LTD - check Kenv RNS27 Dec 2013 10:19
and dropping SP in KENV, PIRI & LDP. They are carbon copies of each other. The only thing they are achieving is paying wages. It can be no coincedence that all three of Redmonds companies have achieved nothing. Kenv bought some stock then dumped it cos it was doing rubbish, invested in a company that was going to float - they didn't float and now, guess what - they need more cash..!! Sorry guys but I think anyone invested in any of his companies is being royally muged off...Massive Sell - STOP PAYING HIS WAGES.
Chairman's statement
As shareholders will be aware, Kennedy Ventures has been an investment company since going through a CVA and reconstruction in May 2012. Its investment policy is to make investments in the energy and resource sectors. We remain focused on those areas and continue to believe that good opportunities exist in these sectors although we are also prepared to look more widely at other areas and we have reviewed a number of such opportunities.
Kennedy has in fact principally sought to do a reverse transaction and, although we have taken a number of transactions to quite a detailed stage, we have not yet identified one which, in the Directors' view, would be attractive in terms of valuation and future financing requirements to shareholders.
It has in fact implemented its investment policy, as announced on 24th May 2013, having invested in a portfolio of quoted and unquoted investments in the resources sector. It subsequently disposed of its quoted investments, in view of uncertainties that the Directors felt were developing for small to mid cap stocks in this sector
As announced in our interim results, we made an investment of $85,000 in Bison Energy Services Ltd, a company that had invested in fracking sand deposits in the USA. It was hoped that this company would come to AIM earlier this year; this did not take place but we understand that negotiations are currently taking place for a private financing round though we cannot at this stage be certain as to its outcome.
The cost of the reconstruction in 2012 was, as I have previously indicated, quite high in relation to the level of funds raised and there were continuing costs associated with historic issues in the financial year under review. There were several subsidiaries no longer trading but which had among other matters past tax issues to deal with and significant costs in this respect were incurred in the first half of the year, including the retention of a full time member of staff for six months. However, these issues have now been resolved and second half running costs were materially lower.
We do however feel that the Company needs to be more fully resourced and we are planning to bring in additional capital in the near future. We are hopeful that this will lead to a value enhancing transaction in the current year.
Peter Redmond
Chairman
For further information, please contact:
Kennedy Ventures plc