Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
What a surprise!! The truth will out. The directors lied to shareholders and to the market. Will anyone take any action at the FCA? Fat chance. This is why the bucket shop side of AIM has such problems. People like Tatnall and Longley should not be let close to anyone's money even privately. They should be in prison for what has happened here.
Turner Pope should be ashamed that they didn't advise their clients better at the requisition vote. This catastrophic outcome was predicted by the requisitioning team. Probably too late to save now. Name and shame. Turner Pope guy was Andy Thacker. Remember that name and remember Turner Pope seem to be as corrupt as Plutus.
Looks like this thread taken over by stooges of the board.Absolutely no sign that any good news on the way. I'm completely out now.
Getting a bit late in the day but just in case Turner Pope clients read these boards at all - don't believe a word Tatnall tells you. According to him everything is someone else's fault....always. Also keep in mind that he knows precisely NOTHING about the energy industry.
Rhug. Remember 10% went to Turner / Pope clients and they should be hugely unhappy. Anyone reading these boards or others will now know without doubt that they should remove the current board. It would be great for AIM if small shareholders were able to come together to remove such criminals as the current PPG board. If anyone hasn't voted DO SO ON MONDAY!!!!!
Just spoke to Hargreaves Lansdowne and the votes are all done. I also added removal of Tim Cottier at the AGM. If you have shares with HL they need your instructions TODAY!!! AJ Bell will be sending out on Monday so today also best if you haven't done it yet . I get the impression the corporate actions teams are getting quite used to hearing the words Plutus PowerGen
Don't forget to vote!! Time to remove Tatnall , Longley and Cottier. Charlatans one and all. There is a real future possible here but only under new leadership. If you bought shares through Turner Pope do not believe the hype that has been spun to you. If you keep the current board you will lose 100% of your investment rather than your current 75%. You will almost certainly get your money back and more with the new team coming in.
From Winnifrith website; Look below for information about Fandango - yet another complete car crash of a company run by Tatnall;
Yes Merry Christmas to you all and to your families however you celeberate it and even if you are a pagan like Darren Atwater orf a sinner like some of those I discuss today: Vast Resources (VAST) and a spoof warrant exercise, my friend Andrew Bell and Red Rock Resources (RRR) who makes himself a hostage to fortune with his careless words, Drew Nelson at IQE (IQE) with an odd management greed RNS and Charles Tatnall whose Fandango Holdings (FHP) serves up the most bonkers and misleading set of results in 2019.
I've been checking on AIM regs and clearly any information released with financial implications on the company should be released on the relevant companies RNS feed. The Rockpool companies coming back in house is such news and should warrant an RNS. Come on Allenby. Plutus balance sheet would return to health if this came to pass.
not much !! with sp so low they would lose about £50k which is pretty insignificant for a management fund. They must see an opportunity worth pursuing to bother.
RNS out from Riverfort and Chelverton. Makes very interesting reading;
https://www.lse.co.uk/rns/RGO/update-re-plutus-powergen-plc-requisition-4aksd8q8t9gavih.html
Particularly interesting regarding Rockpool who look like their entire beef is with current leadership team. The future looks positively rosy if we get the changes needed!!
I re-post this message as a challenge to your statement regarding Nick Lee ; I've been doing some digging today after the allegations regarding Nick Lee and they seem unfounded. During Lee's tenure at Paternoster ( Now Riverfort) the company has progressed from a bust shell to an investment company with 7.8 million NAV, over £2 million in cash and expectation of paying a dividend. If that is the worst smear the current board can find I think looking in the mirror would be far more useful. PPG should welcome such a turn around!!
I've been doing some digging today after the allegations regarding Nick Lee and they seem unfounded. During Lee's tenure at Paternoster ( Now Riverfort) the company has progressed from a bust shell to an investment company with 7.8 million NAV, over £2 million in cash and expectation of paying a dividend. If that is the worst smear the current board can find I think looking in the mirror would be far more useful. PPG should welcome such a turn around!!
Fees paid to Longley and Tatnall;
Figures below from annual reports - each year ending April.
