Member Info for RKBeekeeper

Good afternoon Ben123456

The Moon! I think it is a lot further than “The Moon”

“The twin Voyager 1 and 2 spacecraft are exploring where nothing from Earth has flown before. Continuing on their more-than-40-year journey since their 1977 launches, they each are much farther away from Earth and the sun than Pluto.”

RKB

https://voyager.jpl.nasa.gov/mission/

I think we are at the beginning of something exciting.

Over £2 million cash in the Bank and no debt is an excellent start for our Company.

RKB

Knowledge can be valuable.

If you had invested pre-IPO on AQUIS through Seedrs and their Crowd Funding Campaign, then you would have access to potential knowledge that could influence your investment decision.

If you understand Annual Reports and can dissect the accounts, you will have further knowledge.

If you knew how much cash Voyager Life had in cash as at 31st March 2021 in the UK and the USA, then you would have knowledge of a substantial Crowd Funding Shareholder. (Read previous post)

RKB

Results

There is not much to say about the Annual Results as we do not currently have any assets, only £3.8 million cash from the fund raise in February 2021.

@Reseach 24/7 tweeted this morning an extract from the statement made by our NEC Nigel Brent Fitzpatrick “We are currently focussed on one opportunity in particular and anticipate updating shareholders in due course.”

But on a separate note: VoyagerCBD currently have 40 investors from their second Crowd Funding round on the Seedrs platform which closes on Friday as the IPO is looking like the 30th of June 2021.

Now I cannot say “two” and “two” make 4 but I can say that the 40th Investor on Seedrs put in £368,288 and the largest investor in the February Crowd Funding put in £413,292.

What I can say is that if the “two” investors above are the same entity, then they would have 1,966,455 VoyagerCBD shares for which they would have paid £780,580 (1,333,200 @ 31p & 633,255 @58p)

RKB

PS Maybe our BoD have a reason to have Nick Tulloch as an NED on our BoD.

Late TR1

I noticed you had a late TR1 from October 2020.

You can ask the FCA to “reprimand” your major shareholder who was disregarding the FCA Rules.

I have recently been in communication with the FCA and if any of my investments have a late TR1 I inform the FCA.

It is my understanding that nobody in the past has ever informed the FCA that their Rules are constantly being ignored with regards to updating the Market when there is a change to a major shareholder.

RKB

Good Morning Buysellfredmfc

I have a had a detailed, informative and polit response from our Investor Relations Adviser, Tim Metcalfe.

We have an updated list of Major Shareholders on our website, but it is not accurate.

Monecor (London) Ltd reduced their holdings by 16.5 million and we had this TR1 issued on the 7th of June 2021 and it was within the FCA Rules as they reduced on Friday the 4th June 2021 and technically the RNS was issued the next day (business day) Unlike Spreadex who were 10 days late and Cantor Fitzgerald Europe who were about 47 days late.

The Major Shareholders were updated on the 14th of June 2021 “the Company is aware of the following significant nominee holdings (over 3%) of voting rights in its share capital. The Company is not aware of any Shareholders other than the Directors that, directly or indirectly, hold beneficial interests in three percent or more of the Ordinary Shares or voting rights.”

If the “Company is aware of” then why was the reduction of Monecor (London) not included in the major shareholders update?

Path Investments Plc have 4 Directors (on reduced remuneration so they say!) and the only means for an investor or potential investor to make an informed decision is to rely on the information on the company website.

I think the Company are maybe getting the message that I expect changes and soon.

RKB

Above average dividend

IGV: The Income & Growth VCT pays above average, for a dividend paying company.

Currently paying an Interim Dividend of 5p and due to go ex-dividend on Thursday 24th June 2021. At the current price of 90p this would give an annual yield of 5.55% and there will be a final dividend in late September.

I carried out extensive research in January & February and bought in late February. There was a substantial investment in the unlisted Virgin Wines, and I communicated with the management of Mobeus as I did not know if they had divested their investment fully in Virgin Wines (they did not but they wrapped all four VCT’s shares into one holding (to save expenses)

The company has never had any debt. “The Company's target of paying a dividend of at least 6.00 pence per share in respect of each financial year has been met or exceeded in each of the last nine years”

They have £34.33 million in cash which is available for investment.

