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Thank you
Matlot
LastCallRises
Zccax77

For your contribution late last night. I liked most of the jokes and it was good to have some commentary on Auditors.

I think Admin arrive (or login remotely) about 7:30am so it will be interesting to see what they do.

I have contacted a journalist to see if they are able to “highlight” what goes on at the big four. Only time will tell if journalist’s are truly independent.

RKB

PS if I had been a shareholder in the Company that was “Audited” then I would have had a thousand questions for the Auditors.

PPS it was Conviviality Retail Plc but I think it went .......

FRC Sanctions Grant Thornton

Part 1 re-posted as the original post this morning at 11:02am is not showing, I wonder why? Re-posted again as post removed from 08/07/20 at 18:47 I do wonder why public information RNS’d by FRC is not acceptable on B.B. I will continue to re-post to inform that FRC do implement sanctions but do not want Joe/Jess public to know, again I wonder why.

Following on from Monday’s FRC’s announcement that Auditing has to be separated from “other services provided”. The FRC issued 3 RNS’s this morning at about 7:15am (how convenient it is after the main RNS news at 7am and “could” have been overlooked)

Grant Thornton are not our Auditors but like our Auditor PwC, they are part of the big four. I do not think most on our B.B. will take the time to read in full the FRC’s full sanctions statement regarding Grant Thornton and two senior auditors. So to save you having to read the determinations I will quote some brief points.

The Company involved was Conviviality Retail Plc. The fine was £3 million (discounted to £1.95 million for admissions and early disposal) but will also pay a sum of £207,000 in respect of Executive Counsel's costs in the matter.

Grant Thornton has also agreed to the following non-financial sanctions: A Severe Reprimand; A declaration that the Audit did not comply with Relevant Requirements (and a few other things) It is also acknowledged that Grant Thornton has provided a good level of cooperation during the investigation. (note this)

The Financial Reporting Council (FRC) has sanctioned a former audit engagement partner, Mr Kevin Engel, (the Audit Engagement Partner) The following sanctions have been imposed: A Severe Reprimand. A permanent prohibition banning the Audit Engagement Partner from signing audit opinions. The sanctions imposed take into account that the Audit Engagement Partner has provided an exceptional level of co-operation during the course of the investigation but also that he has been the subject of previous enforcement action by the FRC. (note this)

The Financial Reporting Council (FRC) has imposed a Severe Reprimand on Natasha Toy, a former Senior Manager (the Senior Manager) at Grant Thornton UK LLP (the Firm) in respect of Misconduct relating to the audit of the financial statements of Conviviality Retail Plc. The FRC also recognises Ms Toy's hitherto unblemished disciplinary record, her genuine contrition for the Misconduct and the exceptional level of cooperation she demonstrated during the course of the investigation. (note this)

RKB

TruSpine

Some additional notes on TruSpine shareholders, Products & Finances.

Mark Hamet MD MBA, Director Interventional Radiology, Stellaris Healthcare, White Plains Hospital, White Plains, NY. Assistant Clinical Professor Radiology, Columbia University, NY, NY has 625,000 shares, he only came on the share-register in January this year and previously he did not have any shares. He is on the TruSpine medical advisory board.

Richard Basin MD F.A.C.S. Trained vascular surgeon, Former Director of ER, Mount Sinai Hospital, New York, NY. Technical advisor to Goldman Sachs & Smith Barney regarding medical tech investments has 312,500 shares, he only came on the share-register in January this year and previously he did not have any shares. He also is on the TruSpine medical advisory board.

I was recently researching in the Patent Office in the USA and I went off at various tangents and came across some interesting documents.

Forecasting for:
Faci-Loc System 4,900 units $12.5 million, Cervi-Fas System 505 units $1.2 million all for 2020 and gross profit of almost $7 million.

Faci-Loc System 29,204 units $73 million, Cervi-Fas System 4,703 units $11.7 million all for 2021 and gross profit of almost $45 million (2022 gross profit over $91 million)

I came across a lot more “forecast” financial information which obviously you would have to “attempt” to locate and if you were fortunate to locate this information then you would be able to form your own personal view as to how much TruSpine will list on the Aquis Exchange and you may be able to hazard a guess as to how much our £500,000 investment is possibly worth.

What tends to happen when you have an innovator disrupter is that they often get “bought-out” or “acquired” by the major players and some crazy monetary examples were proffered in this document, but you will have to locate it (the document) to see if you agree.

RKB

PS I had access to the link that RK11 posted below last weekend. I did not Post this link but shared it with a few trusted friends but can anyone else locate the pdf document in this post?

Venom

Part 2

A Queen is often clipped by the beekeeper to ensure that it cannot fly-away. It was always my job to clip the queen as my father often cut too much of the wing(s) off. You obviously do not clip a queen if she has not “mated” so first you establish that there are eggs in the Brood Box. Then you have to locate and catch the queen amongst 30,000 – 50,000 bees all moving around and aware that they are being “messed about with”.

It is at this point it is better to take the “gloves off” and go in with your bare-hands. You locate the queen, you place a small circular contraption with lots of evenly spaced spikes around the circumference over the top of the queen and “gently” squeeze down upon the queen and the goal is to keep the queen in the centre and all the bees exit between the spikes (the queen is too large to squeeze between the spikes) You then have to do some dexterity moves so as to get one or two of the wings to protrude out the mesh and then using very small scissors clip the wings. Now you may at this point realise that it is almost impossible to use a pair of scissors with gloves on and not kill the queen but sometimes there are unintended consequences. After the wings have been clipped, you then mark the thorax with special paint and although the Scottish Beekeepers Association (and probably England as well) had a set colour for each year we preferred to use YELLOW.

Recently (two weeks ago today) a person contacted me to say that an RNS was going to be issued the next week (it was not)(I also did not tell anyone but he probably thought I would) I texted them a week later and said I was blocking them from my iphone and he begged not to be blocked and then he sent a screenshot from PR to say RNS the next week (it was not but day is not done!)

He also said that PR informed him that FG interests were not aligned with shareholders (you and me, not the Swiss) So on one persons say-so we have a hive either with a bad PR or a Queen that it not laying any eggs, what do we do? Do we trust Presto? Do we trust PR? Do we let FG continue to take 10% here and 20% there? Do we let our share-price have a 28.5% spread to benefit who?

I think I have droned on long enough and my life has come to an end.

RKB

https://www.colormatters.com/the-meanings-of-colors/yellow

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