Member Info for RKBeekeeper

Hello

I did want to take a break from posting but I feel that the Annual Results that were released yesterday require some comment.

I am methodically going through the accounts and have already complied 8 potential posts but I am not finished as yet.

I have a list of about 37 companies that I have detailed information on but there is one company that the auditor mentioned called Alnitak Sarl that has distracted me from my analysis.

The auditor did not have access to the financial statements of Mediapolis or Alnitak. Not concerned about Mediapolis but interested in Alnitak.

The auditor said if he had access to this information he may have formed a different opinion.

Alnitak was the holder / owner of four Valtur hoiday resorts held via Hospitality & Leisure Fund (H&L)

LTH will be aware that I challenged the auditor last year for our Brainspark Associates Ltd accounts and this caused a little local difficulty.

You may want to do some research on H&L as I believe we may be due something here.

RKB

Undervalued Company

I am still a LTH and hold a substantial position here. I am not posting much on any of my investments as like this BB there is almost no real proper debate or proper research.

I have this afternoon sent an email to AC who will hopefully answer my question. I have in the past spoken to AC but my question is about one of our investments which I would like further information on. I am not asking AC for anything that is confidential but I am confident he will answer my question (hopefully to my satisfaction)

RKB

Raymond k both at gmail dot com RKB

It has been my pleasure Long term shareholders will be more than aware of the extensive research that I have carried out on Clear Leisure over the past few years. I went to Italy last July to check out our assets at Ondaland and also the Land that was to become Mediapolis Theme Park. I have held the current Board of Directors to account on several occasions and I did cause some issues in the lead-up to and at last years AGM. I have taken the previous Nomad to task and threatened the Auditors with reporting them to their regulatory body. I have also had conversations with LSE and their regulators. I have not made life easy for Christian, our excellent public relations consultant at Leander PR. Over the past two years I have built-up a network of contacts and often I am told something that is not in the public domain. If I am informed of something or something is implied I then do my own thorough research and if I can verify it I sometimes Post it on this BB or I let some good friends know what I have researched and they can then do whatever they like with that information. Yesterday I posted four or five large Posts to let you know my own personal thoughts. I have a vast amount of further research that I have not shared on this BB and even some of my close friends are not aware of everything that I know. I am not a trader and I have said on numerous occasions that I will continue to be a long time holder until true value is realised. Because of information that I researched over the past two days I have cancelled all my limit orders from 1.75p to 3p (far too low) and will re-set them a lot higher. Within the next 10 days FG will release our Annual Results which will show gross profits of about 4 million. I will not be Posting on the Annual Results and I will take a long break from Posting. RKB

Netflix:Mediapolis Making a Killing Episode 4 Netflix: Mediapolis Making a Killing (how to increase shareholder value) In the beginning there were two shareholders in Mediapolis SrL; Clear Leisure with 84.04% and A N Other with 15.96% (who unfortunately get nothing from the liquidation) Reviewing the Trading Update from RNS 30/03/16 FG informs us that there were historic claims against Mediapolis from suppliers, counterparts, Banks and Bondholders for approximately €14.8 million. This in my view contributed to the impasse and something had to be done. When you then look at the total claim of all creditors listed excluding CLP 2017 and CLP there is only €573,963 valid claims. There are no longer any creditors who could come out of the woodwork. Reviewing the Additional Offer for Mediapolis from RNS 7/01/14 for cash of €20 million for all the debt and assets (the Land and Villas) Now four years ago a certain person (behind a certain company) was prepared to pay €20 million, now to save you looking that company does not exist anymore, but they personally did not have the €20 million. Someone did have €20 million and if they are still interested they can offer a lot less than €20 million. Also in this same RNS 7/01/14 there is something interesting. There is talk of merging the Mediapolis Land into a large real estate regional fund. Now Stephen Avery springs to mind. Why? Because he was set-up for a murder in my opinion that he did not do. I have said on numerous occasions that the Mediapolis Land is massive and adjoins two major motorways in Northern Italy and it is flat. One day something other than corn will be on the land and I have a feeling FG knows what it is. RKB PS with liquidation Clear Leisure have managed to jettison the 15.96% shareholder from Mediapolis along with debt and spurious creditor claims.

