Good morning Linandy11 Nov 2019 10:52
Good morning Linandy1
I am not aware of any other AIM Company that does not issue regular TR1’s.
From my records TMS-EKAB SRL has been on our share register for a long time. On 20/01/17 they were down for 3.8% or about 11,008,663 when we had 289,701,653 shares in issue but I know they are still holding and it could be 11 million or it could be just under 20 million.
Going back to when FG converts half his salary into shares. They have been converted on:
26/07/16
24/01/17
31/12/18
29/08/19
But when you do the maths there is something not quite right.
2016 FG received 1,428,571
2017 FG received 3,658,536
2018 FG received 3,076,923
2019 FG received 4,000,000
Total = 12,164,030
We were informed on 31/12/18 FG had 8,437,078 but he has received 3 batches of shares that come to 8,164,030 but we were never informed that he had bought additional shares in the Market, so where did these shares appear from? We are “looking for” 273,048.
We were also informed on 29/08/19 FG had 12,437,078 which is correct in so far that his “disclosed shareholding” has increased by 4 million.
Now from the Annual Report for 2015 dated 30th June 2016 we have FG down as holding 100,000 (Mr A Villa with 28,279,039) So we can add 100,000 on to the above figures, so now we are looking for 173,048. Also from this Annual Report we have TMS-EKAB SRL down for 11 million or 5.23% but nobody will know the beneficial owner of these shares! Also you will see other disclosed shareholders on page 9 which could (are) still holding but not over 3% (more and more shares are in LTH hands)
Looking closely at the 2016 Annual Report dated 6th July 2017 there is on page 10 a disclosure of FG’s shareholding as at 31/12/16 as 1,701,619 so it was at some point in 2016 that FG disclosed / acquired the “missing shares” to balance his “disclosed holding” because if you add the salary exchange shares from 2017/8/9 it comes to 10,735,459 and add in 1,701,619 we have 12,437,078.
Conclusion: You have to remain vigilant as to what is disclosed by the Company and when. Like since FG returned the Annual Reports have his 10 million warrants and RE warrants with an exercise price of 1.25p with 5 years to 31/07/20 but in our more recent Annual Report they alter this to say it is for 10 years but this is incorrect and the warrants expire on 31/07/20. How can they say they were issued for 5 years but then after 4 years say 10 years?
RKB
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