Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Was thinking the same when i read it.
watching the life blood slowly drip away
Ben ----- TEA Shareholders Group
will have to be based on how much additional working capital will be required to re-launch the App. The deadline for the Parse migration is 28 September, so we are under some time pressure if we are going to proceed. Re-launching the App will only be justifiable if we believe we can deliver a return on the necessary future expenditure. Money is tight within the business and we have made a proposal to the developer as to how we would be able to afford to proceed. We will provide more detail about this in the report we provide to shareholders. There are quite a few emails I need to reply to and I will aim to do that in the next few days. I will send another update next Monday. All the best,
Hi Everyone This email is to the public Teathers email list. Please feel free to distribute its contents across social media so other shareholders are kept informed. It's been another hard week, but we can finally report some positive progress. We are into the bank account, but still can't access online or telephone banking. Natwest has sent us physical copies of the historical bank statements and we are meticulously working through these. A number of items have already caught our attention, which we are investigating more thoroughly. At this stage we feel it is best we don't say anything public about what we believe we have found until we are certain we understand the context. We appreciate your continued patience in this and for your information we are currently taking legal advice about possible remedial steps that might be open to the company. It is too early to suggest a definitive course of action, which is why it is important we make sure we are fully in possession of the relevant facts before doing anything. In terms of the business, Stuart went to a branch of Natwest on Friday to make payments to two creditors who had initiated legal recovery action against Teathers. Both bills are now paid in full and the winding up proceedings will be stopped. Neither was a bill we planned to contest, but we have incurred about £2,500 in additional costs because of the delays caused by Natwest. We will seek to recover this money for Teathers through the complaint we make to the Financial Ombudsman Service. We are continuing to have discussions with a number of Teathers' other creditors. Some sizeable liabilities have come to light, which the previous board did not make clear to us or disclose openly during the handover period. Again we are taking advice on these, but our hope is to be able to reach negotiated settlements which the company can afford. We have had to liquidate some of Teathers stock positions. We have had to exercise our judgement as directors as to which of the company's holdings to reduce. We do not plan to make this public knowledge until we have finished any sales. It would be counter-productive to aleart the market to any sales we are making when we are not required to under disclosure regulations. We will provide full details of the sales we have made, together with explanations for why we sold, at an appropriate time. With respect to the App, we have had a number of conference calls and email exchanges with Shard and the App developer. We hope to have a final quote later this week for the development required to relaunch the App, which will put us in a position to decide whether or not to proceed. So far the company has spent >£300,000 on developing the App and other associated costs. There remains a lot we need to establish about why Teathers has spent so much on App-related expenditure, but in the meantime we recognise our decision
Hello everybody, I hope you all had a good weekend. Just to let you know,I received my Certificate yesterday sent by post by HL. Quick and without complications. Right,what is the next step from now on? Have a good day. :) :)
Hi guys. Quick update for you - escalated to a complaint as suggested and apparently they made a mistake! Hope to receive in the post soon. Thanks for the advice
Hello guys and girls, I rang today my broker HL and after they checked,I only have been asked for a written confirmation regarding my request to transfer the shares into Certificated Form.£25 administrative fee. Two hours later I have got a reply: ''Once we receive the share certificate from the registrar, in approximately 10 working days, we will forward it to the address that we hold on file for you.'' Brilliant service I would say.Lets hope all together we will sort out the current mess. All the Best and we will be in touch.
Sounds outrageous to me. Even if it was nestled in the contract it sounds a prime candidate for Unfair Terms and also chasing up with FCA, or at least a threat. My broker did something unfair once, I complained and threatened FCA and they quickly shut up, sent me a cheque for £200! Bottom line is that the company is currently still trading and so the shares have value (or at least in theory and in law) and you are the beneficial owner of those shares. For a broker to refuse to deliver them sounds wrong to me and I would fight this.
Sounds pretty crap service to me. Other than their clearly insufficient procedures, what is their rationale to deny certifying your stock? I'd call them back and ask for your request to be escalated. I really can't see why they would not certify delisted stock - Barclays do it (for a fee of £30 iirc).
