Member Info for RKBeekeeper

My Tuppence Worth

Part 1

I thought I would give my tuppence worth on Tuesday’s Placing.

I will omit the profanity of what I and many other LTH thought of the Placing Price of 2p. Livid is what I felt.

I did talk at length with our new CEO Callum yesterday and let him know how I and a few of my friends felt. Callum did explain the circumstances of the need to have a placing and the current difficulty in raising finance & equity finance in the current difficult market conditions. Personally, I feel the situation in Ukraine along with “Little Putin” having some local difficulty with sanctions and most of the Russian Banks sanctioned would have had an impact on raising finance world-wide.

I believe our ex joint CEO’s are the main reason as to why the placing was done at 2p. When you re-visit the LDA fiasco of May 2021 where we had to pay a termination s fee of £1.2 million, our problems were about to manifest.
We had a £6 million placing at £0.60 for 10 million shares with “HNW” investors.

We all know about J Story & Spreadex Ltd over the past year and we will never know how much our ex-joint CEO’s imparted to them but I can only hazard a guess that loose talk may have sown a seed that resulted in our share-price crashing to under 10p.

Fast-forward to our 2p placing and look at it in minute detail (on how the HNW investors are taking a pro-rata of the Loan Notes to the placing shares) We see from the Circular Page 7 that Ox Distributing LLC (Eric Schrader) are taking 3,192,883 placing shares and £319,288.30 of the Convertible Loan Notes.

Note: 10% of placing shares you get about 10% of the convertible loan notes.

Ox Distributing LLC (Eric Schrader) have 23,562,500 shares and will receive an additional 19,157,298 shares (3,192,883 + 15,964,415) which would result in a new shareholding of 42,719,798. Last year when we were at £1 Ox Distributing LLC shares were worth about £23.5 million and when we were at £0.045 at the close on Tuesday, they were only worth £1,060,312.

RKB

Callum Sommerton CEO

I believe Callum is the correct person for CEO as he will “support the Company's growth.”

Callum has been associated with Chill Brands since last summer and before being appointed today as our CEO his previous position was International Brand Director for Chill Brands.

I have had extensive communication with Callum over the past four months and I have always found him receptive to my “concerns”.

I believe I have said openly that I do not believe having joint CEO’s in any company is good Corporate Governance.

It does not serve LTH to air our “concerns” openly on a public forum if we want to engineer real change, sometimes it is wiser to sow seeds and encourage them to grow.

I had real concerns about “Buchan” as I believed they were not serving ordinary shareholders (at all) and I made my views known to the BoD and “Buchan” are no longer a footnote on our RNS’s.

Antonio & Trevor were fortunate to be where they were when our old BoD discovered the Nitrogen. They were also fortunate when Nick had to make a difficult decision to leave ZOE in April 2020 (this was because of Covid-19 and Nick could not manage the changes in lockdown, I know Nick well and have regular phone calls with him)

Antonio & Trevor had monumental tasks to achieve when they became joint CEO’s almost exactly two years ago. The Trolls can say what they like about Antonio & Trevor, but they did get our share-price over £1 and they had to contend with J Story & Spreadex amongst other things.

All Companies that want to grow must have the correct people in the correct position and utilize all their strengths.

I believe we have a very bright future and I wish Callum every success.

RKB

Trading Update

Part 7

“It is also appropriate for us to comment on our share price which, since our IPO on Aquis in June 2021, has been disappointing. In many respects we have fallen in line with others in the cannabis sector as investors react to disappointments elsewhere. The lack of liquidity in our shares, which is perhaps a function of a large number of our investors being long term EIS holders as well as (to date) limited broker involvement in Aquis, has also contributed to our share price and is perhaps responsible for the occasional sharp movements in our share price. We continue to develop our investor relations profile but, from the Directors’ point of view, our share price performance does not mirror the progress made in our business which has developed very much in line with our expectations. As mentioned above, we expect to be judged on our financial performance and therefore, as our efforts to date translate into revenue growth, we remain confident that the investor community will reflect that in our share price in the future.”

RKB

PS Where have you ever seen such a detailed Trading Update before? Voyager Life is on a Journey, are you going to be part of it?

