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This is a great British crime drama starring David Sefton as Professor Moriarty. The £1 million he took is still missing and meanwhile Iconic Labs (ICON) is on death row. The tension mounts.
The folks behind European High Growth Opportunities Securitization Fund (EGHOF) have made an offer to the administrators to pay off monies owed by Iconic (ICON) to Shard Capital on the condition that the worthless entity is brought back from the dead. Shares in Iconic were suspended this morning following Friday night’s administration so perhaps there will be life after death.
It is ouzo on cornflakes time again as I warned you so many times that this would end in tears. Huge liabilities, dodgy related party deals by TWO management teams, not a cat in hell’s chance of generating cash, yet as ever the Bulletin Board Morons knew better. In recent weeks, they had the “big mo”. But gravity cannot be defied forever and at 6.39pm on Friday night, Iconic Labs (ICON) released the following RNS statement:
On Friday Iconic (ICON) published on its website its Notice of General Meeting announced via RNS to be held on 15 June - you can see it HERE. It is shocking.
This looks like such a blatant con that even the woke dullards at the FCA who regulate (no sniggering at the back please) the Standard List must be alert to it. Iconic Labs (ICON) which has massive negative net current assets and no cash has signed non binding terms to take a controlling stake in Sting Industries Ltd. Okay so what’s the con? CEO Brad Taylor - who has worked with OTT “for many years“ - says his company:
Today, the oil company that toxic Dave Sefton ramped, raised funds for, did undeclared related party deals with and still owes cash to, Anglo African Oil & Gas (AAOG), was thrown off AIM as a near bankrupt shell. Last Friday, it was the turn of the other company he destroyed with related party deals, Iconic (ICON), to have news and it all reads badly for Dave. I wonder how Dave’s business partner, the Tory, Damian Collins MP feels about this. More sleaze vicar?
Iconic (ICON) is a Standard Listed company so unlike AIM listed companies which have to comply with AIM rule 26 to maintain an up-to-date company information website, many of the details on Iconic’s corporate website are shockingly out of date. In fact, if there is a prize for the most inaccurate PLC website, I nominate this one. Just for starters:
It is beer and popcorn time at Standard Listed Iconic (ICON) as former boss toxic Dave Sefton, for years a blot on the UK smaller company scene, and the patsy Good German directors John Quinlan, Liam Harrington and Samuel Regan Asante now face retribution from the new bosses. Bring it on. Sefton needs expunging from the quoted companies world once and for all and to hand back his illicit winnings.
Since I last wrote about Iconic (ICON), it is undergoing some rapid changes with the departure of Sarah Dees and Stephen Birrell who stepped into the breach when the three previous executive Directors left and went to work for Toxic Dave Sefton.
This all looks fishier than a case of seven week old kippers left in the sun. You will remember that on 1 February 2021 the three patsy directors of Iconic (ICON), who were paid two hundred grand a year each to do the bidding of toxic Dave Sefton, quit before they were pushed and that day signed new contracts to work direct for toxic Dave’s Greencastle. Greencastle owned assets thanks to deals funded by Iconic in return for Iconic getting a management contract but that contract was also terminated on February 1. That should be a hanging offence but it gets worse.
It is only a matter of time before Iconic (ICON) is put into administration and I shall then be one upstanding citizen who contacts the administrator about the conduct of the Good Germans, the three directors who quit on Monday, as well as former chairman and then shadow director toxic Dave Sefton whose private companies have grown rapidly using Iconic's cash. But I shall not be alone. Death spiral provider EHGOF claims it is owed cash by Iconic and has launched the most explicit broadside at toxic Dave and the Good Germans (John Quinlan, Liam Harrington and Sam Asante) with specific, shocking allegations, and making clear threats.
After yesterday’s debacle, Katharine Lewis is now the sole remaining director of Iconic (ICON) which means it is breach of the 2006 Companies Act which requires all public companies to have at least two directors. However, that is the least of her worries. The main concern, and one which should be getting the appropriate professional and legal advice about, is Iconic currently trading whilst insolvent and should she ask for the shares to be suspended whilst it clarifies its financial position? Trading whilst insolvent was until recently, for a director, a Criminal Offence. It should be again.
This is becoming a new golden rule of investing. If Toxic Dave Sefton gets involved with a company, he will end up owing it stacks of cash after its resources were used to support his private interests, it will never get that cash back and it will be fucked. Investors will be almost entirely, at best, wiped out. First it was Anglo African Oil & Gas (AAOG) - where eventually I forced him out after shocking revelations on this website, today it is Iconic Labs (ICON) which has fallen victim to the curse of Sefton, here he was a shadow director pulling all the strings after my revelations forced him off the board.
