Member Info for andyarob

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

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

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

I do but it does nothing for the sp if they dont show it too

I do but it does nothing for the sp if they dont show it too

the LSE RNS?

Shares turning out to be s**** so the rampings stoped

Shares turning out to be s**** so the rampings stoped

BigGib event doesnt seem to have got people buying

here

- 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

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

Watching my profits disappear this week :(

holding

out

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