Member Info for Tillerman

Inertia is a matter of BVI practicalities I suspect. I can't imagine there are too many shareholders here not nauseated by the BOD - given the outrageous, relentlessly self serving conduct and broken pledges that seem to have occured here. I notice our CEO, Mitch "the invisible man" Anand couldn't even seem to put his name to that absurd signing off statement. For a UK registered co, it's feasible to call an EGM with 10%, then elect your own directors, and simply tell the current BOD to p*ss off. Here though, you would need to check out the BVI Companies Act to see what action is feasible. I wonder what the guy who historically held 17% thinks? http://www.bvifsc.vg/Home/LegislationResources/tabid/358/ctl/ArticleView/mid/1079/articleId/1581/language/en-GB/BVI-Business-Companies-Amendment-Act-2016.aspx

What went on at LIFE was far worse than merely being "cavalier", or choosing uninspiring investments.

But we have traded an AIM shell, one of the last allowed to operate on much more favourable terms, and $1.5million in cash - For the joy of making £200k unsecured (not repaid on its due date) loan, on non commercial terms, which, wait for it, is STILL ACCRUING Interest, to an unlisted company - which clearly has even more FINANCIAL ISSUES, shall we say, than the burned out remnant of LIFE. And if this wasn't enough good news, we also have an incredible NON BINDING pledge that said company, currenty unlistable even on the AIM with JM backing it, may one day reverse into us (pretty much an act of charity if we aren't even on the AIM anymore) as a prelude to getting back on the same market we have just so carelessly left. Just as long as we cough up a shedload of extra cash for the privilege. What could be more perfect? Who in their RIGHT MIND, would want a cash refund PROMISED BY THE BOARD as an alternative, when they could have all of this heady grandeur? Not to mention the thrill of possible Biannual updates on LIFE's very own, paragon of integrity, website. PS A Twitter group may exclude people not that familiar or comfortable with Twitter, but I suspect the letters BVI are trump cards anyway.

Just had a look on their website, LIFE is incorporated in that haven of integrity the BVI. Which may possibly mean there is not much that can be done in practice. it is not clear. I suspect the chances of the DBC ever being floated are about as likely as the BOD here ever keeping a promise, or showing any concern for shareholder interests. I imagine their chances of obtaining further funds here from shareholders in the unlikely event that it is, as they claim to want, are similarily minuscule.

You will need to put the right name in link in prior post to get full article and avoid the ***'s extract again "This is a disgrace! 18 months ago when Life Science was created, it said that if a deal hadn’t happened after 18 months, it would call an EGM to consider giving the surplus funds back to shareholders. With hindsight, it should have just handed back the $1.5 million it had then and avoided this farce altogether, but it is what it is. However, instead of doing the decent thing, keeping its word, and handing back the few pennies that remain, it is determined to spend the last remaining funds trying desperately to see if a deal can be done with The Diabetic Boot Company. Funnily enough, it hasn’t repaid the loan either. For the love of God, Jim, can you not just give it a rest with DBC or, if you think it’s that damn great, just fund it yourself rather than using other shareholders’ money, pay back the loan to Life Science and let its shareholders get on with their lives with a couple of quid in their pockets. Maybe I’m just being naïve, I mean, why would anyone do that though when there’s other people’s money to spend??"

http://www.*************.com/views/28279/life-science-developments-it-s-life-jim-but-not-as-we-know-it-to-be-booted-off-aim "18 months ago when Life Science was created, it said that if a deal hadn’t happened after 18 months, it would call an EGM to consider giving the surplus funds back to shareholders. With hindsight, it should have just handed back the $1.5 million it had then and avoided this farce altogether, but it is what it is. However, instead of doing the decent thing, keeping its word, and handing back the few pennies that remain, it is determined to spend the last remaining funds trying desperately to see if a deal can be done with The Diabetic Boot Company. Funnily enough, it hasn’t repaid the loan either. For the love of God, Jim, can you not just give it a rest with DBC or, if you think it’s that damn great, just fund it yourself rather than using other shareholders’ money, pay back the loan to Life Science and let its shareholders get on with their lives with a couple of quid in their pockets."

Make that an "unlisted, NED related party, debt spiral company like the DBC".

It seems to me that there may actually be corporate governance offences of the type that get directors disqualified going on here, if they ignore the requirement to call a new EGM prior to extending any unsecured "loan" to an unlisted debt spiral company like the DBC. A complaint to the regulatory authorities may be worthwhile. http://www.investopedia.com/terms/n/non-executive-director.asp

That is exactly the compliant response they want SP, the word of BOD is clearly worthless since they are seeking to avoid acting on resolutions passed at the last EGM. If the DBC doesnt improve it will never list and you will lose 100% of your investemnt. Any listing could be years away if it ever happens. The loan extention is a despicable attempt to force s/holders into aquiesence.

