Member Info for Spikeyj

? - presumably payments to liquidators would take priority
over payments from that £1m to reduce the pension fund deficit?

(so then after fees to liquidators, pension fund payment,
legal expenses, then anything left goes first to any other
secured creditors of WRN, then any unsecured creditors,
then holders of any preferred stock /CLNs etc, then lastly
to any of the ordinary shareholders. hard to see how that
can result in any return to the ordinary shareholders, imv.)

apologies, i meant to include the following:

bloodaxe
chrisD1975
dollop
easymoney247
fonters
freelunch123
giantsquid
gopies2
gripped
hepran
johnnyhotrocks
keepreadingup
madfrank
neo99
PB78
philbeddoe
picto
platypus
sammy's
santotrafficante
75lambretta
thebiglebowski
unclewarzy
williams142

e.g. keepreadingup 21/12/18:
"One bit of Christmas advice ! Get your accounts open on britdaq and get your orders in. A company doesn’t gift shares for no reason, well that’s my thinking!"

e.g. neo99 24/12/18:
"What an amazing update and what an amazing deal with 2 more to follow.
I've always believed in Aidan and he deserves to be successful. You trolls can simply do one, and you know who you are . Really looking forward to 2019 with multiple deals and I will be making plenty of profit, once again. Yep, I'll be making another appointment to see my bank manager. Happy Christmas to All holders of Whetstone and Worthington. :))))"

i wonder, do any of those guys still think WRN & whetstone
were great investments based on a sound business model,
with ethical leadership & good shareholder communication?
they've gone pretty quiet. would be good to hear from them.

the odd thing is, every time that anyone has tried to
post those two names on this chatboard, lse admin
has deleted these posts. - which is despite that info
being in public domain as a factual matter of record
unambiguously stated in the whetstone confirmation
statement (available via the companies house website)
that those two people were consistent heavy sellers
of whetstone shares after launch. one wonders why.

the previous confirmation
statement already gave two
interesting big seller names.

i do agree, though, it all sounds rather odd.

i spent a while on this board back when they
were gearing up to launch their shiny 'newco'
suggesting that people should be rather wary
of what was really going on, & being somewhat
sceptical about how much genuine value there was
(value being, of course, very different from price).

there were some very vociferous posters back then
arguing that WRN, then whetstone, were excellent
investments that people should pile into. it would
be interesting to know if they've revised any of their
views about value & the real nature of these shares.

i'm thinking of posters such as -

dollop
chrisD1975
hepran
fonters
neo99
giantsquid
picto
gripped
santotraficante
PB78
williams142
bloodaxe
johnnyhotrocks

to name but a few.

but what can be evidenced?

sure, i get that. but i don't see how that involves any
wrong-doing on the part of guildford street capital? -
unless you believe that guildford street was involved
in trying to pump up the whetstone price using some
dodgy methods, rather being just a lucky bystander...

after all, so far as i can see, the 'excitement' about whetstone
was whipped by a combination of statements on a blog run by
someone who was not officially a director of either whetstone
or GSC, some statements from whetstone itself, some posts by
anonymous individuals on this chatsite, & possibly a WhatsApp
group... but none of those things link back directly to GSC, do they?

osa is probably being paid something like
£3,500 - £4,000 a week, without having to
do anything much for that, and without
putting any of his own cash at risk. that's a
pretty comfortable reality, running an AIM co.

(but is it good use of shareholders' money?)

so where's the rest of that placing money?

the conditional subscription was originally meant
to complete two months ago. that hasn't happened.

this company is not very good at explaining what is
really going on. - they don't even tend to say when
an uplift has taken place, but then that makes sense
when one remembers that they also didn't tell market
when there was a shut-in leading to lost production.
adme shareholders only heard about that from panoro.

what was the nature of your complaint against guildford street?

i can see why people would want to complain about whetstone
(& of course WRN!!) but what do you think is wrong re guildford?

patch, even if peel hunt *didn't* want to hold onto
the shares, who on earth would they sell them to in
order to make an exit? - volumes remain abysmally
low ... nowhere near enough to soak up a 15% - 20%
stake - so peel have no good option other than to wait
and hope that some kind of news release eventually
generate some kind of spike in volume so that there
is enough liquidity to get out. but until that happens,
the best they can do is hang on grimly, trying to make
a turn on trades which are infrequent but do have a big
spread, and prop up the bid side for small size in order
to try to support the price. (if they didn't, who would?)

thanks.

bad news for MNG, but not disaster,
i think. ( - am hoping i can buy back
a few of the ones i sold circa 215p.)

if company X has some cash ( ... say for instance from selling some shares
that it happens to own... ) ---- but then chooses to lend that cash to someone
else such as one of its directors, or to a different company Y largely or wholly
owned by one of its directors -- but then company X gets struck off because
it has failed to comply with e.g. filing confirmation statement -- then what
are the options for the shareholders of company X to try to get that loan
repaid, and to get a share of that cash distributed to them? any options?