Hi guys. I requested my share certificate ff TD Direct Investing and was told : "As the company has now delisted, we are unable to provide you with Certificated Holding - if you hold delisted/defunct stock on your account, you can either: Keep the stock in your account to see if it begins trading again; Alternatively, you can donate the stock to Share Gift." Is this correct? Thanks in advance
We plan to stop using this email list from 15 September 2016. We will provide further updates about this. To get your stock into certificated form is an easy process. Simply call your broker and ask them to transfer your stock into certificated form. Some will say this will take 6 weeks, but in our experience this is not the case. The process happens much quicker than that. If you have any questions about this please let us know. Thank you, Ben
Hi This email is for those signed up the Teathers mailing list. It is public information so please feel free to share it. We make two requests of shareholders below. In particular please note our plan for setting up a new email list and to close this one down. We are reaching the final stages of a number of sensitive discussions. At this point there is not much that we can share, but we will provide a full update in the report we committed to delivering. Over the last fortnight we’ve intensified our efforts. We have finally got copies of the historical bank statements of the primary current account and are working through over 100 pages of transactions. We are waiting for the statements from the four other accounts the company holds, including the business reserve account. Natwest has offered us £100 compensation, which we have rejected. We still expect to make a detailed complaint to the Financial Ombudsman Service. We have a conference call with Shard on Monday to have a final commercial discussion about the potential of the App. Before we commit to any more expenditure there are a number of issues we need to confirm with Shard to make sure that such an investment would stand a realistic chance of delivering a return. One thing we have been disappointed about is the small amount of revenue the first 6 deals delivered. Shard has sent us a report about this and we need to discuss the implications of it. Shard remains keen to see the App live, but we have to make sure it stands a decent chance of making money. We expect to be able to provide a more detailed update by the end of next week. In the meantime we would like please to ask two things of shareholders: 1) <!--[endif]-->If any of you have experience in App development please could you get in touch as soon as you can. Apart from the commercial considerations which will influence whether or not we are able to re-launch the App, a number of technical issues have also cropped up. 2) <!--[endif]-->Could we please ask that all shareholders move their stock into certificated form. Now that Teathers has lost its listing the shares have lost their ISA benefits. Moving forward we are planning on setting up a new email list for Teathers shareholders. This email list that we are writing to now has not been vetted. To sign up for the new list we will need to see evidence that members of the list are genuine Teathers’ shareholders. We will ask that those who sign up to the new list provide us with an electronic copy of their share certificates (e.g. a digital photo or scan). We plan to launch the new email list from 01 September 2016, which gives shareholders 3 weeks to get their stock in certificated form. We plan to stop using this email list from 15 September 2016. We will provide further updates about this. To get your stock into certificated form is an easy p
Yes, many thanks for the update, depressing though it is. Not the first time I've encountered one of the so called big banks throwing spanner after spanner in the works. Very messy but at least we know there's folk in the background trying to sort the mess out. Good luck!
Thanks for update, and the time your guys are putting into this fiasco, Lets hope some good comes out of it ATB
Current state of the App We have been advised by Tactu Applico that we need to start a migration of the App from Parse to another provider or we risk losing all the data. I am going to see Tactu tomorrow morning to arrange this. This has to happen in the next week and I will find out how much it is going to cost. Teathers Financial Services Ltd (TFSL) Stuart and David are now on the board of TFSL Stuart has secured a one-month extension for submission of the TFSL accounts. TFSL does not have a bank account and we have been given no records of any financial transactions. Office space We have now found out that Nilesh did not activate the break clause for the office space in June when there was the opportunity to do it. He told shareholders at the EGM that the lease ran out in December 2016. This was not correct. As things stand this means the company is liable to another £55,000 of cost, as the lease runs until December 2017. We are in touch with the agent to try and negotiate our way out of this. LGC Capital stock (formerly known as Lenigas Cuba) We have been in communication with Global Investment Strategy concerning the company’s LGC stock. The stock is not going to be available until this week to trade. We will monitor the situation daily. I appreciate this update doesn’t sound promising, but it reflects the position Teathers is in. We should be focussing much more on the future and attempting to generate value out of the App, but this business with Natwest has caused unacceptable delays. Stuart, David and I remain committed to trying to salvage the situation and we have discussed a number of plans. We will provide a full update on these as soon as we can. If you have any questions please let me know. Thank you Ben Kind regards, ----- TEA Shareholders Group
