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Sorry to say this but the app is a simplistic piece of junk that generated no money whatsoever. £1,000 didn't even cover the cost of paying the PR company to notify shareholders about the placings. A further £40,000 would absolutely be throwing good money after bad. Why doesn't Drummond buy the app if it is so good? Hard to say and do, I know, but cut the losses, hope what investments are left come good and above all, pursue Drummond and Fattal for their criminal mismanagement of this company.
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
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..................
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
Toffeebran, Starsailor, David Lenigas, David Parlons, Tom Winnifrith YOUR BOYS TOOK A HELL OF A BEATING TODAY!
Someone had to start the ball rolling and it was you. The groundswell of feeling was there but someone had to stand up and say enough is enough. Well done
Salary £63,000 Bonus £22,500 Consultancy Fees £295,000 £380,000. He ripped the heart out of this company
The B*stards paid themselves over half a million in salaries, bouses and consultancy fees!!!!!! Loss for the year £545,000 cash and near cash £130,000 Did someone hack their website and post this for a joke? do nothing Jagatia £42,000 salary £15,000 bonus £57,000 consultancy fees!!!!! £119,000 for doing f*ck all
Any creditor can apply for a winding up petition not just the largest one. They take months to happen though and with a new BOD any creditor (who had presumably been chasing the original B*stards) would give them a chance. What costs could the PLC incur that would necessitate such action? After all Drummond said that there was nearly £1m in cash and near cash. App development is met by the subsidiary company. Despite you earlierr suggestions of large corporate involvement your posts here display quite a degree of ignorance and a lack of any kind of analytical ability. The singular issue is lack of accounting information which I have been banging on about since October. Blaming it on the action group is clearly ridiculous. That lazy B*stard Jagatia has had plenty of time to do them, and has been said, there isn't a right lot to account for. In my opinion Drummond has resigned so as not to be the one signing a dodgy set of accounts. Guess Jagatia doesn't want to do it either hence the epic delay. Maybe 6 sales invoices and 250 purchase invoices and wages for about five people. How long can it take? A ten year old could do it on a basic Sage package in a morning. No, the issue is one of CASH and what has happened to it. The truth is easy to account for, lies and deception take quite a bit longer
One B*stard gone, two to go Better than Brexit!
Harpman old son 'Software needs a developer, it aint going to work without one' You don't really know much about Teathers do you? All the development work on the app was bought in. No-one in the company has a clue themselves how it all works. You suggest that if the BOD changes somehow this expertise will be lost - obviously not so as it can be purchased anywhere. But again you know that being a self styled I.T. expert...... I know you have no interests in the accounts whatsoever but how does your statement that intellectual property rights reside in the brain of the developer and can walk sit with Drummond's capitalisation of such software. Can't have two owners can it? You lash out calling people Muppets and Dorks but you showed no such bravery in front of Oliver Fattal did you?
Harpman, saying its the Aim regulators fault that Teathers was suspended is rather like a thief saying its the judge's fault he is in prison. Tell me, with all your considerable corporate experience, did it not occur to you to say 'Thanks very much for the presentation chaps, by the way any news on the jolly old accounts?' You have sympathy for the BOD being 'inconvenienced' by the vote next week. Strikes me they have had plenty of time to prepare a detailed and strong defence in order to achieve the outcome they would wish. It has not been forthcoming though, has it? Your good fortune is that you are/were a high earner and your investment here is meaningless. What about your fellow shareholders though, many less fortunate than yoursel,f who have been materially affected since suspension due to their inability to sell shares. Wheres your sympathy for them? You may not be a stooge but you have certainly acted like one.
As you took the trouble to attend this meeting................ But did anyone ask the somewhat obvious question as to why a company with cash and near cash assets of nearly £1 million needs another £1 million? Did anyone ask when the accounts were coming out?