Trading Update

Part 6

Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: "Our first full year of operations was always going to be about developing the platform for our business to grow. In that regard we can look back on the last 12 months with a considerable degree of satisfaction. Measured on product range, distribution channels and our own stores, Voyager has taken significant steps forward and, most importantly, has assembled a highly capable and committed team.

“But of course our business is about far more than positioning for the future and it is right that we should and will be judged on our financial performance. In this, and in spite of our rapid expansion, we have kept a tight rein on costs as we promised and we have seen revenue develop considerably over the year. There is a great deal more to do for the Company to break even but we have a strong balance sheet, a growing distribution capability across a number of different categories and a wide product range to attract different customers. There is every reason to look forward to our 2022-23 financial year with confidence and optimism.

We are under no illusions about the competitive nature of our industry, but we set out in our second full year of operations with several differentiating factors – our own stores, our product range, our well-funded business – and the onus is on us now to make that count. Our application to be included in the FSA’s list of ingestible products is under review; encouragingly, we have examined the products already on the list, including those of our own manufacturing partner, and we believe that Voyager’s products will be validated by the FSA in due course.”

RKB

Trading Update

Part 5

Novel Foods
On 31 March 2022, the Food Standards Agency (“FSA”) published its initial list of ingestible CBD products permitted for sale in England and Wales until such time as they are either authorised or rejected. Currently, no CBD products have been authorised for sale by the FSA. At present, Voyager’s ingestible CBD products are not included on the list however, from what the Directors understand, the only impediment to the Company’s inclusion is that, initially, the FSA has assessed brands that were on the market on 13 February 2020, being the date of the FSA’s original announcement of its policy on CBD products and prior to Voyager’s incorporation. The Directors are aware of other products already on the list that were launched after that date; accordingly, the Company is not expecting that limitation to be permanent.

In particular:

1. Products and ingredients from Voyager’s manufacturing partner appear multiple times throughout the list, thereby implying that the Company’s products are likely to be approved in due course;

2. The vast majority of products on the list are not yet validated but instead are marked “awaiting evidence”; and

3. The FSA has said to expect further updates to the list in due course.
Voyager is in contact with the FSA about its inclusion on the list.

Finally, the FSA’s list only applies to ingestible CBD products and these are a minority part of Voyager’s business – the Company has nine ingestible products out of over 30 formulated products and some 150 SKUs in its shops.

RKB

Trading Update

Part 4

Following its acquisition of the business and assets of Cannafull in December 2021 for £9,000, Voyager has added a fourth business line of manufacturing to its already established lines of online sales, own stores and third-party stores. Cannafull was rebranded as VoyagerCann in February 2022 and is already proving to be a meaningful part of the Company. The potential order book currently stands at around £100,000 spread across 15 customers and the Company has already secured and delivered three orders, both to well-known CBD companies.

The Cannafull acquisition also added a second brand to Voyager. Ascend Skincare has been relaunched with its range of three face oils being the first products made by Voyager since the addition of its manufacturing capabilities.

RKB

Trading Update

Part 3

Unaudited revenue for the 16-month period to 31 March 2022 was approximately £178,000 with revenue in the last 12 months representing an increase of over 28x revenue generated in the financial period to 31 March 2021. Importantly our revenue in the second six months of the financial year increased by 88 per cent. compared with the first half of the year. Given the inconsistent nature of trade sales, analysing a monthly run rate of revenues can be misleading but, with the exception of the early part of the 2022 calendar that was impeded by Covid restrictions, revenues have been steadily growing and the Directors expect to see further improvements throughout the current financial year.

By their nature, Voyager’s products are personal – taste, scent and texture as well as packaging are key determinants of a customer’s decision to buy. Consequently, and with regard to trade sales which the Directors continue to believe will be the largest driver of revenue, the ability of the Voyager team to meet in person its prospective customers is very often definitive in closing a sale. As with many businesses, Covid restrictions were a limiting factor in 2021, particularly with many trade fairs being curtailed or postponed, and the Company has also found recruitment of salespeople to be slower than expected. Nevertheless, with Covid restrictions largely dropped across the United Kingdom, the Company has taken the opportunity to book into more trade fairs (with three attended in 2022 already) and organise more face-to-face meetings. The effects of this have been immediate with a growing order book and rising number of distributors. Winning the prestigious award for its Hemp Shampoo for Pets at PATS Sandown, an award which is judged by industry experts, is a further reminder of the popularity and quality of Voyager’s range.