I think you may find that we will receive a minimum of 5p final dividend if my calculations are correct.

RKB

www.incomeandgrowthvct.co.uk

Spreadex Ltd & FCA

I have this morning communicated again with the FCA about the late notification of a TR1 shareholding.

Spreadex Ltd were also late when they advised Path Investments Plc on the 8th of April 2021 when they crossed a threshold on the 25th of March 2021.

There is a pattern of late disclosure of a change in a major shareholding with Path and small shareholders could be at a disadvantage from a lack of information that the FCA stipulates in their hand-book.

How many more major shareholders will TR1 over the next few weeks?

RKB

What do our Bod do?

Currently we have 4 Directors:
Christopher Theis appointed 13/12/12
Nigel Fitzpatrick appointed 17/12/15
John (Jack) Allardyce appointed 20/09/20
Nicholas Tulloch appointed 10/04/21

As our company has changed a lot over the years, I am not concerned with the two most recently appointed directors John Allardyce & Nicholas Tulloch.

I would like to focus on Christopher Theis & Nigel Fitzpatrick both have been directors for 8.5 years & 5.5 years, respectively.
Christopher Theis currently has 7 Directorships, but I would say it is only 2 as 6 of his Directorships involve Path Investments.

Nigel Fitzpatrick currently has 27 Directorships of which 2 relate to Path Investments.

From the most recent Annual Report year ending 31st December 2019 (published 10th September 2020) I believe our Non-Executive Chairman (Nigel Fitzpatrick) was “economical” with the truth when he said “the global pandemic has affected all walks of life, and the semi-precious gemstone and manganese markets have not been insulated from this. It seemed sensible therefore to allow the Agreement to lapse in early 2020 and to concentrate our efforts on assets that are initially less capital intensive and at the same time potentially highly impactful” because he then goes on to say

“The DT Ultravert transaction would appear to offer those characteristics. The use of nitrogen within the technology brings clear environmental benefits, as well as providing cost benefits to well owners. There may be a number of other markets where the technology could be of use, offering other potential revenue streams to the company. Having signed a binding Asset Purchase Agreement with the vendors, we look forward to completion of the transaction with the publication of a prospectus shortly”

But not only have our “Current BoD” (at the time as Jack & Nick had not yet been appointed) not managed to complete any due diligence on any of the assets they were “looking” at.

What have Christopher & Nigel been doing with our money? They may be on reduced remuneration, but they have terminated the following:

Announced farm-in agreement (the "FIA") with 5P Energy GmbH on 15/12/17 terminated 5th November 2018.
Announced Heads of Agreement with ARC Marlborough Pty Limited on 18/01/19 terminated 13th March 2019.
Announced Proposed Acquisition of FineGems Extraction Corporation ("FGE") on 19/08/19 terminated 27th May 2020.
Announced Acquisition of DT Ultravert and Kansas Nitrogen Reserves on 27/05/20 terminated 15th February 2021.

Conclusion: Two Directors are being paid (reduced remuneration so they say) for what?

RKB

PS You have my contact details so maybe pick up the phone if you want to continue in situ.

I had an informative reply from the FCA and provided them with further details about our late TR1 shareholder’s details and Path Investments Plc.

I will not be informed of any sanctions (if any) taken against the late TR1 shareholder. You can find their name on the RNS dated 8th June 2021.

https://www.lse.co.uk/rns/PATH/holdings-in-company-x6z7xttjtgopjq2.html

The reason why I am not posting the TR1 companies’ details is because they will probably have my Posts removed.

In correspondence with the FCA I got the impression that nobody has ever “informed” them of the practice of late TR1’s.

I have been asked to provide any further details of any company who is not adhering to the Rules.

For too long, companies have been in my opinion abusing the rules of disclosure of their shareholding to their advantage (in my opinion) and it should not be permitted to continue.

If the FCA were to impose a financial penalty for repeat offenders, then it is possible we will be better informed when a major shareholder has increased or decreased their shareholding.

On Thursday, I sent an email to Path Investments to advise them that I had been in contact with the FCA. I have had no acknowledgement of my email, which is rather disappointing.

