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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Setstone | STN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 06/3/2006 17:26 by dvda MoS? This was in the Times:"Setstone, a shell left after a dot-com venture failed, shows the dangers. The UK Shareholders Association, which took up the case, found that 1,000 investors are in the dark about what is happening to their company after delisting, whether there is anything to salvage after a failed mining deal and how to make the board accountable. Listings can themselves aid investor protection." See lasts para of first page. |
Posted at 17/1/2006 18:51 by davew28 1Setstone (formerly ThreeW.Net) ThreeW.Net Plc became a shell company after the closure of its unsuccessful dotcom business in 2002 (at the year end in October 2002, the company had a deficit in shareholders funds of £520,000 and creditors who could not be paid). The only real value remaining in the business was its AIM listing. It then proceeded to look for a business with which it could undertake a reverse takeover. But the company's AIM listing was subsequently suspended and after exceeding the suspension time limit of six months, it was delisted in November 2004. At an EGM in January 2004, a capital reorganisation was approved and a group of investors lead by London & Globe Securities Ltd subscribed for new ordinary shares and for some convertible loan stock "in order for the Company to settle outstanding claims from creditors, meet its regulatory obligations, undertake the statutory audit for 2003, and provide sufficient working capital to enable the Company to consider potential opportunities for eventual enhancement of shareholder value". The company changed its name to Setstone at the same time and continued to talk about the search for a reverse takeover candidate. During 2004, a total of 618 million shares were issued to raise £1.3 million. The Report and Accounts for the year ending October 2004, disclosed that approximately £1.6 million had been loaned to SHG Gold & Silver Ltd, an Israeli company with gold mining operations in Kyrgyzstan. This was in anticipation of a merger with SHG, but the transaction had never been concluded despite "heads of agreement" having been signed. It transpired at the AGM held on the 15th December 2005 that SHG had apparently backed out of the deal for reasons which were not totally clear, but they had certainly not repaid the loans, and the annual report noted that £750,000 of provisions against outstanding loans had been made. In addition it was revealed that there was a loan of £100,000 made to a Mr S. Robinson which was still outstanding although it was hoped to recover this. This apparently was also a loan made, without security being taken, in anticipation of a merger with a pornography publishing company. At the time of the AGM, 836 million ordinary shares were in issue. The shares are traded on an occasional basis by J.P.Jenkins and had an "indicative" price of 0.75p at that time, which values the company at approximately £6 million. But as the company seems to be back at square one in terms of looking for a future partner, it is difficult to see much prospect of a short term resolution of the problems of this company. And one must question the wisdom of the directors in granting loans to prospective partners prior to completion of merger proposals. Roger W. Lawson, UK Shareholders Association, 15/12/2005 |
Posted at 06/1/2006 16:59 by davew28 doorway,You are right. Nothing seems to happen and nobody gets told anything other than 'forget this as an investment'. It's about time that the company gave some details to us beleagured shareholders. That's Langbar, TTL and STN that I know of in the last 6 months that have suckered in us investors with no recourse. It's about time the LSE started taking some action dave |
Posted at 15/9/2005 22:38 by chill3hill I for one am willing to complain to someone if only I knew how to and to whom! Surely a company can't list, give news of a reverse takeover to gain interest and investors and then suspend itself and that's it. If it was that easy I would do it. These bandits have taken my money and given no reason, update or the slightest bit of comeback to anyone and this is simply theft. If anyone knows how we can go about this I would be willing to sign anything just to know once and for all if a floated company can do this. If they can then i'm afraid I will not invest in shares ever again. What's the point? |
Posted at 16/6/2005 18:14 by dried66 I spoke to Tony Hoskinson of Setstone a couple of days ago. I telephoned the number that Snoop kindly provided and was given a landline number, which failed, and so was then given a mobile number. Tony Hoskinson was previously a director of Setstone and was re-appointed as a director in May of this year to drive this acquisition forward, taking this role over from Peter Burton, as I understand it, although Peter remains a director. Tony was very informative and told me that the deal is still alive and kicking. As previously posted by various authors on this board, there is a hell of a lot of red tape involved, in addition, they are dealing with members of a former Soviet state, who are naturally suspicious. Tony informed me that the deal will not be completed this side of October. He has ideas about employing an industry specialist from the UK to send over there once the deal has been done to get the mine working and to supervise operations for a while. In such a case, the company may not relist until next Spring but Tony feels that it may prove to be a worthwhile option. I asked him whether he feels the deal will definitely happen. His answer was that Setstone do not want to be the ones to walk away from the negotiating table and that he will know within the next few weeks or so whether such a situation proves inevitable. Should this be the case, he advises that he is confident of finding another deal quite quickly. He is currently very frustrated but stated that the directors