RKB

Trading Update

Part 2

Review of Trading

In a year that began with four employees (two of whom were part time) and an online-only business model of 16 products, the Company has grown substantially in a rapid period of time, now employing 20 people and selling a range of over 30 formulated products and over 150 SKUs wide enough not only to support its own stores but also to attract an increasing number of trade customers.

Today, Voyager has four revenue streams:
• E-commerce from its own websites and third-party websites (including online marketplaces such as Amazon and eBay)
• Sales through its three own physical stores
• Sales to third party distributors and third-party stores
• Manufacturing products for other CBD and skincare companies

As at 31 March 2022, cash at bank was £1.43 million giving the Company the balance sheet strength to continue developing its business model without the need to raise new funds. In anticipation of supply shortages, rising prices and its expansion plans, management took the decision near the end of 2021 to considerably increase its inventory which amounted to over £140,000 at year end. Voyager has no debt and the cash balance reflects a pre-payment of rent in its Edinburgh store through to December 2022 and its St Andrews store to May 2022. Voyager’s monthly overheads during the year averaged just under £50,000, of which payroll and rent make up the majority.

RKB

Trading Update

Voyager Life Plc issued a Trading Update for our end of financial year.

Rather than put my interpretation on this excellent, informative and enlightening article (that covers everything) I will post below the update in full.

Voyager, the health and wellness company supplying high-quality Cannabidiol (CBD), hemp seed oil
and hemp-related products, is pleased to provide the following trading update as at its financial year end of 31 March 2022.

Highlights of the year include:
• Successfully opening three stores (St Andrews, Edinburgh and Dundee)
• Relaunched e-commerce website (VoyagerCBD.com)
• Second brand launched: Ascend Skincare (AscendSkincare.co.uk)
• Acquisition of manufacturing capability and establishment of VoyagerCann
(VoyagerCann.com)
• Over 30 formulated products and, in its own stores, over 150 SKUs (stock-keeping units)
• Distribution partnership with CLF, one of the largest distributors of healthcare products in the UK
• Hemp Shampoo for Pets awarded best pet grooming product at PATS Sandown
• Listing on the Aquis Stock Exchange

RKB

Penny Finally Dropping

It appears that the “Penny” is finally dropping, or should I say 8p?

If you had monitored the AIM Rule 26 shareholdings since, say about 2 years before the current BoD took over and over the past 18 months since our new BoD aligned their renumeration and reward to shareholders, you may have come to the same conclusion that I have.

Our previous BoD took (in my opinion) excessive fees and expenses and were a little “miffed” that they had lost their golden tickets. They no longer could “visit” Australia several times a year on the pretext of visiting our Australian Investments and also visit their “Friends & Family”

So, what would you do if you lost your Golden Ticket? Would you try to unload your shares to frustrate the New BoD? What happens when you all exit? (Previous BoD and “friends”)

Does the Market then begin to realign to the current assets which are at in my opinion in excess of £12 million (conservative) probably £14 million with what Rupert and BoD have done and are doing?

When you look at our shares in issue of 139,830,968 and you can see that our BoD & family control 22.23% and disclosed under AIM Rule 26 you can see 91.25% accounted for, then you will see that there are almost no shares available.

The herd will soon arrive and find that there are not too many shares available and when they arrive then at £12 million Market Capt we will be a little over 8P and at £14 million Market Capt we will be a little over 10p.

The previous BoD have had their day and now it is our turn.

RKB

PS Note to previous BoD thanks for the little seeds that you left us that are about to flower.

PPS Good morning Justdandy maybe double or treble!

BMN Conversion

Primorus Investments Plc holds £1,208,988 in a Convertible Loan Note in Bushveld Minerals Ltd and we have the option to convert to BMN shares at £0.098987.

We can convert over two-month periods.

The first conversion was exercised, and we were issued with 2,069,063 shares for £204,810.

Currently at the time of this post BMN are 12.2p – 13p so our shares are currently worth about £252,425. Excellent investment by our BoD.

RKB

PS Our AIM Rule 26 was recently updated. If you study it closely you will see (if you have been paying attention over the past 18 months) that Previous BoD have totally divested, so no overhang to hold us back.

