PTHC, Martin Lewis has already told me he only deals in retail matters, not corporate law.
As I have said, many shareholders, some very large are now working on this. Various AIM rues have been broken.
This character acted as creditor (in his own interests) & Chairman (shareholders interests) at the same time!
He has totally shafted shareholders, taking their money for 6 years, always promising shareholder value, paying analysts to pump up the story, then at the last hurdle, right at the finishing line, when they started to do improve all their metrics, stitched us all up.
We stuck at it through thick & thin, through demonetisation & dilution & this is how this charlatan rewards us!
Shareholders like me will never let this go
Large shareholders have been in contact with MIU for several months. They have been reviewing activities here for quite some time. All concerns to Lord ALLI at Silvergate Media, Robert Pursell, Mary Turner & the NOMAD Strand Hanson were cc'd to MIU.
Trust me, Koovs weren't happy we were doing this. It was protection in case something like this happened.
Many shareholders are working together on this & it will take some time, but we are collating all the evidence we can.
If anybody has anything relevant to this disgraceful act, please contact me
Alli has effectively stolen this company & justice will be done
Tom is back in the group. This from a large shareholder:
Clearly ALLI has bought this through a prepacked administration, which under AIM rules cannot happen
This is a listed PLC company and has shareholders.
Firstly Alli should have requested an EGM and also put out an RNS stating that the company could enter administration and that the company is up for sale. This didn't happen. This is a listed company and this HAS to happen in any case.
Furthermore, it had to be announced that the company is up for sale, to give an opportunity for a buyout. Furthermore an equity raising could have taken place, via a placing, they had headroom to raise circa £5m. This didn't happen
This is a "transaction at undervalue" to defraud investors and needs to be investigated. I am a substantial shareholder here and i will be writing to FRP for them to answer questions in relation to the sale of the company for an "undervalued sum". Furthermore i will be writing to the Department for Business, Enterprise and Regulatory Reform for them to investigate
If this was a Private company, this transaction could have happened, but it wasn't, it is a PLC and a sale of this kind needs to be voted on, and shareholders needed to be informed
One of the duties of the appointed insolvency practitioner (IP) is to identify whether any transactions at undervalue have been carried out.
The IP may be able to go back two years or more from the date of insolvency in their search, and have the right to apply to the court for the transaction(s) to be reversed.
A transaction at undervalue occurs when a business asset is transferred or sold to a third party, either for no payment at all, or for a price that is considerably lower than its true value.
Clearly ALLI thinks he can get away with this, not this time...
Whitman Howard made a placing public to certain people on 4th December, but Koovs did not notify the market!!!
Some very large shareholders are now on board, Chinner, contact us.
We are gathering evidence as we believe that there has been fraudulent activity, especially with the 'apparent' sale of the company.
As a long term investor, I have been defrauded of my investment. Many questions need answering.
Does anybody have any information regarding the House Broker trying to conduct a placing?
First of all, I'm so sorry if anybody bought on my research. I'm in total shock at what has happened here.
As many of you know, I liked the Indian story but hated the management.
The arrogance of Waheed Alli is astounding. We have been reporting him to the FCA for over 6 months & letting him & the NOMAD Strand Hanson CEO Simon Ragett know this too.
The FCA has a full dossier, but with Alli's huge legal team, there is nothing we can do on this front.
I turned up at the London office on 12th November & met Robert Pursell the CFO. I have photographic proof. He told me not to be so paranoid & that Kishore Biyani was committed to the deal, blaming the RBI. He blamed day traders for the drop, even though i said that the share price & price action never lie. This was obviously a lie as Waheed Alli had already set up the company SGIK 3 INVESTMENTS on 15th Oct (see pic in tweet). This has been planned for months.
Alli took the company into administration in the morning & bought it in the afternoon after it was apparently on sale for a month!
He always promised to return shareholder value & has now wiped out every single shareholder for his own gain.
Koovs paid Hardman & Co to come out with a misleading analysis with a share price value of 74P
For 6 years he has suckered in investors, then collapses the company over £6.5 million which he could of easily funded.
The only recourse we have is a formal complaint to the House of Lords Standards committee where he should lose his peerage as far as I am concerned. We are working on this.
The CFO Robert Pursell, the CEO Mary Turner, the PR firm Newgate Communications & all those who around Koovs need to be exposed too.
There is a lot of bad feeling & noise being generated against Koovs on Twitter. Hopefully, someone, somewhere will pick up on this.
Any advise will be appreciated, contact me via....
I'm with you Matt!
Yes, E commerce is massively taking off in India, especially fashion, all on the backdrop of a slowing economy.
With regards to Koovs, I'm sure that there is a lot of legal wrangling going on in the background after FLFL have clearly reneged on their deal.
