Tom Winnifrith Bearcast: from Sefton to Bidstack, corporate lying is fraud but at last 1 regulator is smelling the coffee
Notes from Underground: The most-read stories of the week, and the dramatic rise and fall of Cannabis stocks
Oh dear, Oh dear. On the principle that Good News travels fast and vice versa I rather worry for flip flop Ben Turney, the former editor of this website and the rescuer of formerly AIM listed Teathers Financial. How is the rescue going? Er... As you can see below...
Flip Flop Ben Turney, formerly of this Parish, insists that this email to shareholders in Teathers Financial is private and confidential. I can see why, as it is bollocks he would not want subjected to outside scrutiny. Naturally it has found its way to Winnileaks so I publish it in full.
The following censure of Jason Drummond of Teathers (TEA) infamy is damning. It relates to his time at Media Corp (MDC) an AIM disaster story ending in bankruptcy. I think it is fair to say that Jason will not be sitting on any more AIM boards after this.
A crowdfunding appeal has been launched to take Jason Drummond & Nilesh Jagatia of Teathers (TEA) infamy to the High Court over a previous debacle Purple Lounge & AIM listed (now bust) Media Corp. It is claimed that investors were misled and also that client funds at Purple Lounge went missing. The allegations, and at this stage they are allegations, are very serious indeed.
The demise of Gametech PLC the next venture of Jason Drummond after the Teather's (TEA) debacle looks clear - so much for a stockmarket float care of London's worst Nomad Roland "Fatty" Cornish. We revealed the Gametech was heading for tits up town HERE last week. Now Mr Drummond's apparent arch enemy Richard Skelhorn has bitten back with an official statement relating to that 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?
I wrote earlier today that Flip Flop Ben Turney who now finds himself running failed ex AIM investment vehicle Teathers really MUST go to the Old Bill demanding a full investigation into the ATM withdrawals by ex FD Nilesh Jagatia. A reader points out that Flip Flop has another civic duty to perform on this matter, he must go to the taxman. Ever keen to help...
Yesterday I revealed a series of 74 "interesting" transactions on the Teathers Financial (TEA) company credit card and some curious payments on the Teathers pre-payment card belonging to Nilesh Jagatia the company's former FD. There is now a very real suspicion that Teather's poor shareholders were paying for Jagatia's domestic shopping at his local Sainsbury's in South Woodford and that he was making withdrawals from the company's account for personal use. I have thus written to the new CEO flip flop Ben Turney who, of course arrived in the coup that saw Jagatia fired. The letter is below.
The way that shareholders' cash was pissed away on corporate jollies & semi clad young ladies by the former board of Teathers Financial (TEA) has already been documented fully here. But documents have now fallen into my possession, here at Winnileaks, which ask even bigger questions about FD Nilesh Jagatia who is pro tem, still FD at AIM-listed Inspirit (INSP) and Octagonal (OCT). After this bombshell I wonder for how long.
Formerly AIM-listed Teathers Financial (TEA) has released numbers for the year to 31 October 2016. They are truly shocking. In its year to October 2015 the group balance sheet sported a net assets value of about £800,000 having raised just over £1 million in the year. That is pretty bad. But as at 31 October 2016 (having raised no further cash) net assets came in at about just under £70,000 with just £658 in the bank. Where did it all go?
Those who lost money on Teathers Financial (TEA) must have assumed that there would be no stockmarket comeback for those involved in incidents such as THIS and THIS as well as the complete wipeout for shareholders. No self respecting adviser would inflict another such creation on public markets would they. But we reckoned without London's worst Nomad, the tax averse Mr Roland "Fatty" Cornish.
ShareProphets has learned that the management of EX-AIM-listed Teathers (TEA) which was put in place by shareholder activism is to put formal merger proposals to ex-AIM-listed Sefton Resources (SER) with a view to the combined entity eventually relisting on AIM. The plan, subject to due diligence and shareholder approval by both companies, would see a new project (yet to be disclosed) injected into the combined entity, alongside the Teathers App business with the aim of getting back on to the Casino. This would, of course, represent a most remarkable turnaround for shareholders in both companies if it were achieved.
May and June 2015 was a time when Teathers Financial (TEA) was awash with cash thanks to an April placing. The only question was how quickly could the company's directors spend it? There was the shooting party and the General Election party but more was needed and on 29th May, the Friday before a bank holiday weekend folks were getting mighty thirsty.
