By Tom Winnifrith | Tuesday 2 May 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.
Cloudtag (CTAG) lied to investors to pump its stock price to allow it to raise equity and for insiders to sell. That makes it a fraud. But what was the extent of the wrongdoing? Perhaps Amit Ben Haim would like to discuss Golden Bridge Services Ltd?
It is a secretive company with links to Lichtenstein, Bermuda & Cyprus. Golden was “introduced” to Cloudtag at the same time as ABH became CEO. Golden was awarded more than 22 million warrants (which it exercised) for introducing £500,000 of external investment from Adience.
Adience is an Israeli tech firm owned by colourful Teddy Sagi (Playtech, Camden Lock etc).
So why did Amit– a wealthy & connected Israeli need a 3rd party, Golden, to intro him to another wealthy and connected Israeli – and what qualified this introduction to unlock the 22 million warrants?
More to the point, who owns Golden Bridge Services and given it never seems to have been listed as a major shareholder, at what price did it exercise & sell. As it happens Amit should know the answer becuase it appears that he was a former director of Golden;
So if he is bored perhaps Amit might like to give chapter and verse in answering the following questions:
- Who owns GBSL?
- Who introduced Golden to Cloudtag?
- What relationships exists, if any, between Amit & GBSL?
- What is the relationship between GBSL & Adience?
- What specific value has Adience delivered to Cloudtag?
- At what price did GBSL sell its warrants and what profit did it make?
- Does Amit consider the GBSL transaction a related-party one and if so why was that not declared?
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