have made a commitment to bring the company back. I understand from him that cash flow is not a problem and that the investors providing the funds during this period of non-activity are quite big-hitters. From my own search of Companies House website, it appears that there have been quite a few issue of shares since suspension. Although this means dilution, hopefully completion of a deal and the added value will counter this effect. As regards a relisting price, I asked a self-rhetorical question just for the record as it is impossible to comment. He agreed. I do not feel that he was fobbing me off and he answered all of my questions during a 30 minute conversation. Tony's background is partly in the oil and mining sector but his main expertise is in buying shells, building them up and then selling them on at a profit. I hope that the above reassures some of you with ever-dwindling hopes. PS. Alwyn is still the company secretary but is currently acting purely as a consultant as he is tied up on other matters. |
Posted at 04/12/2004 10:20 by nobbygnome I always wonder why people have to be so antagonistic. Clearly those of us who are holders have nothing to do but wait and speculate about when the deal will finally go through. I have been in the fortunate position of being in regular contact with Peter Burton and have tried to kep you informed of the tortuous process. It is sad that some posters just want to mock and denergrate their fellow investors' hopes and aspirations. After all we are all here to try to make money (which we will on this company........eventPatience is a virtue.............. Nobby |
Posted at 26/10/2004 21:15 by joey de noze Jasper,I would STRONGLY advise caution and patience at this point in time. I have 300,000 at an average of 12p and as a successful investor in mining and exploration companies over the past 20 years am holding in quietly confident expectation of a fruitful return in due course - perhaps even within the next 6 months. This represents my largest investment ever having made a killing on Dan Wagners Dialog/Bright Station a few years ago. I thought TWN would be the natural home for further growth and on the basis of maintaining a balanced portfolio also I applied all my available funds into TWN and went abroad, the rest is now sanguine history. Having followed TWN closely here since I managed to average down quiet dramatically to current levels earlier in the year Im looking forward to a jolly good ride from them on relisting. Thanks to all - the well placed FatK and NobbyN and the delectable A.Sandra for her tasty research. Not long to go now - into the short strokes, so to speak! What! |
Posted at 19/3/2004 10:25 by auntie sandra Been doing some digging on his one.Guess what: 16.03.04 LONDON (AFX) - Cambrian Mining PLC said it had agreed to pay 391,370 for 5 million shares in Zhibek Resources Plc, a newly formed company created to pursue oil and gas exploration and production projects in Central Asia. The UK raw materials group said Zhibek would issue further shares to finance the purchase of two exploration projects in Asia, which would cut Cambrian Mining's eventual stake to 48.08 pct.Cambrian said it planned to list Zhibek on London's Alternative Investment Market during 2004 and intended to give its own shareholders priority in any issue. So what? The key players in Setstone, Jo Malins and Anthony Hoskinson are directors of Cambrian. Also the track records are positive in finding and placing companies to list (see the director's disclosures in RNS). City Financial Associates (CFP) are nominated advisers and brokers who took a contingency payment equivalent to 8mil 1p shares (80k) for their work on the recent reorganisation and placing. Have not looked at share movement since the placing yet to see if they are still holding. They have a record of taking shares for work and benefiting: SBS Group (SBG), a delisted cash shell, took CFP on as broker on the 12th March, restored on the 15th march, shares went from 5-40p amid RTO rumours, the price is still there. I'm not suggesting that STN are being set up an RTO by Zhibek, indeed I have yet to uncover what other shells and possible shells Malins & Hoskins have a hand in. The RNS of 10 Dec (still under TWN) states " The Investor Group will be undertaking to procure a reverse takeover of a suitable business to assisst in the rebuilding of shareholder value. This proposed reverse takeover, which will be subject to shareholder approval, is likely to be in either the mineral or waste management sectors." Just sharing my research to date. Disclosure, bought and holding in the last week, will add if continued research is positive. Will share with those on this board only. regards, Auntie |
Posted at 15/3/2004 22:56 by nobbygnome Well what can I say being the modest sort of chap that I am! I am just glad to be of assistance to other investors.Since the reverse takeover, I have had little contact with Peter Burton because I don't want to be an insider. However, I know at that time they had 3 or 4 possible opportunities and hence I am confident we will get something soon. Regards nobby |
Posted at 18/2/2004 19:27 by buzz no7 Its really hard to call what exactly is going on but there is pretty definite evidence that certain people were voting with their wallets today - and others were voting with their feet. I believe that the buys outnumbered the sales but not veery significantly.I was watching the trading stats very closely immediately after the City lunch time break and noticed 3 buys going through @ 1.8p. They were for 550,000 & 1,000,000 and 1,250,000 bags of shares. I was impressed and bought 200,000 @ 1.8p from an MM who seemed to be under pressure at the time, LOL. STN represents my single largest investment at any time since 1985. Id hate to lose all of it but if the former TWN investors and the people who are behind the STN get cracking then it may be an interesting ride. Id expect a pull back tomorrow on the expected absence of news. |
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