TXO Plc Share Discussion Threads

[corbine] 22/2/2015 14:07

thats good news eh temm- should all come out in the wash.

[temmujin] 22/2/2015 13:47

also posters on here are working for bergen..also informed FSA

[temmujin] 22/2/2015 13:46

been told northland are in with bergen...should be investigated by FSA so have informed them this weekend

[corbine] 22/2/2015 13:21

and any new nomad will have to confirm to regulators they are acting and have done due diligence bili.

[bili1946] 22/2/2015 09:53

"Where a nominated adviser ceases to act for an AIM company, it must inform AIM Regulation soon as possible (by email) and must include with that notification the reason why it has to act."
Thank you for the links;well worth a read.As you suggest the rules appear tight and rigorous and heavily weighted in favour of us PI's.
It really is a matter of ensuring that these rules are applied with vigour ...otherwise the whole market will be weakened by the incompetent few.
I was shocked by the demise of Seymour Pierce.
Pity that investors are not privy to the reasons for resignation?

[bili1946] 21/2/2015 21:39

Thank you for the comprehensive response.
I am struggling to find information on nomad resignation.I presume that AIM will require an explanation from Northland? If this is the case then AIM will be in possession of all the pertinent facts provided by the nomad.
If a company has been found to have broken the rules then the LSE will be forced to take appropriate action........?They could hardly sweep this under the carpet now?
I would add that it is not in Northland's interest to be other than upfront.

[fishermansfriend] 21/2/2015 20:09

Bili,

Another quote from the document that will be playing on a potential TXO Nomad's mind:

"The number one nomad in 2009, Seymour Pierce, went
into administration in 2013 after a series of disasters
including a collapsed merger, a fine of £400,000 from
AIM for misleading the market, and the banning of a
former Seymour Pierce employee from working in the
financial industry after he embezzled a six-figure sum
from private clients."



TXO routinely misleads the market either in the ambiguous and misleading information it does put out in RNSs and other unregulated communications and also in what it withholds contrary to rules 10 and 11 of AIM regulations:

Principles of disclosure

10. The information which is required by these rules must be notified by the AIM company no later than it is published elsewhere. An AIM company must retain a Regulatory Information Service provider to ensure that information can be notified as and when required.

An AIM company must take reasonable care to ensure that any information it notifies is not misleading, false or deceptive and does not omit anything likely to affect the import of such information.

It will be presumed that information notified to a Regulatory Information Service is required by these rules or other legal or regulatory requirement, unless otherwise designated.

General disclosure of price sensitive information

11. An AIM company must issue notification without delay of any new developments which are not public knowledge which, if made public, would be likely to lead to a significant movement in the price of its AIM securities. By way of example, this may include matters concerning a change in:

 its financial condition;
 its sphere of activity;
 the performance of its business; or
 its expectation of its performance.

Indeed the TXO business model relies on being able to completely disregard these rules so it can suck in naive PIs in order to issue more confetti to keep the lights on and the board in fees and related party transactions.

You are absolutely right - Nomads resigning in the way Northland did is very rare, so why did they do it?

Look again at the above rules and then consider these facts. TXO did not receive the cash they had told the market to expect both from the "Investor in the Bahamas" and from their investee companies. When was this known and when was this disclosed? TXO were technically trading whilst insolvent from the moment the "investor in the Bahamas" pulled the plug on the remaining £500k (note they did not pay off all that was planned of the CLNs in Oct and deferred some to Jan because the drawdowns in Oct and Nov were not enough and they were expecting a further drawdown in Dec which never came.

"GBP55,000 Residual 2014 CLNs (which are expected to be repaid by 31 January 2015)"

Is it possible that not only did TXO withhold that info they also lied to Northland saying everything is alright it is just a short delay and Northland passed that info back to government agencies that were rightly concerned that TXO were trading whilst insolvent?