Bond Holders Meeting and how it will play out Proposal: FG has a proposal to seek permission from the Bond Holders to amend the maturity date from December 2018 to December 2022 and also amend certain terms of the Bond to enable repayment through the issue of new CLP shares. Background: The Bonds were due to mature in December 2015 and had a nominal rate of interest of 9.5% and this was reduced to 7% and maturity date changed to December 2017. Then FG managed in December 2016 to again reduce the interest from 7% to 1% and moved the maturity date to December 2018. Implications: The implications of reducing the interest rate from 9.5% to 1% and moving the maturity date from 2015 to 2022 and offering shares in repayment has a beneficial benefit to our balance sheet. What will happen: Today, after the Bond Holders meeting concludes we will be informed (as RachelsDad and a few others have said on our BB) that the changes to the terms of the Bonds have been approved. We know this, as our largest shareholder and benefactor has 43.48% of the Bonds and FG only requires 25% of the Bonds Value for the amendments to be approved. It is a done deal. Balance Sheet: We know the current Euro Bonds are €6.9 million. I will use a conservative conversion of €:£ of 1:1 as this will allow for possible interest due on the Bonds and an improvement in favour of the Euro over GBP (due to Brexit) I assume that FG will convert the Bonds over three years. Of our current nominal capital we have utilized £198,223 and have available just over £300,000 that could be issued in shares for some of the Bonds. 2018: £300,000 nominal capital issued at 1p = £1.2 million balance of Bonds £5.7 million (6.9-1 = 5.7) 2019: £400,000 nominal capital issued at 1.5p = £2.4 million balance of Bonds £3.5 million (5.7-2.4 = 3.2) 2020: £450,000 nominal capital issued at 1.84p = £3.312 million balance of Bonds £0 million Shares that would be issued if Bonds converted at the above prices: 120 Million, 160 million and 180 million total 460 million. If FG converts Bonds over the next three years we would have almost twice the amount of shares in issue than at present but we would not have €6.9 million of Bond Debt. RKB PS You may recall I posted recently that there was no pressing reason to call a Bond Holders Meeting at present. In the past FG arranged Bond Holders meeting in December 2015 just before Bonds were due to mature. But this time he called the meeting 6 months early, why? Could it be that if the funds from Ondaland and Mediapolis liquidation were to arrive soon, it would be more difficult not to repay the Bond Holders in Cash?

Netflix:Mediapolis Making a Killing Episode 3 Netflix: Mediapolis Making a Killing (how to increase shareholder value) The spurious claim from the Italian Ministry of the Economy. Originally their claim was for €3 million (RNS 27/02/18) then it is €2,798,620 (RNS 12/06/18) If you had translated the original 32 page planning document dated 15/09/2009 you may come to the same conclusion that I have and that the Italian Ministry of the Economy are at it. I am drawn to the conclusion it was not the two creditors above that forced the liquidation but the Italian Ministry of the Economy. I am also confident that our Italian Legal Team will be able to put forward a strong case to the liquidator as to why the Italian Ministry of the Economy claim should be discarded. (its in the planning application) Recap. Ignore the spurious claim from the Italian Ministry of the Economy as this is just a means towards an end. The confirmed creditors positions have been agreed by the Court and we have a first charge for €2,678,357 and 93.45% of the unsecured creditors. If the liquidator was to realise €10 million from the Land and Sardinian Villas after our first charge and the preferred creditor there would be about €7,155,925 left to be distributed as to CLP and the other small creditor. The way the maths works is that we are actually due 95.66% and the other creditors are due 4.34%. If we were to receive 95.66% of €7,155,925 that would be about €6,845,614. Together with our first charge we would have about €9,523,971. You could say the Liquidator will not receive anything like €10 million but there are two very valuable assets available which I believe can be exchanged for €10 million. FG could offer on paper €10 million but would only have to physically hand over €165,718 for the small creditor and €310,311 for the other unsecured creditor. In total FG would only need to hand over €476,029. In exchange FG would receive the Land and the Villas. If FG is feeling generous he could just pay the two creditors in full and this would only come to €537,963. If there are buyers out there prepared to offer more than what FG is prepared to offer then we will receive more than €9,523,971 (see above) RKB

