The next focusIR Investor Webinar takes place tomorrow with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
I did not say you blamed share holders. What I said was that complaints to the FCA provide a perfect excuse for the directors to blame the shareholders. "Shareholder complaints to FCA scared off the new investors". As for northernlad he knows no more than the crap already in the public domain.
Do you really think any interested party is not aware of MDC's history a la Purple Lounge etc? Do you really think any interested party is not aware of Botros's history? The FCA are the correct people to be writing to though you should not be surprised if the directors use your excuse and blame the shareholders for the ultimate demise of MDC.
I am winding nobody up here. I have just returned from another ban for voicing my opinions on this company and its directors. I do not believe there is any deal on the table or being negotiated. That statement like all the others is just another ruse to deflect dissent. In all seriousness if the company stood or wanted any chance of re-listing would they place a director like John Botros and his checkered past in charge?
Although many of you have written this off you should not just roll over. The very least you could do is email your grievance to the Financial Conduct Authority. Directors are facilitated in this type of conduct through their reliance on popular share blog websites like LSE to remove all negative criticism and the silencing of vocally aggrieved ordinary shareholders. How does the saying go:- "The only thing evil men need to triumph is for good men to do nothing" If we can't even voice and share our disgust at what has happened here then what is the point in being part of this share blog community?
Would you want to be in this country on the 30/31st October 2013 if you were CEO of MDC?
I have now seen the text and to be honest there doesn't appear to be anything to worry about YET!!. The auditors resigned on the 13th August 2013. The information was filed with Companies House on 23/10/13. Part of the text reads:- "In accordance with Section 519 of the Companies Act 2006, we confirm that there are no circumstances connected with our resignation which we consider should be brought to the notice of the shareholders or creditors." On the 23rd August 2013 the company published this:- "It is the Directors' intention to publish the report and accounts for the period ended 30 September 2012 and the interim accounts for the period ended 31 March 2013 prior to the general meeting called by the Circular." So I assume they must have new auditors now or the old auditors completed their report and then left. Well all should be revealed next week for better or for worse.
Records at Companies House show the auditors resigned on the 24th October 2013.
Have you not overlooked one thing. Avia has published its results and has relisted. LOL!!
"Joe it was after the preposed AGM.." Thanks for your response. I insisted on asking that question because on the 1st October 2013 only two weeks after the proposed EGM you wrote:- "why can we not have an update? tried emailing, phoning nothing - what has happened to Intabet? Therefore I am assuming you have spoken to PJ in the last two weeks.
Thanks for you reply. But what I really wanted to know and asked was when did you last speak to him. Was it after the aborted EGM for16/09/13 or was it before. Thanks
When did you speak to PJ. Was it before or after the LEO fiasco?
Wouldn't you drag this out forever if the publication of the said results could lead to legal action under the Companies Act 2006.
Not only were you banned but the whole day's comments for 25th September 2013 have been removed. Yours was the only one that carried expletives. Others (including one of mine) merely criticised the company and the directors for the way MDC shareholders have been treated. As I said be careful what you write here.
Kammi - Please be careful what you write. Comments are being removed and posters banned for saying negative things about this company and its directors. You ask :- "Finally why is P J giving snippets of info to people emailing him and not informing the market" The answer is quite simple to. To quell MDC shareholder dissent whilst the master plan unfolds. All will be revealed on 31st October 2013. The day after the stock listing is cancelled.
They have until 30/09/2013. If the results are not out on or before that date the listing will be cancelled. The LSE can grant an extension but it must be requested.
I suspect its the consolidation of 1000 - 1 and the illegality of the whole rip off. The good news is we may now get something back. The bad news is this latest foul up can pave the way to administration. Which is what they have always wanted.
"Would we not be better voting against and perhaps realising the true value of the assets" Who is we?. The current and previous board failed to realise the assets. Why would anyone enter into negotiations with us when they can pick them up straight from the administrator. You seem to forget one thing. MDC owe HMRC. HMRC would not think twice about winding up the company for unpaid National Insurance Contributions. All is lost I'm afraid. Its now just a question of what level of dilution. I'm still going for 99%.
"...how do they determine the price for fundraising..." Without any business to talk of they are likely to pitch the price at a value that attracts penny and sub-penny punters. 100p and 50p are not the type of prices that attract get rich quick REM type investors. These people need to buy shares in the millions or hundreds of thousands at the very least. Pitching the new shares at 1p will do the trick nicely. Come 17/09/13 LEO may have some more info about their investments to put flesh on the bones and justify the new shares. Its just a question of wait and see. I have based all my postings on from what I have read and past experience in these situations. Needless to say I could be totally wrong and the shares open up with a 400% premium.
The directors have told you they cannot develop Intabet any further without funds and a gaming licence. Intabet to MDC is worthless and a drain on resources as patents have to be maintained and updated. I would expect it to go for a nominal value of £1.00 (just a guess). When Intabet and any associated intellectual property is sold off I would also expect PJ to resign and the new oil and gas directors take over. Again just my views.
As cruel as it may sound. The board are giving you something for nothing. MDC as a company is now insolvent. The BOD have given you the opportunity to transfer your worthless stake to another entity that is nothing to do with the old MDC. If the resolutions are not carried all is lost. New investors are effectively purchasing the AIM listing from MDC shareholders that's all. Anything else MDC may have will be sold off to satisfy creditors.