The small amounts of money that have been raised since do not replace the missing £500k and with over £500k of CLNs and LNs to repay in Oct would not enough anyway. TXO with its current market cap of about £600k needs at least £1m to last it for the next 12 Months. Hence even if they manage to maintain their listing by finding a Nomad that is mad enough to take TXO on given:

"The strong measures taken by the LSE to punish Seymour
Pierce, which led in part to the 130-year-old firm ceasing
to exist as an independent entity, have offered ample
proof that the exchange is determined to maintain
standards among its nomad community, and by
extension, on AIM itself.
The exchange is well aware that AIM will stand or fall on
the basis of its reputation among investors. Nomads are
its key means of upholding that reputation."

TXO still have a mountain to climb to continue as a going concern.

[bili1946] 21/2/2015 19:20

From:

"THE ROLE OF THE NOMAD: RESEARCH PAPER IN ASSOCIATION WITH KERMAN&CO LLP.JUNE 2014"

DURING THE PAST 12 MONTHS 4 AIM NOMADS HAVE RESIGNED, ALTHOUGH IN 2 CASES A NEW NOMAD HAD ALREADY BEEN APPOINTED.

Perhaps this statistic will highlight the very serious situation facing TXO. It is far from normal as Funked would have you believe.

Total number of companies on the register during this period: 1104 (End 2014)
E&OE

[fishermansfriend] 21/2/2015 16:26

Just a reminder of this excellent Share Prophets article of a month ago:



"I asked in my last article “What are the chances of TXO beating the hex of publishing results on the final day possible meaning you are bust before you get to publish the next set?” the answer that has been given over the past few days seems to be: two hopes and one of them is called Bob, the other is called No!

We all know that Cientifica (CTFA) was his 2014 AIM train wreck (survived for under a year before suspension) and before that in 2013 RAM Investments (RAM) was a complete train wreck where despite booting Mr Baldwin off the board (after 4 and a half years), the non-execs who took over could not salvage the disaster he had left them.

Discounting the RAM subsidiaries, there are other non-AIM listed train wrecks in recent times we should not forget! In 2013 Equity For Growth was dissolved and GBin had liquidators appointed (liquidation still ongoing!). In 2014 Silk Road Minerals was dissolved as was Silk Route Resources, bit most pain fully for Tim was the appointment of administrators to Hill Street Investments, his Mayfair investment boutique.

I could go all the way back in history to list all Tim’s train wrecks, but I won’t; all I will say is there is not one example of a company the Tim Baldwin has been on the board of that has delivered a return for shareholders and TXO will be no different, neither will any of the other non-listed companies he is still on the board of, nor will any future company he sets up. Average time of time of start-up / joining the board to train wreck is about 3 years, so TXO having survived almost4 years since he “saved the company” is doing better than average.

Shockingly the company suddenly seems to be waking up to the need to respond to shareholders’ requests for more info (could the chocolate teapots have finally stiffened up?:

“In response to shareholder questions, the directors of TXO plc ("TXO" or "Company") wish to provide further information regarding the financing and trading updates published on 21 January 2015…

It was also reported in the trading update that the contract announced on 28 April 2014 had now come to an end. The contract won by GBG through its subsidiary Morgan Oil Marine (Bahamas) Limited ("MOM") related to the remediation of a significant quantity of used oils from three storage ponds on Grand Bahama. TXO would like to remind shareholders that it is an investment company, holding an interest of 35.67% in GBG, and as such would not have any direct benefit from the contract but would potentially see an increase in the value of its holding in GBG and distributions in the way of dividends from GBG as a result of this and other commercial activity. GBG has made no official statement to TXO on the likely outcome of the remediation contracts relating to the works mentioned in the release and the directors of TXO do not have immediate access to the accounting information of GBG, but have requested the results as part of their own financial reporting and planning exercise. As and when this information is made available to the Company an update on the possible value and performance of GBG may be made, if considered appropriate.”

