Setstone Share Discussion Threads

[johndavison] 10/2/2006 15:26

I will continue to talk to Peter as I don't want him to think this is all over...one can only try...

I assume no one got the AGM paperwork then?

[davew28] 10/2/2006 14:50

Well said BB

[bongo bwana] 10/2/2006 08:40

I think Peter and his colleagues have enough on their hands sorting this self inflicted mess and disaster without having to deal with PLOD also.

Lets see them concentrate on regaining control of their wits, assets and restoring shareholder value, even if its going to take a longer term effort than any of us had originally envisaged.

Many thanks for your continuing efforts here John D.

[giltspur] 10/2/2006 08:07

Why didn't they place any monies in escrow instead of coming up with lame excuses about some sod running off with it?

They are either A inept or B much worse.

In my opinion the SFO should be brought into this matter.

If i were a shareholder I wouldn't think twice about reporting them.

[johndavison] 09/2/2006 16:51

Did anyone get AGM paperwork where their shares were not held in trustee accounts?

It could be that our trustees held onto the docs!

Peter said they got addresses from the registrar and sent them all out.

[johndavison] 09/2/2006 16:47

Rebtif

I confronted Peter about your conversation and he said it was rubbish...so I'm not sure what Tony was on about?

Again I hope this helps??

[rebtif10] 09/2/2006 13:56

Well thanks anyway. I feel they need to issue an update to all shareholders but when I spoke to Tony Hoskinson he implied they couldn't afford the stamps and that was months ago. They took decisions off their own back and never asked shareholders whether or not we agreed with them!

[johndavison] 09/2/2006 13:51

Hi Rebtif

It's not sticking up for the company but trying to get info out of them in a polite manner...I have "lost" a huge amount here so it's not that I don't have much to lose I do.

[davew28] 09/2/2006 13:14

John,

Thanks for making the effort to ring them and post the outcome

Dave

[rebtif10] 09/2/2006 13:12

Thanks John. You seem to stick up for this company a lot. I think we have every right to feel angry since they have not contacted their shareholders whose money they are playing with!!

Hopefully something will come out of it but from my last conversation with Tony Hoskinson I very much doubt it.

[johndavison] 09/2/2006 13:05

Hi All

Some updates for you. The e-mail to Peter does seem to be working and I assume if the e-mail is non agressive an answer might come out...not that I'm saying past e-mails from people have been agressive its just that my e-mails have always been answered.

I asked about how the company is doing and as stated at the AGM, Setstone is focussing on getting repayment of the loans made to the reversee, SHG Gold and Silver. This needs to be resolved before any further schemes can be progressed.

Also it seems that a website is to be created, www.setstoneplc.com, hopefully in the next month.

I hope this helps??

[bongo bwana] 31/1/2006 18:48

What was that k38?

[rebtif10] 23/1/2006 14:43

chill3hill, I am planning to write to the FSA and LSE because in November Peter Burton emailed and said there would be a meeting in December. That is the last I have heard and all my emails keep bouncing at the moment.

I am going to outline that they have never, every kept the shareholders informed of what they are doing with our money during the suspension and reverse takeover which, in my opinion, is against the rules.

Also, Tony Hoskinson implied that it was on the cost of an outfit that I lost. No it was more than that and I expect they have all been dr awing salaries.

[chill3hill] 23/1/2006 14:28

I too have lost out in LGB and Setstone and would like to find out how and who we need to contact to have this one at least brought to a conclusion? Any help available?

[rebtif10] 17/1/2006 19:25

How can I contact this guy. I think action needs to be taken against these directors. I have been trying to send Peter Burton an email for the last week without success but his company claims it works and it must just be a current problem

I have lost money in LGB and that scam and this looks like a similar situation but not as big and clever.

[davew28] 17/1/2006 18:51

1
Setstone (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

[rebtif10] 07/1/2006 11:58

Peter Burton told me there would be a meeting in December. Have never heard anything. has anybody else. If no reply to this, will email him early next week to see what latest position is.

I think this is absolutely appalling because once suspended we never heard anything unless we phoned. Surely some circulars and shareholers approvals would have been appropriate on some of the actions taken.

[graham99114] 07/1/2006 11:49

you pays your money and take your chances

[davew28] 06/1/2006 16:59

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

[chill3hill] 22/12/2005 00:08

Between this and Langbar I sure won't be due the government any CGT for years to come! I take it this is a dead duck?

[jonc] 12/12/2005 12:53

Any point?

[johndavison] 12/12/2005 11:09

Any xmas cheer here?

Anybody e-mailed Peter recently?