Koovs have clearly told them to sort the funding out one way or another. It has been two months & still not a word from FLFL!
It is now time for Alli to enact Plan B.
As FLFL have not completed the second tranche, Koovs must now buy back 21,391563 shares back at a nominal amount to give FLFL a buy price of 15p.
Koovs must now get a large placing underway with heavy Director involvement.
Non Exec Director Nina Amin MUST step in as new CFO. At least she owns 1 million shares & has commitment to the company.
Alli & Biyani need each other & must just get on with it, leaving Avni Biyani on the Board even tough FLFL d
have not fulfilled their part of the deal.
Every long term shareholder has seen how FLFL have stitched up Koovs here.
It's time for Alli to show that he is in charge again
Just out in India, e commerce sales during the festive period were massively up, especially in fashion, up by 51%
As the festive season in India draws to a close, analysis from RedSeer Consulting has positioned this year’s festive sale period as the biggest one ever in terms of online retail. The firm reports that total sales for the period amounted to more than Rs. 19,000 crore for the eight key dates of the season.
RedSeer’s analysis comes at a time when overall sales in the retail sector appear to have slowed in growth. Nevertheless, consistent with trends across the globe, the burden of slowing retail has fallen primarily on the brick and mortar retail sector, while online commerce has been booming.
In India, the market for online commerce represents a bigger opportunity than most economies in the globe, given the substantial customer base that is increasingly wired in. The Boston Consulting Group has estimated that India will have as many as 850 million online users by 2025.
A Bain & Company report from earlier this year predicted that India’s consumer market could reach a value of $6 trillion by 2030
The fashion retail sector, meanwhile, has spiked considerably. Sales in fashion grew by 51% this year, while the long-tail segment performed even better with growth of 76%. According to RedSeer Consulting, growth in these segments can be attributed to a combination of product diversification and an overall increase in consumer base.
Growth in the fashion segment has also been driven by the tier 2 cities to some extent, where an increasingly prosperous user base is looking to spend on apparel/ Women’s fashion is growing at a higher rate than men’s in these regions.
Enough is Enough
Koovs have given FLFL/ Biyani all year to fulfil his part of the deal that they have reneged upon.
Koovs have given them the last two months to find alternative mechnisms and/ or to reapply, which they haven't.
Lord Waheed Alli has been royally mugged off by the Indians & must now, once again become the major shareholder in Koovs.
He must lead from the front with a heavy placing conducted by Canaccord Genuity, with Board members participating. If they do not want to (because they're not really into equities as the CFO Robert Pursell has stated), jog them on!
In fact, the arrogant & useless CFO Robert Pursell must go with immediate effect.
The CEO Mary Turner needs extra support over in India. Maybe that is why they took on the Chief Creative Officer Christian Westphal??
Leaving it this late is a total disgrace. The Nomad Strand Hanson should know better. It's CEO Simon Raggett is fully aware of what is going on.
oilman, even before the RBI ruling came out, FLFL were reluctant to go ahead with the funding, having missed the March 27th deadline.
The RBI ruling was to prevent any 'round tripping' or illegal activities. All they did was ask FLFL to reapply two months ago.
As far as we are aware, FLFL have not bothered.
So even if the rules were eased, why would FLFL pay up, when they didn't want to pay up before?
It's a shame that there isn't more honesty & transparency on both sides.
So in a nutshell, FLFL & Kishore Biyani did not fulfil their side of the deal. They got their technology & platform from Koovs, they put Avni Biyani on the Board & are now blaming the RBI when they had all year to pay the money that was owed to Koovs.
Personally, I would like to see a clean break from FLFL, but I don't think Koovs could afford the legal fees to fight this. Could take years to sort out in a country like India.
They just do what they want in India. The CFO Robert Pursell REPEATEDLY mentioned that both deals (the 15p & blended deal) were legally binding. Biyani & co are just sitting there laughing knowing that a Micky Mouse company like Koovs run by clowns have absolutely no sway in India.
It has been nearly two months since the deal was stalled & still nothing!
With the RBI having thrown a spanner in the works & FLFL having not provided an alternative solution thus far, Koovs must now go ahead with alternative plans.
I believe that there are only three financing options now.
Money from outside of India to provide a placing, keeping FLFL on board.
Money from outside of India to take control of FLFL stake as well. By now, 18 months down the line, Koovs must know if FLFL are bringing anything to the table.
Another loan to get Koovs through to the next placing..
Personally, with this delay, I believe that there is a lot of legal wrangling going on behind the scenes.
Opening three stores in 18 months was quite pathetic & Koovs did look to keep an arms length from FLFL. We don't even know if Koovs utilised any of FLFL's warehousing, logistics, manufacturing etc
Koovs needs to release the mother of all placings pretty soon...….