If you are a shareholder in Teather's Financial (TEA) you will already be fuming about our revelations about the lavish shooting party YOU paid for to keep Jason Drummond, Mrs Drummond and some City Hooray Henry's entertained. It gets worse...we could run a long series on the corporate profligacy of Teather's and may well do so, but let's start with Election Day 2015, May 7.
Pretty soon we will hear the full awful details of the realisable assets at Teathers Financial (TEA) and I fear that we must brace ourselves that it will not be good. The word on the street is that the number could be as low as £100,000. So where did all the money go? This will horrify you.
And so the rebels have won hands down at the sack-the-board EGM of formerly AIM-listed Teathers Financial (TEA). ShareProphets can exclusively reveal the voting numbers - it wasn't even close.
I just love Companies House. You can flick through so many companies in just a few moments and last night I came across a share allotment filing for ex-AIM Casino stock Teathers Financial (TEA) which turned up out of the blue only yesterday, and was filed on 25 June 2016 – just two days after Justin Drummond stepped down from the board. It seems that 3.05 million shares were issued on 29 Sept 2015. So why does this smell so badly of anchovy-stuffed rotting kippers?
Jason Drummond assured us that the Teather's Financial 2015 annual report would look better than some folks feared HERE. But having signed it off, he has now quit (HERE) and having seen it I am not so sure.
Well, well – another twist in the formerly AIM-listed Teathers (TEA) saga has emerged, as a wander through Companies House filings reveals that a certain Mr Jason Drummond quit as a director on 23 June 2016 (last Thursday), ahead of the forthcoming sack-the-board EGM on Tuesday. The question, of course, is why?
Embattled Teathers Financial (TEA) boss Jason Drummond has admitted that the late filing of accounts was a mistake but, in a long conversation last night, he said that people who assume he is hiding something will have a big shock.
Are you a pissed off shareholder in Teathers Financial (TEA), Inspirit (INSP), Octagonal (OCT) or any other company associated with Justin and Jason Drummond or Nilesh Jagatia? If so you are going to get even more pissed off as I have obtained and publish below a lawyers letter which exposes wholesale fraud and deception at their last outfit Media Corp (MDC). It is shocking.
It seems that Nilesh Jagatia, discredited director of Teathers Financial (TEA), has got recent form when it comes to failing to submit accounts by the statutory deadline. Mr Jagatia is finance directors of a number of Plcs, including one of my old favourites, the piece of Turkish that is Inspirit Energy (INSP). Just like Teathers, in December last year Inspirit received a First Gazette to strike the company off the register of companies for failing to provide its accounts on time. What is it that Mr Jagatia doesn’t understand about the legal requirements concerning his job?
The discredited board of Teathers Financial appears determined to make itself look as bad as possible in its ongoing battle with activist shareholders. Yesterday the company managed to publish the EGM circular on the company’s website, but “forgot” to include the proxy form shareholders need to appoint proxies. Fear not though, ShareProphets has a copy of the form here.
Over the weekend shareholders in Teathers Financial (TEA) started to receive circulars for the forthcoming EGM. Having tried and failed to bully its shareholders into calling off the EGM, Teathers’ board has adopted new tactics in the circular - lies and smears.
Who would you want running the AIM PLC board from hell? Naturally with Outsourcery (OUT) becoming his 39th business failure, or is it 38 I lose track, Dragon's Den flop Piers Linney has to be the CEO. I'd nominate that silly woman from Easyjet (EZJ) as Group Equal Opportunities Officer. The Chairman has to be the patrician twit Gibson Smith formerly at the LSE. The FD...check out the CV of Nilesh Jagatia of Inspirit (INSP) and Teather's (TEA) infamy now on the run!
Earlier today we flagged up a planned rampfest investor evening organised by jam tomorrow and hot air producer Inspirit Energy (INSP) which - according to the original RNS - featured an array of attractions including Zak Mir - who was laughably described as the UK's favourite technical analyst, which Nomad signed off on that crap? - and a chance to quiz FD Nilesh Jagatia. Oh goodie goodie thought a number of folk from the Teather (TEA) shareholder action group who would like to ask Nilesh about how he has trainwrecked their company and if he condones blackmail?
