The City of London is Bent!
It’s an absolute disgrace! Leed petroleum Private Investors have been completely wiped out first by the old Board of Directors who took a company that was trading at levels higher than some Footsie 100 companys several years ago down to a few pence while all on the Board pocketed literally millions in pay and expenses over a five-year period. The company has been run into the ground, promises and false dawns aplenty along the way with statements that at the time were giving upbeat assessments of their potential. How can private Investors genuinely invest and research when the company is riddled and rotten. Private Investors rely on the London Stock Exchange RNS news service that is supposed to release honest company news updates, Brokerages are supposed to release notes that are genuinely based on thorough research but all too often they go hand in glove with the company masking news and deliberately cooking the books in-order to keep receiving their fees!. Leed have bull-shitted for the last year. Now we have Rivington Street who have come along and wiped any residual value in the company completely out! Private Investors have been marginalised and kicked in the teeth by Rivington Street who have now converted £2,135,000 of Original Loan Notes into 2,135,000,000 Ordinary Shares and the £300,000 of Series B Loan Notes into 300,000,000 Ordinary Shares in the Company. So what we have now are TWO and a half BILLION shares in issue! AND THIS IS AFTER THE ONE FOR TEN CONSOLIDATION Leed will now be used as an investment vehicle for the jolly boys in the city while private investors are left in ruins. Ditch this stock immediately and have no truck whatsoever with the bullshit now being espoused by Rivington Street Holdings. You have no say whatsoever in this company. It has been hijacked for peanuts and will never return you your original investment! Get out and stay out! Learn the lesson well. The City is as bent as a nine bob note!
Viva!
Daniel
Lol. Love the article.
Bent bustards Dan the lot of them. Rivington St are only there to line their own pockets. They’ve really shot themselves in the foot with this escapade. Rip off merchants.Cannon fodder that’s how they see private investors. I bet their laughing into their cocktails at us!
I’ve cancelled my Tips.com subscription and I urge others to do the same
good on you for calling out those scumbags.
FT’s comment : However, the biggest small cap faller was Leed Petroleum , which slumped 90.9 per cent to 0.11p as it also returned from suspension following a refinancing and corporate makeover. Leed is now a cash shell headed by Peter Redmond, a corporate financier who has helped engineer several reverse takeover deals.
BMD : Leed will now be used as an investment vehicle for the jolly boys in the city while private investors are left in ruins. Ditch this stock immediately and have no truck whatsoever with the bullshit now being espoused by Rivington Street Holdings. You have no say whatsoever in this company.
telling it like it is – refreshing!
nothing unusal there then
P.I.’s constantly being stitched up by the big boys
Langbar international (just to name 1) Issued RNS which we’re incorrect if not complete Lies. Does the P.I. have no protection from the constant flow off city crooks lining their pockets with our money?
That Rivngton street are owners of tips.com and loads of other web sites theyve got JPJ share dealing in the Isle of Man cause the Regs are not as strict as uk fsa regs.
A right bunch of conmen
Well said Dan
Hey Daniel I recall your piece last year one of them stated “dip in at your peril” the company are mired in debt. Where’s it gone/ It saved my bacon was going to have a few pounds in them then thought better.
I was reading the LDP boards on LSE yesterday.
I also had LDP on my watchlist a year ago but thought better of buying.
There are some real horror stories on LSE, of people spending thousands and ending up with a fraction of that…
Just how many companies are there on Aim like this, where the directors see investors as big salary providers regardless of results. I didn’t get caught out by Leed, but did by AXS and DES and am worried about NVTA. If this is rife, investors like me might not be playing next year!
Rivington have used LDP to move from PLUS to AIM
Recent RNS:
________________________________
RIVINGTON STREET HOLDINGS PLC
PLUS: RIVP
(“RSH” or “the Group”)
Intention to Move to AIM & Divisional Update
The Board of Rivington Street Holdings PLC, the PLUS quoted conglomerate, is
pleased to announce its intention to seek a listing on the Alternative
Investment Market (“AIM”) of the London Stock Exchange (“LSE”) following the
publication of its results for the year ended 31st August 2011, which is likely
to be in January 2012. As part of this process RSH will be publishing its 2011
results under the International Financial Reporting Standards (“IFRS”), rather
than the UK’s Generally Accepted Accounting Principles (“GAAP”), and will
restate its 2010 and 2009 results accordingly. The Group intends to appoint its
AIM advisors shortly.
________________etc
Recent Rivington Street Hldgs RNS:
“Our intention to move from PLUS to AIM is a reflection of the rapidly improving profitability of RSH and its ever stronger management teams and systems. The changes that have taken place since Jim Mellon, Denham Eke and Mike Riddell joined our Board just over a year ago cannot be overstated.”
LEED Petroleum (LDP)
“Rivington Street who have now converted £2,135,000 of Original Loan Notes into 2,135,000,000 Ordinary Shares and the £300,000 of Series B Loan Notes into 300,000,000 Ordinary Shares in the Company.”
Looks like an RTO to me!
LDP shares are currently 0.12 p mid
That gives a Market cap of £2,922,000 for a £ 2,435,000 cash shell
That seems cheap to me!
On another board I was asked :
“Why the need to reverse into LDP ?”
I was pointing out the coincidence of Events
LDP RNS :The Company has now reclassified itself as an investing company under the AIM Rules for Companies in order to invest in the natural resources industry, with a focus on the oil and gas sector.
They would have to have a market classification and it is just “paperwork” to change it.
My cynical outlook on these “Convertible Loan Note” takeovers is that the anonymous “professional investors” who often buy a chunk (1/8th in this case) of the restructured company can make a lot of money as they must have more information at their investment point than all other existing shareholders (they are after all, professional investors).
As providers of £300,000 capital they will need persuasion & some investment prospectus/outline : they are not legally “shareholders” until after
conversion, it is only then that any information given to them must be given on an equal basis to us.
HYPOTHETICALLY, in takeovers of this type, there is always the prospect that the anonymous “professional investors” could be insiders at the restructuring company (RC).
The “shell company” could be say 12.5% owned by insiders.
Those same insiders could make the decision to reverse the assets of the RC
into a shell one tenth of it’s size.
When that happens the insiders investment increases almost tenfold in value.
I’m not saying that that is what has happened here, I’m just answering the question posed and giving a tenuous and hypothetical scenario to illustrate a possiblity of “Why the need to reverse”.
Of course, no company directors would do that to their shareholders.
ADYOCHF
(Always do your own cynical hypothetical fantasizing).
PS
I still think LDP is worth a punt at this level!