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Salary £63,000 Bonus £22,500 Consultancy Fees £295,000 £380,000. He ripped the heart out of this company
The B*stards paid themselves over half a million in salaries, bouses and consultancy fees!!!!!! Loss for the year £545,000 cash and near cash £130,000 Did someone hack their website and post this for a joke? do nothing Jagatia £42,000 salary £15,000 bonus £57,000 consultancy fees!!!!! £119,000 for doing f*ck all
Sorry, shouldn't post during halftime... Typo's abound. And who says Shard are no longer interested? They were still doing placings in the earlier months of suspension. HNR was Feb I think. Who knows how easy it will be to switch that relationship back on if the app is returned to service.
And who says shard are no over interested?mtgey were still doing placngs in the earlier months of suspension, her was Feb I think. Who knows how easy to switch that relationship back on.
Well, just looked and sure enough accounts are in to digest. http://www.teathers.com/wp-content/uploads/2014/10/Teathers-Financial-plc-Financial-Statements-signed-Oct-2015.pdf
Current BOD have gotten no value from the app. One broker who us no longer interested. They're also the ones who have made the investments which are no underwater
Always winning Erm....great shouty rallying call to shareholder. Oh wait, no... What (and who) exactly are we rallying aroundas the great new hope? I may end up looking back on this months from now and praising the action group for calling the EGM, but at this precise minute I fail to see why I should have any greater faith in two unknowns and one 'aim activist' Ben Turney. Googled his name and Stockomendation came up. Try it yourself. Maybe that's the scent you're picking up on. I'm sure there are plenty on here (and outside this forum) that have way higher averages than I, but speaking for myself, if the prospect is just a fire sale of the current investments (some of which are under water already), and hoping that the new bod happen to have the first clue how to realise value out the app, then you'll have to excuse my apprehension. I took my risks on this stock, and may live to regret it, but that's the calculated gamble we take. I just for the life of me can't see the new bod rocking up to shard and whoever the white label contract is with a hope of re-establishing the app. Anyway, not long to wait now before we get the 'facts' as you say. We can all have contrarian views, and allow each other to speak. I'd appreciate If you didn't try to label mine as propaganda, thanks.
......................What we're dealing with here. Oli, Drummond and Nilesh Desperandum are so incredibly desperate you can almost smell their fear. The fact that you now have one or two posters here spamming the board with their weak company propaganda mere days away from the big day says all you need to know. MESSAGE TO OLI, DRUMMOND AND NIL DESPERANDUM: IT MUST FEEL TERRIBLE BEING SO CLOSE TO GETTING THE BOOT, ESPECIALLY KNOWING HOW MUCH MORE THERE IS TO BE REVEALED TO ANGRY SHAREHOLDERS WHEN THE SHAREHOLDERS TAKE CHARGE OF THE COMPANY. TICK TOCK, TICK TOCK. SHAREHOLDERS STAND FIRM, STAND TOGETHER, EVERY VOTE COUNTS, AND THE MOB WOULD APPEAR TO BE FAR MORE DESPERATE FOR VOTES AT THIS TIME.
Toffee - I'm not disagreeing that you are a shareholder and were at the meeting
Fairlady I repeat, I'm a tea holder. No blame at all from me, and yes I'd like my piece back too. We can agree to disagree of course, but if the app has been proven and got an investor interested with £1m pocket change, then that suggests to me that the guys that have got it this far deserve to have it voted upon (which seems to be at the next EGM after this upcoming one, if it ever gets that far....) Dougal, I haven't followed OCT that closely, but isn't that Justin Drummond at Ascend, rather than the Jason Drummond? What's the angle? I asked the question of Beernsex's background also as he seems to have been the one that promoted the rumour that Oliver fattal sold out pre-suspension, going from 14% down to 3%. That's pure bulls*** from what I can see. He still holds same number of 2m+ shares, just BeerNSex willfully overlooking the fact that 14% was the percentage related to old Sperati days, pre share capital enlargement, so it was dilution way back, and not a case of offloading as has been openly insinuated. All there in the published accounts.
Well unfortunately the two original entrepreneurs have now left the building and you're left with an FD that can't produce accounts and a wannabe property entrepreneur who has become embroiled in this saga without showing any innate ability to run a successful business. Shareholders just want some crumbs back and a chance to move on. Can you blame them?
BeerNSex.... You are Ben Turney? 263 post, all aimed at TEA? What gives?
jR.... Yes, deadly serious. Yes, aware that Jason Drummond has stepped down. Was I supposed to flip out about that? He's clearly not just walking away. I guess I just don't submit to the groupthink that prevails here. I do agree that the lack of communication has been annoying through the suspension, mind, notwithstanding that the catch-22 is clear.
fair lady .... You seem a little paranoid. I am a shareholder, and made the effort to go to the meeting this week. You didn't. Your prerogative. And it's mine to add my say. I want my capital back (or a chunk of it at least), so if the new proposed bod have some spectacular track record of managing investments and developing apps in the trading sector, then awesome. Otherwise, I'll rather take my chances on the original entrepreneurs. This is AIM, after all.