Shares in Teathers Financial (TEA) were set to be booted off the AIM Casino as of Monday for failing to implement its investment policy. The crowd thought it was all over...it is now! With a spectacular hat-trick of own goals Jason "Geoff Hurst in reverse" Drummond has handed victory to his, many, critics.
Yesterday I exclusively revealed HERE that Teathers Financial (TEA) had told rebel shareholders that if they did not withdraw an EGM request to sack the board, a mystery £1 million investor would walk. Teathers boss Oliver Fattal gave the rebs until 3 PM to pull the request. They declined. Today Teathers has changed its tune. That on its own tells you the board are worse than poltroons and should be fired. I now publish Olly's email.
I have obtained emails that show clearly how the board of Teather's Financial (TEA) have tried to bully dissident shareholders into not ousting the directors who are culpable as it gets slung off the AIM. The bullying has not worked. The board will be sacked.
This Wednesday shareholders in Teathers Financial (TEA) plan to requisition an EGM to seek replacement of the board, we can reveal. With the company facing imminent delisting for failing to fulfil its investment policy, shareholders are left with two options. They can either back the old board to deliver its mystery £1million investment into the private company or they can back the action group to salvage what value it can from the wreckage of the PLC.
Tomorrow at UK Investor Show the Teathers shareholder action group will be manning a stand all day wanting to make contact with anyone owning any shares in Teathers Financial (TEA). Make sure you go and make contact as this company's board must be sacked NOW after another disgraceful RNS.
Tom Note: This article appeared under the HotStockRockets name but I wrote it and would not want anyone thinking this was not my view. Off we go...Shares in Teathers Financial (TEA) remain suspended and will be booted off AIM on 4 June if no RTO takes place or if it cannot convince AIM that it has implemented its investing policy ( which it won't). It looks grim. The latest update states:
Teathers Financial (TEA) has been a shocking stock for a long time now for a whole number of reasons but yesterday’s RNS appears to bring the finishing line of this debacle ever closer.
In light of subsequent events, the suspension of trading on AIM in shares of Teathers Financial (TEA) I am sure that this video of Jason Drummond will be of some interest to many.
There have been deranged comments all day coming from Del Boy Lenigas apologist and diehard LGO Energy (LGO) shareholder Wilrides suggesting that the suspension of shares in Teathers Financial (TEA) means wipeout. As you would expect from an LGO shareholder he has got it all wrong.
If you want me to analyse a stock for you just drop me a line at firstname.lastname@example.org - Today I look at shares in Teathers Financial, Tethys Petroleum and Tracsis, serving up share price targets for all three stocks.
Teathers Financial (TEA) has announced it has made a £100,000 investment at 2p per share in Leni Gas Cuba Ltd. Hmmm…
Featuring shares in Anglo Asian Mining (AAZ), Hague & London Oil (HNL), Oilex (OEX), Quadrise Fuels (QFI), Teathers (TEA), Victoria Oil & Gas (VOG) with share price targets for all.
Featuring shares in Caza Oil & Gas (CAZA), Daniel Stewart (DAN), Goldplat (GDP), Kibo Mining (KIBO), Teathers Financial (TEA), W Resources (WRES)
There are two very interesting firings today of Nomads. First Teathers Financial (TEA) has binned Roland “fatty” Cornish moving to Grant Thornton and secondly Quindell (QPP) has canned Cenkos (CNK), moving to Peel Hunt.
Featuring a look at the shares of Amur Minerals (AMC), Clean Air Power (CAP), IGas Energy (IGAS), Range Resources (RRL), Teathers Financial (TEA) and Tern (TERN), with share price targets for each.
Teathers Financial (TEA) has announced results for the six months ended 30th April 2015, a period which it states has seen the business transformed.
Teathers Financial (TEA) has gone from being one of the most talked about and hyped AIM shares to virtually forgotten in just a few weeks!
Today's Bulletin Board heroes are: Ascent Resources (AST), Golden Saint (GSR), MX Oil (MXO) and Teathers Financial (TEA)
And now the company presentation videos start to flood in from UK Investor Show. In the early batches we find Jason Drummond speaking on behalf of Teathers Financial (TEA). Enjoy
The past two weeks have seen good newsflow from Teathers Financial (TEA) but this is just tidying up, we expect the real action to start soon.
The former C A Sperati, now Teathers Financial (TEA) has announced the issue of new shares “to satisfy certain existing liabilities” (£30k) and to increase its cash reserves (£100k).
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