Member Info for RKBeekeeper

Credit Card Debt

Both RNS’s are excellent. The second I will Post my thoughts later on that one. As for the Bond Conversion confirmation it is not an accounting exercise as DanBrown83 said this morning nor is it at 4 times our current share price.

Most of us will have spent a fair bit of money over the last few weeks for Christmas Presents and associated costs. Many will have not have had the actual money to pay for everything and will have put it on a Credit Card.

Many, many years ago Clear Leisure bought too much one Christmas and had to put it on their Corporate Christmas Credit Card in the form of Bonds, which charged 11% interest per annum. Then FG came along in 2015 and moved this DEBT to a better rate of interest on 15 December 2015 to 7%. And had the maturity date mover to December 2017.

FG then in December 2016 managed to get our Corporate Credit Card (The Bonds) an interest rate of only 1% and pushed the new maturity date to December 2018.

FG then held a meeting with the Bond Holders on 19 June 2018 and the Bond Holders agreed to move the maturity date to December 2022 (rate remained the same on our Corporate Credit Card of only 1%)

Finally on 1 October 2018 FG issued all Bond Holders a notice of conversion at 500% of the then average mid-price over the previous 10 days which was about 3.76p. Subsequently we know that €2.1 million Bond Debt which is about £1,865,009 agreed to convert.

By issuing shares with a Nominal Value of 0.25p this only cost’s FG about £127,482 to reduce our Credit Card debt by £1,909,091 and Mr DanBrown83 says it is only an accounting exercise?

I look forward to 2019 as I have confidence in FG and so as to leave no doubt for anyone I have this as a STONG BUY.

RKB

PS We all are led to believe that Bond Holders converted at 80% premium well for our Clear Leisure Corporate Credit Card the actual conversion is at a discount of 93.32% because we remove £1.9 million debt at a cost to the Company of only £127K

Hello again LimitedAccess

I need to be extremely careful in what I Post as I do not want to cross any red lines and upset admin or a n other.

Do you recall I went to visit Ondaland in the Summer of 2017 the weeks before that AGM? Well I found out more than anyone knows, only passed my “research” to BoD and it is up to them to do what they do with it.

As we all get older and the guy running Ondaland is older than myself and FG, almost twice our combined ages (tongue in cheek) and sometimes you look for a novel solution to ensure your family is protected / looked after / financially secure but you have to have your options limited before you will have acceptance of a novel solution.

From Interims of RNS 28/09/18 FG said “The Company continues negotiations with the owners of the Ondaland water park to recover the value of its original investment. Various proposals to resolve the dispute have been tabled by Clear Leisure but, as yet, no agreement has been reached”.

RKB

PS also in the Interims FG said “With respect to the various leisure operations in which Clear Leisure has, or once had, an interest, virtually each historical investment continues to involve a legal action”.

Good afternoon MK1234

FG is the most discreet CEO I have had the pleasure to meet and he would never discuss anything if it was not already RNSed.

What we do know is that FG has said he wants Ondaland sorted by the end of this year.

What we also know from FG he is not prepared to over pay.

What I also know is FG has said that he would not let Bond Holders convert at less than 80% discount similar to debt discount buy-back as he had bought all that debt back for Mediapolis to be put in Liquidation.

What we all know now is that FG has the authority to issue 319 million shares and there is no way he will give Mr Ondaland all the shares and using the above 80% discount application works out about 100 million shares.

Finally we know FG won the Fortune Cookie case and he never gives up.

RKB

PS Timmit, What I do like is the tap reference. I here that there are 10 Villas in Sardinia.

My Thoughts on Ondaland

The guy who has ran Ondland for years and has been a little remiss in not paying our share of revenue, most likely does not have £6 million or £10 million or however many £millions he owes us.

FG has spent the past three and a half years buying back debt at about 80% discount and reducing the Bond Interest rate from 11% to 1% and converting the recent Bonds at an 80% discount (that is because Bonds were bought back at 500% to the share price) All the time FG & RE have been working for a pittance and the market has never appreciated what they have achieved.

Well if I was FG I would use this authority to issue shares granted today and tell Mr Ondaland that he is getting 100 million shares for his 49.9% of Ondaland.

This would only cost us £250,000 nominal capital.

