Setstone Share Discussion Threads

[snoopdoggywuff] 10/9/2005 09:17

At least we now know, thanks Dave.

[davew28] 10/9/2005 08:24

Well I have managed to talk to Tony Hoskinson and as Rebtif has intimated this is a pretty gloomy situation. The deal with SHG is dead. Tony is attemting to recover some of the monies (£1.5m ish). The guy who owned SHG wanted everything and he basically was someone who couldn't be trusted. Tony was brought in to get the deal done. He presented the SHG owner with a list of 19 things he needed to do to get the deal done. The SHG guy said that they would be done. The next day he went back on his word, said he wouldn't do any and just pulled out.

If Setstone ever comes back it will be a while off (12-18 months) and will be substantially diluted.

Sorry to be the bearer of bad news, but as they say "don't shoot the messenger"

dave

[rebtif10] 06/9/2005 09:56

5miffy I would like to know whether Grant Thornton are still their Nomad. I still don't have a reply from Peter Burton - not particularly happy because although if it is a d ead share, I think they should be honest which would earn them more respect than keeping us hanging around wondering what is actually happening.

[5miffy] 05/9/2005 21:01

I have them but they don't say anything, just directors and number of shares in issue for 09/04 and a current appointments report.

I'll have a look at the 05 accounts when they turn up.

[rebtif10] 02/9/2005 10:34

Funny I emailed PB with some questions like
who is Tony HOskinson
are Grant Thornton still advisers
Copy of accounts
What is happening
Have not heard back a thing.
If anyone gets hold of the accounts and understands them, could post important bits.

THnaks.

[snoopdoggywuff] 02/9/2005 10:31

Here is the url for the Setstone info page on the companies house website.



Their accounts are overdue (theres a shock). According to the site, they are due to be filed on the 15th of this month. If you become a member of the site then you can buy them for a pound. Might be a quid well spent if it sheds some light on this fiasco.

Not sure how you get membership though. Will do some more digging.

[zeebra3] 31/8/2005 21:43

I emailed Peter Burton yesterday and recieved a response today only to be advised that the Setstone accounts are to be filed at Companies House this week. Being a novice I do not know how to proceed from here and in any event the accounts would not mean anything to me. I am hoping someone on this site may be able to check this out?

[rebtif10] 29/8/2005 16:01

John it would be nice if somebody else tried to get some information from them. Unfortunately, I felt as if Tony Hoskinson was a little bit anti me and my questions for this reason because I am female. One of his comments was that the amount I was losing was only the cost of a new dress. I can assure you I would not pay that much for a dress!! Whereas, Alwyn Davey was always very nice and helpful and informative and left me feeling there was light at the end of the tunnel.

On my last conversation with Alwyn, he told me that loan notes ahd been taken out so that certain mining work was now done on site and not out-sourced. Tony seemed to imply that the mining company was trying to walk away from their agreement and not pay this money back. I am not too sure but if Grant Thornton were (are) their advisers, they would have tied up the legal side appropriately so that if anything went wrong, Setstone would be entitled to something for all the hard work they had put into the mine. Tony also said that this mining company was looking to the City for further funding but he felt they would not get it.

If you look back at my previous posts, you will find an email ad d ress for the Chairman, Peter Burton, a telephone no. for Tony Hoskinson from another poster, and a phone no. for Alwyn Davey as well.

[johndavison] 29/8/2005 15:39

Only a 25% chance of returning, that's outrageous !

I thought they said that if the mining didn't come off there was something else waiting?

[rebtif10] 29/8/2005 09:21

cft67ujm, Tony Hoskinson told me it had a 25% chance of returning but if I took my investment as nil and it did come back it would be a bonus.

Fatty I only want to know if Grant Thornton is still their advisers. I have a feeling they are not - don't ask me why. If they were adviser them on this reverse takeover, it sounds as if things there is a breakdown between the two parties!!

[cft67ujm] 28/8/2005 17:22

Who is PB please can anyone tell me. Is this one totally dead or could it still come back, and if is there still any cash left opr has iot all been spent chasing the rainbow

[bongo bwana] 28/8/2005 16:33

I'll echo that Fatty.

I believe that PB is a man of considerable honour.

I trust he will do his very best for all shareholders.

[fatnacker] 27/8/2005 13:37

rebtif not sure if i understand your confusion about who grant thornton is , I feel sure you know that grant thornton are setstones nomad. I have to say that investing in a shell is very risky but on the flip side can be very rewarding I know the risks and am still optimistic about the outcome for setstone but if nothing comes from this then like i say I knew the risks .

