We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Stock Type |
---|---|---|---|
Infonic | IFNC | London | Ordinary Share |
Open Price | Low Price | High Price | Close Price | Previous Close |
---|---|---|---|---|
1.125 |
Top Posts |
---|
Posted at 13/10/2010 11:57 by h101 Well I've had two shares go really bad on me: Infonic and Bioprogress (aka Meldex).Between them I lost approaching £100K. In both cases the management were the cause of the company failure IMHO. My own failure was being new at investing on AIM, trusting management, going for blue-sky promises and not having a diversified portfolio. I'm lucky in that I am slowly recouping the losses but many people got wiped out by Bioprogress/Meldex. Unfortunately the greatest failure of all was the regulatory authorities, who still do not protect the small investor. |
Posted at 07/5/2009 10:46 by broomsticks You are out of date you Muppet, tell me something that I don't know!!By the way, there is yet hope in our attempt to regain our investment money from Corpora/Infonic. I read this morning that a trader has, after a 7 year battle, been awarded £20m in damages, against MF Global formerly Man Financial. That reminds me MT, have you been 'mugged by two private client broker placees' lately? According to the Creditor's Report on Corpora/Infonic, at one point Thompson and Wajzner were in danger of losing their homes. Oh really, well what about the small investor who may, because of Thompson's/Wajzner's actions or lack of them, have lost his/her home. This company should have carried the warning. Not one for widows and orphans only for the money lenders in the temple. aimho, dyor. |
Posted at 30/4/2009 12:46 by joestraughan So as the business outlook seems to be stabilising, firms may be well advised to think carefully before they turn their backs on AIM and its investors. As well as providing quicker and cheaper access to capital when the financial climate improves, it should not be forgotten that a stock market quotation can be invaluable in making acquisitions of other companies. And in a final comment, Professor Jeynes warns: "It is often said that capital markets have no memory, but I'm afraid that individual fund managers and investors most definitely do!Clip from Cambridge Evening News. PS - H101 - interesting article - as you say we need to look at it more closely to see if we can make a case against them. |
Posted at 30/4/2009 08:04 by h101 Found this on the MDX board - haven't had time to digest the implications though:cautiousmoney - 29 Apr'09 - 14:51 - 895 of 949 just found this on iii, have you done this Barry ? according to the poster you could get up to £5 million. As an insurance broker and shareholder in Meldex, I thought that perhaps for those of you not in the know I would highlight a potential area which should be investigated. A claim on the company's D&O insurance policy. What is Directors and Officers Liability Insurance? Directors and Officers Liability Insurance cover protects companies' directors, officers and senior managers against claims arising from their decisions and actions taken whilst managing their business. What are a Director's Responsibilities? The duties of a director have been established through statutes, regulations and case law and can be broken down into the following areas: Duty of Care and Skill This is a common law duty that requires Directors to act with 'the care an ordinary man would take in the same circumstances on his own behalf' and with the skill expected from someone with his 'particular knowledge and experience'. Where duties are delegated the Director is responsible for ensuring that the person to whom the duties are delegated is sufficiently experienced, reliable and honest. Fiduciary Duty Directors must act honestly, in good faith and in the best interest of the company and must ensure that he does not have any conflict of interest. Statutory Duty There are many statutes that affect the conduct of Directors and Officers including the Companies Act 1985, Insolvency Act 1986, Financial Services Act 1986, Environmental Protection Act 1990, Health and Safety at Work Act 1974, to name but a few. How Can Claims Arise? If a Director is perceived to have failed in any of his duties then a claim could come from any one of a number of third parties including: Shareholders Creditors Government and Regulatory bodies Employees Auditors Liquidators Customers Suppliers Is anyone aware if BM has taken legal advice about the possibility of lodging a Derivative Action claim. As an AIM quoted company Meldex had to have this class of insurance in place. The Level of Indemnity would probably be anything from £500k to £5M. FSMA 2000 (pronounced "fizzma") applies to all public companies. The FSA is granted various powers under the Act to prosecute directors if they are in breach of the Act. Section 397 of FSMA prohibits the following actions by directors: