Member Info for reefles

I think today's going to be a really quiet day for trading, where nothing much really happens.

Ps. I love looking at the trades when there is a string of sells, but yet the price is increasing each time!

Uncle Jim's offer of 2.2p was a reasonable safety net for anyone who didn't have faith that he could do a better job than Ed. Given that Jim put forward a motion to oust Ed, and change the direction of SEED, some people might have thought he would lower SP from 2.2p - where it was at the time. It's like saying: "I think this fund has more value than 2.2p with a new direction, but if you disagree then I'll give you a get-out". Seems gentlemanly.

As for Ed selling up before we've even divested of the stock that he picked... not a good look. It just suggests he has no conviction in what he did, and he would rather take his chances on a wave of optimism than wait for some of his investments to be crystalised.

Longy - that's probably the preferable explanation.

My worry was that Mellonski was using his magic to drive up the SP purely so Ed had a golden parachute, like with Lorne's Mam, and that any attention to the fund would vanish once Ed had withdrawn quarter of a million quid.

As you say, though, it's a useful way for them to control the SP while Mellon acquires - as Ed can flood the market with his 5.6m shares. He's still managing to lower our value, even after he's been turfed out. Surely there should have been some agreement that he had to hold off on selling until the new investment approach was established.

Oh FFS. I've always tried to give Ed the benefit of the doubt, but.... what a piece of s**t.

I think we still own 37,623 ordinary shares in Portage - 0.2% of capital.

...on the other hand, it legitimately gave some people an easy way out - which they must have been content with if they accepted it - and the rest of us see a decent little boost to NAV per share and an endorsement of the leadership.

It's on the website mate: https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7796782&lang=en-GB&companycode=uk-kul&v=r2021

Ooh - we're number two on the list of share risers. It'd be nice to end the week in first place...

I think the question is more like: who's selling?!

It does feel odd that we haven't had another TR-1 from the House of Mellon yet, though.

There must be insider dealing here...

I reckon someone on the inside has seen how successful the tender has been - before it's announced - and that it's massively increased NAV / share, and that's why they're buying hard and fast.

We should probably all be topping up...

Yes Davey - they can't really go wrong. Even if they just divested of everything in the portfolio now and bought blue chip stocks, we'd be getting the equivalent of double / triple dividends because of the discount to NAV. If they did that, you'd think it would restore the SP back to where it should be, and we'd all get our cash back. But... we might have to be patient while Mellonski plays around with the price to pick up his 40%. It's all good clean fun, I guess.

Has anyone taken up the tender yet?

CT, you must have misunderstood me - I am saying NOT to panic.

I appreciate that someone called Pedrobull said that it "appeared" their 1,000,000 DMTR holding had been reduced to 0 - posted at midnight and receiving one recommend / no replies. I didn't really take that to be conclusive, which is why I dug up the RNS - that references a share split not a consolidation.

Moon / Factom are a separate issue entirely, which might not shed the best light on the fund's past, but don't imply any current risks that the same thing could happen. I just don't think there's any factual basis behind your claim Jim could shaft us in many ways.

Jim wins if people sell their shares to the company for 2.2p or sell them to him for 2.3p. If shareholders stay in, they are protected. You appear to be encouraging people to sell.... And maybe you have been here since the Kuala days but forgot the password to your old login, who knows, but it's a notable time to be re-emerging with prophecies of doom.

Nonetheless, I'm sure you do what you do for your own good reasons. We all have mouths to feed. Peace and love.

But... but... wouldn't that be 75% for a special resolution, and wouldn't it still be subject to laws about minority shareholder protections??

It just feels like a massive distraction to worry about something that has never happened before and isn't legal, because someone who joined the the bulletin board last week is spreading rumours... which aren't only unsubstantiated, but can be easily disproved. (Read the RNS on Deepmatter that I shared a link to. It is not a similar situation; AND if anyone can show their workings to support the claim that SHs with less than £2k lost everything, I will sell my SEED shares through the tender tomorrow.)

I'm not really up for an extended debate about who is or isn't "fairly new to shares", but I would encourage everyone to find supporting evidence for anything that they read on here and take to be fact.

Haha - I love how emotional this board is. They're robbing us! They're disgraceful! They're out for themselves! Well... yeah. Aren't we all, though? We bought shares in FFWD / SEED; we didn't buy a set of tools so we could start a useful business doing odd jobs for old ladies. We all wanted money for nothing.

Anyway! I just wanted to draw a line under the bullocks about share consolidation. I cannot find ANY examples of a reverse share split having been done cynically. Nor can I find any link between Mellon and that practice. There are rules and precedents governing the treatment of fractional shares, and the idea that "You buy a million and they consolidate 2 million to 1" is scare-mongering nonsense.

The example CT has cited is Deepmatter. I managed to find the RNS for this on the Wayback Machine: https://web.archive.org/web/20240711223142/https://www.deepmatter.io/application/files/9616/8240/3334/Deepmatter_Letter_to_Shareholders_-_Apr_23.pdf

It was a messy looking situation, but appears to be a share split, not consolidation. Either way, the share value means that rounding down 1,000,000 shares would equate to fractions of a penny. It's a completely different scenarion to SEED. The only connection I can find between Jim Mellon and Deepmatter is from CT himself, claiming that there is a connection. Similarly, no apparent relationship between Jim Mellon and Dave Norwood, who was involved - but does not seem at all shady.

CT - do you have an interest in encouraging people to sell...?

Dear Seedlings - I've been trying to find an article about Mr Mellon doing a million-to-one share consolidation. Can anyone help?

I've got 550k shares, and am a bit worried by the suggestion that Jimmy can round that down to nothing...

I found something about him doing a hundred-to-one consolidation when his 3Legs company, when it was doing a reverse takeover. Is he going to do the same with Juenesence, or something? https://shareprices.com/rns/reverse-takeover-and-placing-98gq8fi61fvpxfp/

But most of the articles are like this one: https://www.opendemocracy.net/en/dark-money-investigations/how-arron-banks-campaign-ambassador-jim-mellon-made-millions-in-russia-nigel-farage/

Basically - do I need to top myself up to 1,000,000 shares?

Haha - you couldn't make it up. For the first time in a while, I want our SP to drop... and it's bouncing back up.

If the bid falls below 2.2p, anyone wanting to offload will sell to the company, and we'll get a better NAV / share. But no - we'll just bumble along instead.

I thought it was one of Ed's smartest comments when he said he wasn't good at picking shares. It was extremely relatable. I mean - which LTHs here can honestly say that they haven't made a terrible decision picking shares...? Right?

"It was me that set up interviews between Ed and Various Personas. It was me that had to call Hargreaves Lansdown to insist they update their online information regarding the fund. It was me that had to phone Barclays every day and put a rocket up Eds useless arse until the KID document fiasco was sorted."

Matad'or - that is so cool! I never knew that. I hadn't realised how involved you were. You must have some good anecdotes. What's Ed like IRL? Does he have a good handshake? Is he taller or shorter than you expected? Thank you for all your work on behalf of the investors.