Unlike my good pal Tom Winnifrith I rarely resort to the Open Letter format. (However it is appropriate here) Tom has written more open letters than I’ve had hot dinners. Unlike Tom I feel that the proposed sale of TEP Holdings stinks of cronyism.
These £1 #Poundland AIM sales need to be challenged. I seem to recall Rivington Street Holdings going under the hammer at the AIM #Poundland store mmmm……. So with out further ado. Here is my offer which has been emailed to Cairn Financial Advisors, who you may know as the Doriemos (LON: DOR) NOMAD
Open Offer for TEP Holdings Limited.
I note the recent RNS announcement concerning the sale of TEP Exchange Holdings Limited incorporated in England and Wales with company number 08783474. I find it morally shocking that Doriemos/Strang are selling this business for £1 to David Roxburgh a Doriemos Director who is also a Director of SL Investment Management Limited and Morex Commercial. 2 of the 3 ‘buyers’.
Both of these “Companies” are registered at the same address; 8 – 11, Grosvenor Court, Foregate Street, Chester, Cheshire CH1 1HG. Which is the exact same address that TEP Exchange Holdings are registered from.
In 2008 David Roxburgh was listed as a Director (Finance Director) of Close Horizons Limited. Close Horizons are the third “Company” named in the £1 sale. You have failed to disclose this ‘material fact’. You are the NOMAD. Exactly what position does Roxburgh, or any of his family, have with Close Horizons?
The sale is basically a carve up. I as a share-holder will not stand for this.I now place on record my official bid for TEP Exchange Holdings Limited. Company Number 08783474.
I bid £1,000. Which is a 99,999% increase on the ‘Buyers’ bid.
I have also CCed in the FCA just in case you feel like ignoring my genuine bid.
I look forward to being the new owner of TEP Holdings Limited.