Octagonal Share Discussion Threads

[festario] 18/12/2020 18:17

I'm invested in GUN, It's got little or nothing to do with John Gunn, and he as no notifiable holding there, nor any of the ludicrously generous covenants that he managed to get in OCT.

[johncasey] 18/12/2020 16:39

festario..dont tell me you missed the boat re gunsynd?

[landay] 18/12/2020 16:28

If a shareholder owns over 30% of the shares in a company, and buys more shares, is there a mandatory requirement to offer the maximum price paid to other shareholders?

[johncasey] 18/12/2020 16:17

fca should investigate this guy ..

emmujin2 Jul '15 - 06:47 - 18 of 20
0 0 0
looks like Nilesh is up to his neck in it! same old names like justin drummond

Purple Lounge – The scandal that will not go away
MAY 14TH, 2014

ARTICLE
RELATED
COMMENTS
With an estimated GBP 650,000 still owed to players of the now collapsed online poker site Purple Lounge (see previous reports) the issue continues to escalate following recent actions by directors of parent and former public company Media Corporation – since delisted for not submitting accounts.

Our readers will recall that former directors Jason Kingsley Drummond, Justin Piers Drummond, Nilesh Jagatia and Christopher Simon Gorman handed Media Corp and the crippled Purple Lounge asset to Philip Jackson, who claimed that he had placed the Purple Lounge company in Malta (which had allegedly held all player funds) in liquidation.

It has since been alleged that this is not true, and the Maltese company continues to languish with neither funds, licence or activity.

The Player Claim Group pursuing Media Corp for payment of the Purple Lounge monies they had entrusted to the care of management says that initially Jackson appeared amenable to some sort of arrangement that would satisfy the aggrieved parties, but after one meeting a London lawyer named John Botros was called in and rejected all player claims to be creditors of Media Corp.

It is reported that Jackson subsequently moved on to another gambling company, Boxhill, leaving Botros effectively running the ailing Media Corp.

Although effectively broke, Media Corp reportedly does have some “assets”, including a GBP 11.5 million tax loss and two cases of litigation against London solicitor firms.

Media Corp’s woes mounted when Her Majesty’s Revenue and Customs commenced winding down proceedings on a tax issue last month, and to save the company from liquidation Botros recently proposed a Company Voluntary Arrangement, the process to be managed by Antony Batty and Co LLP as nominee and proposer.

Such arrangements are conditional on the support of 75 percent of creditors, and Botros allegedly accepted the Players Claim Group as bona fide creditors of Media Corp and asked them to support the CVA.

In return, subject to conditions, Botros offered to pay the players 1 percent of their losses, increasing to 8 percent of losses if the company was allowed to continue operating and managed to secure funds from its pending litigation or tax losses.

The players felt there was a better chance of getting their money – or at least part of it – if the company was allowed to go into liquidation, although they did not say as much to Botros. Liquidation would also facilitate a full and independent investigation into how Media Corp was run by former and present directors, the players believed.

After two adjournments the issue went to court on May 8, but it seems that more creditors had appeared, diluting the players’ influence, and in any case the players were not allowed to vote for reasons that are not at present clear.

The CVA proposal was narrowly voted in, leaving the players to seek legal relief on the issue, a process that is now underway.

Dissatisfied players are questioning the surprise GBP 2 million in creditor claims that appeared in the proposals submitted by Botros mid-April prior to the CVA hearing; these are alleged to be considerably more than the late 2013 admissions by the company.

The Player Claim Group is still encouraging players who lost money in the Purple Lounge debacle to come forward, because it believes the sums owed to players may be substantially larger than is presently thought.

On Tuesday, the Player Claim Group also confirmed that it has laid a criminal complaint with the Serious Frauds Office regarding the actions of past directors and the manner in which the company stock was allegedly manipulated.

The group’s legal counsel has assembled a detailed and comprehensive picture of the issue over the past eight years, supported by documentary and other evidence and details of former directors.

A Players Claim Group spokesman said Tuesday: “We are awaiting a response from the SFO to let us know whether or not they are launching an investigation.