"May 29, 2019 0 comment
Dear Shareholders,
We are pleased to up date shareholders on progress this year for the Company. We are aware as well that shareholders have asked for more frequent information so will publish a quarterly update moving forward. "

december now, so it's more than six months since
whet said they would publish quarterly updates.

still not even a single comment from whetstone
about britdaq throwing them off that platform.

meanwhile, whetstone has been selling down its
holding in rapid nutrition, (the only investment of
any significance that it actually completed) and a
compulsory strike-off is coming very soon unless
shareholders object, which would leave zero for s/hs.
(where will the cash from those rapid sales end up?)

i will be a bit busy with professional tasks over
next few weeks, so atb and gl to all honest folks.

so if shareholders in whetstone do *not* try to object and
stop whetstone from an automatic struck off because of
its failure to file a confirmation statement, then whetstone
will just disappear v. quietly, with any remaining assets
being handed over to the crown ... so there would be no
involvement of any third parties such as a liquidator.

why might that matter to people who currently hold
shares in whetstone? - worth thinking that one over,
then sending off objections to compulsory strike-off!
(unless, of course, you don't mind it all just vanishing
with no chance of distribution, compensation or justice).

from the third link posted by lefkosia:

"Clearly, it would be an impossible task to monitor or investigate each and every company, and prosecutors certainly do not have the resources to do so. Action is only generally likely to follow as a result of certain triggers, mainly the involvement of third parties.

Offences involving fraud and dishonestly can come to light in many ways but are perhaps most likely to be discovered when a company enters insolvency, and its affairs are investigated by a liquidator. This may reveal serious issues such as fraudulent trading as well as more ‘minor’ offences under the Act. The liquidator may be required to notify certain matters to regulatory authorities including the Insolvency Service, who may take further action. Notifications may likewise be made to regulators as a result of matters which come to light during any insolvency related litigation, and of course serious fraud is likely to attract Police investigation. These could naturally lead in turn to prosecutions."

https://www.hcrlaw.com/blog/directors-officers-beware-criminal-offences-companies-act-2006/

it will be too late to object once the strike-off has taken place.

lol, no.

shame they could not simply have published an update
that set out explicitly the actual price that 'units' were sold
at, what the term "units" means in this context, if there an
interest coupon attached for any convertible loan notes, &
if so what the interest coupon is on such notes, and what
assets, if any, those notes are secured on, total number of
shares pre & post, duration and actual exercise price of the
warrants, etc etc. - but rapid doesn't tend to do such clarity.

atb.

ah, thanks vindaloo, appreciated.

i was initially reading their announcement as meaning,
one million shares issued, plus one million additional
shares that could be issued through warrant exercise.

but sounds like i am misreading then, that those "units"
are simply convertible notes (? presumably with a juicy
interest coupon attached?) rather than ordinary shares.

is that right?

"The placement (Convertible Instrument) consists of units at market price, each includes warrants at a 50% premium to market price. The Conversion will increase the current share capital to a total number of voting rights 36'374'674, if fully exercised`

kind of a shame that the recent rapid announcement about
that 240,000 euro investment didn't specify the duration
of the attached warrants, as that would be a material factor
for understanding effective pricing of the deal. (e.g one year
value v different from a three year value.) it looks at first glance
like they issued 1,000,000 shares (plus 1m associated warrants)
at 24c, if one uses the difference between share total given in
last set of results, versus the total in that recent announcement.

(happy to be corrected if i'm overlooking owt on the arithmetic
etc., entirely possible given my stubby fingers on the calculator.)

as seems usual with rapid, still precious little data about how many
end-user porky punters are buying those products in stores for real cash.
announcements tend to be about distribution, fund-raising, marketing.

yes, it would be interesting to know what forecasts
were actually provided, and the basis of those was.

but it's unlikely any such data will be made available.
so i suppose fundamentally, it depends how much
one feels one can trust the various parties involved?