The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Why are individuals being asked to complete personal IRS forms if the company is selling something in the course of its normal business and then distributing the proceeds to shareholders as a dividend? This has never made sense to me and I posted as such when the IRS forms were first mentioned. The point seemed to be answered by assuming it was some special dividend arrangement direct from a US based company to Cloudtag shareholders.
In the logical scenario of Cloudtag selling the asset and then distributing the dividend, why isn’t Cloudtag completing a corporate IRS form. There are many London based FTSE companies with worldwide interests, they take care of the tax liabilities in the various countries they do business and when they pay a dividend to their shareholders, they don’t require individuals to complete paperwork for all the various tax authorities in the countries where the payment originated - it is taken care of at corporate level. Why is this then not the case with Cloudtag, presumably on the hook for 15% US withholding tax with the dividend then impacting shareholders in line with receiving payment from a Cayman company and however that is treated by the tax regime where the individual is resident/domiciled?
‘9 Dec 2019 — According to British psychologist Kevin Dutton, the top four career choices for psychopaths are CEO, attorney, media personality and salesperson ...’ (Forbes).
There obviously must be a reason for Amit’s behaviour. Mental Illness gets mentioned but usually to automatically discount it. I see Amit’s career path ticks two of the four choices.
‘RNS’ (Regulatory News Service) announcements were relevant to the previous iteration of Cloudtag when it was listed on AIM but the so-called updates on the present Cloudtag website are nothing of the kind. They are classed as media and press on the website and carry the weight applicable to an unlisted entity based in a location with virtually no regulation or publicly available financial details and operated by a sole director with published contact details that apparently never result in a reply.
‘Corporate updates’ are about as meaningful as from a bloke with a rusty pick up sending a badly worded text on a PAYG phone to some poor sod he doorknocked and relieved of several grand cash - to say Brexit is causing problems with tarmac supply and the driveway won’t be done till next month..
I don’t think it was as simple as that vagabondo, there was obviously a lot of discussion needed over which direction to proceed - hence the final choice of proceeding forward.
‘Because amit's amit - he's a total clutz with investor comms / reliable timelines.’
It was specifically the above in your post Helx that I was referring to. The appearance of a total clutz is given without doubt in the sequence of updates but correlation isn’t causation as they say. A similar result would occur if someone was trying to spin a yarn over the time period. Hence the need for evidence that Amit communicates reality in a poor manner for the statement to have value.
I recall Helx saying something along the lines of ‘everyone knows it’s J&J’ which was later firmly denied by Amit. The problem is putting personal opinion so firmly as fact rather than just being ultra bullish.
A very reasonable scenario for a positive outcome here Helx, but based on working backwards from that outcome rather than following the progression as stated in the various updates. What evidence do you actually have of Amit achieving something tangible but in a chaotic and badly communicated manor? Do you have evidence of the comms in deal in the 1990s (very much as partner with his brother) or the apartment he reputedly flipped in NYC for a very substantial profit?
As ever, nothing to say conclusively it won’t happen, but if Amit is stringing folks along, you are acting as a one man focus group for each and every new update..
09:32, not forgetting that the phone number on the Cloudtag website is actually a number for Colas Crill, Caymen office (apologies, I can’t remember who originally discovered and posted that information). This firm does seem to have a footprint with five offices in various locations and other contact details to reach them directly by phone and email.
It is a reasonable question to ask what their position is as it is one of their published phone numbers that is not being answered as they are seemingly acting as some form proxy for Cloudtag/Amit.
Question is Dec 2023 22:15
‘Who is he running from and why? And why should innocent people bear the brunt of his games?’
A very pertinent question from 1984Investor following the pre-Christmas update and one well worth re-posting.
It seems continuance is imperative at whatever cost to Amit’s reputation or potential consequences should this eventually end without payment to shareholders.
All of course rendered moot should credible evidence of any previously announced actions actually occurring (agents not working on a public holiday doesn’t count as that is indistinguishable from any other day of the week).
With regard to currencies, of course UK banks can accept and pay in different currencies. You would be obliged to accept the particular exchange rate the bank used at the time the transaction occurred and perhaps there may be a foreign currency fee - but in the scheme of things a % or two to the bank would be irrelevant to most long suffering shareholders. And just more of the same from Amit, no more or less ridiculous or a non sequitur than any other update from Cloudtag.
“The Cayman Islands is the preferred jurisdiction to deliver value for all shareholders and funds arising from the transactions will be paid in pound sterling.”
22nd November 2022, Cloudtag update. My apologies, I referred to this announcement as being earlier this year.
It’s not the ‘agent’ that hasn’t worked out that shareholders have GBP accounts though is it? For crying out loud it was stated earlier this year that payments would be in GBP - it was Amit himself issuing the recent so called clarification update (that was in fact a contradiction) that stated the payment would be in US $.
What a disgraceful way to treat shareholders.
So this is what happens when you get the board to yourselves lol
If physical shares have been lent and the lender is legally entitled to any dividend attaching, the borrower would presumably be obliged to meet this obligation.
Doing a double act with Mr Selfridge as far as I recall Antha. Then there was Liam’s blog here - blinded to any reality. I was always wary here (and no knowledge of or interest in wearable tech). Went with the momentum here and made the right decision to cash out before delist as far as I’m concerned. (Although if there is a payout I’ll temper that with ‘Right decision - wrong outcome’.
Trombone, my ONE recent post on 88e (where I do have a few for old times sake) was hardly ‘warning of the perils of the company’ (it's the time of the year to be in) unless you too don’t understand how it would not be possible for MMs to sell hundreds of thousands of pounds worth of stock over several days without buying any in?
It was actually the heavy cross over from the 88e board in summer 2016 that brought me to Ctag (along with quite a few others).
It’s a free country though, if it works for you think what you like..
Ah, I see. Amit must be using those well known transfer agents, P.I.Staker & Sons. Motto ‘Always on the make’.
Helx, if a broker has requirements for their part in the process that will take longer than a week Friday for money in nominees accounts then that would be a very good reason for the agent making contact earlier than them being ‘100% ready’. Basic Critical Path management of a project. There will possibly be verification of the agent, the source of the funds, an advance notice of the payment to nominees by the broker. As I’ve said before, this isn’t like the half yearly LLOY dividend being dished out. An unregulated, unverified one man band coming from nowhere with multi millions is not the norm for brokers who deal with listed shares and can usually refer to RNS or equivalent public announcements for verification of corporate events.
Something to pass the time: https://youtu.be/QfFV-yg1Oko
First port of call for offering ‘cheap’ shares:
Phone: +1 345 9494544
Mail: contact@cloudtag.com
Address:
IBC,
Trust House,
112 Bonadie Street,
Kingstown,
Saint Vincent
If Amit doesn’t wan’t them at 5p now there is 22p+ ‘nailed on’…
You’re picking it up fast for a 3 day member (only 7 years and whatever months behind my posting on Ctag).