Member Info for Morpheus888

Ed blames the previous BOD for the 8 years of huge losses. His inherited investments were blamed for the poor performance. Yet the share price has dropped by an even bigger.......much bigger % under his years of control.

What about the £50m mcap talk when Leap was about to be sold - At that point he would have been aware that they would just scrape by getting their original investment back after all those years - no profit, yet still talking about huge mcap!!!

He's had millions to invest and done nothing with it over the last couple of years. All proud about making a tiny profit from his last punt. What about the talk of dozens and dozens of investments being pushed under is nose every month!!

What about the large investors coming onboard????? Would anyone touch this???? seriously....??

Remember the years without buying any shares, pregnant with information, inside.......No he wasn't maybe 2 or 3 months a year inside. He's an absolute joke

Maybe filling an order??

*Expenses over £500k not £1m Ed works hard for his cash, 2-3 hours a month ?

MCAP of £1m less than the cash Seed hold. Yet still no buyers to speak off. Total disaster. Ran totally for the boys club. Annual wages and expenses of close to £1m a year and they have a MCAP of less than £3m.

What do you think of Mellon returning to the board of his company after 10 years or so, around the announcement of delisting? He also owes himself around $3million that he has loaned to Webis. Do you not suspect another scheme from Mellon? Looks like it could be worth a punt, but Mellon being owner of both puts me off

Doesn’t matter the share price is or the fact that over £10m has been lost on investments - Ed still gets paid. Don’t worry though in the last 3 months he has made enough profit to cover 1 months expenses. This will continue to dwindle away with expenses taking nearly £1m a year. What a joke

I invested in a small but promising company around 5 years back, private equity. Business only valued at around £1m, 75% of shares held by the founder. Things were looking good, doing really well, small but increasing turnover. Out of the blue they liquidated the company as the founder (75% holder) hadn't been able to pay his £100k annual salary - sold it to his other business for the money he owed himself £100k and then did a raise valued at £5m 6 months later. I've seen some schemes over the years, in most cases the small shareholders lose out.

You have to remember that Jim Mellon (GALLOWAY) is owed several million dollars from Webis. Webis might have assets but Jim is owed a few million$ from Webis.

I’ve seen it all over the years. I saw a company in a similar position with the owner holding around 70%, do a share consolidation - whereas it meant those holding less than £20k worth of shares would have less than one share - as fractional shares were not issued - this was passed to the ‘remaining’ shareholders ie the owner. I thought this wouldn’t legally be possible - yes it was looked into and although unethical - totally legal. Yes it was passed by a vote - well with the owner having 70% it sailed through. It’s disgusting.

Exactly Laura. These companies largely owned by one individual is set up for their benefit, not for the PI’s. I was warned of this set up many many years back, especially with Mellon. He’s had I believe 14 listed of his interests and only 2 made money for the PI’s. It’s the gravy train for the boys club.

It’s effectively Jim’s business. Yet he resigned from the board here over 10 years back. It’s like I say. A play thing and tax vehicle for him.

Seriously though. Anything with Jim Mellon involved is a disaster. They talk the talk but never deliver.

Webis has been Jim’s company for as long as I can remember. He resigned from webis around 2010, though still obviously continuing to hold the majority of the shares of webis.

Jr He’s had many companies written off and there are several more to follow. They are set up as playthings and tax vehicles.

Yes he left Seed / FFWD out of embarrassment. Made no money on their investments in over 10 years. Plenty of investments in their or their mates companies. Nearly £10m of their investments that were invested in their own companies written off. Paid their wages for many years. Investors down over 90%.

Another of Jim's pocket money companies....He's had this for over 10 years and used it as a vehicle like all his other small companies. Must be some reason for his recent appointment, it's been his for many years. That's 7 companies liquidated and or delisted in the last ten years for Jim. He has another 14 held by one of his holding formats and only 2 have ever made money for the shareholders. He makes his money from currency trades these days. These are a bit fun and a vehicle for him and his cronies to use as tax efficiencies

I didn’t realise they had expertise in that area. Who has the experience in that field ?

Takayama. What skill set do you think they have ? I don’t think any of them are experts in any particular area.

I did notice Ed congratulating his performance on X. I really do not see it as an amazing achievement. A short term gamble has resulted in a £86k gain in 3 months, in those 3 months,wages, expenses etc have reduced the cash in the fund by £240k. Running costs close to £1m pa for a tiny handful of shares. NAV is down £2.5m in the last year alone and down £11.5m over the last 3 years. £86K really doesn't make up for years of ever decreasing NAV. To have a NAV lower than it was 9 years back !!! I really think Ed is joking, surely he doesn't believe this is turning the fund around! Where is the £50m mcap Seed were going to have? Where are the 10x returns on investment he has talked about?

£86k profit. The monthly wages and expenses are £80k per month, at least it slows down the decrease in NAV.