Hi This update is for all shareholders in Teathers Financial Plc. Please treat it as public information and feel free to distribute across social media so other Teathers shareholders might read it. There is a lot to report so I’ll go through topic by topic. Overall Progress It is proving to be much more time consuming gaining control of this company’s information systems and functions than we anticipated. Frankly, the business is a mess and has not been well run. The situation with Natwest has exacerbated the problem, but we now expect to have access to the bank account next week. This will enable is to prepare the shareholder report we promised and to make suggestions for how to take the company forward. A number of creditors have now issued court summons or passed the debts on to debt collection agencies. This is extremely frustrating, not least because of the lengths we have gone to, to keep the company’s creditors updated. Bank Account We are extremely frustrated with Natwest. Without access to the bank account it is severely impacting our ability to move forward with the company. We are going to file a complaint to the Financial Ombudsman Service (FoS) about the abysmal service and the risks it has presented to the company. We will release a copy of the complaint to shareholders once we have written it and would appreciate it if you too could complain to the FoS. Had Teathers been trading (and taking into account how upset a number of the company’s creditors are), Natwest’s inaction could have driven the business into insolvency. Domain name/email accounts We’ve been in constant communication with Jason and Tactu Applico concerning transfer of the Teathers domain name and website. Hopefully this will be resolved by the start of next week. Creditors We have filed the paperwork against the first legal claim made against the company. We have pointed out we have every intention of paying the debt, but are hostage to Natwest. We have asked for a 28-day extension before next steps are taken. We are now in discussions with 2 debt collectors concerning other debts and continue to update other creditors. We will provide full details of what has happened in the report we produce. Shard Capital Having met with Shard 2 weeks ago we now have a clear view of what is required to re-launch the App. We have had an App developer take an initial look at the existing App (for now charge) to give us a ball-park idea of what it might cost. This is not a definitive quote and we will seek competitive quotes, but it looks like the company should be able to fund the working capital requirement so long as we uncover no other nasty surprises and are able to negotiate terms with some of the company’s creditors. I am going to write a spec of the requirements for this so we can get quotes for the features. Current state of the App We have
unless the bod can do something with the app this company is as dead as this board.
the bottom line here folks? Have we lost everything permanently or is there a chance of some of our hard earned being returned/reinvested? Thanks in advance
ALL tea holders Ben Turney ‏@Ben_Turney � Jul 21 To all #TEA holders, got a large number of Qs last night in response to financial report. Will start answering tonight & over next few days >>>>>>>>>>>>>>>>>>>>>>>>>> Teaholders ‏@TEAshareholders � Jul 20 First financial update sent to #TEA holders by new board. Please email teaholders@outlook.com to receive the email & balance sheet Well done guys keep up the very good work
It's just a shame that we lost our AIM listing! Surely any relisting would incur a significant proportion of the cash left in the business. I know that cash shells are cheap at the moment, but still, it would have to be a really compelling proposition to warrant spending our cash on that rather than distributing it to shareholders. Nonetheless, it's positive to hear that there may be life left in the business here! I wonder what the 'new project' could be... something with synergies with the app presumably (otherwise I fail to see the point...).
- We've received a number of tentative approaches to see what our plans for the Plc are moving forwards. Given the level of active retail involvement in the company it seems there is interest from parties to introduce a new project with the possibility of relisting the business. I must stress that all discussions are embryonic at this stage. It is imperative we establish the true financial health of the business. Once we know that we can start longer term planning, but the level of interest already is encouraging. There may be hope on the horizon yet. Well done guys, thanks for your efforts
Good update from Ben Turney, thanks for posting.
That I didn't expect much from the bod but I asked them to try and the app running , new investment, get us back on aim then get us a ten bagger and at time of posting I thought impossible and only posted for a laugh yet 2 weeks later we get this email from bod and it sounds very positive indeed now let's hope we have some funds left in bank to start the rise from the Ashes of Tea.
- We've had a second Plc board meeting and confirmed a number of decisions. Overall I feel Stuart, David and I are making good progress. We've assigned individual areas of responsibility and are working well together. There is no escaping that this company is in a poor state so our expectations remain tempered, but we are starting to gain a clearer idea of how we might be able to navigate out of these troubled waters. Thank you, Ben