Join the Dots

Part 5

Mediapolis Legal Claim: When CLP concluded the saga of the Mediapolis and received a tiny fraction of what was due, you can imagine if you were a fly on the wall when the BoD were informed of how little we were getting, how aggrieved they would have felt. What you do not know is what really went on behind the scenes. FG & RE were exemplary and then you are told that from the proceeds of the Mediapolis Land sale €50,000 was retained for our right to claim against a former Director and the Audit Team.

This claim is valued up to €20 million. I am 100% convinced this will be pursued by FG just like Fortune Cookie and Sipiem.

I wish all LTH well, I am on twitter, same nom de plume.

Please do your own research.

RKB

Join the Dots

Part 4

AI, Quantum Computing & Bit Coin Mining.

Many years ago, I asked FG which of his Books he would recommend to me, and he recommended another Author. I have never told anyone the Book or the Author but if I had known that Quantum Computing and Artificial Intelligence could really be combined, I should have retained all my 7 million shares and just waited, but like most investors, you Bank a Profit as you think that it will all disappear.

I am not up to speed with all the technical jargon or even the mechanics of Bit Coin Mining but if you watch the Proactive Interviews with FG and read the RNS’s then you will know that it is happening, and FG and his Team will be going to Stockholm in Sweden to collect something. Oh, my nephew is a Professor in Australia and pre-covid he used to travel all over the world, many times to USA but not yet to Sweden.

RKB

Join the Dots

Part 3

Share Placements: When FG & RE were appointed in 2015 FG agreed to take only £60,000 (unlike previous CEO) and FG agreed to take £30,000 of his salary in shares and I think this has been the case since (certainly up to May 2021) About the time FG & RE joined there were only about 212 million shares in issue and then Eufingest converted some loans etc and about the same time there was a small placing of about 30 million shares. FG always said to me he would keep the shares in issue as low as possible for as long as possible (these are my slant on what FG said as he did not say that but that’s my interpretation)

At some point I owned just over 3% which was either 7 million or 11 million (I was never higher than 11 million) At the controversial AGM in the Summer of 2017 (the one where an RNS was put out because of me “Response to Market Rumours) both FG and myself understood each other (there were 12 private shareholders there that day and I had sufficient proxies to block the special resolution) Afterwards I had a private meeting with FG and we had a heart to heart and again I got a measure of his character as I had voiced my concern about a Broker and FG kept his word.

Over the years there were not that many share placings and only one occasion where Warrants were offered but only for 6 months. Again, I had a conversation with FG about the Warrants and I think I am correct in saying that no further Warrants were issued for many years.

You have to form your own opinion as to why the share placings over the years were kept low and why Eufingest have their Bonds etc.

RKB

Join the Dots

Part 2

I am not going to refer to RNS’s for this Post, I will recall from memory and the Trolls can correct anything they think that does not fit their agenda.

Many years ago, FG pursued redress for a Company that was successful (can’t recall the Company name) but it confirmed to me that FG does not throw in the towel.

Sipiem Court Case: This is already a done deal, only the final amount must be agreed. You could have looked at the way FG set-up the limitation of the fees agreed at the start of the case to understand that the Lawyers knew they were onto a winner. You all think that this will be settled for cash (most likely it will) but does FG still covet ownership of the Water Park, Ondaland? If FG wants Ondaland he will get it. Has anyone ever asked him? Why not? If you are a shareholder in QBT (and not the resident 10% Trader) then ask the question, the answer may whet your appetite.

Fortune Cookie Court Case. This old investment was sold by a previous CEO to eventually WPP (Martin Sorrel’s Company) but the old CLP did not get a trail commission type payment. So, FG pursued Fortune Cookie through the Courts and they (Fortune Cookie) settled very quickly, and CLP got £1,150,000.

I recall a conversation with FG at one of the AGM’s. There were only two shareholders present, myself and Simon (the pie man) Simon left after about 30 or 40 mins as FG would not allude to any potential settlement of the Fortune Cookie Court Case. I then could have a private conversation with FG about some past events. One thing I wanted to understand was why after several years was the Company settling a “debt” of about £100,000 of interest on a Loan that had been repaid. What FG told me was enlightening and without disclosing confidential information it informed me of FG’s morals, and that is something that is lacking in most CEO’s (and Politicians) but not in FG. I also was able to get a good understanding of the complimentary skills between FG & RE. I also had sight of a confidential email that I was copied into (in error) which also confirmed that RE has the same exemplary morals as FG.

