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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Infonic | LSE:IFNC | London | Ordinary Share | GB0033423343 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.125 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
13/2/2009 12:40 | Excellent work! I hope broomsticks will be in touch with hyvast? There still be may be a case for contacting US authorities, especially with regards to US military contracts - Obama will not tolerate such companies in this current climate!! | joestraughan | |
12/2/2009 17:20 | Does anybody have an idea how to complain or start legal action against this liars? I lost 5.5k on this, I was holding for a previous 2 years and recent announcements from the company made me believe that everything is ok . I "hold" 100k at the moment but had lots more of these in the past. borsya | borsya | |
12/2/2009 15:13 | lemsoft - sadly, it's legal and rife on AIM - but unethical - and as they say, what goes round, comes around! They might have ditched us former owners, but they haven't seen the last of us yet!! | joestraughan | |
12/2/2009 15:08 | In the space of two weeks we appear to of been wiped out, but its business as usual... in fact nothing has changed apart from the shareholders being ditched. The directors are still in place the company is still trading, the name still exist, the product still exists, the big contracts with us army and mod still exists. Am I missing somthing, and surley this cannot be legal. What's to stop any company pulling this trick? | lemsoft | |
12/2/2009 12:19 | 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. | broomsticks | |
12/2/2009 12:04 | I don't claim to have sussed who the individual is broom - probably missing the b... obvious as usual - who links Lake and Infonic? The Infonic FD's departure was announced on 4th July last year. The above document is dated 22nd July last year. Quite a coincidence imho! | egoi | |
12/2/2009 11:24 | There was a TV programme on pre-pack administrations recently - I missed it. Does anyone know which broadcaster showed it - it might be worth contacting them in future as they might be interested in this one?? And still not a word to shareholders!! A disgrace!! | joestraughan | |
12/2/2009 10:45 | If i recall the market cap at 1p would have been just undr 6 million. Tony Hetherington of the Financial Mail might imho be the sort of person from whom you'd get a real response. he answers consumers and shareholders questions every week. | egoi | |
12/2/2009 09:39 | This went out to customers and partners of Infonic. For those of you interested, Mark's email and number are at the bottom. Subject: Infonic Group Acquired by Lake House Capital FOR IMMEDIATE RELEASE TO EMPLOYEES, CUSTOMERS & PARTNERS I am pleased to be able to tell you that the Infonic Group of companies was acquired today by private equity company, Lake House Capital, for an undisclosed sum. This brings to an end a short period of uncertainty brought about by the need for the Group to find alternative lines of credit, which was caused by the unexpected turmoil in the financial markets. As well as investing in Infonic's future in its own right, Lake House Capital is supported by a larger investment fund with over 100 million of assets under management. I hope you will agree that this provides the Group with the right platform for stable and continued growth, and we look forward to a successful year ahead. The impact of this acquisition will be explained to you over the coming weeks, but for now it is very much business as usual. Thanks for your patience and kind regards, Mark Mark Thompson Infonic T:+44 1483 443000 F: +44 1483 443001 M: +44 7917 148960 E: mark.thompson@infoni | lemsoft | |
12/2/2009 08:26 | Offshore Company (Posted by another on III) A quick search shows that Lake House Capital Limited is not a UK registered company. I have access to some overseas company registers and after a few hours work found a company by that name registered in Jersey. Company nominees are still allowed in Jersey (the nominee is Fairbairn Nominees (Jersey) Limited), so any underlying detail of who owns the business remains a mystery. Worth noting that the company was Incorporated on 22nd January 2009, so I would bet my Infonic shareholding that this is the special purpose vehicle for the sale/purchase of Infonic. https://www.jerseyfs whats the betting the directors are behind this and has the administrator acted properly in this matter. Seems far to quick to me. | lemsoft | |
12/2/2009 08:23 | Developing into a great story, surely the Telegraph would be interested or I could write a novel to recover my losses. I would call it "Keystone cops another one" | amt | |
12/2/2009 07:35 | It's probably a silly question broomsticks, but I take it you are passing this on to "authorities" other than the administrator? What do you think the shareholders can do to help? | h101 | |
11/2/2009 22:34 | Joe, That is just the beginning!!!!!!! aimo,dyor | broomsticks | |
11/2/2009 19:20 | 2945336 v3 ALBERTA 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 | broomsticks | |
11/2/2009 18:49 | Well at first I though unbelievable but then I have seen shareholders ripped off over the years so its just another case in a long line. No doubt I will continue to invest on the stockmarket but never again in very small companies. Its a mugs game where effectively its robbery with a smile on its face. In the long run these activities are just another nail in the coffin of the city of London which has already has lost all credibilty. The AIM market is a disaster and even good companies have had their share prices decimated and I am afraid they will never recover now since no one will invest in the future. Interesting that RCG holdings listed on the HongKong stockmarket at about 4* the price of its value on the UK market, which says it all really. Its a great pity that the greedy city budies have destroyed the goose. | amt | |
11/2/2009 18:03 | So what happened to the £8.3m contract with the UK Ministry of Defence announced in August. | lemsoft |
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