Netflix:Mediapolis Making a Killing Episode 2 Netflix: Mediapolis Making a Killing (how to increase shareholder value) The Sardinian Villas have no mortgage on them. They are on the balance sheet for €5.1 million. The penny or two will eventually drop that the two main assets to be disposed of at Mediapolis that we know of are the Land and The 10 Sardinian Villas. Before the Liquidation, Mediapolis had debt and at least three main assets, the Land and the Sardinian Villas along with the €1,368,414 in the escrow account. If you were to use a back of an envelope calculation and just say the assets were covered by debt so that on our balance sheet there would be nothing for us. Say the Land and Sardinian Villas are only worth €10 million and there was a corresponding €10 million of debt (you will have to pick through the accounts to try and calculate what debt was actually on the Mediapolis balance sheet) So before liquidation Mediapolis worth €0 million and after liquidation the liquidator has to sell All the assets. Let us assume liquidator gets €10 million. This €10 million has to be distributed as per the confirmed creditors positions agreed by the Court. CLP 2017 has to receive their first charge of €2,678,357. Then the next creditor is to receive €165,718. There is a spurious claim from the Italian Ministry of the Economy for €2,798,620 (see below) and then there is our unsecured creditor position of €8,211,897. The €1,368,414 held in the escrow account I have pencilled all of that money in fees either for taxes in transferring the Land and Sardinian Villas titles to new owners and the liquidators fees. When you do the maths (excluding the Italian Ministry of the Economy) the small creditor of €165,718 is worth 1.89% of all the unsecured creditors and CLP has €8,211,897 worth 93.85% and other creditors only have €372,245 worth 4.25% (165,718 + 8,211,897 + 372,245 = 8,749,860) (1.89% + 93.85% + 4.25% = 99.99%) The €1,368,414 held in the escrow account I have pencilled all of that money in fees either for taxes in transferring the Land and Sardinian Villas titles to new owners and the liquidators fees. When you take a long hard look at the list of creditors that have been approved by the Court there was the one below our first charge which is for €165,718 and then excluding CLP the only other creditors amounted to €372,245. In total we are talking about €537,963 that put Mediapolis in liquidation and again you have to ask why when a company has Land and Sardinian Villas (and other assets) was put into liquidation? I conclude this was to draw a line under the legal claim against the regional government of Piedmont. I can not prove this is the reason we were liquidated but this is my conclusion. RKB

Netflix:Mediapolis Making a Killing Episode 1 Netflix: Mediapolis Making a Killing (how to increase shareholder value) has been in the making for over 10 years. The original concept of the Theme Park was set-out in a planning application about May 2009. It was envisaged that over 200 million would eventfully be invested in the Theme Park, Studios, Designer Shops and Hotels etc. There are some similarities to the other Netflix Documentary: Making A Murderer. If you have watched, Making A Murderer, then you will know that Stephen Avery was convicted of assault and attempted murder but he was later acquitted. Stephen Avery then sued the local county (and others) for wrongful imprisonment for 18 years and a sum of $36 million. Stephen Avery was then set-up for a murder (allegedly) and the $36 million claim stalled. Our Mediapolis SrL also has a €39.65 million claim against the regional government of Piedmont (similar to the $36 million claim that Stephen Avery has / had lodged) Now a sceptic may say that Stephen Avery was stitched up for the murder so that the claim would never paid and likewise you have to question why Mediapolis SrL was put into liquidation when we were not in favour of it and there is only a small creditor ranked after our first charge of €2,678,357 for a tiny amount of €165,718. It does not logically make sense that Mediapolis SrL was put into liquidation unless..... Unless that is the only way to extract value for CLP. RKB

