By Tom Winnifrith | Wednesday 4 May 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Hat tip to Drunken sailor for spotting that joke company Terpenetech Ltd which has been used to facilitate fraud at AIM listed Eden Research since 2011 has filed its accounts. For what it is worth they again point to the monumental £600,000 fraud of August 2015.
The accounts are abridged smaller company accounts so do not show the full picture but appear to show that somehow the company picked up another £45,106 of intangible assets. This seems to have assisted in helping Terpenetech make a profit of just under £29,000. Net current assets at the year end - 31 July 2015 - were MINUS £1,636 and Net assets were MINUS £2,395. Net tangible assets were MINUS £98,713. The report is HERE
That is at 31 July 2015. There have been no share issues since then according to companies house yet we are asked by Eden to believe that on 24 August 2015, just 24 days later Terpenetech was able to pay £600,000 in cash to buy a license agreement off Eden ( which at the time was almost bust). At the same time Eden put a value on Terpenetech of £3.07 million as it bought a 29.9% stake for £920,000 in Eden shares. Hmmm... how did it justify that?
Of course we all know what really happened. This is a panama pump fraud. Terpenetech did not have a row of beans to rub together let along £600,000. So it sold the Eden shares which it had been issued and that allowed it to pay the £600,000 for the worthless license.
This is simply a panama pump fraud and it has been reported to the FRC and AIM Regulation as such.
Anyone owning shares in this fraudulent piece of Turkish is off their Joe Cocker
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