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With a fifty grand golden thank you my pal Brokerman Dan has ended his career as a crony capitalist at Sefton Resources (SER) after just two months and twenty days. Back in the welfare safari of the Manchester slums that £50,000 will go a long way, just think of all the rats you can buy to feed the kids a roasted treat, think of all the crack and illegal cigarettes you can ship in to sell at the school gates. I imagine that Dan now has enough to buy half the sink estate. I discuss Dan's payoffs, lessons I am sure he has learned, CEOs on twitter and where this leaves Sefton
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Comments
Its me
Dan Levi has proved underneath all the Guerrilla investing bravado he is really no different to any other Director of an AIM company. After all, all he has done is what is expected of a Director i.e get the best outcome for the company. He should have taken the £1 and kept his options over 2.4% of the issued share capital as per the RNS, but instead he decided to “trouser the cash” just like others have done at Sefton.
From the Sefton website “Mr Levi has indicated that any salary he may be offered would in all likelihood be politely declined”
DL…Guerrilla investor….no, I don’t think so.
DUCK AND DIVE
I wonder if the FCA made Dan step down. The last line of today’s RNS is an unusual one and the FCA would not have welcomed having the wool pulled over their eyes:
“The following information was omitted from the disclosures under Schedule 2(g) of the AIM Rules for Companies relating to the appointment of Daniel Levi:
Former name – David John Hopkins “
As a consequence, the FCA may also have disqualified Dan from any warrant entitlement – hence his decision to grab £50k instead.
A hasty departure would also explain why the new Board isn’t in place yet.
Anyway, who is David John Hopkins?
As an aside, I see from one of Dan’s tweets today that Clem’s contribution has been “priceless” and I took that to mean that Clem might also trouser a £50k golden handshake.
Be that as it may, I very much doubt that Dan would have taken £50k out of the business if it was strapped for cash so I assume more coin is inbound for the Kansas asset. And maybe the £50k that Dan put in on day 1 to save the company had been borrowed from somewhere (it’s a lot of hub caps) and needed to be paid back.