Member Info for deltavegatheta

As Zag said, initially there was only one filing.

It's almost exactly a year after their appointment. I wouldn't be surprised if they weren't interested in a renewal given the ongoing violations of the Companies Act by PPP's directors.

Just filed on Companies House:

Termination of appointment of Westend Corporate Llp as a secretary on 18 August 2025

What's going on?????

GlobalVision was taking over a company:

"they will buy all of the shares in Pennpetro's subsidiary in Texas Nobel USA Inc ("Nobel")"

Of course question number one would of been "Can we see an update set of accounts?", I have no idea how Tom thought he could provide those in the timescales suggested in his RNSs.

I expect the audited accounts to 31 March 2024 will reveal that things had already gone badly wrong by that point. If they are ever published, they will provide the first independent view, from the auditors, of what the real situation was.

"Isn't there something called due dillegence?"

Yes, but it appears to have only happened post-suspension, which is when the deal started to unravel.

I would be very interested to know what Menzel's current view of Evans is. To me it looks like he swallowed everything Evans told him and only discovered the real situation post-suspension.

“The joint venture with Globalvision has been unable to be completed in the form previously announced. The executed agreement, which had not been ratified by the board, totally ignored the intercompany debt and the secured lenders interests in all of the assets in the USA.

It also failed to reflect that the leases it was proposing to transfer either were not in place, expired, had been terminated or allowed to lapse.“

It’s time some people woke up and smelt the coffee. Evans was either totally incompetent for not being aware of these issues or a con man.

I think if this ends with shareholders losing everything, the ones who should be sued are the people who pushed the buy story with false narratives. Shareholders should seriously consider suing the forum posters who encouraged others to pile in.

Affirm, you don’t seem to have twigged yet, but thanks to the state Evans left the company in, it’s now the creditors, Petroquest and GEM, calling the shots. Tom has fallen out badly with both of them, with GEM having taken him to court twice and still not being paid. PPP wouldn’t last a day if Tom were to return, at least one of the creditors would make a move

TShillington : if you bothered to read listing rule 6.4.8 it states “details of any receiverships, compulsory liquidations”, it does mentioned anything about them having to be completed.

https://www.handbook.fca.org.uk/handbook/UKLR/6/4.html

Note that directors appointment RNSs should state that everything under this listing rule (or its predecessor LR 9.6.13.) has been disclosed, even the ones appointing Lunn & Lenigas included that statement. The Cloudbreak RNS had no such statement.

TShillington: “The FCA and companies house have confirmed they have done nothing wrong by allowing directorships at their new listed companies.”

The FCA doesn’t “approve” directors, that’s not its job. What it does require, under Listing Rule 6.4.8, is that companies disclose things like whether a new director has been a director of a company that went bust.

Cloudbreak’s chairman should have disclosed that Tom Evans was a director of Resource Bonds II Ltd, which went into liquidation. That disclosure never happened.

Zag, you own your shares but you aren’t a director of your broker’s nominee company that actually hold them (assuming you bought them through a retail broker).

The fact that any of the companies on the list could have nominee agreements with third parties make it impossible from the outside to establish who controls (or is owed) what. Same with Petroquest, the shareholders of PQ don’t necessarily own the debt. The disputes over the will adds yet another layer of opaqueness.

Never a shareholdeR of FHF Securities (A'Asia) Limited I mean.

As far as I can tell, Evans was never a shareholder, only a director. However, that doesn’t rule out that the company held shares on his behalf, in the same way Hargreaves Lansdown (Nominees) Ltd holds shares without having control over them.

It’s the third entry on the list:

“FHF Securities (A'Asia) Limited 4,500,000”

Timbo237: ”Also in the placing in March 2023 it stated in the RNS that shares had been loaned by both Rapp and Evans amongst others. No mention of Evans in Lunn's list. Manipulating the facts yet again.”

2021 Annual Report:

Thomas Evans (1) 5,000,000

(1)Thomas Martin Evans shares are held by FHF Securities (A’Asia) Limited.

FHF Securities (A’Asia) Limited is in Lunn’s list.

TShillington: “Panna and Barbera's shares also have been sold on, so not sure why they are even on the list.

Also, one of the last RNS's, Lunn said Olof's shareholding was 500,000 shares, but now has 2,000,000? Where have these been magically made up from, as there's been no updates to the members list.”

You’ve clearly misunderstood how the share loan worked. PPP borrowed shares from existing holders and sold them to raise funds, promising to repay the lenders later with newly issued shares. The RNS list shows how many shares each original shareholder lent, not their current holdings. All recent statements on shareholdings, including the list in the 2023 Annual Report, reflect positions after those shares were lent out.

Silence from a CEO is often a precursor to them resigning. Not saying that’s going to happen here, but I wouldn’t be surprised.

The June 20th RNS states:

“As a result of the commitment from GEM Global LLC SCS ("GEM") referred to below, the board of directors of the Company have now been able to provide Crowe U.K. LLP, the Company's auditors, with a going concern memorandum.

As a result of this the auditors are in the final review process which is expected to be completed shortly.”

https://www.lse.co.uk/rns/PPP/company-update-e1313ev6w82ervv.html

So they must of decided to write down the assets down by then, that’s not something you suddenly decide in the final review process.