Pelatro Share Discussion Threads

[wilske] 15/11/2024 12:21

Ok great. Just share with him my email address and ask him to email me to make contact.

[mudbath] 13/11/2024 16:28

Hi Wilske
BogdanT over on LSE wishes to join your action group.
I am not a premium member there so cannot respond to his PM.
What detail would you wish me to present to him in order to facilitate his addition ?

[wilske] 12/11/2024 13:24

Send me a private message and I will fill you in

[packman8] 10/11/2024 22:19

Wilske,
Please advise plans for shareholder action group as I would be willing to join

[timbo003] 09/11/2024 08:38

Excellent work Wilske ☺️

Objection now published on CH website

[wilske] 07/11/2024 18:55

Dear All, I have now had a response from Companies House and they have put a hold on the move to strike off the company until 8th May 2025. After that time, I would then have to submit another objection along with evidence that there is some progressing in resolving the matter. I think we should form a Shareholders action group to share information and co-ordinate. We dont need to spend money on legal action we just need to force the directors to share information,

[wilske] 30/10/2024 17:19

Thanks for the additional information and I agree we need audited accounts that ideally include the period up to June 2024 so we can see where the funds from the sale of the operating company to Manon went and how much he paid for it. However, I see the directors moved the accounting period to avoid posting accounts for December 2023 and now they have moved to strike off the company. I will be objecting and I suggest you do the same to stop them. It all looks highly illegal to me. The letter to shareholders is laughable

[mudbath] 27/10/2024 10:04

I contacted Sven Klass some two months ago to enquire how he intended to safeguard the value of his investment in Pelatro (over £30k). It is therefore somewhat disheartening to learn (thank you timbo003) that his letter of claim has been deemed unacceptable by the legal counsel of Pelatro; they being fairly secure in the knowledge that the costs of our obtaining a differing (and probably a more accurate interpretation) would prove disproportionately costly.
Nevertheless, I would be prepared to pay towards financing some further resistance to what seems to me to be a flagrant theft of Pelatro Ltd UK shareholder funds.
The first step, for me, should involve a requirement of the provision by Pelatro of audited figures for the period , thus allowing for an identification of what happened to the moneys which I estimate to be circa £2.7 million; being a total of the injection of £1million by the HNW individuals as documented in the RNS and the proceeds of the subsequent sale of Pelatro Ltd UK for the equivalent of 1.9p per share, or £1.9 million. .

[timbo003] 27/10/2024 06:43

I have been going through the various documents available and came across this snippet on p271 of the prospectus, it would seem that the German Investor (Sven Klass) who bought 4% of the company just before delisting is not a happy bunny. It is not clear whether Sven was a recipient of any of the sale proceeds from the sale of Pelatro Ltd (UK) on Feb 7th to "the promoters" and is not satisfied with the amount he has received, or whether he received zero (like the rest of us)

[timbo003] 26/10/2024 11:43

Thanks jimbob, I too have now received a letter (for shares held as certificates - so they have my address on the register), I have copied below for shareholders who have not seen it:

[wilske] 25/10/2024 14:27

I have reviewed most of the documents that are now posted on Pelatro.com related to the IPO of Pelatro Limited (formerly Pelatro Private Solutions Ltd) that is now listed on the NSE in India

From what I can understand, Pelatro Private Solutions Ltd (the operating company in India) was 99.99% owned by Pelatro PLC (the UK AIM listed holding company) up to September 2023. Sometime between Sept 2023 and June 2024, that changed as the documents in June 2024 show Pelatro Private Solutions to be the holding company with Subash Manon and what I can only guess to be his children as sole shareholders. We know that at the end of 2023 they had new investment just before the announcement to delist but what is missing in the document trail is how Pelatro private Solutions was sold by Pelatro PLC. What I dont get is why the new investors allowed that to happen unless they were compensated in some other way which would be illegal under the 2006 CA. Either way, this looks to be a very suspect and very likely illegal mechanism for Subesh Manon to take the operating company away from the holding company and basically leave the rest of the Pelatro plc shareholders with nothing and subsequently raise more money on the NSE. Does anyone have more information? I have written to the new Pelatro Limited in India but i doubt I will get any response so next step is to complain to CH. They have to somewhere have a paper trail of what has been done.

[jimbob17] 25/10/2024 12:06

I would also be happy to write to Companies House. The letter I have received this morning from the company is laughable - six lines saying high loss last year, no investor interested in investing and took necessary steps to avoid bankruptcy.That̵7;s it !

[mudbath] 24/10/2024 18:42

Thank you indeed,timbo003.

[timbo003] 24/10/2024 11:06

Mudbath (and packman), will do!

I will give the Red Herring prospectus a thorough read over the next couple of days to try to work out what exactly has gone on.

I think the new (Oct 2023) articles of association need reading and understanding too before drafting objections to submit to CH.

[packman8] 24/10/2024 09:24

I have a holding in my HL Sipp. I would be willing to make an objection also.

[mudbath] 24/10/2024 09:00

Agreed timbo003.
Possibly you could PM me with your strategy for formulating the objection in order that I too might submit my objection along similar lines.

[timbo003] 24/10/2024 05:24

Thanks Mudbath,

I think the first thing to be done is to prevent the company being struck off, it doesn't seem to be too arduous to initiate this process and it would expose the perpetrators of what currently looks like an attempt to rip off shareholders in Pelatro UK Ltd

[mudbath] 23/10/2024 21:23

Thanks for your research timbo003.
It appears that Pelatro (Pivate) acquired Pelatro UK Ltd and subsequently executed a very successful IPO at the sterling equivalent of circa £2 which was many times oversubscribed.
I have today been in touch with the Pelatro UK Ltd registrars-Equiniti- who confirm that Pelatro Ltd still retains its UK registration (not having been liquidated) enabling them to issue a share certificate to replace my existing nominee holding.
Your posting details a payment of R210 per equity share payable, as consideration for the transfer, by the "promoter" to Pelatro Ltd (UK) and Anuradha.
This figure converts to 1.93p, being very close to the 2.5p per share paid by the named HNW individuals shortly before the delisting.
Once in possession of a share certificate I will further persue the paper trail relating to the whereabouts of those transfer proceeds.
I would of course welcome news of any developments from your side.
mudbath

[timbo003] 23/10/2024 09:00

There was a rights issue in March where shareholders were not informed (nothing filed at Companies House either), so shareholders pre-emption rights were ignored (illegal), then there was a free bonus issue which presumably more or less wiped out existing shareholders from what I can gather from the Red Herring (Indian) IPO prospectus (see below):

[timbo003] 23/10/2024 08:49

I think I see what they have done and it is almost certainly not legal under the CA 2006.

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I don't think so!

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[timbo003] 23/10/2024 05:53

>>>Mudbath, have you had any communication from the company or their advisors?

This latest announcement has a nasty whiff:

[timbo003] 22/9/2024 20:57

Thanks Mudbath, it looks like the nominal value of the newly issued shares is 10 rupees (about 9p)

The nominal value of the old AIM shares (ORDs) is 2.5p, so if the ORDs shares converted to new shares I assume it would be on the basis of 5 new shares for 18 ORDS

[mudbath] 22/9/2024 11:42

I am unsure as to the status of previously AIM listed Pelatro shares.
Whilst I am not hopeful of extracting any value, I am in contact with the Company in India via email.

[packman8] 21/9/2024 21:17

Thanks for info Mudbath. What happens with shareholding’s when they were previously quoted on AIM.