[rebtif10] 27/8/2005 10:02

chill3hill, I feel exactly the smae and it is me who is supposed to call Tony Hoskinson at teh end of September but I doubt whether he will take my call after my email to Peter Burton last night, chairman of Setstone. I have asked for certain things to be clarified and a copy of the Annual Report and Accounts which none of us hae seen and since it has been suspended for in excess of a year something msut have been produced.

Its funny, when did you speak to Grant Thornton? Before Tony Hoskinson (in my email I have asked exactly who he is, as I don't have any idea) we dealt with Alwyn Davey, (he works from Cambrian Mining that owns Asian Energy that does really well in the mining sector) and he was positive until about Easter that things were over 90% sure that this was going to be a succesful takeover.

Since this other guy has taken over things look totally gloomy. I am totally hacked off with the fact that they are using our money but cannot be bothered to issue a circular to us with an update.

Perhaps this is why the laws around Cash Shells listing on AIM has changed and I believed been tightened a lot more.

I will keep this thread updated with any news I get - but I am afraid my attitude might have caused the wrong effect and I wont hear anything.

PLEASE CHECK OUT PETER BURTON'S WEBSITE (CHAIRMAN SETSTONE at www.peterlburton.co.uk).

[chill3hill] 27/8/2005 00:11

OK, I got hold of someone at Grant Thornton who said that they were delisted because you only get 6 months suspension max. You have to make an announcement in that time or you are taken off AIM. That is as much as they know but they did give me a number to ring to get hold of Tony Hodgkinson which I tried but got an answering machine. Left a message for Tony to call me back and I am still waiting! Looking back through the posts it looks like the last time someone spoke to him he mentioned September before anything would happen but I won't hold my breath. I can't believe this can happen to an honest shareholder. I bought a load on the morning before suspension because they were going to reverse into SGH Gold and not a thing since. Surely a company can't just take the cash and vanish? Even an announcement to tell me I have been shafted would be some comfort. It's the not knowing thats killing me. I hope to wake up one day and find them re-listed as anything, even a cash shell again would do me but I don't know who to turn to.

[simcox1] 26/8/2005 17:45

What rights as shareholders do we have? I mean as the company is suspended from the stock market, where does that leave us? Does setstone have any obligation to us?

[rebtif10] 26/8/2005 17:09

Details of last guy I spoke to regarding this. I don't know who he is but was previously involved wiht Setstone before its name change and it had previous problems because he said that there was definitely no money left in that company.0207 409 0890 Tony Hoskinson

Below is peter Burton's details, from his own personal website, from which you will see he also claims to be a 'politician' in the headline

www.peterlburton.co.uk.

[rebtif10] 26/8/2005 17:00

Suddenly life again. I was told to call Tony Hoskinson or something end of September for update but have not got any faith since he was pretty gloomy. He seemed to imply that the reasons we have not heard anything is because there is nothing to report. Well as it is our money, then we have a right. Obviously cannot afford an envelope and stamp for all of us.

Thinking about this the other night, surely since this has been suspended over a year, and as shareholders, we have the right to Annual Report & Accounts which should give us an idea as to what they ahve actually been up to.

I spoke to Grant Thornton about last Nov/Dec and the chap dealing with it. Seemed to imply that he could nto tell me anything!!! We don't even know if Grant Thornton is still their advisers!!! The only person who was positive was Alwyn Davey who is no longer dealing with it.

"Peter Burton" This is Peter Burton's email address and I am happy for anybody to bombard him with requests for details. Sec Alwyn Davey on 0207 409 0890.

[doorway] 26/8/2005 16:43

we should be told something either way......but if there is no news guess they cant say much......just want to know if i should forget about this one

[5miffy] 24/8/2005 18:34

Many people bought prior to suspension on the advice of that MW Mitchell fellow I understand?

The unacceptable face of AIM I'm afraid.

[harry punter] 21/8/2005 13:29

rebtif10------i dont know peter burton -that is not his real name ---------------------

[rebtif10] 21/8/2005 10:54

Just a thought since we get no communication whatsoever, are we allowed a copy of the last Annual Report & Accounts to see what they have been spending on. I would also like to know wheather Grant Thornton are still their advisers?

[rebtif10] 19/8/2005 15:44

File no. 13!!! I hope I don't get any more!!

[graham99114] 19/8/2005 15:40

puts a whole new meaning to "dead cert" !!!