A new financial life support for crap companies like Versarien (VRS) today seems to have appeared in recent years in the form of an equity sharing agreement – lots of companies have done such deals with all the usual death spiral providers, hence the howls of “it’s a death spiral”. However, they are not new and there are key differences with the standard death spiral.
About 3 years ago Nigel Somerville was waxing lyrical about the Institute of Chartered Accountants of England and Wales (ICAEW), who regulate most audit firms domiciled here. Whilst it was clear from the excellent response Tom gets from FRC that it is a proper regulator, I thought I would try ICAEW for the issues I highlighted regarding TXO’s accounts here.
Much of the background to this can be found in my articles here. As a quick recap: Chris Foster was Tim Baldwin’s sidekick at TXO. One of the things they wasted shareholders money on (apart from obscene directors’ fees) was backing Mad Malc Bendall’s (vision from God showing him lakes of oil under Tasmania) utter farce as he tried to keep hold of his licence, which he claimed was worth $3 billion. When TXO’s Nomad (Northland) finally resigned, there was another Nomad prepared to take the company on and save the AIM listing, but that was conditional on Tim and Chris resigning. They refused to resign and the rest is history, along with any hope their trapped shareholders had of seeing any of their money ever again.
Ever since promising a terminally ill colleague, who lost far more than I did on Tim Baldwin’s formerly AIM listed train wreck TXO, that I would do all that I could to prevent Tim ripping off more ordinary investors. I do not really care about so called sophisticated investors and High Net Worth Individuals as they should know better and can afford to lose a few £10ks anyway, unlike ordinary investors who have to rely on what they are told by supposedly FCA authorised firms and individuals. Anyhow what is Tim up to now? Be warned!
Our old friend Tim Baldwin of TXO, RAM and Cientifica infamy is still at it. TXO (booted off the Casino in Mar 15) narrowly managed to avoid the stake through the heart when GBG did come through with a £250,000 loan to pay off some of the debt due on 31 Oct 15. Tim no doubt managed to convince the rest of his creditors – estimated at another £250,000 to give him more time. The question is, with the lobster pot closed to new lobsters, how to get more cash through issuing confetti? Easy..
In my last article o this zombie company I asked whether Halloween would be the final date for TXO? It would certainly look as though the Board of TXO believes it will be. On 20 Oct 15 three of the NEDs walked. They were:
I am basing this question on figures given in the TXO (TXO) annual report. for 2014 - just released. I accept that those numbers may not be reliable as we have already noted that this board cannot always add up but on this occasion I give TXO the benefit of the doubt and thus ask when it is tits up time?
Booted off the AIM Casino in March after its Nomad walked, joke company TXO (TXO) run by Tim Baldwin promised a new listing on a Recognised Exchange in due course. I hope you were not holding your breath. At least it has finally sent its report for the year to September 30th 2014 to Companies House although it has not bothered to update its website.
Do you remember the ups and mostly downs at TXO? It was booted off the AIM Casino in March 2015 because, rather than accepting the offer of a new Nomad which was conditional on the CEO, Tim Baldwin, and one of the Non Execs, Chris Foster, quietly stepping down, Tim decided it would be better for shareholders for the company to be booted off AIM and seek an alternative listing elsewhere. That has not happened nor has the much promised Annual Report to 30 Sep 14 been produced and is now 6 months late). You may also remember that TXO had a 20% shareholding in Athabasca Resources which was going to list on the Casino bringing vast wealth to TXO, thanks to the great deal Tim did getting in on the ground floor.
I asked in my last article “What are the chances of TXO beating the hex of publishing results on the final day possible meaning you are bust before you get to publish the next set?” the answer that has been given over the past few days seems to be: two hopes and one of them is called Bob, the other is called No!
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