* 2015 - fees to Tatnall and Longley - £518,000
* 2016 - fees to Tatnall and Longley £438,000
* 2017 - fees to Tatnall and Longley£333,000
* 2018 -fees to Tatnall and Longley £473,000
* 2019 - fees to Tatnall and Longley £376,000
* 2015 - Revenue £88,000 ; money raised through share issue and convertible loan stock £1,435,000
* 2016 - Revenue £888,000 ; money raised through share issue and convertible loan stock £180
* 2017 - Revenue £1,350,000 ; money raised through share issue and convertible loan stock £0
* 2018 Revenue £1,350,000 ; Money raised through share issue and convertible loan stock £180,000
* 2019 Revenue £1,275,000 ; money raised through share issue and convertible loan stock £520,000
TOTAL FEES TO LANGLEY AND TATNALL - £2,138,000
So - in the years when income was pretty good they sat on their arses and raised virtually nothing. They then panicked and raised £500 k with Turner Pope in Autumn 2018. No real likelihood of them raising money any time soon and any that is raised will just keep them in their comfortable life style
They have paid themselves over £1 million each. What have they done? Presided over 95% loss of shareholder value and milked the company
Anyone who thinks that is good value for money should vote to keep them as directors!!!
All of these figures can be verified by looking at company annual reports.
Is that a nominee account? I haven't received anything from HL yet. How many shares do you have? I have 5 million. I'm interested that nobody has commented on boards about David Horner who will be the temporary CEO. He has access to multi million pound funds and I'm sure will be key in raising finance. What Plutus has lacked is someone who passes any due diligence tests. Both David Horner and Nigel Burton will pass with flying colours
Just to show how incompetent the board are I have just noticed the proposed bond from 2017 is STILL on their website!! Funny that the url includes the word teaser!! This was just one of their many hyped up "funding just round the corner" wheezes . The useless website is yet another red flag. The joke is that these people pretend to be industry experts when their knowledge is pretty close to zero.
http://www.plutuspowergen.com/cms/wp-content/uploads/2016/11/Plutus-teaser_A4_Dec.pdf
My understanding is that Rockpool were fed up with the board and decided to remove contracts before Lazaravic left. Lazaravic left Plutus due to the board breaking his service contract. I have spoken to sources at Rockpool and they are nothing but positive about Lazaravic. There is I believe an extremely high chance of the partnership with Rockpool being re-instated with a different board. Furthermore I believe that there are some significant industry figures ready to come in. This is a golden opportunity with the right management.
This is the only bit that shareholders need to read. The board's defence is waffle at best and defamatory at worst.
Dear Shareholders
Introduction
We are the two largest institutional shareholders in Plutus PowerGen plc ("PPG" or the "Company"), with a combined holding of in excess of 9%. We are highlighting here our concerns about the Company and explaining the background to the requisition that we have recently served.
As institutional shareholders, we consider that it is only right and responsible for us to take an activist approach where we consider that circumstances are such that drastic action is necessary. We have done this because we believe that there are now limited options to preserve shareholder value in a situation where the Board is unwilling to accede to, and/or dismissive of, wholly reasonable shareholder demands.
In summary:
-- the Board has rejected numerous approaches by us over several months aimed at providing improved financial performance, governance and expertise to PPG;
-- the Company's shares have fallen by over 93% since early 2018; and
-- the replacement of the Board is the only way that the Company will be able to raise sufficient funds to survive and have a viable chance to thrive.
We therefore believe that the only way forward now is for us to seek to remove the existing board in its entirety, appoint David Horner, Nicholas Lee and Nigel Burton (each of whom have consented to act as directors of the Company) to the board, and to reinstate Paul Lazarevic as a director. Paul being the only recent board member with the relevant sector experience. Whilst we regret the need to deal with this matter in the public arena, we have made no progress dealing privately with the Board and therefore cannot see any alternative but to approach shareholders directly to support us.
We are aware that the sector in which the Company operates has recently been difficult given the issues with the capacity mechanism ("CM)") and the phasing out of the triad payments. Whilst we were pleased to learn that CM is to be reinstated, in the short term, we do not believe that this does anything to help the Company's current financial position. We remain very concerned about the complete lack of any progress by the Company over the last two years and the serious weakening of its financial position.
Our concerns
We list below a selection of our concerns that have come to light over recent months:
-- PPG has lost its management contracts with Rockpool Investments LLP ("Rockpool"), which were the Company's only source of income, amounting, we believe, to over GBP500,000 per annum. Also, this apparent breakdown in the Rockpool relationship does not bode well for the proposed development of the Company's first gas site with Rockpool;
-- there is a lack of cost control with administration costs appearing to be very high given the scope and scale of the Company's operations. The GBP500,000 raised from the pla
By law they have to announce the date of the EGM today. Pushing it fine agin. Rudderless useless management
How many shares do you have? Trying to build a picture