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By Tom Winnifrith | Monday 2 April 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.
The Sunday Times reveals that slimeball ex Tory MP Tim Yeo* and four other former directors of now bankrupt AIM duffer TMO Renewabales face a £20 million court claim from administrators Duff & Phelps. I do hope that Tory Toff Sir Henry Bellingham MP of 3DM infamy and Nick "Not for the Many but for the" Trew of Pathfinder Minerals (PFP) read the piece.
Yeo et al stand accused of turning down two rescue refinance packages because the conditions for both included their resignations. They also handed out free shares to pals - including VSA Capital- shortly before an EGM calledto oust the board so that those shares could vote for the board.
TMO lost £20 million of shareholders funds by the time it went under and Duff & Phelps and aggrieved shareholders argue that it only went down because Yeo et al turned down the finance offered and skewed the EGM. It thus argues that the directors and an adviser Max Audley are culpable for those losses. Yeo et al say this is not the case.
Over at Pathfinder the current directors have been told that if they stay the parties in Mozambique from Pathfinder Mozambique with whom a deal needs to be done will not do a deal. So the company is doomed. The company has been offered funding at 1p per share but seems determined to raise a far smaller sum at a far lower price but from folks who will vote the "right way" at an EGM. But that would leave Pathfinder still cash strapped and with no chance of doing a deal in Mozambique. If it were then to founder who would be responsible?
Yeo is a very nasty piece of work and letr's hope that he gets what he deserves but also that Trew and Bellend are watching closely and taking note...
*Updated version. Yeo's relation by marriage Malcolm Stacey points out that the old trougher was never made a Sir
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