“During the course of events The Players Claim Group and others have uncovered facts around Media Corporation, Purple Lounge and former directors….which are believed to indicate a much wider and deeper fraud. It could take a number of weeks before they decide whether or not to launch a formal and full investigation.

[johncasey] 18/12/2020 16:15

prophetic by maestro again..right again!

[johncasey] 18/12/2020 16:12

i noticed alot of investors are buying into his other company GUNSYND before the Rincon float on monday on the ASX market...seems strange timing by Gunn..is he trying to put folk off buying gunsynd?IF RINCON rockets sunday evening/monday then gunsynd will follow.dont forget they are just 10km from greatlands haverion find

[truckle1] 18/12/2020 15:51

This whole saga is deplorable.

[dave4545] 18/12/2020 15:39

I bet nobody knows.

I spoke to a staff member and they have no idea of what had happened to the share price or the delisting, most of them go to work, do their work and go home they know nothing of the shareprice or care as all of them hold no stock.

Gunn has won, mm's have bought a good 1-2% today for him around 0.9p

[quazie12] 18/12/2020 15:30

Everyone needs to make sure of the protocols on their platform to make sure their broker casts your vote.

[yump] 18/12/2020 14:59

Some of these 'sharp' operators don't seem to realise that they collect enemies along the way and the nature of those enemies is unknown and unpredictable. I'm surprised they do it considering their visibility in the real world.

I mention that because a friend of mine who did not actually do anything other than make someone redundant, then had to have security for about 6 months, because that person had connections that you just don't want to have any contact with.

[incoherent deplorable] 18/12/2020 14:03

Most won't bother to vote and then try when they lose their money.

[gb904150] 18/12/2020 14:01

In that case the only limiting factor is the requirement for 75% to delist?

Gunn's holding + his insiders + mopping up sales when the share price was trashed probably gets him there.

So the de-listing gets approved.

Subsequent to that he probably makes a low ball offer to encourages small PI's to sell small shareholdings to avoid all the admin of maintaining all those private shareholdings?



Resolution 1: Cancellation of admission of the Ordinary Shares to trading on AIM

Under the AIM Rules, it is requirement that the Cancellation must be approved by not less than 75 per cent. of votes cast by Shareholders at a General Meeting of the Company. Accordingly, the Notice of Annual General Meeting set out in Part IV of this Circular contains a special resolution (Resolution 1) to approve the Cancellation.

[bobby.ifa] 18/12/2020 14:00

He doesn't return phone calls either. A coward & a thief.

[gb904150] 18/12/2020 13:12

dave4545,

pretty scandalous behaviour here by JG.

I wondered - there's another AIM stock that I have a small holding in - OPG (OPG power ventures).

You post over there and you'll know that Gupta owns about 51% of the stock.

OPG is paying down it's debt and in a few years on that basis will be debt free and throwing off cash. In theory, that could then mean great divis for shareholders.

But, given the OCT saga....what's to say that somebody like Gupta doesn't do a Gunn? What's to stop them?

Suffice to say, I'll be reading admission docs and prospectuses quite closely on that!

[dave4545] 18/12/2020 12:45

Good for you yump but if they are just going to be a dividend only play now I'd rather take the hit and use the money and try and make it back on other stocks but understand and respect you doing this. I'd not want to be in a room with John Gunn I'm not sure I could hold back when I've been conned like this...not sure many others could either.

Looks a bit obvious now he is mopping up at 1p levels, at least sellers are getting 0.9p+, some yesterday really panicked and took 0.375p

[darrindusty] 18/12/2020 12:40

Gunn is just a thieving carnt. Let's all storm the agm and shout him down. He is selfish w*nker

[whattheduce] 18/12/2020 12:35

needs 75% shareholder approval for delist. There is provision for a 5% by back. I hear this is a cash rich outfit.

mmmmmm...... might study the prospects here. A stubborn holding might have some return in either direction, more so on delisting.

[yump] 18/12/2020 11:48

Well on principle I'm keeping my tiddly no. of shares and I will be a nuisance shareholder until whenever and when possible I will turn up at AGM's.