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By Tom Winnifrith | Sunday 25 March 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.
Having blotted his AIM CV in a big way with his involvement in the £65 million AIM fraud 3DM - even after its first bollocking from the FSA, the FCA as was, the toff Tory MP Sir Henry Bellingham has now been reported to AIM Regulation over seedy plans for a discounted placing at Pathfinder Minerals (PFP) which he is set to waive through to save his well paid job.
By way of background, Richard Jennings and others have requisitioned an EGM to oust useless and overpaid CEO Nick Trew and the Tory Toff NED of 3DM infamy. Now it appears that with the pledged votes looking to be in favour of the rebels, Trw is trying to get a way a placing at 0.6p (the offer is 0.75p) to mates which will see the mates vote with him and the rebels diluted.
The only problem is that Jennings and others have gone on the record to say that if the company needs funding they will provide it at 1p. So if Sir Henry and Nick "Not for the many but for the " Trew go ahead they are clearly creating totally un-needed dilution and are thus in breach of their fiduciary duties. Surely the directors and broker Keith Bayley Rogers cannot allow that to go ahead.
And thus Jennings has written to the Right Honourable Sir Henry Bellingham (of 3DM infamy) putting him on notice of this and has also made AIM Regulation aware of the matter. Jennings warns that the planned True/Bell-end raising would lead him to consider bringing a derivative legal action against the two men if the authorities will not act to stop it.
Stock up on the beer and popcorn, this little battle is increasingly entertaining as Trew and the 3DM shamed Tory Toff continue to score own goal after own goal
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