Email to Economic Secretary to the Treasury6 Nov 2025 14:50
I sent the following email to Lucy Rigby, Economic Secretary to the Treasury (lucy.rigby.mp@parliament.uk):
Subject: Formal Complaint – OPG Power Ventures plc: Alleged Board Malpractice and Minority Shareholder Abuse
Dear Lucy Rigby,
I am writing to formally lodge a complaint regarding OPG Power Ventures plc (“OPG”), where the Board and majority shareholders appear to be engaging in conduct that is not onlygrossly unethical but also potentially criminal.
Concerns About the Proposed Share Buyback and Delisting
The Board has announced plans to delist the company from the AIM (Alternative Investment Market) and simultaneously launch a share buyback at approximately 6 pence per share. This proposal uses company funds to pressure minority shareholders into selling their shares at an unfairly low price. Such actions are entirely contrary to the interests of both the company and its shareholders, as they prioritize the majority’s benefit over the rights of all investors—including the exploitation of resources that belong to all.
Financial Context Highlighting Undervaluation
Given OPG’s financial standing:
Cash reserves: Approximately £18 million,
Assets valued per share: Around 41 pence,
Debt-free status: Confirmed,
there is no justification for the buyback at this steep discount. Even a public sale—conducted at a reduced but fair price—could generate at least 20 pence per share, yielding a far more equitable outcome for shareholders. Notably, the company’s current bank balance alone equates to approximately 9 pence per share.
Misuse of Company Funds and Market Practice Violations
The Board’s attempt to enrich itself by purchasing shares at the lowest possible price, under conditions that seem deliberately designed to suppress the share price, is an affront to proper market practice. These actions amount to misuse of company funds to force out minority shareholders for the Board’s personal gain.
Additional Red Flags
Beyond the buyback proposal, I must emphasize severe concerns:
Allegations of nepotism within the Board,
The Guptas, who hold significant controlling power, are already the subject of ongoing criminal investigations.
These red flags compound my belief that the Board’s actions may constitute a major fraudulent scheme.
Urgent Call for Action
This delisting and buyback proposal is clearly not in OPG’s or its shareholders’ best interests. The Board’s conduct is so obvious that I firmly believe either a new Board should be appointed or the company should be put up for public sale to the highest bidder. Those responsible for orchestrating this scheme must face legal consequences.
Allowing such unethical behavior to go unaddressed risks damaging investor confidence in UK junior markets, with long-term harm to market integrity.
(more in the next post)
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