Setstone Share Discussion Threads

[Abuse team] 19/3/2006 14:52

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[johndavison] 19/3/2006 14:50

Hi All

As always its best to talk to the people to find out what is going on ...without being agressive.

From what I understand the man causing waves at the moment is Roger Lawson who is an officer of the UK Shareholders Association and a Setstone shareholder. he went to the AGM and asked lots of questions, so someone knew about the AGM !! From this he sent out info and put his views on a web site etc...

I know, and Peter Burton knows, the www.setstoneplc.com website is down and they are looking to get this back up ASAP, this shows the accounts and any further info...we know this already. They are looking for new interests. There was also confirmation the company is communicating with shareholders in a normal manner and have declined Roger Lawson special privileges...what ever that means.

Again...I hope this helps, this failure pains me as I had a lot of money tied up here so I'm not letting this company go quiet on us.

JD

[jonc] 06/3/2006 17:37

In the MoS there was a report of shareholders being contacted to call an EGM to question the Directors re the loan to the proposed acquisition

[dvda] 06/3/2006 17:26

MoS? This was in the Times:

"Setstone, a shell left after a dot-com venture failed, shows the dangers. The UK Shareholders Association, which took up the case, found that 1,000 investors are in the dark about what is happening to their company after delisting, whether there is anything to salvage after a failed mining deal and how to make the board accountable. Listings can themselves aid investor protection."

See lasts para of first page.

[jonc] 06/3/2006 17:20

Wot! No comment on the MoS article?

[bongo bwana] 24/2/2006 22:41

JD - U are the voice of reason and common sense here.

I look forward to learning Ur views.

Kind regards

[johndavison] 24/2/2006 19:42

I think the web site was set up to ensure everybody got to see the accounts. I got a copy from the company yesterday with some bits marked, so I'll read them tonihgt and see what it says.

[wakeland] 24/2/2006 19:31

When are they going to put this to bed? At least as a dead company you can offset against capital gains. Will these shares just remain in limbo ad infinitum (yeah I know it's spelt wrong, latin not my strong point)

[giltspur] 24/2/2006 19:19

Snoopy

I've read the accounts thanks and I have absolutely no doubt that shareholders will not see their money again but serious questions remain.

To place money over seas without security leads me to conclude that they are either buffoons or something else? Who in their right mind would ever trust them again? I don't believe they are buffoons so either way they are not to be trusted.

MWM recommended this punt immediately prior to "leaving" T1ps.com. I'm not suggesting he is involved in something untoward but he must know these individuals and from that knowledge formed an opinion of their integrity, reliability etc. How close was his relationship?

Obviously there is nothing to gain from this exercise except the satisfaction of unravelling what is essentially an easy case. I don't know if I can be bothered but I would like to know why MWM left T1ps in such a hurry? Is he retired? He published material on WhatsHot relating to a huge BT bill for allegedly having "porn diallers" illegally placed on his computer – about 1,500 quids worth from recollection. Ironic in light of the £100k loan to a porn merchant.

I retrieved all the info I require from Companies house some time ago but thanks for your tip. We'll see.

I do not expect them to pursue the money claim through legal or any other means, for obvious reasons.

[thx1138] 24/2/2006 14:21

What exactly is the situation with Setstone shares? I haven't paid much attention to my holdings for a year or so now, according to my Etrade account they're not worth anything, is this correct, are the share or the company no more?

[snoopdoggywuff] 24/2/2006 12:17

Sim,

It says

"© Setstone PLC 2005 - 2006, all rights reserved"

Presume its from the co itself.

[rebtif10] 24/2/2006 12:16

Its funny, I think they were really poor in communicating what they were doing with our money - it was a little cavalier. Oh well, you certainly live and you learn especially when Tony Hoskinson implied that if I got anything back it would be a bonus! Written this off totally.

[simcox1] 24/2/2006 12:15

Is it a company website? It looks more like a shareholders website.

[snoopdoggywuff] 24/2/2006 10:25

Lets face it Reb, with a failed deal, litigation in progress, a large share consolidation and no AIM listing, who the hell would be interested in buying them ?. Not to mention a very poor balance sheet and not so much as a pencil sharpener by way of assets.
The only slight positive I can personally see is the fact they are bothering with the new website. It may look like it was designed on an etch-a-sketch by a colourblind Dachshund, but when you think about it, it is the first communication anyone has seen from the company in quite some time.

[rebtif10] 24/2/2006 09:56

Snoop, I have tried selling my shares on the jljp website - but without success!

[Abuse team] 24/2/2006 09:51

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[snoopdoggywuff] 24/2/2006 09:51

For anyone that is interested.

is now live........

Life in the old dog yet then eh !.

[snoopdoggywuff] 24/2/2006 08:39

Giltspur,
The website I was referring to is the companies house website where all companies accounts can be found. I have the documents for the period in question and would be happy to send you a copy if you want them.They put a little bit of flesh on the bones regarding this whole sorry saga.
Dont get me wrong about this. I share your concern and agree that safeguards should have been taken out and the lack of information throughout the process was lamentable. However due to there enforced delisting, the conduit for information seems to have been broken in late '04.
I dont question your motive for doing what you are considering either, I have lost a bundle in this, the same as you and everyone else. I just feel now isnt the time and I think you would be wasting your time and money, as well as protracting the whole saga.
Read the accounts and tell me what you think.
Send me a mail to [e-mail] and I will forward you the PDF files.

[giltspur] 22/2/2006 12:30

Snoopy

Please point to the "Web Site" because I can't find one?

My questions are this?

Why would they give away £700k of shareholder money without security?
Why would they lend a Mr S Robinson £100k without security on the anticipation of a merger with a porno outfit?

None of the loans were repaid as of Dec so tell me when and through which lawyers did they make claims?

It sounds dodgy to me.

[bongo bwana] 21/2/2006 11:41

Oh well said Snoopy - I agree 100%.

Let the company people deal with the issues and lets see whats down the road in a couple of years time.

We have nothing further to lose.

[snoopdoggywuff] 21/2/2006 11:38

Gents,
At the risk of starting an online punch up/slanging match - which I would dearly like to avoid, I cant help but ask what you would hope to achieve by trying to bog this company down in even more red tape and legal action ?. The deal as it was has gone South, as happens to thousands of deals of this type every week. The facts are all there to see on the companies house website. It is going to take years to recover anything from this whatsoever through the courts, so anything we do as shareholders is simply going to drag it out even longer.
We all invested our money three years or so ago, no-one held a gun to our heads. We didnt foresee problems, delays, bad deals and the like - We all saw pound signs which is exactly what we wanted to see. To call for Police investigations and to blame MWM for tipping this is a nonsense. Noone blamed him for tipping Asos !. For every Ashtead, there will always be a STN - face it, we just picked the wrong (HIGHLY SPECULATIVE) share. What we did was akin to gambling and we lost. No-one moaned more than myself on here at the lack of info provided and progress made. Now at least the facts, dissapointing as they are - are known.
Every minute of there time we take up in whatever sort of protest is another we will have to wait in years to come to see if we ever get anything back.

[giltspur] 20/2/2006 16:22

John


Ok, give me a few clues and I'll have a go?

[johndavison] 13/2/2006 11:57

HI Giltspur

If you are willing to persue then Im happy to let you know whats been said.

[giltspur] 12/2/2006 09:48

How can anyone actually give money away without gurantees of receiving something in return? Haven't they heard of LCs or escrow?

I think the police should look into it because there has been no adequate explantion. Does MWM have any answers? He was happy to tip it so why no explanation from him?

This can of worms needs day light.