a) making a statement, promise or forecast which he knows to be misleading, false or deceptive in a material particular; b) dishonestly concealing any material facts whether in connection with a statement, promise or forecast made by him or otherwise; or c) recklessly making (dishonestly or otherwise) a statement, promise or forecast which is misleading, false or deceptive in a material particular Late in 2005, two UK directors were jailed for breach of s.397, with sentences of 9 months and 18 months, and fines totalling almost half a million pounds. They were found guilty of "recklessly" misleading investors this is roughly the equivalent of carelessness and does not imply intent. s.397 applies to all disclosures (or non-disclosures) made by a director. As the prospectuses put together by directors for a raising may be several hundred pages long, the scope for carelessly making an error or omission is higher than for most other types of disclosure. (Most press releases a public company makes on the London Stock Exchange's Regulatory News Service are deliberately only one paragraph long and extremely factual, limiting any scope for misrepresentation.) cautiousmoney - 29 Apr'09 - 14:56 - 898 of 949 from the same poster, and the response may be worth waiting for. John a policy will cover a claim for deception since it would be classed as fraudulent. It will also extend to cover gross negligence if can be proven that one or more of the directors were reckless in their actions. I have been in touch with Barry and he confirms that he is in discussion with insurers. I have asked if he is seeking to put a Shareholder Derivative action forward or if he is acting on his "own account" as a shareholder. I am waiting for his reply. If an SDA were successful it would benefit the company. This is not an easy action to bring however and to comment more would require a lot more information as to how the management (BOD's) conducted themselves and how shareholder information was imparted. Paul |
Posted at 27/4/2009 15:12 by joestraughan Broomsticks - I didn't try the other site again - but I think I will stick to this thread - been a bit busy on other things. But interesting to see that they are winning contracts on the back of their fleeced investors! I will try to follow them, as I guess there will be the possibility that they float again to fleece another set of investors and that is when perhaps we can be most effective?!!!Joe |
Posted at 09/3/2009 09:33 by pabloscaramanga good luck hyvastare there any institutional investors onside with this ot is it just PIs? |
Posted at 12/2/2009 12:19 by broomsticks All being well I should get my computer back tomorrow, I will then have access to the reams of information about Corpora/Infonic that I have stored over the years.H101, which authorities? Who can the small investor have faith in anymore? egoi, Yes I have considered contacting Tony Hetherington. Perhaps we, as small investors, need the might of the media behind us. In answer to your question, for now I prefer not to say. I need to do some more resarch and be absolutely certain before I start naming names. |
Posted at 11/2/2009 19:20 by broomsticks 2945336 v3ALBERTA SECURITIES COMMISSION SETTLEMENT AGREEMENT AND UNDERTAKING Citation: Keystone Real Estate Investment Corp., 2008 ABASC 452 Date: 20080722 Docket: E/03748 Securities Act, R.S.A. 2000, c. S-4 (Act) Keystone Real Estate Investment Corp., Ron Cadman and Travis Cadman Agreed Facts Introduction 1. The staff of the Alberta Securities Commission (respectively, Staff and Commission) conducted an investigation into allegations that Keystone Real Estate Investment Corp. (Keystone), Ron Cadman and Travis Cadman (collectively, Cadmans) breached Alberta securities laws by making misrepresentations to the public in Keystone's advertising materials, during its investment seminars, and in two offering memoranda, by acting as advisors or permitting other Keystone representatives to act as advisors despite the fact that none of them was registered to act in that capacity, and by failing to make certain filings within the requisite time frames. 2. The investigation confirmed and each of Keystone and the Cadmans (collectively, Respondents) admits that they breached those sections of the Act referred to in this Settlement Agreement and Undertaking (Agreement), and that each acted contrary to the public interest. 3. Solely for securities regulatory purposes in Alberta and elsewhere, and as the basis for the settlement and undertaking referred to in paragraphs 35 to 37 of this Agreement, each of the Respondents agree to the facts and consequences set out in this Agreement. 4. Terms used in this Agreement have the same meaning as provided in Alberta securities laws, a defined term in the Act. Parties 5. The Cadmans are residents of Alberta. At all material times, the Cadmans were the sole directors of Keystone and responsible for its management. The Cadmans - 2 - have never been registered in any capacity with the Executive Director of the Commission (Executive Director). 