I am sure the “current” BoD will soon be aware of me, and they may want to look at Primorus Investments and see what happened to their previous Directors last October. (They all resigned, and I played only a small part in their departure, but they were aware that I was an activist investor just like at PATH)

RKB

PS My goal is to extract further TR1 major shareholders to declare their true position of our £3.5 million cash shell.

TR1 delay

I have written to the FCA regarding the delay by Cantor Fitzgerald Europe, in issuing their “TR-1: Standard form for notification of major holdings”

A company of Cantor Fitzgerald Europe that has a turnover of over $70 million, should have the resources to issue TR1’s within the correct time-frame, in my opinion.

RKB

Incredible Journey

I have had an incredible journey over the past six years or so mainly with CLP.

I sold up completely (mine, wife & both daughters) on Friday.

A large proportion of the 88.2 million shares traded on Friday were mine.

I emailed FG over the weekend and gave him my reasons for not remaining invested.

I received a very personal reply to my email from Francesco which gives me food for thought.

I informed numerous friends also over the weekend why I was no longer going to be part of the next chapter in QBT.

I wish all shareholders well for all their investments.

R K B

PS LtdAxis I hope you and a few others reflect on your actions.

Your post is a lie, admin informed.

RKB

Good Morning Skittish

Excellent research. I have read all the 18 parts of the tweet you kindly posted below at 8:14am.

I noticed a tweet from Primorus Investments yesterday and only “liked” it and did not retweet it as I was wanting to do some in-depth research first. You have provided an excellent summary of what our recent investment of $2.5 million in Mustang Energy is about.

Must Energy is a “Special Purpose Acquisition Company” which is a preferred way for many experienced management teams and sponsors to take companies public. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO.

RKB

PS I have been a PRIM shareholder for since January 2018. The share price has never traded as high as 5.2p (until yesterday) for the past 13 months the closing price has been in the range 0.28p – 0.48p it appears to me we are about to see a new all-time high.

What could this all mean?

PATH terminate the purchase of the DTU Assets from ZOE.

The complete an increased Fundraise of £3,850,000.

After the Prospectus is published, Nick Tulloch joins the Board as an NED.

Why has Nick joined the Board?

Voyager Life had a second funding round on 26th April 2021 of £741,000 and this was at a premium to the Crowdfunding in Feb 2020. The Feb Crowdfunding was originally at £1.24 then due to a bonus issue of shares of 3:1 the share price was 31p.

The second funding round on 26th April 2021 was at 38p or a 22.58% premium. An AQUIS listed company, Greencare Capital Ltd took part and invested £100,000 and they issued an RNS.

My thoughts (you must draw your own conclusions after your own due diligence) Nick is focused on Voyager Life, a CBD Company that now has funding of £2,345,500 and no debt.

There is one (only one) substantial shareholder in Voyager Life who invested £413,292 for 1,333,200 shares at 31p (has 15.57% of Voyager Life)

Did PATH invest in Voyager Life? If so are they about to RTO into Voyager Life?

RKB

PS If you do your own research, it can reap rewards.

Nick Tulloch

Nick began as an IFA and then became a financial consultant and advised HNR which changed to ZOE. Nick became CFO then CEO of ZOE all in a short space of time.

Nick left ZOE (April 2020) and I quote from their RNS dated 29/04/20 “Mr Tulloch will no longer be employed by Zoetic but will be entitled to a share of the revenue generated in the UK and Europe. The Company believes this new joint venture structure will enhance value for its shareholders, not only by reducing its operating costs in the UK, but by potentially enhancing its revenue opportunities outside of its core US business. The Company expects this restructuring to facilitate Mr Tulloch in securing a major distribution contract to bring the Zoetic brand to the main consumer markets in Europe”

Now if you read the PATH RNS dated 30/09/20 it says “it is proposed that Mr Tulloch will join the Board on readmission of Path's ordinary shares to trading on the London Stock Exchange”

So, Nick is not joining PATH till some time in 2021 but what does he do next? He sets up Voyager Life Ltd on 12th November 2020 with three associates from ZOE (Paul Mendell, Kyle Swingle & Eric Boyle) note their names as I am sure you will get to know them (if I am correct)

Voyager Life Ltd is set-up with seed capital of about £730,000 all provided by the four individuals named above. You may think this has nothing to do with PATH but it gets interesting (in my opinion)

A company called Gasrock Ltd was set-up in July 2020 by the 4 individuals above. This I believe was the 4 individuals attempting to buy the Nitrogen assets (which PATH were also supposed to buy)

Recap: Nick is to join the PATH Board at some point in 2021, he has set-up a company to buy the Nitrogen assets that PATH are buying and he sets up a CBD company called Voyager Life Ltd.

