced to sell out and turned 10k into 1300 my fault But now Jose is a villain But 6 months ago he was our saviour Raylene squandered all the money who picked her ?.? There where no assets she lied , So what happened to the asset that cal joe kept telling us about , the asset Jose was bought in to oversea Sorry can't have both ways did it exist or not ????. The money spent on consultants can you be sure some not paid back to those with biggest investments Just a thought
Very well put, whether you are right or wrong, your reasons are sound.
ST I realise that it was only a discussion my point was in my opinion it is only a matter of time.... let's see how this plays out but I for one see as much corruption ahead of us as behind if I am proved wrong then I will be first to apologise but for all the accusations being thrown at the old board and shame on them if they are true I am confident members of this new team have broken laws regarding fraud and stock manipulation and that is not only my opinion but legal opinion.. My opinion and advice to all remaining share holders and I am one with 40k stuck in this pos! Be very cautious and please don't put any further money in until it is at least relsited with a defined business plan, income and strategy so u can make an informed decision.
It just goes to show you how gullible some people are. They hear or read one thing, and that is the one thing they all cling on to. Makes you wonder if it's worth making any suggestions or discussions on any BB, whether you agree or not.;-))
Lol .... Calm Down, Calm Down he said. https://www.youtube.com/watch?v=YPIsTKpAoE4
It was a suggestion by me as an option should the company look at another asset/company lol, not a request from the board. Anyone would think there had been an announcement asking for cash lol!!!
Chris, it was purely a discussion, an opinion, nobody has asked for cash! Purely an option, all options should be discussed, some may be liked, some may not.
They only have a 3% interest in AEY so not much influence.
Do you mean Sefton has 3% of Antrim Energy? Or is there some thing going on to force an Antrim egm?