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Hi This email is for the public email list of Teathers' shareholders. Please feel free to circulate its contents on social media so other shareholders are updated. I'm writing this update a few days earlier than expected because we've heard from Natwest that it won't be until next Tuesday when we will have access to the bank account. This means we won't be able to confirm the bank balance, so will need to wait a few days before delivering the initial financial report. We now hope to do this next Wednesday. There is no problem with Natwest. It seems this is just a process which takes a long time. All the paperwork was in order so we just need to be a little patient. In terms of other actions please be advised of the following: - We are in regular content with the company's creditors. So far no one has launched legal action to recover outstanding debts and the creditors are giving us time to get access to the bank account. A number of creditors are understandably upset, but we seem to be building decent personal relationships. - We have gained access to the Sage system and have received the first reports. We are currently working through this. So far the data all seems to be in order. There is a lot to go through but it looks like we have all we need to give a thorough report to shareholders on this. - I am going to meet Jason Drummond this week. So far things have been cordial with Jason and there are number of outstanding issues we need to go over, not least for his company to provide us with the source code for the App. - I will separately meet with Shard on Monday to discuss the potential for moving forward. - We have spent a lot of time working through the paperwork Nilesh and Oliver have supplied us. We have a much clearer view of the company and it looks like we have all we need on this front to write the initial report. - 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. - We had a TFSL board meeting this morning with Oliver. It went well and he shared with us all we needed. We have committed to a second TFSL board meeting before the end of July at which we will hopefully be able to start planning properly for what to do with the App. - 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 sta
Would an ISDX listing be an option here for the new board to consider?
Friend: hello!Thank you for your hard for safeguarding the rights and interests of shareholders.Please let me know if there is good news.My Email:caoxingling2009@gmail.com
Teathers Financial Software Ltd board meeting next week. We expect Oliver will attend this. He remains keen about the future of the App. General items I've spent a lot of time on the phone with various suppliers and advisors of Teathers over the last week. I will provide a written update on these communications once we are in full control of the company. The company's office lease runs until the end of December 2017 at a cost of £51,000pa + services + rates. There was an opportunity to end the lease in December 2016 with 6 months notice, but the deadline for this has passed. We are going to see if we can do anything about that. Teathers has sublet 2/3 of the office. Our intention is to move the company to a shared office space for significantly less cost, but this will depend on the landlord. We will provide our next written update on Friday 15 July, Ben
Hi Everyone This email is for the public email list. Please feel free to share this update on social media for the benefit of any holders not on this email list. Handover & initial assessment So far the handover has been progressing well. Stuart met with Nilesh and Oliver yesterday. They gave him a number of files including a balance sheet as of 30 June 2016. Oliver has also emailed us a number of documents we needed. We are currently working through the figures and intend to release the balance sheet, once we have gained full access to the bank account and can confirm the cash balance. We expect to be able to do this next week. Nilesh gave us the computer which holds Teathers' Sage software. We are waiting for him to give us the back up file. We haven't yet been able to access Sage, but will need to do so to be able to work through the various outstanding trade payables. Just to warn shareholders it appears there is a significant shortfall between the cash balance and the outstanding trade payables. We have already received a number of final demands from suppliers for outstanding debts. This is going to mean we will have to sell a number of the stocks which Teathers owns. We've confirmed with two brokers the current value of about 2/3 of Teathers' holdings. We will provide shareholders with a report on this, when we update about the balance sheet. Our initial assessment is that Teathers is solvent, but we all need to be realistic in our expectations about what will be left in the company once all debts have been settled. So long as the company remains solvent we will still have a chance to commercialise the App. At the moment our primary goal is to make sure Teathers can survive as an unlisted company. Bank account Nilesh and Oliver signed the necessary forms yesterday to transfer control over to us. Stuart is going to a branch today to submit them. We expect it will take about a week for us to have full access to the account. App I made contact with Shard last week and had a productive call with them on Monday. Overall they seem keen still to pursue the opportunity and gave feedback on the trial. According to Shard the App does require further development and they have given specific items that need to be addresses. I will work on a technical specification for these, once we have full control of the company. Separately I spoke with Jason last week who has extended his offer to work for free to commercialise the App. I have left him a message this week and am waiting to hear back. Jason's software development company currently holds the source code for the App on its server. There is an issue over an unpaid bill. I plan to come and meet with Jason as soon as I can to resolve the outstanding issues and decide on an approach to enable us to move forward. We plan to call a Teathers Financial Software Ltd board meeting next week. We expect Oliver will attend this. He remains keen about the fu
Tea update just came through, many thanks for all your efforts guys. Apricot, check your emails.
What's the good news?
I see on the teaholders twitter page, that an update has been issued, has anyone received it yet? I haven't, even though I'm on the mailing list.
I don't expect much but can you get the app running again,get new investment,get us back on aim,and get us a ten bagger,thanks.
That's good, at least a part of the company is still functioning.