Looking at this years FLFL Investor presentations & absolutely no mention of Koovs. Lots of mentions of their other brands esp Brand Factory, that is doing rather well using Koovs platform & technology.
The last significant mention was in the 4th Feb presentation FY 2019 which was a pdf from Nov 2018
With the way FLFL have messed about with the funding all year (missing the March 27th 2019 deadline), I am seriously concerned about their commitment to the whole deal.
It has been nealy 2 months
Billie, the RBI ruling regarding 'round tripping' where money leaves india (FLFL in this case) & finds its way back in (via Koovs), has totally scuppered any further funding from FLFL.
There is no way of getting any funding from India whilst this is in force.
The only alternative mechanism is by way of getting money from one of FLFL backers (Blackstone, Amazon etc) from outside of India.
It has been nearly two months now & surely Koovs & FLFL must have an idea if RBI are going to shift their position.
Personally, I think we have to look outside of India. The problem is that every single shareholder that has taken part in a placing has been stitched up. Koovs are now onto their third broker, after Peel Hunt & Whitman Howard decided that they had enough.
It is now up to Canaccord Genuity to sell the story to new Investors.
Unless there is real heavyweight backing from the Chairman Lord Alli, I can't see any money being raised until the two clowns at the top are replaced. The CEO Mary Turner & CFO Robert Pursell have bought the share price down from 80p to 3p
Very interesting to see who the Chairman of Silvergate Media, Lord Waheed Alli's media company is. William Astor 4th Viscount Astor
Samantha Cameron is the elder daughter of Sir Reginald Sheffield, 8th Baronet and Annabel Lucy Veronica Jones. Sir Reginald and Annabel married on 11 November 1969. The couple divorced in 1974, after Samantha's younger sister, Emily Julia Sheffield, was born in 1973.
Annabel later remarried to William Waldorf Astor III
So Viscount Astor is the Stepfather of Emily Sheffield, who is a non Executive Director of Koovs!
"When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced "
Now this could get tricky & the reason that Kishore Biyani paid the token £250k at 28.36p in the September placing for 881,523 shares. This is the one question that nobody inc Koovs have answered. I have asked Strand Hanson (Nomad), Newgate Communications (PR Firm) & the whole management team.
Black Diamond pointed this out to us previously.
But surely this also stops FLFL making an offer less than 28.36p??
Now if RBI ease restrictions & FLFL do not want to pay 28.36p a share (they have reneged on the deal before), £6.5 million invested at less than 28.36p will take them over 30%, so under the LSE rules, will have to make a cash offer of at least 28.36p a share.
Now I wonder if Koovs forced FLFL into this as an insurance policy to prevent a cheap takeover by them or anybody else??
The £250k was a token amount- a weeks worth of funding! This must have been Alli's idea, protecting his investment & company.
When I was an early investor in Boohoo, I also thought that Boohoo would just be a female brand, but the BoohooMan has really taken off.
As an investor in both Boohoo & Koovs, I was intrigued to compare the quality of the merchandise. The Boohoo gear was just like stuff from the local market, some of it made in Turkey.
I managed to get a shipment of clothes from Gurgaon. There was no comparison. Each item was well packaged & the quality was excellent & true to what I had seen on the website.
Can you contact me on Twitter, I'll send you a couple of bits
Interesting to see that Koovs own brand has shot up to 2310 items, an increase of 500 from last week & the highest I have ever seen!
Looking at the price action over the last week, this is not indicative of a company about to fold
Looking at old rns’s, only last August, Lord Alli, Emily Sheffield & Nina Amin bought about 11 Million shares between them at 15p when figures were rubbish!!
That was after £12 Million was raised at an oversubscribed placing also at 15p by Whitman Howard
Koovs are bigger & better now!
Koovs are clearly giving FLFL every opportunity to honour their deal, but the RBI are hampering progress due to the 'round tripping' issue. Until the RBI issue is sorted (which could take many months), we can forget getting any money out of India
It has been seven weeks now & surely Koovs new broker Canaccord Genuity must be gearing up for an 'emergency placing'.
If it comes, it will be interesting to see at what price with the blended deal & previous placings being at 15p.
Judging from the 2 million shares bought & declared after hours, someone has been given the nod, as is common with AIM companies.
It has been exactly 7 weeks since FLFL notified Koovs about the RBI issue. The protracted period that Koovs warned about is now over as far as I am concerned.
FLFL had enough time to reapply & sort their crap out.
What do you guys think?
On a positive note, could be
1/ some kind of funding from FLFL has been approved by the RBI
2/ Some kind of placing here in the UK
3/ a loan provided by Alli or others
4/ an all share buyout (which unless at least 15p will never be voted through)
ps, all this on the day that the BOOHOO founders Carol Kane & Mahmood Kamani sold £150 million worth of shares- just imagine......