A lot of people have asked me why I’m not invested in Doriemos (LON: DOR). I’m not in them because I don’t like them. I certainly don’t like the way they conduct business.
Yesterdays announcement, sneaked out 8 minutes before close of market, READ IT HERE that they were selling TEP Exchange Holdings Limited to SL Investments, Close Horizons Limited and Morex Commercial for £1 is yet another shocking example of all that is wrong with AIM.
I now OFFICIALLY bid £1,000 for TEP Exchange Holdings Limited. This offer will be emailed to the Company and their NOMAD Cairn Financial Advisers LLP first thing Monday morning! That’s a 99,000% increase on their bid. Surely the Company will not dare to refuse my bid? Unless the other lot increase theirs? Then I shall increase mine.
The very fact that David Roxburgh a Doriemos Director and a Director of guess who? SL Investment (who own 15.5% of Doriemos) and Morex Commercial! Should tell you that this deal stinks!
The TEP Exchange Business turned over £915,886 in 2012 with a profit of £590,000. In 2013 TEP turned over £220,000 with a loss of £53,000. The boyos have got such a spiffing deal that “All intercompany balances between the Company and TEP Exchange will be paid off prior to the Disposal.” That’s a debt free TEP! It stinks. Vote against it at the AGM.!