Member Info for deltavegatheta

The "grapevine" wouldn't be Tom 'trust me' Evans by any chance?

From the bidder's point of view the worse outcome is if you buy say £50k worth and PPP only raises say £300k in total. That probably won't be enough to stop GEM refiling its winding up petition, so you've just set fire to £50k!

It's actually the Audit Committee's responsibility:

"The Audit Committee comprises two Directors, Olof Rapp and Tom Evans."

No, but maybe a mate of his

MyIPA, I’m not going to engage in your ridiculous theories

Ok, but the only current director of RB11 is Tom. Tom set-up RB Equity Nominees and is currently it's only shareholder.

Affrm, read the Resources Bonds 11 Ltd Winding-up Report thread from the top

MyIPA, why when faced with clear evidence Tom has been up to no good are you trying to put all the blame on a dead man who wasn't even a director of RB11?

Evans has used that address elsewhere. e.g.

https://find-and-update.company-information.service.gov.uk/company/13229062/officers

To me it looks like both Evans and Lunn are both heavily involved, but Lunn is better at covering his tracks, the 404 shares being a rare slip up.

To get the full picture you also need to look at RB Equity Nominees Ltd as well:

https://find-and-update.company-information.service.gov.uk/company/12578816/filing-history

RB Equity Nominees was used to park the 4,118,404 shares issued by PPP to pay off the £2m owed to RB11.

Notice how RB Equity Nominees changes ownership from RB11 to Tom directly just before the Liquidator is appointed.

I was hoping this report would clear up the issues around the claims on the Texas assets, but I think the report sheds zero light on them. It could be that the repledging of the Texas assets is part of the ongoing investigations they can't talk about for legal reasons, but it could also be that there is no claim.

The first progress report in a winding up by the court of RB11 has just been published. Tom Evans owns all the shares of RB11 and is the only current director.

https://find-and-update.company-information.service.gov.uk/company/10328847/filing-history

It includes the following statement:

“The initial investigations have revealed breaches by the directors of their statutory and fiduciary duties leading to various claims against the directors. Solicitors have been instructed and initial letters before action have been issued. We are currently awaiting a full response to those claims from the directors."

RB11 debts were about £2m.

The report does not mention any claims against the Texas oil leases that were collateral for the bonds issued by RB11.

MyIpa,

From what I understand Lunn helped PPP get access to the bank accounts, it has been suggested he obtained a court order at a cost of £40k I believe, I can't see any offence being committed here.

"With the extraordinary efforts of Mr Stephen Lunn, our new director, we have now today received the missing bank statements primarily needed to complete our accounts for the 2023/24 year end."

There's a lot of suspect smears regarding Lunn propagated by TGers, but what is apparent is that he has a massive conflict of interest over the PQ loan that wan't adequately addressed in the Shareholder Update RNS.

If you do check the accounts you will see that the PQ loan is in dollars and PPP owe over $4m

PQ are owed over $4m by PPP. Agreed it isn’t due until December 2025, but they are still owed it.

It's almost like some people on this board keep trying to redefine the English language.

MyIPA, if you look on Companies House many directors give the same address as each other, it doesn’t have to be the address they actually reside, just a contact address

“ A director must provide 2 addresses:

a correspondence address for the public register (service address)

their home address (usual residential address)

A correspondence address is one you can use to receive communications about the company. This can be the same as the registered office address of the company, or it can be somewhere different.

A residential address is a director’s usual home address. You must tell us your home address, but it will not be available on the public register for everyone to see. It’s kept on a private register.”

https://www.gov.uk/guidance/your-personal-information-on-the-public-record-at-companies-house#what-information-we-make-public

If you’re going to repeat Tom’s smears in public of Lunn at least do a bit a basic fact checking first.

No Investment Manager is going to be fired for passing on this placing.

If they end up needing to issue 16m shares they will need a prospectus but they will be in no position to produce one.

B 9p