Agree completely, the announcement is lying BS, and they are ignoring the resolution about calling a new EGM to vote on returning cash in the event of delisting, passed at their last EGM, I don't think they can legally do this.

Sorry, that yes does not relate to FOR, it's a reply to SP.

Yes, I think there may be a default format supplied essentially by the AIM with only basic info. I wonder if will get that or something hand crafted - simultaneously apologising, calling an EGM and announcing the resignation of JM, but I doubt they have that much decency. Pity they didn't turn this into a longevity Investment co, that would have been easy enough, & gone down well as unique on AIM, not enough in it personally for JM and MA too clueless I suppose.

Why is Mr Steggles relevant and who is Ben? AM Thu delisting a certainty now it seems. Will it just be a stock announcement?

Comms are just the way they want them to be I suspect. They could have given notice to delist and call an EGM after JM provided alternative financing for the DBC back in Dec, but they chose to 'soldier on' pointlessly, but presumablly to their own financial benefit, without even commenting.

Doesn't seem there is an IF anymore. They only had about £900k left 10 months ago, despite being favoured by a hefty windfall gain from the Brexit fall in Sterling. My guess is they won't have more than £550k now despite "cuting costs to a minimum", which seems to equate to an extravagant £400k+ a year for runnning a non-trading AIM cash shell. £550k is about 1.5p a share - but residual cash could be a lot less. Who knows what has been spent in the last 10 months on such items as spurious due dilgence, entertaining and 'performance bonuses'. It doesn't currently seem we are talking about people with any great sense of shareholder responsibility here. And there is the little matter of the loan to the DBC, will it be (or hopefully has it already been) repaid, or will it be quietly written off post delisting? I will be pleasantly suprised if they even call an EGM without coercion, despite being mandated to do so. I wonder what JM's salary in this farce was (and sadly probably still is).

Is it Tomorrow or Thursday? Will they announce a date for the promised EGM at the same time? (Don't bank on it given their organisational skills and apparent total lack of interest in their shareholders). If they don't what then? Will Mitch ("Six months ago I couldn't spell CEO, now I are one") Anand come riding to the rescue at the last minute on a worn out donkey called T - Almost certainly not. Will JM leap suddenly out of his rocking chair, rejuvenated by life extension drugs, and requisition a further 2 weeks from a compliant AIM to complete the RTO of the DBC, I think no. How much money is it realistic to expect for cashback? 1.5p?? Any guesses?

The Diabolical Boot Company is continuing to churn out feel good tweets every few hours. below is a puff piece on them from The Manufacturer dated yesterday. There is presumably some cynical reason for all this ongoing feel-goodery, after months of somnolence. http://www.themanufacturer.com/articles/wearable-tech-soothes-diabetic-suffering/ If LIFE is not to be delisted next week looks like an investment in the DBC, on which shareholders will not be allowed a vote (ie not an RTO) is a strong contender. This is likely to be at an unrealistically high valuation imo, to suit JM, and is in many ways a worst case/nightmare scenario, at least in the short term (as other perhaps more attractive investments would presumably follow) . An investment in something new and promising at a decent valuation is a lesser possibility imo, with DBC perhaps to follow later, and might be best case, with an EGM giving limited cashback between these two options in desirability and perhaps the most likely.

Quite possibly that famous 'Anand' tweet was just JM's idea of a wizard wheeze anyway. Who knows? Only 2 or 3 more trading days till cancellation RNS it seems. I wonder how much has been spent/squandered on un"due diligence" and other expenses/salaries in the last few months for FA? How long will they be able to delay the EGM/Wind up/cash back if nothing is forthcoming? Place your bets.

I'd rate the chances of an announcement tomorrow re the loan as less than 50%. Anand's real life independence would seem rather unconvincing if he is tweeting from Mellon's twitter a/c at 3.25 am, he will likely just do what he is told imo. If whatever was coming here was going to be well rec'd likely we would have heard already. Although it is possible JM wanted to get the Regent Accounts away whilst it was still faintly plausible to maintain an RTO was on the table. All in all reasons for optimism are not exactly thick on the ground currently.

Interesting thanks, I see that is from results dated today, but the transaction seems very much in question now, as the requisite deadline re an EGM to approve it prior to potential delisting appears to have been missed. In the case of a delisting LIFE is obliged to call a different EGM to offer cash back to its shareholders. Few LIFE shareholders have much if any enthusiasm for the DBC I think it is fair to say, except as an alternative possibly marginally better than nothing. The $17 million valuation given to the DBC in the RP accts is extremely speculative imo, to put it politely