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THEFT! thats what i would call it.
Jason Drummond is a disgrace pulling 295k out of Teathers for software and office work .And then 63k plus a 22k bonus no wonder he resigned he would have been slaughtered at the EGM
He's probably composing a post now explaining how it was just coincidence that his (sorry I mean Oily's) instagram became private in 10 seconds flat.
Characters like Oily are almost like Batman villains, they just can't resist bragging and making a scene, and then they get caught out PMSL.
I love Oli's thought process. Right guys I have a plan - we'll hold a pre-meeting with "shareholders" and then I'll pretend to be one of these shareholder and go on the bulletin boards to persuade them to back us. If that doesn't work first time , you step down Jason and I'll suggest that the shareholders back just the two of us. That can't fail. No-one will realise that a brand new poster defending the old board to a hilt is me. It will be fine.....unless someone finds my Instagram account!
"Player" "Flash" "Bigboat" "Monaco" "Cannes" "Playground"
Oli your such a wally
Ha - brilliant - couldn't make it up!
Lol he's made his account private in the last few mins. He's blantently on this forum and my money is toffee defo
Knew it would go private in a flash.... Busted toffee
Pmsl The Instagram acc is now private lol Toffee you busted mate, see you Tuesday
Hotel du cap eh.... Minimum £900 per night. Cannes/Monaco etc. Say no more
I had a lot more before I got involved with TEA. I am not being flippant, losing my investment has had a major impact upon me and my family. However, I am being realistic. Based on the facts about what has happened compared to what I was told personally by members of the board I have 0% in the current BOD doing anything with this company other than lining their own pockets.
https://www.instagram.com/fattal100/ Working real hard I see
Toffee - just before the company was suspended, the directors were still ramping it all over the place - is that not deceitful. Anyway, Oli, see you next Tuesday at the meeting.
You have a lot to say for someone who kept quiet before last Wednesday! !!!
You must have more disposable income than I do then. Fraid I can't be that flippant. Once again though, deceitful crooks? Not seen any facts or even well formed arguments on that front. Great for the brand that we've invested in to join in on slandering.
I don't care if it meant I didn't get a penny back, if still choose to liquidate company. Can't stand the thought of the deceitful crooks on BOD profiting further while shareholders get screwed.
Why would we take it down that route???? In an effort to salvage anything from these conmen. They have bled the company dry. What exactly have they all been doing for their money?
Keep trying Oli!
Jr2910... I read the entry of page 38 as just showing the transaction for how Drummond and Jagatia took their salary/bonus. Re the Payments of 209k to Tactu for software dev and other costs, we have intangible assets on the balance sheet in return (presume the app in the main) that are valued at £208,900. BeerNSex chooses instead to add everything up twice, to suit his narrative. (Don't fancy you in charge of my cash thanks, BnS) Winnifrith makes a valid point- the liquidation of assets isn't going to raise a treasure chest, and isn't going to get the app's value materialised (in my view). So why would we vote to take it down that route? Ben Turney (beerNSex?), Stuart Langelaan (Stupot), David Kipling (????!), what's the big plan then?? At least the current board say they have a plan that can be put to vote at the AGM.
£0 left by now mate!
Dire reading!! What's left at 31/10/15 isn't good, got a slim to NIL chance of anything being left now, bar the investments that are extremely illiquid. I think page 38 of 39, related party transaction notes say a lot. Clearly ran out of ideas on how to cover the black hole of cash so just put consultancy fees through. No wonder Drummond signed off the accounts then resigned, scandalous!
Use the £300k left to pay a lawyer to ruin the conmen.....
Jason Drummond assured us that the Teather's Financial 2015 annual report would look better than some folks feared HERE. But having signed it off, he has now quit (HERE) and having seen it I am not so sure. You can read the report HERE The key point is that while Drummond can bost total assets of £949,243 once one removes trade payables then net assets fall to just £799,619. It gets worse. That assumes that receivables can be converted into cash but they are often prepayments so really cannot be so it would be prudent to knock another £111,612 off the number. Then we have the £100,000 invested in unlisted Kentucky Oil & Gas in late 2014. That would be kind of hard to realise and a prudent audit may well have seen it written down big time. I am prudent so I knock that off the realisable value. Then there are intangible assets, in other words the cash cost of developing the app - £208,900. Drummond reckons the app is valuable and could be sold for more than that. Others are far less sure. But a sale may not happen quickly. If so that leaves assets which could be turned into cash - in a best case scenario - of £479,845 and up to £20,000 of that is shares in Lenigas Cuba. Of that £135,845 is cash. What we do not know is how the cash and liquid assets poistion has changed since the year end. Drummond says it is prettyu much unchanged - partly becuase the directors who earned £150,000 in 2015 plus £52,500 in bonuses ( bonuses for what FFS?) took nothing since Christmas. But it is unlikely to be higher. So, assuming that the new board get paid a bit, that there may be pay-off costs for former directors ( not Drummond who says he wont take a cent) and the - material - costs of winding the business up and distributing what is left will anyone get rich? I doubt it. I reckon you are looking at a distribution of - if you are lucky - £300,000 plus what the app is sold for. The EGM on Tuesday looks like being a heated affair. - See more at: http://www.*************.com/views/21728/exclusive-here-is-teathers-financial-report-and-it-looksmixed#sthash.CFP4dX4v.dpuf