Keyword results: non-recourse

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Supply@ME – Remembering the fraud Quindell and Equities First: Is this a carbon copy?

It was back in 2014 that ShareProphets nailed Rob Terry and his sidekicks after they did a stock loan with Equities First which turned out to be a discounted outright sale with an optional buyback clause, and spent a tiny proportion of the proceeds on buying a handful of extra Quindell shares. Of course, the transaction was presented to the market as them buying more stock when in fact they were selling vast quantities of shares – the killer punch being that those Equities First deals were non-recourse.

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IQE
IQE
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IQE and CEO Dr Drew Nelson – Missive to AIM Regulation and the FCA

I have dropped a note to our good friends the Oxymorons and Chocolate Teapots, of AIM Regulation and the FCA respectively, with regard to AIM-listed IQE (IQE) head honcho Dr Drew Nelson and his recent dealings with Equities First Holdings. It seems to me to be a certainty that he has not come clean over his loan that isn’t a loan, under which he is “obligated” to repurchase the shares he sold yet these deals are non-recourse (so he’s not “obligated” at all), where we were told he had cash put aside to meet margin calls but settled one with more shares, and where his margin call appears to have been reported well after the fact – or it was not the first – when, if I understand the rules correctly, all margin call matters and any other developments in relation to his EFH loan which isn’t a loan should be reported to the market within a few days.

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IQE
IQE
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MAJOR EXPOSE: IQE – more on Dr Drew Nelson’s EFH margin call(s): do you feel lucky, punk?

We have heard nothing more from AIM-listed IQE over when head honcho Dr Drew Nelson received the dreaded margin call from Equities First Holdings (EFH) in relation to his non-recourse sale-and-repurchase deal involving (now) over 12 million shares. Yet as I noted on Monday, it seems pretty clear that we have not been told the whole truth and I shall be writing to AIM Regulation on that matter later today. But looking back, it seems there is something else which doesn’t quite match what we were told.

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AVG
AVG

Avingtrans – Equities First is back

It has been a while, but it seems that the hoods from Equities First Holdings LLC are back once again: AIM-listed Avingtrans (AVG) announced on Tuesday that one of its NEDs, Mr Ewan Lloyd-Baker, is handing over 300,000 shares for a two year loan. The text of the RNS (just as with Igas, Cloudbuy, IQE, Quindell, Optimal Payments (as was) and Angle) again fails to point out that from Mr Lloyd-Baker’s point of view the deal is non-recourse so he can throw in the towel at any time if things go wrong.

TLW
TLW

Red Flags at Night: Tullow Director Pledging Shares For a Loan

Last night at no-one-is-watching o'clock (6.15pm) fully listed Tullow Oil (TLW) released an RNS entitled Director/PDMR shareholdingAt first sight it appears to be a disclosure of option awards. Nothing to get excited about then. But there was also a notification of options being exercised, with some being sold to meet tax liabilities. Still not all that exciting? Read on, and we learn that....

Cloudbuy – has Chairman Ronald Duncan’s EFH margin call finally been triggered? What now?

Last year Ronald Duncan, Chairman of AIM-listed Cloudbuy (CBUY) did a deal involving a non-recourse sale and repurchase agreement with Equities First Holdings LLC (EFH), which was presented to the market so as to look like a loan. These deals typically have a margin call trigger written into the contract, and our understanding is that in this case the phone rings if the average closing mid-price over three days falls below 19.5p. As of yesterday’s close, that condition looks to have been met.

IGas Energy; the “loan” that shames AIM

Even by the shocking standards of disclosure on AIM, January 16th’s RNS from IGas Energy (IGAS) takes some beating. Titled “Director Share Purchase and Finance Facility” this has to be one of the most shameful announcements released in recent years.

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