Companies House is showing that Arch Capital Partners was dissolved yesterday by compulsory strike-off. Who will pay the JAs now?
goldbar2 - City of Kings born and bred - now live in UK, but go back often as still have family in Zim (elderly father still there).
Cancelled seems less positive than postponed - perhaps EHGOF have got cold feet and it is game over after all.
con'd.....
It would seem that the only parties who benefited from the amendments to the Greencastle agreement announced on December 7th of last year were David Sefton, and now that they have left, John Quinlan, Liam Harrington and Sam Asante (who were members of the board of Iconic at the time they made the decision to amend the Greencastle agreement).
"These moves therefore appear to us to have been pre-planned in order to give the directors a lifeboat on which to jump ship to Greencastle and raise significant concerns about the directors’ compliance with their fiduciary duties as directors of Iconic.
"This follows their stewardship of Iconic in which they presided over huge value destruction for shareholders and a collapse in the share price of the company, leaving the company in an almost valueless state with significant debts owed to its creditors. This whole episode raises major questions about their conduct and the conduct of David Sefton, questions which we expect they will now be required to answer, whether in court or by the appropriate regulatory authorities."
Ends
Notes to editors
About European High Growth Opportunities Securitization Fund
European High Growth Opportunities Securitization Fund is an institutional investment company based in Luxembourg which focuses on financing innovative companies globally that are deemed to be significantly undervalued.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005931/en/
Contacts
Media Contact
Edward Keller
keller@ehgo.co
Originally published Tue, February 2, 2021, 5:06 PM
EHGO expresses concerns about arrangements made by departed Iconic Labs directors with Greencastle Capital
Updated Tue, February 2, 2021, 5:06 PM·3 min read
European High Growth Opportunities Securitization Fund ("EHGO"), an institutional investment company based in Luxembourg, has expressed significant concerns about arrangements made by the departed executive directors of Iconic Labs plc ("Iconic") with Greencastle Capital ("Greencastle"), a company established by the former Executive Chairman of Iconic, David Sefton.
John Quinlan, Liam Harrington and Sam Asante resigned from Iconic on 31 January 2021, with Iconic also announcing it had received notices of termination of the management service agreements between the company and Greencastle Capital in respect of the JOE Media and TheLondonEconomic businesses.
Greencastle Capital then announced that the former Iconic directors had joined them. Iconic had previously lent Greencastle Capital the £1m required to purchase JOE Media, having received the money in financing from EHGO.
In a statement, EHGO said: "The timing and sequencing of the activity by these three departed directors of Iconic raises serious questions, to say the least. Especially as Greencastle is a vehicle established (and owned) by David Sefton, the former Executive Chairman of Iconic. EHGO provided Iconic with £1m in financing, which Iconic then lent to Greencastle to buy JOE Media. The directors of Iconic then refused to honour our financing agreement, forcing us to take legal action against Iconic. The directors then departed for Greencastle, leaving Iconic holding the outstanding debt and pending proceedings, with Greencastle holding JOE Media (the acquisition of which was financed by Iconic) Greencastle then cancelled its service agreement with Iconic (thereby depriving Iconic of any benefit from the JOE Media acquisition).
"We are gravely concerned about these moves. Iconic had been protected in its arrangements with Greencastle through a conversion right whereby it would have the right to equity (shares) in Greencastle by converting the debt. However, on December 7th last year, Iconic announced that it had amended its agreement with Greencastle in order to do away with the conversion right in respect of Greencastle shares. Such an equity conversion right was central to the business rationale of the Greencastle/JOE Media structure, as it meant that Iconic could come in at any time and become a direct equity owner in Greencastle. We note that the amendment of the agreement to do away with the equity conversion right with Greencastle followed less than two business days after EHGO’s presented revised settlement terms to the Iconic board detailing terms on which it would be willing to settle its claim with Iconic. It would seem that the only parties who benefited from the amendments to the Greencastle agreement announced on December 7th of last year were David Sefton, and now that they have left, John Quinlan, Lia
All this is now is a big sack of debt - it'll be priced as bust first thing.
What are you talking about?
EHGOF filed their claim against the company on 14th January, and under civil procedure rules have upto 14 days to serve ICON with the particulars of their claim (i.e. until close of play today). ICON would have to release an RNS on receipt of the particulars, and to date have not done so. The High Court will kick the case out if particulars are not forthcoming by tomorrow - there must be news either way to provide the market with a clearer picture of what is going on here.
Pal oil futures now 835.5 - new high!
https://uk.investing.com/commodities/crude-palm-oil
Just been planning my strategy for the next couple of weeks - checking for undervalued palm oil stocks. Palm oil could be a great play over the next few months with new highs being reached day after day. This stock looks massively undervalued to me - just gone though the numbers at it looks to be worth at least 1.5 - 2p as a starting point. Great buy at these levels, assuming the distressed seller is out.
MMs now going to let this rise IMO - they will need some sellers to get stock. Buying volume strong this afternoon.
At least the spread has closed - just (!) 5% now. When it sitting at 20% nobody is going to buy.
I think next week will be very interesting for PAL - interest is returning with the sudden rise in the the price of palm oil over the past 2 months:
https://markets.businessinsider.com/commodities/palm-oil-price
This is certainly due a bounce - the p&d squad have this on their watch list as is it so illiquid, and it is easy to get a big rise with a small increase in volume.
Air Zim will never be revived - it is a scam and no investor will touch it. There was an attempt to relaunch as Zimbabwe Airways - guess what - all the money has vanished. Corrupt from top to bottom, like its Zanu-PF paymasters. SAA is at risk of going under too - nobody is booking because of the ongoing strike. This is a risk, but it could just work. The new CEO understands Zim and how to get things done.
Level 2 looks like this is the bottom, so I've taken a position. If the deal goes ahead this should correct sharply upwards. My interest here is that I am originally from Zim, and regularly use the Jo'burg - Bulawayo flight. There is only one flight at present with SAA, which is always full. There are over a million Zimbos residing in SA and who travel between the two regularly. Internal flights in Zim are now much reduced, as Air Zim only has one very old functioning plane. Flights are usually full, but people are desperate for an alternative. Air Zim is known locally as Scare Zim! There is a market there for the taking if they can pull this off.
"we are in discussions with the government of Liberia to seek further land that would be suitable, taking in account HCS and other required assessments and studies that are now mandatory for all new developments."
PAL clearly seeking to expand operations in Liberia.
"2019 has seen the first revenues coming in from the sale of our oil palm products by the associate (Liberian Palm Developments Limited), following the commissioning of the new palm oil mill at Palm Bay estate in 2018. EPO is now targeting positive cash flow from its associate's Liberian operations."
Looks like the coming year will be potentially transformational for PAL.