Yet another Greek tragedy. |
"Hmm. We’re having trouble finding that site.
Server not found".
Anyone done a recent missive to MIUMailbox@fca.org.uk concerning current status of this entity? (Or to a more suitable address?) |
Notice of the Court's Winding-Up Order has made it to HELD's file at Companies House:
and
What's less easily findable is the action supposedly being taken to appeal the Order. |
HELD lost but say "The Directors have taken immediate action to have the judgement set aside for the reasons set out above and are confident that their application will be granted."
- see the RNS. Wherein also:
"The Directors also announce that the Company's discussions regarding approaches that it has received in relation to the Company's re-financing are progressing."
[as in watching paint dry] |
No outcome showing yet, as I said expect it Friday night - when minds are elsewhere...? |
Once the harvest is in then whoosh! |
Circling the u-bend. |
So today is the court day. |
Friday "after-hours RNS night" upcoming? |
 It's the Marie Celeste of stocks.
Compare and contrast for instance CORO (though AIM traded not main market) which till lately was also in suspension and for me showing the same scale of paper loss. In the case of CORO however if current proposals get upheld at upcoming shareholder and bondholders meetings even the bondholders for example will have taken a massive haircut and swapped their debt for the lower ranking of equity. So they appear to have hopes in their business plan and prospects.
Cf. HELD. It's hard to know what explains the apparent inactivity of the major shareholders i.e. what do they know that we don't. It's not as if they are even theoretically impotent; probably not the best source and I have not verified this against the 2006 Act, but
"...The members also have the ability to demand a general meeting. Section 303 of the Companies Act 2006 requires the directors to call a general meeting once the company has received requests from members representing 5% of the paid up share capital those entitled to vote at general meetings of the company...."
See also (with same caveats):
But would there be replacement/s willing to sup from the poisoned chalice? Again presumably it depends on how supportive or not the major shareholders might be...?
EDIT 2025-01-16
Consider going to e.g.
and searching for Holding in Company and you will find data indicating there are several shareholders with the necessary voting rights to er, activate matters if they so wished.
Meantime a random reprise from 2021-06-10 regarding KNB's potential interest in the operations of HELD: |
i wonder what hannah deacon and prof mike barnes think of all the goings on here |
Sharescope gives the total of the holders I listed as having over 40% of HELD's issued capital. Presumably their data source/s is/are the same as other online research providers eg Stockopedia at least as regards TR1s etc...?
I thought I recalled KNB having a shareholding in HELD but there's a (to me) currently confusing Note 20 of KNB's AR y/e 31 December 2023 indicating perhaps not, but it contradicts the Sharescope number for Samos so maybe it's referring to KNB disposing of Samos not HELD, haven't really looked at it properly yet (and likely won't). |
Companies House isn't very informative.
Of the 9 co's linked to Rai, only HELD (accounts overdue), KARD Group (buying and selling of own real estate) and Campus Society ('active process to strike off')are 'live-ish':
of the remaining 6, 5 are 'dissolved' and 1 is 'in liquidation'.
If I were a betting man...
GLA |
I note that the website does not include a share register or summary thereof.What makes you think that the shareholders that triskelion mentions are still holders? If I was a betting man......... |
But Rai isn't the sole cause is he? I think he owns ~3.6% only.
Skimming online stuff about methods of removing a director (e.g. the IoD page indicates absent specific provision: broadly by ordinary resolution in a general meeting - simple majority) gave me pause to reflect for a moment on what the major shareholdings might be; which ShareScope indicates as including out of a total 147m in issue,
George Papadopoulos 29.4m
Samos Investments Ltd 20.6m
Filippos Papadopoulos 9.83m
etc etc, here not listed.
Excluding obviously conflicted interests, enough to carry a resolution if it went that route.
So do the major shareholders have a deathwish? Seems implausible. Are the individuals concerned "otherwise engaged", incapacitated, distracted elsewhere...? |
... and so the can gets kicked to 14 February when the distraction will resume.
Meantime can the board not get a grip on raising the finance they referred to in the 2nd July 2024 RNS - have they even put out feelers for a raise?
".....As detailed above, the Company needs to raise a minimum of £600,000 in order to complete the Works, if an in-house post-harvest area is built and a sum of approximately £1 million in order to build out each POD as well as an additional circa £650,000 for general working capital purposes in order to bring the Company to a position where it is able to commence commercial cultivation. ....." |
And good to see there doesn’t appear to be a legitimate case to answer. |
RNS moved into next year. |
Shh. It's a secret. |
Do we know the result? |
“Not before 11.30am” according to the cause list. |
What time is today's hearing? |
One more day. Tick tock. |
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