Spus77, now that was a more mature post compared to your previous post (the one at 11:21) Your friend told you about this little gem? Did your friend look at the solicitors that were employed by the previous BoD and the new solicitors engaged by the current BoD of FG & RE? If you have a little look at the 2014 Annual Report and then either the 2015 or 2016 Annual Reports (clue their name begins with Ferrari not CFMP) then you do some basic research on the Ferrari solicitors, use your legal contacts in Italy (what I hear you say, you do not have any contacts let alone legal contacts in Italy!) and then you can go back to your friend and say thank you. RKB PS I put in extensive research and incur addition expenditure when I believe it will be financially beneficial for my investment. The days of buying on a Tuesday and selling on a Wednesday are for the FOBT punters who need their daily fix. Time is running out for you and I have an Italian phone call or two to make.

Spurs77, you are now acting like a child. You could have retorted and said that is your opinion etc but you can only produce monosyllable replies! You are constantly watching and waiting which leads me to my personal opinion that you are a member of the Flat Earth Society. RKB

Bond Holders and Balance Sheet Spurs77, you said you bought £3K last Tuesday and towards the close on Tuesday you asked a question on the BB (what do you think guys we having a good day tomorrow?) But you sell 20 minutes after the bell on the Wednesday! You have had this account for three months and you have already posted 82% of your 44 Posts on CLP! Question: Have you ever read a balance sheet? I have and I know the implications of the Bond Holders Meeting on Tuesday and you know also. Our BB would benefit if either you go back to school or study accounts or you go on holiday (I can recommend Italy at this time of year, warm, nice water park, lovely Villas and a massive big corn field, was there last year myself) RKB PS I hope you get your buy-in price today as teacher at your new school would give you a pass for the time and effort you have expended on a BB that you sold out on.

Hello Jrlomax & JofHoggit I really only Post on the other share, which is making excellent progress. (re-rate is due after Tuesday) Not saying it was to do with the RNS that the BoD were forced to issue because of what I was planning at their AGM but the desired outcome resulted in vastly improved shareholder communication and a revamped website. I do not have much that I can contribute on a technical level here as Fadec and numerous others are better qualified than myself. HNR is a well run company that I believe in and it is my largest holding. RKB PS if I believe RP has to be held to account I will do what I have to do but I hope I do not have to rock the boat.

Shorting shares and how it is done is not something I know about. But if Primary Bid are doing what you think they are doing then they will be found out eventually (if not with HNR then with future placings) I was not planning to go to the AGM but I will now review that decision, as I would want to ask RP directly to his face if he was aware of the possibility of shorting with warrants. RKB

Good Evening JJAL If Primary Bid have exercised any warrants then the total number of shares in issue would have increased. As soon as shares are issued for nominal capital there is a document that must be lodged at Companies House. I have recorded 24 occasions when warrants were exercised for a total amount of shares of 3,590,000 at 10p. I have recorded 5 occasions when warrants were exercised for a total amount of shares of 30,000,000 at 25p. (DTU warrants) Only 1 occasion when warrants were exercised for a total amount of shares of 10,000 at 5p. I have records of the Founder Warrants, Broker Warrants, Advisory Board Warrants, Employee Options and finally the Primary Bid Warrants which expire on 26/07/18 at 14p. No shares have been issued at 14p so all Primary Bid warrants unfortunately have still to be exercised and my records show they have 1,666,667 warrants. I have taken my information from RNSs and Companies House (they do not always file at Companies House in the correct order) and from Prospectus and last interim results. I believe my figures above are correct but I could have missed something and if anyone has different figures I will compare with mine. RKB PS I also believe that there has been an error at Companies House as I believe there should only have been 3,550,000 shares issued at 10p but there is an additional 40,000 which as far as I can see should not have been issued (at 10p).