6. At all material times, Keystone was a corporation registered to do business in Alberta, with its head office in Red Deer, Alberta. It was not a reporting issuer in Alberta and was not registered in any capacity with the Executive Director. 7. 50% of Keystone's shares were owned by 744988 Alberta Ltd. (100% of the shares of which were owned by Ron Cadman), and the other 50% of Keystone's shares were owned by Cadman Investments Ltd. (100% of the shares of which were owned by Travis Cadman). 8. At all material times, the Respondents marketed investment opportunities and sold the securities of a number of different companies involved in real estate development to Alberta investors, including Lake House Capital Ltd., Lake House Investments Ltd., Keystone Communities Ltd., and Diamond Key Capital Corporation. 9. At all material times, Lake House Capital Ltd. and Lake House Investments Ltd. were corporations registered to do business in Alberta. The sole officers and directors of both Lake House Capital Ltd. and Lake House Investments Ltd. were Travis Cadman (president) and Ron Cadman (vice-president). Neither Lake House Capital Ltd. nor Lake House Investments Ltd. were reporting issuers in Alberta, nor were they registered in any capacity with the Executive Director. 10. At all material times, Keystone Communities Ltd. and Diamond Key Capital Corporation were also corporations registered to do business in Alberta. The sole officers and directors of Keystone Communities Ltd. were Ron Cadman (president) and Travis Cadman (vice-president). The sole officers and directors of Diamond Key Capital Corporation were Travis Cadman (president) and Ron Cadman (vice-president). Neither Keystone Communities Ltd. nor Diamond Key Capital Corporation were reporting issuers in Alberta, nor were they registered in any capacity with the Executive Director. Circumstances Misrepresentations - Claimed Past Projects 11. Keystone claimed, in its print advertising, on its website and during investment seminars offered to the public, to have previously successfully completed at least 13 real estate development projects (collectively, Claimed Past Projects), and referenced substantial offerings in and investor returns from those Claimed Past Projects. 12. The Claimed Past Projects included: - 3 - 12.1 Rustler Holdings (Sylvan Lake, Alberta, 2006); 12.2 Maui Land Syndication #1 and #2 (Maui, Hawaii, 2005); 12.3 two Springbank Land Syndications (Calgary, Alberta, 1988); 12.4 Desert Sky (Phoenix, Arizona, 2003); 12.5 Desert Sands (Phoenix, Arizona, 2002); 12.6 Diamond Key Capital Fund (Central Alberta, 2006); 12.7 Venu (Red Deer, Alberta, 2006); 12.8 Edmonton Apartment Syndication (Edmonton, Alberta, 2002); 12.9 Quadra Townhomes (Victoria, B.C., 2001); 12.10 Park Place Condos & Town Homes (Victoria, B.C., 2004); and 12.11 Davenport Project (Red Deer, Alberta, 2003). 13. None of the Claimed Past Projects were actually completed by or participated in by Keystone. However, the Cadmans were personally involved in various capacities in the Claimed Past Projects. Misrepresentations - Offering Memoranda 14. Commencing in or about May 2007, Keystone sold securities in its "Lake House" project, a resort development to be constructed in the Sylvan Lake area of Alberta (Lake House Project Securities). Approximately 400 investors invested $8,000,000 in Lake House Project Securities. 15. The Lake House Project Securities were offered for sale to the public pursuant to two offering memoranda, both dated May 25, 2007. One offering memorandum was in the name of Lake House Capital Ltd. (OM 1), and the other offering memorandum was in the name of Lake House Investments Ltd. (OM 2). 16. Section 3.3 of OM 1 stated: There are no penalties or sanctions that have been in effect during the last ten (10) years against an Officer, Director or control person of the Corporation or against a company of which any of the foregoing was an Officer, Director or control person. No declaration of bankruptcy, voluntary assignment in bankruptcy, proposal under any bankruptcy or insolvency legislation, proceedings, arrangement - 4 - or compromise with creditors or appointment of a receiver, receiver manager or trustee to hold assets, has been in effect during the last ten (10) years with regard to those individuals or any companies of which those individuals was an Officer, Director or control person at that time. 17. Section 3.3 of OM 2 stated: There are no penalties or sanctions that have been in effect during the last ten (10) years against a Director, Officer or control person of the Corporation or against a company of which any of the foregoing was a Director, Officer or control person. No declaration of bankruptcy, voluntary assignment in bankruptcy, proposal under any bankruptcy or insolvency legislation, proceedings, arrangement or compromise with creditors or appointment of a receiver, receiver manager or trustee to hold assets, has been in effect during the last ten (10) years with regard to those individuals or any companies of which any of those individuals was a Director, Officer or control person at that time. 18. As the directors, officers and promoters of Lake House Capital Ltd. and Lake House Investments Ltd., the Cadmans signed certificates dated May 25, 2007 which appeared at the end of both OM 1 and OM 2 (OM Certificates). The OM Certificates stated that OM 1 and OM 2 did "not contain a misrepresentation". 