Wednesday 24 January 2018 ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

Jason Drummond's Gametech: Heading for administration but is it all what it seems?

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.

Filed under:

Never miss a story.

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

More on TEA


Comments are turned off for this article.

Site by Everywhen