I will Post on Tuesday just before Bond Holders Meeting takes place. Even MM do not understand the significance of the Bond Holders Meeting and as the proposal from FG is going to be agreed it is only a formality to comply with LSE Rules. RKB PS One day you have Bond Holder Debt and on another day there will be no debt. Re-read RNS from 27/12/18

Bond Holders Meeting is the key Good Afternoon Tgj137 The results will be out on Friday 29th June. The placing shares went to Bank of America and sticky Italian hands. Nobody has really understood the significance of next Tuesday and the Bond Holders Meeting. This is a done deal and key to the next phase of realising significant shareholder value. (you have to go back through various RNSs to understand what FG is doing to Bond Holders and then you will understand how it is advantageous to us) RKB

There is also a point that is worth noting regarding any liquidation. A Liquidator has to payout all monies recovered from the liquidation. Sometimes creditors receive more than they are due. You can receive nothing if there are no distributable funds and you can receive a proportion or % of what you are owed. But if the Liquidator has more funds realised than creditors due then they will receive more than they are owed. We may only be due 94% but the 94% is of all the money raised after the first charge is paid in full and also the small second creditor of 165,718 is paid in full. If we were to receive only 100% of what we are due then that would be in total about 11,428,217 (first charge 2,678,357 plus 8,749,860) RKB

From Liquidation we will get 10 million Good afternoon Neil7 FG will receive all the money for the first charge. If you re-read various RNS where FG increased the value on the Sardinian Villas to Euro 5.1 million (this was detailed in Annual Results on 30/06/16) Later FG said the mortgage just about covered the value of the Sardinian Villas. But as I have said on previous Posts, when there is a mortgage there is a secured first charge, there is no other substantial preferred creditor listed by the Liquidator, so either the Sardinian Villas were sold and mortgage repaid or the Holder of the Mortgage did not bother to lodge a claim. Now if the 10 Sardinian Villas had been sold then AIM rules dictate that shareholders have to be informed of any material change to a companies assets, we have not been informed. Also you will recall that Mediapolis Spa recorded a profit of Euro 335,000 RNS 22/06/17 so was this a capital gain on paper or was it the net gain after expenses from the revenue of the 10 Sardinian Villas? FG wants the Land, it is worth more to CLP then other parties. FG can offer 5 million to the Liquidator. After the first charge is repaid to CLP2017 and the other small creditor (165,718) we get 93.85%. In effect we get most of any money we pay for the Land back. If the Liquidator has 10 Sardinian Villas to sell then we could offer 4 million and again after their fees, CLP would get back 93.83%. Or to put it in simple terms, we can get back all the money we are owed. We get first charge amount of Euro 2,678,357 then 93.85% of Euro 8,749,860 (8,211,744) add 2,678,357 and 8,211,744 = Euro 10,890,101 and have the Land and the Villas. I posted about this earlier this year and I probably made it more clearer then. (you will have to look for my Post) My calculations may seem farfetched but if FG had say 9 million in the Bank at the moment, offers Liquidator 5 million for Land and 4 million for Villas then Liquidator has 9 million along with the 1.3 million in Escrow account. Liquidator has other Mediapolis Spa assets to dispose of and any cash in their bank account. Only major creditor after us is for 165,718 and liqidators fees. The balance goes 94% to us. So any money we hand over we basically get back. Then you figure out why Bond Holders are going to accept shares for their discounted Bonds next Tuesday and my original target price from day one three years ago of 8p is within sight. RKB

Hello Bythesea, accepted. Like you, I also get frustrated when there is no proper debate. I only disliked the dumping part. I do not mind any of the jokes as I am the first to admit to being cryptic too often and also trying to be too smart at times. A few months ago going to double my holding from 20 to 40 million and average down to about 0.16 but I found another company that is well under the radar. Also it would have been harder to unload 40 million without crashing the shareprice. As I have said I do not have any upper limits set (never use stop losses, just alerts) When just one of our investments IPO there will be a re-rate and at that point I would slowly top-slice. I did not print off the recent Annual Results as I did not have the time to properly number crunch all the figures. When time permits I will properly analyse the results and maybe then I will Post something if I believe it will be beneficial to PIs. RKB