582 days ago
The administrators have now published on the Iconic website the details of the proposed Creditors Voluntary Arrangement HERE.l. Iconic (ICON) has also published a notice of a general meeting HERE to approve the proposal of the CVA together with resolutions to implement the CVA and reconstruction. Iconic is Lazarus
1636 days ago
It was only a week ago that on orders from the evil PR spinners at Mothercare (MTC) the Sunday Times was running a puff piece about how the company was bringing in “restructuring experts” to look at its 79 UK stores (having shuttered another 55 in a CVA not that long ago) which racked up losses of £36 million last year. How time flies for the discredited deadwood press. Today Mothercare has called in the administrators for its UK stores.
2396 days ago
I must rush. The fit young mums are waiting. Ahead of that, Advanced Oncotherapy (AVO) really should comment on the weirdest rumour which I relay. Redcentric (RCN) answers one question but many remain. Then Sound Energy (SOU) hype takes the acid test of a trade sale of its Italian assets and the real value is exposed. Sound really is so much hot air. Finally a look at the CVA and rape of shareholders and creditors of Kin Group (KIN) by broker Peterhouse and the new, crony capitalist, directors.
2747 days ago
Prompted by our shock revelations yesterday Worthington (WRN) has been forced to put out a statement to explain why it itself is heading for a CVA. It really is comedy genius.
3578 days ago
Co-written with deputy Sheriff Nigel Somerville: Four times, or perhaps it is five, we have asked the AIM Regulation Team to investigate whether Roland “Fatty” Cornish and his firm Beaumont Cornish, is fit to continue acting as a Nominated Advisor (Nomad) in light of our revelations about events at Digital Learning Marketplace (DLM) in 2012. We now publish a full charge sheet. If Fatty wants to exercise a right to reply we will publish it. Pro tem we will pass this too onto AIM Regulation.
The Nomad system on AIM is supposed to be there to protect investors and ensure that company directors stick to the rules of the market and stay within the law. Nomads charge a fee for this, which investors pay for: it is their assets in the plc that pays the bill, after all. This set-up is the investor’s first line of defence.
The Nomad is supposed to check and verify all company statements put out by RNS before release, as well as niceties such as whether the company is in ‘close’ period when it comes to directors’ share dealing, compliance with AIM rules and so on.
And so, with reference to the scandal that was Digital Learning Marketplace plc during 2012, we bring you the role of DLM’s Nomad, Beaumont Cornish, in all of this.
1) RNSs of 29 Feb 2012 and 1 Mar 2012 – does nobody own a calculator?
3605 days ago
Earlier today one of the deputy Sheriffs of AIM, Comrade Somerville, flagged up massive issues with the CVA agreed by Digital Learning Marketplace (DLM), now Alpha Returns (ARGP) under the watch of Angus Forrest and Bruce Leith, the two men now running Tern PLC (TERN), into the ground. But Deputy Somerville misses out a couple of points which just add to the scandal which, in a just world, would mean Forrest & Leith swinging on a corporate noose this week.
Some might say that CVAs are complex and that Forrest & Leith could be forgiven the odd error (albeit some pretty massive ones). But that would be to ignore their track record.