Which translates as we have been forced to admit that we have not got a clue what our investee companies are really up to and we just publish in RNSs whatever they tell us (or maybe it is whatever we ask them to tell us!). Sorry guys and gals all Baldwin companies are just illusionist tricks. He may be a nice guy (until you challenge him then he turns into a bully and like all bullies is really a coward) but the reality is he does not do due diligence or detail because all he is really interested in is whether there is a story he can spin to investors and creditors that will keep the gravy train on the rails for a bit longer.

Bergen knows what is going on. It is not waiting to find out how few p in the £ it might get from the administrator. It has converted another wedge and will dump it as soon as possible. It is in profit overall thanks to what it has already been able to dump, so everything else is just a bonus – it no longer cares about selling at a profit to what it actually paid (which is 0.074p).

Do your own research, but do it quick so you can get out ahead of Bergen and before suspension, which could come even before the Nomad leaves on 20 Feb and the shares are suspended."

[fishermansfriend] 21/2/2015 16:05

Just to prove that the whole TXO being taken down by shorters line is completely bogus here is the table of AIM shorted shares from 13/2/15. TXO do not feature on it and I have never seen TXO feature on any such table:

Name of Share Issuer Net Short Position (%)
NANOCO GROUP PLC 7.91
ASOS PLC 6.30
TUNGSTEN CORP PLC 5.48
QUINDELL PORTFOLIO PLC 5.16
GLOBO PLC 3.81
GW PHARMACEUTICALS PLC 3.06
MONITISE PLC 2.70
AFRICAN MINERALS LTD 2.34
OPTIMAL PAYMENTS PLC 1.85
MAJESTIC WINE PLC 1.84
ROCKHOPPER EXPLORATION PLC 1.79
REGENERSIS PLC 1.62
IQE PLC 1.48
1SPATIAL PLC 1.42
CHARIOT OIL & GAS LTD 1.42
IMMUNODIAGNOSTIC SYSTEMS HLD 0.91
UTILITYWISE PLC 0.81
CLINIGEN GROUP PLC 0.74
BLINKX PLC 0.70
RENOVO GROUP PLC 0.69
AVANTI COMMUNICATIONS GROUP 0.64
MYSALE GROUP PLC 0.63
BOOHOO.COM PLC 0.60
NEWRIVER RETAIL LTD 0.60
AUGEAN PLC 0.50

[corbine] 21/2/2015 10:33

funk says his family is in the law field-wondering if funk is related to black gold in any way?

[corbine] 21/2/2015 08:31

thanks for clarifying contienda-think i vaguely recall that issue-
Do you know if the ihub board still up and running? on empire thread?
corbs

[contienda] 20/2/2015 23:58

corbine

The whole Neil Ruut business has just been a red herring put about by the paranoid and psychotic little idiot Mal Bendall. It has in the past been taken up by the EEGC stooges on the IHub board to try to make trouble. Admittedly fishermansfriend aka DS has not made it easy on himself by including what I am told is a photo of Ruut (I have never met him) in his profile there as the intended irony in using it is rather nebulous.

[bili1946] 20/2/2015 19:47

Don't encourage him corbine......we are all looking forward to a rest!

[boozey] 20/2/2015 19:45

Met Baldwin a few times was suckered in at RAM too. Learnt a harsh lesson. Never again. Enough said.

[corbine] 20/2/2015 19:29

rto funked
your still deflecting the thread away
tell me more about the rto please funk

[corbine] 20/2/2015 19:28

Karolina- thats just gone and ruined my year

[funked] 20/2/2015 19:07

funked off !
not so sad as 2 stay posting on advfn on a friday night
funked off out to do some funky dancing enjoy life party

disapp. not able to get into Guinness Book tho
lol

[funked] 20/2/2015 18:52

no point in trying dialogue with bears
just tried but got typical rude unfriendly response
always the same
its why i dont bother
bears r incapable of being nice incapable of listening to any +ves
most bulls give up after being treated so rudely
not funked
funked gives as good or better than he gets off a whole cave of grizzlies

happy 2 keep posting posting posting
undeniable fact is it worked
lol

[frankieabagnale] 20/2/2015 18:44

4 days, 245 lunatic posts