Hi Dazzle, I respect your right to an opinion ;) But what criminal activity are you surmising would be found? Late filing of accounts? A fine I guess. Not much more unless it's proven to be a persistent, repeated and wilful noncompliance. Sure they could muster a credible defence. Have they spunked all our money away whilst in suspension... No, I very much doubt so, as they've said in circular and in person last Tuesday that they've cut right back on costs at point of suspension. Have they erred criminally in failing to fully implement the investment policy? Think that would be a stretch to reach that judgment, seeing as there was a nomad signing off on each arns that they put out for each investment as being in line with their investment policy. Have they made potentially bad investments? Maybe - that's not a crime though, is it (least I hope not, otherwise I should be put away for being in here and in others like SBLM myself.) Should they have announced to us in October as soon as there was a risk on aim rejecting their implementation of meeting the investment policy requirements, rather than going ahead with the app rollout? Well, again I'd expect they are on a safe footing of being able to demonstrate that they were continuing to take steps which we expected to resolve the issue of interpretation with aim and their nomad right up to, beyond, and throughout suspension. They showed lever arch files on Tuesday with emails /correspondence relating to the rto options that they have been trying to explore for acceptability with their nomad over the period. (And before anyone goes getting excited, relax already, I didn't see anything privileged, and no printed material was handed over.) All that I'm saying is that I choose not to assume that everyone is corrupt until proven otherwise. I'm less than inclined to see my investment here go to the wall with little personal return. Each to their own though😉
Any creditor can apply for a winding up petition not just the largest one. They take months to happen though and with a new BOD any creditor (who had presumably been chasing the original B*stards) would give them a chance. What costs could the PLC incur that would necessitate such action? After all Drummond said that there was nearly £1m in cash and near cash. App development is met by the subsidiary company. Despite you earlierr suggestions of large corporate involvement your posts here display quite a degree of ignorance and a lack of any kind of analytical ability. The singular issue is lack of accounting information which I have been banging on about since October. Blaming it on the action group is clearly ridiculous. That lazy B*stard Jagatia has had plenty of time to do them, and has been said, there isn't a right lot to account for. In my opinion Drummond has resigned so as not to be the one signing a dodgy set of accounts. Guess Jagatia doesn't want to do it either hence the epic delay. Maybe 6 sales invoices and 250 purchase invoices and wages for about five people. How long can it take? A ten year old could do it on a basic Sage package in a morning. No, the issue is one of CASH and what has happened to it. The truth is easy to account for, lies and deception take quite a bit longer
I think you're talking crap
What if the current creditors, and there will be creditors in any company listed or private, wind the company up for unpaid invoices? Then where's your company to have a new BoD. it would be out of your hands and into the administrators. I think you should all give serious consideration to delaying your intended votes.The fact that Drummond has resigned is interesting, but it will not stop the largest creditor applying for a winding up should they feel the best value to them is to do so. Conversely, one director is I believe an FCA, so they would know their way around the workings of companies. Will that director risk their credibility on a 'going concern' that is no such thing? Only time will tell I guess.
Toffeebrads, are you being serious? Reading your post I would have thought that you were not aware of the fact that Drummond was no longer a director of TEA, until I got down to the point where you state it! Unbelievable, how can you think that this is for no other reason than to cover his own back due to wrongdoings/corruptness/negligence or whatever else it was. Blaming the delay of the accounts on the shareholder action group is pathetic with the lack of activity that will be in those accounts, I could knock them together in a morning! This resignation following that circular I just cannot comprehend. How Drummond believes that this can be a good move at this late stage is astounding! This action just screams guilt 2 days prior to the EGM, clearly he darent face shareholders on Tuesday! If you are a genuine shareholder I think you need to take a long hard think about all the actions that have gone on, lack of communication, error after error, and now this jumping ship. How anyone can support the current BOD I do not know!
Give it a rest Toffee - your time's run out. The shareholders want justice and the rule book thrown at the soon to be ex-directors, I guess you're one of the two remaining ones but no-one's listening anymore.
What then? Then they look through every piece of information available and use any money in the company to bring about criminal convictions on the lot of them. Hopefully they and their families will get more suffering than any investor here has off the back of their actions. ;)
Darren, Thanks for the response. Ok, so the proposed new bod say they'd show us the accounts...What then? That's the bit that concerns me. The existing bod had already said they will produce the accounts. I could appreciate their reason for delaying from what they've said in the circular, page 7, which they repeated in the meeting on Tuesday. If the EGM hadn't intervened on the timetable, I do think we may have been looking at the accounts by now alongside the vote on investment. (It's surely got to be a prerequisite for the accounts to be released in order for that £1m investment vote to be reasonably judged.) I'm not expecting the results to be stellar by any means ( but Jason Drummond via Winnifrith and Twitter alludes that they will be better than critics will expect). We can all figure out how the earlier investments have gone, and the app can so far only be described as a low throughput pilot. (I asked on Tuesday directly why such low numbers of deals in the time with Shard, and the response was that it was a proof of concept.) The app undeniably works though - I still rue that I didn't go in on HNR at 10p, given the way that spiked over the past months. And it has potential with the right people steering (i.e. the current BOD, in my own opinion. Just my interpretation, but it's gone awry on AIM not because of supposed incompetence or deceit as some people seem to assume, but because of the change in AIM regs for investment companies- AIM Notice 42 I think, which fits with the October 15 timeframe that the circular refers to as being the point where the fulfilment of investment policy began to be challenged.) But for the app to achieve the scale of something capable of being re-listable, I guess it needs to be packaged up as part of a wider enterprise (hence the investment proposal I think) Today's news on Jason Drummond's move, and him engaging on Twitter gives me some hope that our shareholder interests remain best served by not giving the remaining two on the bod the boot. Musing out loud, what happens if OF and NJ stay in place (ie against vote for res 1), but 1 or more of the new people are voted on to join? If so, who? BeerNSex... Are you Ben Turney??
Jason Drummond ‏@jkd7477 10m10 minutes ago @Ben_Turney @************* as Inventor of Teathers App, I'll work with the TEA Directors after Tuesday to get best result for shareholders View conversation 1 retweet 0 likes Reply Retweeted 1 Like More
Are jumping ship before they get arrested for fraud,they not stupid I bet all their wrongdoings are hidden so deep we will never know what happened to our money.
That might be the start of the end of TEA,goodbye money.