On 11th Feb 2021 Voyager Life open their Crowdfunding on the Seedrs platform. (only invited potential shareholders can apply to purchase shares on the Thursday) They are looking for I think £175,000 initial funding at £1.24 a share. Within a few hours they are overfunded and on the Monday 15th Feb 2021 the Crowdfunding is opened to the general public and they apply for shares up to about £750,000 (a lot more than Nick could have hoped for)

Due to the Voyager Life share demand from the public it was closed officially on the Friday only 5 days after opening to the public and some people were unsuccessful in receiving all the shares they would have liked.

Interestingly on the Monday the 15th Feb 2021 PATH issued an RNS to say they were no longer buying the DTU assets. I believe the termination of the DTU agreement is correlated to Voyager Life.

RKB

PS If you do your own research, it can reap rewards.

Due Diligence

Path Investments over the past few years have done a fair amount of due diligence but never seem to complete the transaction, why?

Last May, almost a year ago they began a new lengthy due diligence to purchase the technology of DTU from ZOE along with their Nitrogen assets.

ZOE had the rights to 75% of DTU and the Nitrogen assets were valuable (in my opinion) and ZOE initially used the Nitrogen gas for their CBD production.

About 6 weeks after the initial RNS about buying the DTU & Nitrogen assets the terms were changed.

Later PATH decides to purchase the other 25% of DTU from Diversion Technologies and alter the terms for ZOE and agree a royalty payment.

Then in November 2020 the terms are tweaked yet again. This is when things begin to change. What looks like a good deal for PATH (acquiring 100% of DTU) seems to stall a little. But if you know what has gone on in the background it may assist you on what PATH are trying to do.

To be continued.

RKB

PS If you do your own research, it can reap rewards.

There was a Fundraise in February initially for £3.5 million at 0.25p and it was increased to £3.85 million.

The Fundraise is for:

Expenses of the Fundraise and Admission which are expected to be in the region of £534,000.
To pay certain outstanding trade creditors, principally advisory fees and up-front deal costs totalling £279,591.
To redeem certain Convertible Loan Stock totalling £160,000.
To pay both internal and external costs for future asset acquisition identification, analysis and negotiation.
For general working capital purposes of the business.

Now if you have done your own research then you will see that there cannot be £3.5 million in the Bank it is about £2.9 million after deducting the £534K, £279K & £160K. That is why you should always do your own research.

The reason why I originally said £3.5 million cash in the Bank was because I had not had sight of the Prospectus Document that was produced on the 12th of March 2021 (three weeks after the Fundraise)

My analysis and research points to an investment has already been made for £413,292 which I will expand on at some point. If I am correct in my analysis then this investment has already increased to £506,616 or an increase of about 22.58%.

RKB

PS If you do your own research, it can reap rewards.

Why I am invested in PATH

This is a Main Market Company.

They have no debt.

They have about £3.5 million cash in the Bank.

Things are about to change.

RKB

PS If you do your own research it can reap rewards.

A New Beginning

This will be my final Post on the old CLP Bulletin Board.

Tomorrow we will go by the ticker of QBT.

I have no limits set to sell any more shares and will retain all my shares.

Professor Francesco Gardin had my proxy votes, and he will know at future AGM’s that I either have retained all or increased my shareholding when I exercise my votes in the future. I believe we will become a totally different company to what we were, and I look forward to the coming years.

I wish all shareholders well, even the publican, but I doubt he is a holder at present but that may change when he sees what Quantum Computing is all about allied with Artificial Intelligence.

I do not intend to post on the new QBT B.B. as I believe the new B.B. should be a fresh start for current and new shareholders and I will leave you to debate the merits of the new direction we are embarking on.

RKB

PS I will occasionally Post on a new share and I am currently working on one now, but it is not AIM, it is debt free and has a few £million cash in the Bank just double checking my due diligence.