Following Iconic (ICON), revealing that it was subject to an alleged claim by European High Growth Opportunities Securitization Fund, EGHOF, the subsequent criticism by OTT Holdings Limited and the Director's weak response since the share price of Iconic fell by around 50% from 0.012 pence on 13 January to a new low bid price of 0.006 pence. The stock has since rallied by 23% but is this a dead cat bounce?
Cash guzzling POS Iconic (ICON) faces a 15% shareholder wishing to oust the board, OTT, and a legal claim from death spiral provider European High Growth Opportunities Securitization Fund, EGHOF, which it airily dismisses as baseless. It is wrong to do so and here is why.
Iconic (ICON) has today issued a statement trying to rebuff the demands of 15% shareholder OTT to sack the board. It is a truly dismal statement which, if anything, adds to the case for backing OTT. I wonder which cretin put this cobblers together?
Oh dear, oh dear: things seem to be going from bad to worse at David Sefton’s former (and apparently still currently) stamping ground Iconic Labs (ICON). Last night at 5.35pm, 15% shareholder OTT Holdings released a statement announcing it has requested an EGM with a view to changing three (out of four) of the board as the major shareholder considers share price performance, lack of financing, management and board performance and now a lawsuit for breaching a financing agreement. Oh…..and toxic Dave Sefton gets a mention in despatches as well. It’s beer and popcorn time!
The progress report of the administrator of Joe Media Limited filed in December (“the UK arm of Joe Media”) at Companies House provides some insight into trading at Joe Media’s UK operations in the period of trading under administration which was impacted by government response to Coronavirus.
Yesterday I provided a detailed analysis of the shocking numbers from Iconic Labs (ICON) HERE. But drilling down further, there are even more shockers emerging.
Worthless Standard listed POS, Iconic (ICON), issued its final results for the year ended 30 June 2020 and they were dire. Truly dire. Unbelievably dire. And this comes after ramptastic RNS after ramptastic RNS penned by toxic Dave Sefton et al saying how well things were going.
Iconic Labs (ICON) has a history of deceiving investors as long as your arm. That history today got even longer with City penny stock shufflers Shard Capital at the heart of the latest deception. The RNS reads: “Firm Placing, End of EHGOF Share Issuances and New Conventional Debt Facility. “ But that simply is not true.
On 30 September 2020, Iconic Labs (ICON) announced a Partnership with leading Ad-tech tech provider with the first paragraph stating “Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that after a successful trial Iconic Labs has signed a commercial partnership agreement with Glimpse Protocol, a leading provider of advanced technologies to Ad-tech.”
Of course there really is more chance of me shagging Cheryl Cole than of this happening. But let's hope for it anyway. How many of the current wave of enthusiastic shareholders who piled into the grossly misleading announcements starting on September 10 understand that there could still be much more share dilution to come? There are three separate financing instruments under which Iconic (ICON) can be required to issue shares for and they are as follows:
Ouch! I do hope that the morons who have piled into worthless, cash-guzzling, POS Iconic (ICON) in recent days had lubed up properly for this morning for they were shafted completely. The shares have slumped by 47% to 0.01325p having also dumped yesterday. Now we know why and it is horrific.
Linton Capital LLP, an investment company run by Toxic Dave Sefton, has been busy putting in place the arrangements to buy the Joe Media businesses in the UK - even though Joe Media may, as I exposed a day or so ago, be going seriously off the rails. A recently filed security agreement now to be found at Companies House dated 9 July 2020, indicates that Toxic Dave, Linton Capital LLP and Greencastle MM Limited have entered into an agreement with BPC Ireland Designated Activity Company not to exceed £3,787,000 and any interest due and payable.
No news is bad news and here is why Iconic (ICON) seems to be sitting on bags of bad news. Will this company, still being run as a shadow director by toxic David Sefton, come clean? This is what it needs to clarify...
Yesterday, Iconic (ICON) announced a “New management services contract with JOE Media Business generating revenues of at least £50,000 a month. Intention to look at conventional financing options to replace current facility.” This is a total con with those revenues effectively coming from its own money. Its a swizz. Let me explain.
At 5.07 PM yesterday, AKA no one is watching o’clock, after a series of exposes on this website, about its failure to tell the truth to investors Iconic (ICON) issued an “Update on Joe Media and Other Business Update.” It vomited up a series of excuses for failing to conclude deals previously announced and forthcoming dire results with minimal turnover and significant losses. The text in bold is what we imagined Directors were thinking as they drafted this statement.
Everything about Iconic labs (ICON) is toxic as we have exposed so many times HERE. Not least is the way it happily deceives investors. This worthless lie generating POS should be slung off the markets at once. In order to keep its death spiral funding going Iconic likes to trumpet new deals but is a shy in highlighting that they did not in fact occur. For instance take the Social Alchemist and Medium Channel Media deals that were announced.
