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By Tom Winnifrith, The Sheriff of AIM | Monday 26 February 2018
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.
I first encountered Sir Henry Bellingham MP when he rented out his good name to the wholesale AIM fraud that was 3DM (now in administration). Did he care that there was massive evidence of fraud? Well not enough to resign for many years while taking his fees. He is the sort of A Grade troughing shite that gives Tory MPs such a bad name. He is now a director of Pathfinder Minerals (PFP), but for how long. Richard Jennings of Align Research owns 4% of the stock and is now calling for Sir Hal and CEO Nick Trew to go at once. I support that call. Jennings has published a very strong letter indeed today making damning accusations. Over to Richard:
Align Research and related parties note the announcement put out by Pathfinder Minerals Plc this morning. We wish to make clear to all Pathfinder Minerals shareholders that we have been in dialogue with General Jacinto’s partners and advisers during the last few weeks. Together with written documentation supplied to us it appears that, prima facie, the RNS’s released by the current management in recent months referencing a “framework agreement” were misleading.
As a consequence of these releases we in fact believe that there has been a false market in the shares of Pathfinder Minerals in recent months and that the RNS’s put out by the company during this period may in fact fall foul of the FCA’s MAR regulations. We intend to take this matter up with AIM regulation together with the roles played by the advisers and Nomad in checking this information.
We hereby call upon Nick Trew and Henry Bellingham to resign with immediate effect and confirm that we have executives ready to step into their roles. Further, we can confirm that we have had very constructive dialogue with the General’s representatives and in fact feel confident that ourselves and new management can enter into good faith negotiations with Pathfinder Mozambique on an expedited basis and we anticipate that this will result in the resolution of the long running impasse that has been in play re the licences for over 7 years now.
Should Mr Trew and Mr Bellingham attempt to remain in office we confirm that we will call an EGM calling for their removal at the earliest opportunity.
The choice for shareholders is now clear – continue on with the charade of a resolution when it is abundantly clear that the present management of Pathfinder Minerals are no nearer now than they were 7 years ago or, installation of new management and flowing from this the expression of a clear intent to move towards a resolution by the General’s representatives with finally, a hoped for accretion of value to Pathfinder Minerals shareholders that is, we believe, many multiples of the current stock price.
We will shortly be presenting an EGM requisition to the Board with a replacement CEO and Chairman and a clear plan to receive back our licences and move this company forward. If you are a shareholder and would like to pledge your support to this please email us at [email protected] with your shareholding and contact details.
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