Member Info for skittish

BDO are the fifth largest accounting firm in the
world, their replacements, Crowe are the eighth, so BDO are having a not so subtle dig at their replacements.

More importantly it means a line has been drawn under the Widecells business.

Auditor for Widecells plc was BDO LLP in Manchester who filed the last set of accounts made up to 31st December 2017 on 28th June 2018. Presumably it is they who have resigned.

The Iconic Labs website has always show the auditors as Crowe LLP of London.

In an interview some time ago DS mentioned that "the accountants" were working "very hard" to resolve the financial issues left by the old management and draw a line. Presumably that process has now been completed.

More details including possibly areas of potential disagreement could be revealed when the notice of resignation is published. The old management did appear to leave the documentation in a bit of a mess when they left.

Hopefully, onwards and upwards.

Ignore the politics - this is an example of how Facebook can be used to achieve advertising (and other) objectives by targeting very specific groups of people in specific locations.

https://twitter.com/i/status/1155058987974496256

In the case being described the objective was achieved.

See my previous post as to which guys were top of the Facebook rankings in 2018 - hint - they now work at Iconic Labs.

The intelligent use of Facebook, the data generated, feedback loops and the internet to achieve political and commercial objectives in the real world is worth big money and I'm sure that the Iconic guys will be in great demand.

The share price presently reflects none of this potential. Quite happy to sit August out.

The person speaking in the video is now a special advisor at 10 Downing Street.

Interesting and topical article on Facebook manipulation (originally on Sky)

https://www.bbc.co.uk/news/technology-49114147

Dig a bit deeper into the data and you can see that the adverts target seats that have Conservative majorities of 15,000+, so it is at present a data gathering exercise.

There are apparently 554 different adverts, all similar, but slightly different.

I'm not suggesting ICONIC are involved (for a second) but it just highlights the use of data and a feedback loop so as to test and manipulate so as to achieve the best result.

And who was at the top of Facebook ranking just before things went pear shaped last year?

https://ibb.co/YP6FsZW

That is our ICONIC guys, by the way.

You can see how there would be a certain demand out there for their skills.

The lodging of the Memorandum and Articles is simply a procedural matter.

They contain the rules by which the company and its officers are to conduct themselves.

A copy is here and has been available since the GM notice.

https://static1.squarespace.com/static/5c316ecb8f51303994b2cf9b/t/5d10d727a71ad00001173dee/1561384745105/New+Articles+of+Association+for+General+Meeting+Widecells+Group+plc+10th+July+2019.pdf

If the directors do own shares, then they can simply RNS that. Apart from DS's interest via Linton I assume at present no directors do own shares.

I have mentioned before that we are now in the dog days of Summer. Everyone is either on holiday or about to go. They'll be back at the beginning of September. We may well get a Widecells tidying up RNS prior to then, and maybe even some contract news, but there is no point doing an "official" launch if everyone is on holiday. So I don't expect "blockbuster" news until then.

I've pencilled in 2nd week of September for that (I may be wrong of course), and in the meantime am accumulating.

Big incentive for the boys to do well here - if only to show those who pooped all over them, that they are back in town.

Agreed, so it looks like major holders are EHGOSF 5.07%, Aftab Ahmed 4.25%, Linton Capital 2.52% - total 11.84%.

Linton Capital bought 35,356,580 on 12th April 2019 which was then 4.47%. DS is Managing Partner of Linton and has a controlling shareholding.

In present terms, if they haven't disposed, that is equivalent to 2.52%.

Iconic website overview page now altered to delete any reference to Widecells.

EHGOSF are apparently locked in with 5% until mid October, so this gives an end target date for news.

Agree, major launch news is now unlikely until beginning September, as it is now school holidays and all the major movers and shakers are shortly to be away on vacation.

That said we may get WDC legacy tidy up news which in itself could be significant - personally I think this is what is presently depressing the share price - so as always you never know what may happen.

But the dog days of August are nearly upon us, so I will quietly accumulate as and when in anticipation of significant news commencing September.

No problem with Barclays!

Interesting to see who is following Iconic Labs on Twitter.

Of the present 132 only 3 are obviously not stock market investors.

Two are Liam Harrington and Samuel Regan, the third is Claire Hungate ex-CEO of Brave Bison and Warner Bros TV Production UK.

She left Brave Bison in April 2019.

Presently appears to be slightly jobless.

Could be nothing, could be something.......

"I am a passionate and dedicated C Suite Executive leading companies in the TMT space. I have a proven track record of growing (both organically & by acquisition), managing, integrating and selling cross platform content production, distribution & Media businesses in the digital and linear worlds.

Originally a Barrister, I have transferred my understanding of the ownership & value of IP rights in to the world of the creative industries & content production & distribution. I have been particularly focussed on revenue growth and margin improvement by operational, commercial, strategic & creative innovation & excellence. I have a deep understanding of the changing media landscape, marketplace & value chain and a large network across digital and traditional media.

Most recently I have transformed an ailing ex MCN into a growing, cash generative, EBITDA profitable social content studio and media network, becoming the 2nd biggest Global Digital Publisher in the Media & Entertainment space in Q2 2018 and the biggest Facebook Publisher in the World (by views) at the end of 2018 (stats from Tubular Labs).

A firm believer that quality is the best business model"

Hi F458, you mentioned earlier that the directors had been in the USA negotiating contracts - this was the first I'd heard about this - can I ask where you found that out?

Also there have been hints of a new ground breaking product, but nothing definite - can you tells us if you know anything more about that?

I agree great potential here - I suspect that it is the lack of confirmation that the legacy issues are all sorted that is holding this back - once they are sorted i think this will shoot higher and gain its own momentum.

