Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Did the last $2 million even arrive? I dont think we were notified if it did. I suspect that there is not a lot left from the $10 million received in January, reading between the lines, I think the cash burn was circa $1.5 million a month.
Regarding the US listing, RS stated before the August break, when everyone will be on the the beach! So with 7 weeks to go lets see if we miss yet another deadline.
Can anyone tell us what the process for the lifting of suspension of trading of shares is? Does the company decide when it wants this to resume, or is it up to the AIM to decide? Will we get an RNS telling the market in advance? Thanks....
Tank 1, did the £2 million arrive that was due within 45 days from sometime in early March? Maybe it did and they didnt think it necessary to tell us............
I also wonder what happened with the Statutory Demands as the 21 day period to respond has now passed.....
Am I the only one that is wondering if they have dealt with the two Stat. Demands that were issued almost 3 weeks ago? A company has 21 days to respond, satisfy or come to an arrangement regarding the demand. Hopefully they are not ignoring them!!
Silverlight, my views are that BH is not the right man for the Job in hand, I have said this before. IMO he is more like a Chairman than a CEO, we need someone who is hands on, 24 /7 to try and get this situation resolved. We are entering month 10 next week and it seems like nothing is happening!
I don't think we will be getting the Accounts any time soon. We have not had any information to tell us what the hold up is, other than snippets from email replies sent by PI's to Bob Holt. It would appear that BDO are not able to complete matters for reasons we are not being told about. The general view of BDO is that they are pretty slow at the best of times....
REVB currently have three directors being Tom Allsworth (Founder), Bob Holt (CEO) and Elizabeth Lake (CFO). We were previously told by RNS that Tom Allsworth would step down as Director prior to publication of the outstanding Accounts. Up to now, this hasnt happened. I suspect that there is a division in the boardroom between TA on one side and BH and EL on the other. Its possible that TA doesnt like being pushed around and is being less than cooperative regarding the figures etc from the time when Minto and himself where at the helm. I also suspect that Minto is probably is also being less than helpful for fear of incriminating himself in what will probably lead to a prosecution in relation to what has happened.
The Business would appear to be doing well on the sales front, judging from the number of new Stockists and the general demand for products in this sector in the current market.
We will soon enter into month 10 since suspension of trading, how much longer can this go on? The accounts are late at Companies House, and whilst there will be a fine, I dont think there is any pressure from them at the moment.
AIM rules also state that if Company Accounts are more than 6 months late, the Company's Listing will be cancelled. As it stands we are 9 months late, so I am not sure whats happening with this?
Just my thoughts, and I might be completely wrong! Any views by others are welcome......
Bob Holt is not the right man for the job of CEO. He was brought in 8 months ago and clearly has been unable to get things moving as we all expected. He holds several positions in a variety of Companies along with a Charitable Organization. I suspect he is only working a couple of days a month at REVB due to his other commitments. We need someone that is more hands on. From his email responses on here, he is blaming the Auditors, BDO, but are they being put under any pressure to get these accounts completed? This has been going on way too long now....
No Accounts after almost 9 months!
No News on the Resignation of Tom Allsworth!
No Updates on Trading for the 22/ 23 Year!
No Update on the situation regarding the AIM, we have passed the 6 month mark for de listing!
Bob Mears who regards himself as a heavy weight of Industry is quite as a mouse!
BDO, the company Auditors appear to be incapable of completing an Audit!
All in All, a complete shambles!
I'm expecting a further delay at the end of this month.....................