I would also tell the Market that it is CLP itself and not Spiem that is taking control of this 49.9% and CLP will run the Waterpark for the next 10 years and take all profits themselves until all our money has been repaid.

I can hear the usual suspects saying this is not going to happen and why would Mr Ondaland take 100 million shares if they are only worth 0.7p?

Mr Ondaland will take whatever he is offered as he knows that the shares will be worth many multiples of the current price, more than the recent Bonds conversion of 3.76p.

Having full control of Ondaland / Waterpark will also mean that the profits which are in excess of £1 million will all be tax free as long as we still have un-utilised tax losses.

We could spend all day debating many things about Clear Leisure but eventually FG will get his way.

Think it will be a Merry Christmas

RKB

Very close but FG will not need to raise cash, not in this game.

You need to remember this guy running Ondaland has not paid us any dividend for what 6 years or more and they make 1.5 million profits? FG would not sully his reputation by handing over cash so maybe something else?

RKB

The Real Reason for General Meeting

Everyone believes today’s General Meeting was just about the authority to allocate shares and the disallowance of pre-exemption rights. Technically this is correct but!

As at close of business yesterday the Company still had available 119,085,730 shares from the previous authority granted and approved by shareholders on 17th May 2018.

FG requires to issue about 51 million shares (50,992,826) by the end of December 2018 (for the first tranche of Bond Holders converting at 3.76p) so he had sufficient head room to issue those shares but he chose one week before Christmas to hold a General Meeting why?

The reason why FG held today’s General Meeting is because he now has been granted by shareholders the Authority to issue not 200 million shares as agreed today but 319,085,730 shares (a lot of shares)

I said a few months ago many had overlooked the previous General Meeting when the Authority to grant shares was for three years. I said it was most unusual as I had always over the past 40 years only ever seen the Authority granted for 12 months or until the next AGM.

The key part of the Resolutions Document is:

“This authority shall be in addition to and shall not revoke or replace any existing authority pursuant to the said Section 551 to the extent not utilised at the date this resolution is passed”.

This clause is tagged on to the end of Resolution 1 and likewise at the end of the Special Resolution.

So now you know FG has the Authority (if he wants to use it) to issue up to 61.99% more shares. Why?

I believe I know what is going to happen next, I was blind-sided with Eufingest not converting all of their Bonds (they may have converted some, just have to wait and see if AIM Rule 26 is updated after shares are issued for the Bond Holders who are converting).

I would like to think I will not be blind-sided again and after you have had your debate I will let you know who is going down the same path as myself.

RKB

PS As always DYOR and you never know one day you could be an Olympic Swimmer Gold Medal Winner.

Have You Ever Seen The Rain

Good Morning Knigelk

I do not believe anyone, that is private shareholders (including Evile Kinevel) will attend The General Meeting.

Also I do not believe 99% of Private Shareholders will have bothered to have voted. Max and myself have voted, Timmit I believe voted and Rusty would have voted in person but he is on a separate mission today and due to report back later.

It will be interesting to see how soon an RNS is issued and then I will post my thoughts on the “The Real Reason For The General Meeting”.

RKB

PS on my return taxi trip depositing my adult daughter at her place of work this morning I heard an old song on the radio that seems so appropriate for Post General Meeting. Creedence Clearwater Revival: Have you ever seen the rain? The first few lines say it all.

https://www.bing.com/videos/search?q=have+you+heard+the+rain&view=detail&mid=94B87E77AE6B216EF9E094B87E77AE6B216EF9E0&FORM=VIRE

Good Evening Easyells.

There have only been two occasions when we have been suspended since FG re-joined in Summer 2015. Once on a slight delay on publishing the Annual Results and once when the new Nomad was being appointed.

It is not FG’s style to suspend. Now I was wrong in Eufungest converting their Bonds and I was wrong in the final settlement for Fortune Cookie, I surely could not be wrong a third time and we are suspended. I like to keep my head above water so to speak.

RKB

Good Afternoon Countingcards

Like day follows night, easy follows tough and after the RNS issued at FG’s convenience either Wednesday or Thursday I will Post something to make MM look foolish (I would call this the re-match from Summer 2017 when they played dirty)

RKB

Tick-Tock Continued

A few LTH will be aware FG plays Chess, I have not played against FG yet but most chess players learn from each other and adapt.