19. The Cadmans declared bankruptcy in September 1997 and were not discharged until September 22, 1998, making the representations described above inaccurate. Advising Without Registration 20. At all material times, Keystone and certain Keystone representatives, including the Cadmans, held themselves out as being in the business of providing investment advice. 21. Keystone's website: 21.1 invited members of the public to "Investment Seminars", at which they could "Learn to Invest with Confidence"; 21.2 stated, "Experienced both as real estate developers and investment advisors, our dedicated team aims to deliver intelligent investment solutions that satisfy each clients [sic] risk-return requirements"; and - 5 - 21.3 in its careers section, invited applicants to apply for positions as "Investment Advisors", and did not stipulate that any particular credentials, education or registration were required. 22. In addition, Keystone's advertising materials spoke generally of investment opportunities available through Keystone. Its brochures contained statements such as: 22.1 "Our clients invest confidently, knowing Keystone is lead by experts who are wholly dedicated to creating, preserving and managing their personal wealth." 22.2 "Investment options range extensively so clients can be expertly matched with the opportunity best suited for their current and future financial situation." 22.3 "Our expert Wealth Builder's [sic] work closely with each investor to ensure their specific financial goals are properly understood, crafted and met. Individual risk-return requirements are carefully weighed to perfectly tailor a personalized wealth-building path designed to build a powerful financial future through real estate investments." 23. Keystone representatives identified themselves to prospective investors as Keystone "advisors", and provided general information with respect to the benefits of adding real estate to investment portfolios. 24. Keystone also enrolled "members", who received advance notice of future investment opportunities and monthly newsletters, and had access to both the "Investors' Corner" on the Keystone website and a designated "Investor Relations Manager". 25. At all material times, neither Keystone nor the Cadmans or any other Keystone representatives were registered with the Executive Director to act as advisors. Filing Deficiencies 26. OM 1 and OM 2 were not filed with the Commission within 10 days of the distribution under the OMs. 27. Keystone Communities Ltd.'s offering memorandum dated Oct. 25, 2005 (Keystone Communities OM) and Diamond Key Capital Corporation's offering memorandum dated June 1, 2006 (Diamond Key OM), were also not filed with the Commission within 10 days of the distribution under those offering memoranda. - 6 - 28. Reports of Exempt Distribution applicable to Keystone Communities Ltd. and Diamond Key Capital Corporation distributions occurring between January 10, 2006, and September 11, 2006, were not filed with the Commission within 10 days of the distributions. Breaches 29. As a result of the conduct outlined above, the Respondents admit that they breached: 29.1 sub-section 92(4.1) of the Act by making misrepresentations with respect to the Claimed Past Projects in Keystone's advertising materials, including on Keystone's website and during investment seminars offered to the public; and 29.2 sub-section 75(1)(b) of the Act by acting or permitting other Keystone representatives to act as advisors when they were not registered to act in that capacity. 