Looks like the shareholder group paid for an RNS feed and put out the results of EGM: http://www.investegate.co.uk/tea-shareholder-grp/rns/results-of-teathers-financial-egm/201606291013136376C/
There is a clear expectation by shareholders that a director of an Aim listed company will follow the rules. That Drummond, in my opinion, acted without authority (ultra vires) means that he could be sued for any loss of value that his actions, or lack of them incur. Therefore, the issue is not what the Aim regulators might do to him but the (growing) case that shareholders can develop to seek redress personally from him. His statements at the Gold N Bears (?) event are now, in my view, criminal in their willful misleading of shareholders. What he said was simply untrue and to a highly material degree. If Stupot has the will he can make Drummond pay and handsomely
(In other words, nothing) on the Teathers web site regarding the latest moves. Nothing on the 'News' page and all 3 scoundrels still listed as directors.....JD at least should have been removed as he jumped a while ago. Well done to all who have been active in trying to salvage something from this carve up.
But what's the penalty for breaking AIM rules... when you're no-longer listed on the exchange???!! So back-date all the ills to make them look a bit more legit, but don't worry about rules being broken because they're not even listed. I know Ben and co are taking legal advice, but I wonder whether AIM rules could be seen as forming a contract between the company and the shareholder, and failing to follow the rules, if proven, would be a breach of contract potentially making the directors liable for all losses suffered as a result? And we all know the loss from failure to maintain a listing. I'm just thinking off the top of my head here, really, but civil contract law might be an alternative to pursuing other complaints as it gives those who have lost out a claim.
Aim Rules 12 and 13 apply here. A clear breach of rules in not informing the market of the purchase of £207,000 of software development from a company where Jason Drummond was the principal shareholder. Paul Laight is the guy who did the work, why didn't Teathers just employ him? Well, we all know the answer to that..................
Totally agree, I'm also counting the app as having zero value when in fact I have no idea if it will realise any cash.
What about the £1m in cash and near cash, and all the positive statements to that blog recently about being surprised when the accounts come out, and the cut backs to preserve the cash, etc? What about the new shares not properly registered and not informed to the market by RNS 8 months ago? What about the fact that millions of options were taken in the immediate run-up to the suspension? I just can't believe that a company that looked a safe bet because the marcap was underpinned by a cash and cash-equivalents pile turns out to have very little and couldn't maintain its listing.
is better than no dinner at all
The projected remaining cash value - a nice steak dinner - bout it.
Thanks Spud, good form.
You didn't miss anything tbf toffee, basically brought meeting to a close and then new directors had a meeting with old directors in private. Sorting out access to records etc (I assume)
Bulletin boards reflect the surging tide of human life, unstoppable and (mostly) uncontrollable... Of course you may read contrary opinions, suffer abuse, read outright stupidity but only occasionally will you find wisdom. Evryone has some sort of agenda and there is no restriction on class, age or IQ which prevents one posting. Long may it remain so. As in Lear, you need to listen more closely to the Fool
Harp, as for attending, it was educational. Went on too long for me to be able to stay til the end after the poll was concluded, so maybe Spud can shed light, but expect we will see some news from action group / new bod before long. Ben sounds like a man in a hurry. If so, great. I still do maintain that a lot of what gets said on these boards is just bang out of order nonsense, and at the end of the day, not good for the health of our investment (those who genuinely have invested) Someone there today (maybe it was bullinachinashop, or someone else on here?) made the valid point that there's always the danger of competitors posting shouty rants here to malign the co for their own agendas, so I'll take that wisdom on board. As you say, it remains to be seen whether the new bod (those listed on the resolutions being voted in) seek to pursue the £1m investor, but it sounds like they will consider all best options. Don't wish to speculate, so will sit tight for news. In the spirit of correcting a few points for the record too.... 1. They confirmed that the £57k and £85k related party transactions to Nilesh and Jason Drummond were one and the same as their salary/bonus stated elsewhere in the accounts, so NOT doubled up as some here (bns....) wrongly concluded. 2. ALwayswinning, jimbob... I freely admit I don't know the reason why the allotment of shares appeared on companies house just the other day (whether that's the norm in advance of a vote like this one, or just late housekeeping), but it certainly wasn't announcing 3million shares just suddenly appearing belated from Sept 15, so think you can rest easy there. Those shares were just harking back to the history of the exercise of warrants that are logged here in the rns history in Sep 15. All duly announced on record at the time, and those were included in the 64m total shares announced back then. And likewise were part of the £322k share capital that is recognised and detailed in the Oct 15 accounts. Stupot, sounds like you were instrumental too, so congrats on your new post. Re: the new bod's approach, will the three pager that Ben mentioned today get posted or shared somewhere, as that'd be informative to see the original thinking. Toffee.
Does the EGM result need an RNS given it has delisted?
As for the vote, it was quite close, but not enough for my few unused votes to make a difference! 8.9mill to 7.7mill.