By Tom Winnifrith | Sunday 19 March 2017
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.
Four days before Christmas I revealed that after Teathers Financial (TEA), the next venture of Jason Drummond, Gametech, was planning a listing on NEX Markets c/o London's worst financial adviser/Nomad Mr Roland "Fatty" Cornish. Wind forward and the Court filing below suggests that it is on the brink of bankruptcy. But is all it seems?
You can read the intention to appoint an administrator order HERE
The current order has been brought by Richard Skelhorn who invested £1 million in Gametech and claims Drummond said he'd get his cash back via an IPO within weeks. But Drummond says that the loan note is not repayable until the summer and will automatically convert into equity if Fatty gets the IPO away. Drummond said that was close.
Drummond also says that Skelhorn hired Gametech's CTO before Christmas and that this is a ruse to gain control of Gametech's IP on which £5 million has been spent and that this is why Skelhorn has rejected a number of offers simply to repay the £1 million.
It all looks rather messy does it not. One thing we can say is that pro tem, Roland "Fatty" Cornish won't be banking an IPO fee as soon as he might have hoped - the taxman will be sorry to hear that.
Never miss a story.
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