Member Info for AlmaCogan

It was the inability to hire an auditor which pushed the directors into extending its reporting year end to June 2025, to give them time to hire one, but they still have not been able to do so. It is unclear how any auditor, who might be persuaded, will be able to complete the “complex” audit by the statutory deadline of 30 June 2025.

In order to remain as a listed plc, they were required to publish unaudited accounts for 2024 by the end of March 2025.

I had a strong suspicion that it was a ruse to delist, but things have overtaken them.

They are delisting anyway, again citing ongoing auditor and listing problems. I believe the next step is to go private.

Accordingly, I very much doubt that any meaningful accounts will be published by the end of March, if at all. I note that GS “intends” rather than “will” publish them, and without an auditor’s signature they are valueless.

This company ought to have been on AIM where the scrutiny of a NOMAD would have kept the directors in check.

Even the Scottish National Party found an auditor to eventually sign off the party accounts, albeit the CEO was charged with embezzlement. Any thing is possible if you hire an Asian CA based over the top of a Bet Fred shop in Blackburn. That’s where they ought to go IMO.

Can I interest you in buying a timeshare villa in Ascension Island?

There is a legal obligation upon directors of Wood:

Companies Act 2006

A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its “members as a whole”.

So, skullduggery is out of the question, and members as a whole includes everyone on the share register. That’s you and me and Barclays etc makes three.

If Wood asks the Takeover Panel for an extension, and it falls to Wood to do so, then it must be most likely to promote the success of the company for us all.

Anyone thinking it is bad for the members as a whole are suggesting the directors are criminal, which is a farcical suggestion.

Cszjrh01

It is a stated fact that 9 months on from the resignation of PKF Littlejohn, the company has been unable to find a firm of auditors who are willing to to be hired. They are having to explain this to FCA.

The directors have said explicitly that delisting is the only way they might find anyone who is willing to be hired. If that is not a corporate blunder, then I am the man in the moon.

Meanwhile the share price has fallen 90% and will need a 1000% increase on any relisting to get back to base.

That seems to me just realms of fantasy.

And what's with this newco, AUM Invest Ltd ? Why on god's earth do GS and JS need a mining company?

It is plausible the shorts knew full well that they had a clear exit opportunity late on today with the FTSE exit, and planned it without blowing the roof off the SP.

"The 7 mill is an uncrossed trade" .......

But it's still a trade executed during the auction.

5% of the the company's shares changed hands after the market close. And they were all bought. It wasn't nervous PIs bailing out, it was planned exits by tracker funds because of the exit from the FTSE . A sell on that scale in market hours would have created a disorderly market. It was mostly done in the extended closing auction , but the rest by late reported OTC deals, surely?

Who bought on that scale? Not private investors, but institutional investors who exist to make money. I cannot believe market makers mopped up a pool of that size.

Nora says: "Well, some people think this is a bit of a disaster."

If a 90% loss of value is not a disaster, then I wonder what you think is a disaster.

The first rule of the Telegram Group is "Don't mention the Telegram Group", so best not to ask questions, Cevodniya.

You are clearly not part of it.

Ralph

I'm not sure how you would transport the oil to Utah or Salt lake city, but the rest of your post adds up OK

Nick

Gas has no value without a pipeline to market or to a LNG processing and export facility.

The demand for gas, beyond Calor Gas, in Port Stanley is minimal and in Camp is zero. Perhaps a pipeline to Argentina in some distant future?

Previous FIG administrations have refused to contemplate any onshore oil and gas processing facilities which is why a FPSO is the go-to solution. Floating LNG plants are possible, but the reserves would have to be massive to be viable.

Having said all that, there was a story that a shore site at Fitzroy was deemed suitable for an LNG plant if it ever became politically acceptable.

Refineries which specialize in waxy crude distillation are predominately in India, Malaysia and China, so I expect that's where most cargoes will go, not to Rotterdam or UK, where that specialism is absent. So, Sea Lion will have no impact on UK fuel security, despite some folk suggesting it as a reason for HMG support.

I don't care where it goes as long someone pays for it.

ALPHA UNIVERSAL MANAGEMENT PLC

ALPHA UNIVERSAL MANAGEMENT LIMITED

Company number 05890789

Nature of business (SIC)

07290 - Mining of other non-ferrous metal ores

Yet another fictitious mining company that GS owned and went public with in UK. Its main business was debt collection, buying nonperforming car loans for pence in the pound and sending round bailiffs to collect the debt.

Same story, auditors resigned, poor share performance and delisted in 2018, no-one got a penny. It still exists as a dormant private company with an outstanding debt of £375k, so is technically insolvent.

Then we have this newly incorporated company….

AUM INVEST LTD

Nature of business (SIC)

07290 - Mining of other non-ferrous metal ores

AUM? “assets under management, or alpha universal management” ?

There must be something wrong where mining companies become investment companies, it must be a regulatory work around for listing purposes.

Note that one of the comments in the RNS was keeping the plc status of ALGW, and the possibility of a reverse takeover. So, this NEWCO gets some good old boys (AKA TR1 holders) onboard with a few hundred grand, lists on the commercial segment of LSE and ALGW reverses into it as Version 2. The inside few get special rights and everyone else gets stuffed.

Are you with me so far?

Someone must settle the debt at ALPHA UNIVERSAL MANAGEMENT LIMITED, and one can see it becoming a subsidiary, and the new mugs pay off the old debt with their share subscription.

It’s either plausible or the plot for a book.

If you assume FIG capital allowances match HMG allowances then there's quite a lot, but very complicated.

https://www.gov.uk/capital-allowances/what-you-can-claim-on

At least on AIM there would be a NOMAD to keep the bustards under control.

I think the directors have a lot to answer for here.

At some point in the company’s growth trajectory, as they moved into acquisition of insurance companies rather than the former consultancy and management role, they crossed a regulatory boundary and became a Public Interest Entity (PIE) with greater scrutiny. This looks like a profound change of purposes, possibly including prospectuses, which was never revealed to the shareholders by RNS.

I don’t think they knew what they were doing.

The auditors’ resignation letter of 2 May 2024 made the rather damning statement “PKF Littlejohn LLP could not obtain sufficient appropriate audit evidence due to management-imposed limitations” and “the possible effects on group financial statements of undetected misstatements, if any, could be both material and pervasive.” That is the closest and auditor can get to, without actually saying it, they were lying.

There still is no auditor and any prospective auditor will be aware of the PKF Littlejohn letter.

They were supposed to produce unaudited accounts for full year 2024 by end of March. I don’t think they will be produced.

Today’s RNS was obfuscation as why they are delisting, not a rational reason for it. The real reason is that they cannot remain listed on the London Stock Exchange without an auditor, and it’s nearly a year now without one.

It’s become a one person ego trip to harvest money and retire to Bermuda.

It will never list again without a FCA approved prospectus and that is a vanishingly small prospect.

There will be a dead cat bounce for the traders tomorrow, but just like the recent Synairgen delisting, the share price will drift ever down into the 99% Club. Some folks have lost millions here and GS carries the can for that. He’s a rogue.

The upside here is that Steve was right all along " news soon" eh?

It's been coming for months, the bustards have run off with your money and will not reslist again. It's sunny in Bermuda today

On 3rd March, the FT reported that WG were holding debt discussions in parallel with exploring a takeover by Sidara, quoting "someone familiar" with the talks. That sounds like some engagement was going on with Sidara.

Falklands financial year ends 30 June, so Q4, 2024/5 ends then. So they expect FID in the next 3 months , and they will know.