Doesn't have to hide anything. his disgraceful stewardship of this Company is in full view for everyone to see. Yes, I for one will be shocked when these accounts come out, I've been waiting eight months. Now lets talk about the dirty accounts before they are even published. First of all, lets not have any more entries such as 'cash and near cash'. Cash is cash. Anything else falls well short. Drummond's pathetic favours for mates investments in KOG and LGC are not near cash assets nor is much else of the rubbish he invested in. Show us the cash Drummond. Secondly, expect a massive carrying value of Teathers Financial Software Limited They did this in the interims but it is extremely misleading. You cannot say we spent £100k on external development, £100k on staff and £50k on Oli, for example, and say that the ccompanyy is worth £250K. You shouldn't do it but they will. Write off expenditure properly Drummond and don't inflate the value of the app. Regrettably T.W. innocently, perhaps, has colluded in the dirty trap Drummond has set the Action Group. The accounts will show a grossly inflated value for the app. If Drummond is not involved then others will not be able to realise this (grossly over inflated) value say T.W. and Drummond. Damned before they even start. Dirty B*astards
The man who looks after shareholders interests Filed accounts late for 2013 resulting in a fine of £750 Filed accounts late for 2014 and was fined £3,000 Has not yet filed accounts for 2015 and the company is facing a fine of at least £3,000 now rising to £6,000 if not done by 31st July. Has not filed an annual return Was late filing the annual return for Teathers Financial Software If anyone here is so minded I cannot do it because of who I am) email: fraud@companieshouse.gov.uk and draw their attention to this late filing regime and the excuse Drummond gave in writing in his recent circular that he has not filed accounts in order to save money in the event of a liquidation. Although the email is addressed to the fraud dept. it is also the one used for complaints about late filing. ALL COMPLAINTS ABOUT CONSISTENT LATE FILING HAVE TO BE INVESTIGATED It will very likely result in personal prosecutions of Fattal and Drummond Someone please do it!! Thats fraud at companieshouse dot gov dot uk
When you see shareholders on the 22nd please bring along the due diligence report you did before you invested £100,000 of shareholders money in Kentucky Oil and Gas. Your tweet today says you have documentary proof that you have always acted in shareholders best interests so we look forward to seeing this and your explanation. Likewise, bring along the due diligence report on LeniGasCuba. I am sure it will be illuminating and put everyone's mind at ease. Please bring along documentary proof that renting expensive Kings Road offices at £66 per square ft was in shareholders best interests. I know many shareholders would be interested to see your documentary proof that not implementing the Company's investment policy and permitting suspension was in shareholders best interests. etc.etc.etc.etc...................................
I have it on good authority that it was Okenia who suggested the idea to Oli.
was obviously written in haste - poor grammar and several senseless phrases. But he admits for the first time that he knew suspension was highly likely and imminent when he appeared at the Gold N Bears (?) show in .late November. At that presentation he said on two occasions that the Company had cash and near cash assets of £1 million. Why therefore in his statement does he refer to potential insolvency costs? Insolvency??? Where does that come from. His comments about not producing the accounts because the Company might be liquidated are ridiculous. This would be a liquidation with significant assets to be returned to Members (£1,miilion according to him) and a few grand to produce accounts so everyone knew where they stood would be money well spent. Its becoming clearer that the £1 million cash and near cash assets was a lie
When I warned about the lack of cash in the Company in November and early December he rubbished my claims citing his personal discussions with Oli and Drummond. Four days before suspension he came on this forum again citing his personal conversations with Drummond and stating that there were no cashflow issues. Eventually he and Spud went to see Oli after trumpeting the fact on this forum. After the meeting they both suddenly stopped posting here and despite anxious requests from others, refused to divulge any details of that discussion. Instead they selfishly took their discussions away to a secret Twitter group leaving others in the dark. Not very community minded, some might say. What about his fellow investors then? Left in the lurch..... Anyway, its your call Stu you'll soon get sick of his endless Twitter stream
Maybe Stu, but that does not account for his previous actions regarding Tea. He hurt a lot of people by encouraging them to buy shares immediately prior to suspension. He regularly spoke to Drummond and Oli and he knew what was going on. He only shared his knowledge with a secretive Twitter group. Now after his road to Damascus conversion, this poacher turned gamekeeper is ingratiating himself with your group in order to once again become the centre of attention.