First of all I need to begin this article with a multitude of ‘thank yous’ to all the people in the UK (some I can name others I cannot) who’ve backed, helped advised or written off debts. The turnaround strategy that has saved Sefton Resources from bankruptcy could never have happened without their help. It was a team effort. Sefton have had a complete reversal of fortune. The future isn’t only bright it is secured!
The SaveSure group, Daniel Levi Associates, Raylene Whitford, Jeffries Henry, Allenby, Matt Lofgran, Gavin Burnell, Turhan,David Lenigas, the great Jim Mellon, ADVFN, Proactive Investors, Master Investor, UK Investor show, Cornhill, Chris O, CJ, ABM, Doc, Simon T, Cassiopeia/Stef, Dowgate, several FCA finance chaps who cannot be named and the ‘Boy Wonder’ who was instrumental in bringing deal flow with assets to the table. His advice has been invaluable. The solicitors, accountants, SER employees and auditors past and present. To each and every one I thank you on behalf of UK SER share-holders.
Of all the people, there are many whose names I cannot disclose, however Clem Chambers (SER Director) has to be mentioned in dispatches. I have never met a man of such intelligence and integrity. He puts us all to shame. A special big thank you to Clem. Nick Harris (the enforcer) also deserves a mention. I now have “inside info’“ on just how difficult a Nomads job can be. It is all too easy to blame the woes of the market/stocks on the Nomad. Sadly for those like the #CambridgeFagboy the world isn’t black and white. There’s a whole spectrum of colour. Choosing to be colour blind isn’t an option when you’re trying to save share-holders from wipe out, you have to reach out to people for help.
I am now officially ‘outside’ of the whole process of deal making, asset buying/selling, CEO Accession. I’ve exercised my options and await, just like you, news which should help to increase value by bringing in or selling assets, or both, with a new CEO to steer the ship. Watched over by Executive CFO Raylene Whitford who has now put in place a system of improved financial controls, controls that SER seemed to lack. She really is the star of the story. A formidable talented individual who has been poached from KPMG. A joy to work with but a hardarse if you piss her off. I pissed Raylene off quite a lot!
For those who are wondering how the situation came about you’ll have to go back to January 2014, when it became apparent that the Company were going under. Share-holders would lose every single penny. Our contacts and sources were enlisted. A small select group was formed who decided to try and galvanise support for a rescue attempt. We hot footed around the city of London for months upon months, emails, phone calls, conferences, lunches, secret meetings, on a perpetual treadmill, knocking on doors seeking advice. Some were willing to help some scoffed and told us we were mad. It was “impossible” “Let Sefton die” Emails went unanswered, phone calls weren’t returned. We pressed on knowing that as each day went by Sefton grew weaker while we grew just that little bit stronger.
The journey/s undertaken by myself with others took us to far flung places such as Canada, USA, and Switzerland, South East Asia, Hawaii, Iceland, Tunisia and some! It wasn’t easy and it was a costly exercise that we, SaveSure, funded ourselves. Excluding my trips back and forth to London, before we took control, which in themselves were extremely costly and amounted to a king’s ransom, I still owe £2,000 to a consultant who agreed to take it only when I had the money to pay. (That shall be paid this week) the whole episode was very costly not only in monetary terms but time. Of the £50K awarded to myself £23K has gone in PAYE/NI. But hey let’s not let the truth get in the way of a juicy ‘BMD pockets £50k’ by-line! Or he’s a “Crony Capitalist” from my good friend Tom Winnifrith who believe it or not also helped. Tom Winnifrith is a pain in the arse but we love him all the same. He is what I call a reluctant good guy. It was never about money. It was about doing something that was right. About fixing a problem that in a way I was partly responsible for. I felt I had a duty to at least try to help. We were lucky but then again I’ve always been lucky.
I spent close to 16 months on and off working on Sefton. Not the 3 months some would have you believe. It’s nice to be sat on the stock but to be honest and frank. I am as you may now realise not short of a bob or two. I am a family man whose children come first, first and first.
I live a frugal life personally. No flash motors or fancy apartments. The cocaine, hookers and strip clubs I leave to the city of Mammon. There’s one last thing I would like to do. Take ALL those who have helped Sefton share-holders, out on a night to Annabelles. A place that I was taken to recently by one of the team. I may even try to become a member. A small extravagance…
Why I stood down. Let me explain; I was never ever going to stay as CEO or executive. It was interim only. Some will need to google what that word means. As I kept telling interested corporates I did not want to be ‘Shogun’. Others quite obviously were using their own ‘Corporate Bastard’ logic “He is intending to stay”. I wanted to step away when the BOTW lien was negotiated off. That was the deal we had with the new people who are now being subjected to the rigours of interview etc. This was 5-6 weeks ago. Our remit was to get the cross guarantee off. We had 90 days to do so. If that failed then basically Sefton were sunk. The total amount of debt and liabilities lifted from the shoulders of SER with the Tapia deal thrown in is well in excess of $12,000,000. A remarkable achievement for all involved. Sefton are now debt free minus the usual G&A.
SER have assets in sale negotiations, they have cash in the bank and more to the point a new CEO will eventually be installed. One is on the way. New producing oil assets are being sourced, negotiations are a tortuous process. All has to be verified. I cannot for the life of me see how the sp could do anything other than trend up over the next 8 months. I hold 3.06%, another holds 3.6%. We are holding because we believe Sefton are the story of 2015. They are now debt free. A position they have never ever been in. We have a brand new company free from the legacy that came within a heartbeat of killing it.
What I have learnt is that when people #manup, band together and put their childish egos away to help a cause then great things can be achieved.
Stryker Petroleum is born. Await the news!