30. As a result of the conduct outlined above, the Cadmans admit that they breached: 30.1 sub-section 92(4.1) of the Act by causing Lake House Capital Ltd. and Lake House Investments Ltd. to make misrepresentations in OM 1 and OM 2; 30.2 section 2.9 of National Instrument 45-106 (NI 45-106) by: 30.2.1 signing false certificates certifying that OM 1 and OM 2 did not contain a misrepresentation at the time of signing and at the date they were delivered to purchasers of the security sold; 30.2.2 failing to cause Lake House Capital Ltd. and Lake House Investments Ltd. to file OM 1 and OM 2 with the Commission within 10 days of the distributions; and 30.2.3 failing to cause Keystone Communities Ltd. and Diamond Key Capital Corporation to file the Keystone Communities OM and the Diamond Key OM with the Commission within 10 days of the distributions; and 30.3 section 6.1 of NI 45-106 by failing to cause Keystone Communities Ltd. and Diamond Key Capital Corporation to file Reports of Exempt Distribution applicable to distributions occurring between January 10, 2006 and September 11, 2006 with the Commission within 10 days of the distributions. - 7 - 31. The Respondents acknowledge that their failure to comply with Alberta securities laws as outlined above was conduct contrary to the public interest. Other Circumstances Relevant to Settlement 32. In the Keystone Communities OM and the Diamond Key OM ultimately filed with the Commission, reference was made to the Cadmans' bankruptcies. 33. The Respondents have taken steps, including obtaining legal guidance, promptly removing contravening advertising material and making all delinquent filings, to rectify the breaches of Alberta securities laws outlined above and prevent future breaches. 34. The Respondents have not been previously sanctioned by the Commission and have cooperated fully with Staff during the investigation. 35. The Commission has not received any complaints from Keystone investors with respect to the Respondents' conduct. 36. This Agreement has saved the Commission the time and expense associated with further investigation and a contested hearing under the Act. Settlement Payments and Undertakings 37. Based on these facts and admissions, Keystone agrees to pay upon execution of this Agreement the amount of $50,000.00 to the Commission in settlement of the allegations against it. 38. Based on these facts and admissions, each of the Cadmans: 38.1 agrees to pay upon execution of this Agreement the amount of $100,000.00 to the Commission in settlement of the allegations against them; and 38.2 undertakes to the Executive Director to resign all positions that each holds as a director or officer of any issuer, and refrain from becoming or acting as a director or officer (or both) of any issuer for a period of two (2) years from the date of this Agreement. 39. Based on these facts and admissions, the Respondents jointly and severally agree to pay upon execution of this Agreement the amount of $10,000.00 to the Commission towards the costs of the investigation of this matter. Administration 40. The Respondents waive any rights existing under the Act, or otherwise, to a further hearing, review, judicial review or appeal of this matter. - 8 - 41. The Respondents acknowledge that this Agreement may be referred to in any other proceedings under the Act. 42. This Agreement resolves all issues involving the Respondents as described in the preceding paragraphs, and Staff will take no further steps against the Respondents arising from these facts. 43. This Agreement may be executed in counterpart. Signed by Keystone Real Estate Investment Corp. at Red Deer, Alberta, this 18th day of July, 2008, in the presence of: Elsa-May Pye WITNESS NAME "original signed by" SIGNATURE )))))))) "original signed by" Keystone Real Estate Investment Corp. Signed by Ron Cadman at Red Deer, Alberta, this 18th day of July, 2008, in the presence of: Elsa-May Pye WITNESS NAME "original signed by" SIGNATURE )))))))) "original signed by" Ron Cadman Signed by Travis Cadman at Red Deer, Alberta, this 18th day of July, 2008, in the presence of: Elsa-May Pye WITNESS NAME "original signed by" SIGNATURE )))))))) "original signed by" Travis Cadman - 9 - ) ) ALBERTA SECURITIES COMMISSION ) Calgary, Alberta, this 22nd day of July, 2008 ) )"original signed by" )David Linder )Executive Director |
Posted at 11/2/2009 14:26 by joestraughan Well - just checked ifnc's website - they've removed the "investors tab" from their site - if they have been sold, you would expect an RNS? It makes one realise how appalling regulation is in this country - we'll soon be a banana republic at this rate - except we don't have any bananas!!PS - thank-you Gordon Brown for light-touch regulation and for saving the world - now we can all have a dose of "hard labour" for the next decade!! PS - Forgive my rant - just feeling ripped-off today!! |
Posted at 09/2/2009 15:27 by lemsoft From III BB's============= I understand from the Administrators that the sales may take place today and shortly thereafter Sharholders will be told where they Stand From what I could gather there could well be some directors of Infonic involved. I did not feel that we investors were likly to be further involved also got the feeling that there will be no money availible for us however we need to wait and see if you are unhappy about whats been going on you can email Mr Rorbert Smailes Smailesr@shippleys.c he will be doing a report to the Department of Trade its important that if you feel you have not been treated properly to email him |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions