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Julie Meyer's Maltese based holding company has sent me a lawyers letter (its second in two weeks) to try to stop me publishing an email she sent to a potential investor in Ariadne Capital Limited on October 6 2017 which - thanks to the Winnileaks service - has fallen into my possession. Given the administrator's report into Ariadne which I revealed last week I can understand why she is so desperate for the email not to emerge. Someone has been either lying big time or just can't add up, but who?
The Administrator's report stated that cash at Ariadne as at 31 October 2017 was exactly NIL. He also notes that "throughout 2017 the company came under increasing creditor pressure". The administrator has said that the only asset Ariadne has which may go to pay its bills is one customer who owes £36,000. Net assets as of now are estimated at c MINUS £6.8 million - as you can see HERE.
Julie Meyer told the potential investor a rather different tale in which she also praised my former colleague & friend, her ex MD, Mr Amit Pau who she has subsequently blamed for all of Ariadne's woes even though he was not actually a director of Ariadne so not able to sign off on any of its financial statements or transactions, that right was Julie Meyer's alone . The underlining of key phrases in this shocking email is mine:
Ariadne Capital Limited (London) performed well, and this is the reason it’s Net Assets are £4 m. Up until 2016, EntrepreneurCountry was a part of ACL, but with the acquisition of Malta, and the need to keep regulated and unregulated businesses separate, we separated EC out. However, due to the years of investment that ACL has made in EC, there is a 33% of EC revenue in perpetuity stream back to ACL that ACL enjoys. So if you look at the EC and ACL combination that would be closer to the natural progression of ACL 2015 and 2016 revenue for 2017. Amit is doing a great job managing both.
The €7.5 m founding shareholder round is as follows:
The £4 m or €4.8 m of founding shareholders in ACL through a Net Asset uplift or acquisition are part of the €7.5 m founding shareholder round. In addition, we have €1.5 m in the bank fully subscribed. And in the last €1.2 m to make up the €7.5 m, we have strong interest from great investors to get us across the line. That round technically closed last Friday, so I’m eager to answer any questions you have. No investor has mentioned that they are concerned about me getting to the full amount. I’m not concerned at all about this either.
Ends.
So Julie reckoned that Ariadne had performed well in 2017 and that it had 1.5 million Euro in the bank from a placing. This leaves 3 options:
1. The Administrator has missed that cash as it fell down the sofa and has got Ariadne all wrong not understanding how well it was trading. What dumb pricks those chaps at Leonard Curtis must be.
2. The cash had come in but disappeared before October 31. I note there is no record of a share issue in 2017 at Companies House but maybe Julie is just tardy in filing. As to how Ariadne traded in 2017 that is just a misunderstanding.
3. Julie Meyer MBE was lying to a potential investor in order to get money out of him as Ariadne headed for the rocks. You will remember that the first trade creditor to file for a winding up petition filed on 3 November, so one wonders when its final letter before action was received?.
I am sure that readers will have their own opinions.
Our full coverage of Julie Meyer and Ariadne is HERE
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