Changes at Companies House -

https://beta.companieshouse.gov.uk/company/10197256/filing-history

Presumably the name Iconic Labs has been parked here for a while and that will now be changed

https://beta.companieshouse.gov.uk/company/09948020/filing-history

Widecells International Limited is interesting as DS & Co do not appear to have control of that -

https://beta.companieshouse.gov.uk/company/08150010/filing-history

May be just as well as HSBC have a floating charge which remains "live" -

https://beta.companieshouse.gov.uk/company/08150010/charges

Whether we will get contract news soon I'm not too sure. We are about to enter the dog days of August so most to the movers and shakers will be on holiday. Far better to build the base, which they are doing, and then launch with great fanfare early September.

This will go great guns once things are established properly. But some patience is needed. Those who accumulate now will be well rewarded IMHO.

I'm not expecting too much tomorrow. Name change is really a housekeeping exercise. DS in any event is, I suspect, fully occupied by events at AAOG at present.

As the previous poster says next accounts not due til December 2019, so a while to wait til then.

But even at June 2018 accumulated losses stood at £6.3m, add in the tax advantages of the losses which subsequently caused the collapse of the Widecells business, plus the value of the main market listing and that alone justifies most of the current market cap.

Great things to come here, but I don't think it will be tomorrow.

You never know however.....

"-- a signed term sheet (the "Term Sheet") between the Company and European High Growth Opportunities Securitization Fund (the "Investor") pursuant to which the Investor will subscribe for not less than 106,331,011 new Ordinary Shares ("Subscriptions Shares") at the Issue Price ("Subscription"). Pursuant to the Term Sheet the proceeds of the Subscription will then be applied towards the entry into an equity sharing agreement."

"Fundraising Shares are the only shares that will be issued in connection with the Fundraising and are all being issued at the same price; there is no convertible instrument, warrant or option being issued"

"In no event will fluctuations in the Company's share price result in any increase in the number of Subscription Shares issued by the Company or received by the Investor."

What part of "in no event" do you not understand?

irishmouse - agreed the odd lawsuit wouldn't go amiss - especially as TW is referring to DS as "Disgraced boss David Sefton" - certainly libellous I would think, and any future internet search of DS would likely turn up this phraseology.

"Oilmanjim" is spouting again this morning referring to the EHGOSF part of the funding as "death spiral financing".

Parroting in fact exactly the same phraseology as used by TW - but as someone points out on ADVFN the EHGOSF funding is precisely the opposite of "death spiral financing" as the number of shares to be issued is fixed, and it is the amount raised which is variable.

TW hasn't understood it, whilst at the same time saying it is the pi's who haven't haven't understood it 'cos it is too complicated (rich that!) and the useful lackey "Oilmanjim" has just vomited the same misunderstood information.

In fact AAOG could, under certain circumstances do quite well out of this 12 month financing deal.

That said we're at 4.6p.

However someone was certainly loading up "big time" on Friday afternoon, so lets see what next week brings.

Washers - Yes, sometimes I do have little faith - not in AAOG - but in posters - sometimes difficult to tell the "good" guys from the "bad" guys - especially when some appear to change sides with a fairly regular frequency.

Irishmouse - the SNPC situation is interesting - I was originally sceptical that they would keep up the payments, especially given that Congo is almost broke - but they have, and they are increasing, close to $1M a month now. Around February (pre Djeno oil coming to the surface) DS appeared confident that he could get from 56% to around 85%, and hinted that the payments weren't really related to negotiations for a larger licence share. Now he appears less confident of getting a significant increase on 56% as SNPC are clearly digging in their heels and pulling out all the stops to make the payments.

I think it is not just a matter of payment of the debt, but also of saying, "look we can pay now and pay the ongoing future costs, just like you." - which would improve their position on the 56%/44% issue.

The derampers may (indeed likely) hold positions different to those they espouse on the BB's and just look for an interesting entry point.

SNPC have access to all the AAOG information, indeed have access to all the geological information and drilling records in Congo, so their making payments (after the drill and not before) is really all you need to know.

And it would appear that AAOG may indeed be sitting on top of an awful lot of oil.

"Thank you advance"

Confident of a reply there, eh?

Looks like only one more filing and they will be up to date at Companies House!

https://beta.companieshouse.gov.uk/company/10197256/filing-history

I'm still unsure whether there will be any more conversions though - the 2nd 17th June 2019 RNS wasn't absolutely clear -
"The Company therefore expects to be able to confirm within days that any and all further conversion has occurred." - we've still not got that confirmation.

And how does the compensation for EHGOSF work? If they we're buying at 0.40p when the retail price was averaging 0.34pish then I understood they would be compensated (somehow) for the 0.06p difference.

And indeed if it were them selling the massive 155M blocks last week at 0.03p then why were they selling at a further loss? Very peculiar, when they had only converted a few days earlier.

I have great hopes here - £4Mish market capitalisation is silly for what these people could achieve in a properly structured company run by grownups - but I think this issue and whatever liabilities flow from closing the old Widecells business is what is holding this back presently.

Hopefully clarity on these issues this week, but until then it is top up time at these silly prices.

I think £30-£40M market cap is easily achievable here, potentially much higher, so there is still plenty of headroom even if some further issues do arise along the way.

SNPC now owe $7M, so they've paid another instalment..

After the first two payments of $660K (February), and $600K (April),they owed S8.7m. They then paid $716K on 17th May, and by the looks of things have paid circa $1M this month.

So maybe a bit of a clue there as to where DS is going to get some drilling money from.