In a series of articles running for almost a year I have highlighted a sea of red flags concerning uber-dog Iconic (ICON). Yesterday Iconic announced that it “supports Greencastle Capital bid for Joe Media and discussions on management contract”. The rest of the announcement below provided some more background as follows but trhere were a few, explosive, details Iconic neglected to mention.:
I have already shown that there are more red flags at uber dog Iconic (ICON) than in Moscow on May Day. But after taking a further review of the Prospectus issued on 25 March 2020 and recent RNS announcements I note four more for the collection. Whatever is Tory MP Damian Collins doing getting mixed up in this shit show?.
Worthless new media POS Iconic (ICON) is promoted on the strengths of its three Directors John Quinlan, Liam Harrington and Sam Asante in social media as the extract from page 38 of the prospectus indicates:
On 30 December 2019, as I highlighted in my article of the same day, toxic Dave Sefton resigned from Board of Iconic (ICON) admitting that he had become a PR liability following a series of exposes on this website about how he had used company funds at Anglo African Oil & Gas (AAOG) to benefit his private interests and had then lied about repaying those funds which he has still not done in full.Sefton is thus utterly toxic but behind the scenes and a trio of directors each earning £200,000, toxic Dave remains very much active behind the scenes at this company operating with almost no revenue and racking up steep losses.. He is involved in both Infotagion and also the London Economic deals that Iconic has announced.
Uber dog Iconic (ICON) is still losing money. But that is not the real story here.
It never ceases to amaze me just how irate and even abusive some investors get towards anyone who doesn’t think that their investment in a company is going to make them a fortune. That was certainly the case last August when I covered a company called Iconic Labs (ICON) here with a piece I titled ‘Iconic Labs death spiral financing won’t work out well for existing investors’. Today the shares, having already collapsed as predicted were suspended as the company fessed up to monumental incompetence.
Further to my article last weekend which pointed out that someone at former David Sefton outfit Iconic Labs (ICON) couldn’t add up with reference to its RNS of 4.08pm on Friday 7 February (no-one-is-watching o’clock) announcing a capital reorganisation, a week later the company finally got around to correcting it…….at no-one-is-watching o’clock (4.09pm) yesterday. Perhaps yesterday’s crony capitalist lunch at shareholders’ expense was alcohol-free.
Tom Winnifrith has already taken his sup from the ouzo bottle with regard to seeing David Sefton “resigned” from Iconic Labs (ICON) and called it insolvent. In a statement at 4.08pm on Friday – no-one-is-watching o’clock – which was littered with Red Flags, we were told that the company’s business is now generating revenues and starting to achieve real growth but it plans a capital restructuring and has agreed a new death spiral as it is not currently possible to raise conventional capital. So that’s alright then! And courtesy of ShareProphets Nomad Services I forecast a correction first thing tomorrow for it seems someone did rather too well at lunchtime on Friday.
In July this year David Sefton was forced to quit Anglo African Oil & Gas (AAOG) after revelations on this website about horrific undeclared conflicts of interest, obscene expenses and other matters. Here we are on January 30th and after massive pressure about misleading RNS statements, related party deals and other matters I get to claim his scalp again, this time at insolvent Iconic (ICON).
Oh dear, oh dear, Iconic Labs (ICON), run by toxic Dave Sefton of Anglo African Oil & Gas infamy, has issued another statement on its acquisition of the LGBTI website Gay Star News. And it is still misleading its legion of daft followers. Why cannot it get the story straight. I provide, in bold, the ShareProphets translation service below.
Folks who own shares in companies that repeatedly lie via RNS are clearly morons. And as Gary highlighted earlier, Iconic (ICON) is just drowning in red flags.But still its investors continue to demonstrate on twitter just how thick as pigshit they really are as I showed yesterday HERE and HERE. Now for another dose....
All small companies need cash and ideally that will be spent on adding value to the business rather than just to cover its running costs.
I despair at the stupidity of some investors. I detailed earlier a series of threatening and frankly idiotic tweets from Iconic (ICON) shareholders to me encouraging me to stop doing my job, with threats and abuse. But one moron stands out for his stupidity.
Anyone who owns shares in a company that tells demonstrable porkies, via RNS, is by definition a moron. And, after events this week, that clearly includes shareholders in Iconic Labs (ICON). But they do not like the demonstrable falings of Iconic being pointed out to them and a small band of lunatics have taken to twitter to attack me.
Iconic Labs (ICON) stinks for numerous reasons including those discussed HERE. No doubt I will be accused of homophobia but its latest deal, to buy the IP of Gay Star News, including the website www.gaystarnews.com, a website focused on events related to and concerning the global LGBTI community for just £1 is a joke.
It never ceases to amaze me how willing many private investors are to forget past failures and accept that a complete change of direction in a business is suddenly going to bring success.
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