What we all know is that we all assumed that Eufingest who were 100% behind the changes to the terms of the Bonds to be exchanged for shares up to 500% of the 10 day average price, that Eufingest would convert. But we know for sure they did not convert all 3 million of their Bonds but could have converted some.

I learned a valuable lesson from FG and Eufingest and their Bonds and I have applied it to the real reason for the General Meeting and I believe you will be in agreement with what I believe will shortly happen.

RKB

Hello Timmit see link as this is going to be my new mode of transport.

RKB

https://www.gettingstartedinrc.com/top-3-rc-water-planes/

Tick-Tock

Hopefully within the next twenty-four hours our General Meeting will have been concluded. I can say with my usual confidence that both the Ordinary and Special Resolutions will be passed unanimously.

I have already prepared my first Post for Posting after the RNS has been issued. Then you will be enlightened as to the real reason for this most unusual General Meeting.

RKB

PS it is raining in Glasgow today, all I seem to be seeing is a lot of WATER.

Evile Kinevel

Remember him? The only other guy at the AGM this year who did not have i.d. to prove his size or proof of his shareholding. Evile was fixated on the Fortune Cookie case (maybe he thought it was some sort of cake or pie!) and failed to ask an important question, which I will answer after the General Meeting has concluded and we have been informed that the Ordinary and Special Resolution have both been passed.

RKB

Good evening RoyalDoulton. I apologise for the misspelling of your name.

RKB

Good evening RoyalDoultan. When we know the real reason for the General Meeting then we can look at all angles.

RKB

Hello Max

I have been out “shopping” with the Mrs past 4 hours so I have probably been more offended than you (only be 5 mins in Next which was 1.5 hours and 2 mins here etc)

I have been targeted in the past and no doubt will be again. Whenever a new Poster appears it is always good to check them out. This Poster “OneKnows” set-up their account in 2010 so they know what they are doing but they only began Posting a few months ago. From a quick glance they have been vocal against you from their first post about you on 24th July 2018.

We all believe our share price is well below our true value and all I can say is that as nobody has worked out the real reason for the General Meeting on Wednesday I will let everyone know after we have confirmation that the ordinary resolution and special resolution have been past.

You said privately to me today that you will only Post if or when our share price is above 2p. Well I don’t think you will disappoint Knigelk.

RKB

PS It has been over 18 months since I have used the opinion button but to confirm my belief in this General Meeting I have also recommended a STRONG BUY.

I was not expecting this debate to kick-off until after the General Meeting.

I do not actually know anything apart from the reason (which is not the normal course of events) for this most unusual General Meeting.

You are correct; I thought we would have received substantially more for the Fortune Cookie settlement as I had calculated a larger sum due using all the Public Information available and applying the industry standard of 8% compound growth to enhance the overall settlement which is still cash incoming totalling £1,150,000.

Also you are correct; I thought Eufingest would have converted all of their Bonds. They may have converted some, time will tell, but I have re-evaluated why Eufingest have not converted all of their Bonds and that should hopefully become clearer after the General Meeting.

Also you are correct; I did not think that the share price would go so low to allow JohnyBad an entry sub 0.7 but I took advantage of that undeserved forced drop (only my opinion MM) to collect over 1.5 million more.

You are not correct; Eufingest have not sold any of their shares, they would have to update the company who would then disclose under AIM Rule 26 and for the record Eufingest have never ever sold any shares (not their end game selling shares)

The Tax Credits will be reduced as we convert the Bonds and collect settlements as these are classified as “profits”.

Finally: RoyalDoultan, wrong angle.

RKB

PS I did not think any sort of debate would begin until Wednesday and I am looking forward to imparting one small thing that you have all missed and then we can review Saturdays posts and see if anything comes to fruition.

I could not at this time comment on what you hypothesise but maybe if you knew the background to this General Meeting then you may know something that not many others know (apart from myself)

RKB

Good Afternoon Jandtw1

We already have over 119 million left of the last authority of shares, so why are we having a General Meeting?

Nobody has worked that out as yet.

RKB

Good afternoon SillyBagger

Nothing will happen until after the General Meeting next Wednesday.

This General Meeting is not what it seems, it is more important than anyone realises.

I will have a lot more to say after the General Meeting.

RKB