RKB

Joining the Dots.

Part 1

Although today is the 1st of April this post is not a joke.

I have often said that I do extensive research into all my Investment Companies and although I (personally) do not hold any shares in QBT, I have a few friends who ask me for my thoughts, and I have said to them I would post some of my research.

I believe I posted in late May last year that I had divested all my shareholdings (including family’s) and this was because I was irritated by the delay in the Venice High Court case (again) I had made substantial profits earlier in 2021 and in previous years and I have always been open and honest when I divested. I did talk to FG after I had sold out and he said he was sorry I had left (my words as a lot more was said, and all was amicable)

You need to know FG to understand what he is about. I first met FG & RE in 2017 immediately after I had gone to Italy to check-out our Mediapolis Land and our Water Park, Ondaland. I also went to his University town and spoke to someone. I can’t recall if it was when I was in Italy or Austria that I wanted to go to Switzerland to “pay a visit” to Eufingest but Mrs Beekeeper would not allow me.

FG always achieves his goals: After I divested last May, I binned all my research notes. I had paper copies of all Annual & Interim Reports, every RNS and even had transcripts from Interviews and extensive notes from all my meetings and phone calls. I also had contacts in Italy who provided some “dots”. Most importantly I did a massive amount of research on the Internet to try and find out how to join the dots.

RKB

Good afternoon LtdAxis

I am well, hopefully you are.

I don’t think it would be advisable that I post before the close today, so I will try to post before 7am tomorrow.

There was a reason why I said in my post at 12:15 today that QBT is a “Strong Buy”

I can assure you that I am not currently a holder (too under water in my CBD share at present)

I have been google translating today.

There are many LTH in QBT who probably feel trapped, but I do not think they should be concerned.

The purpose of my post earlier was to inform and hopefully all will DYOR.

For the record, I have never met or communicated with J Story (just in case the trolls come out, as I have two green lines this afternoon (one after 13:10 and another after 15:20)

RKB

Eufingest & J Story

There is no relationship with Eufingest & J Story.

You have to understand the relationship between Eufingest & FG.

You have to understand how Eufingest first became a major shareholder in the original company Clear Leisure.

Now from available information previously RNS’d and from Annual Reports and my personal conversations and meetings with FG, I can confidently predict that the Bond Holders meeting will approve the conversion of the Bonds at 5p.

Eufingest will ensure that the “Proposal / Proposals” will pass. This is because Eufingest hold 62.5% of the Bonds and on the first meeting if the quorum is not met (66.66%) then there will be a second meeting (2 weeks later) and the Resolution will pass.

There would not be a QBT if Eufingest had not supported the old CLP for all those years, and therefore it is important to understand the relationship with them and the Company.

LtdAxis is only interested in a small % fluctuation to make his rent, silly in my opinion as it is all coming together now for Francesco.

RKB

PS John Story is no friend of QBT, he is an investor (Trader) who utilises financial instruments for his own benefit (why not if you have the resources?) But where is he on the major shareholder list? Like LtdAxis he is nowhere to be seen.

All Positive

We have had our Directors recently cancelling their Share Options so this prevents dilution.

We have a spouse of a Director buying this week at an average of 4.15p.

We invested £1 million in Clean Power Hydrogen (CPH2) only 6 weeks ago of and today @ 68p we are up over £500,000. (£1.5 million)

We have made another good investment in Rambler Metal & Mining (RMM) where we now own about 1.7 million shares (1.1% of RMM) and currently up about 12% from our purchases of 2 & 8 weeks ago.

All our other Investments you can find in my previous posts from about 5 or 6 weeks ago.

Our Directors only take £30,000 unlike most other AIM Companies.

We have about £500,000 cash in the Bank.

RKB

PS Spoke this morning to Rupert, always a pleasure to talk to Directors that have a clear vision of where they would like to be.

Maybe you will care when / if they decide to divest and let you know long after they have exited.

By condoning their actions, you will reap what you sow.

RKB