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Chris Jeffries blames Covid!
https://www.lmch.co.uk/investor-information/
B A S T A R D!
Flipping nightmare. Is there any scenario we will get money back or are shares now cancelled for good?
No money. We’re done.
At one point my shares were worth £140,000 and just over £100,000 at point of suspension.
I am gutted. Buck stops with Chris Jeffries!
The final nail in the coffin has been Veative’s failure to pay the £1million owed to LMCH, which was part of the divorce settlement from a few months back. Instead, Ankur has folded Veative and re-branded as Umety in India, thus escaping all of their debts and liabilities. Had that £1mil been paid and Veative honoured the agreement, LMCH would have had a good chance of surviving and attracting new funding, with a clear route to market for the LMC product in India (with Veative as distributor).
This won’t be a popular thing to say, but I know personally that CJ has busted a gut trying to keep the company going and has foregone his salary for over a year now. All that time he has been battling with greedy, self-interested major shareholders, looking at how they can best take advantage of the distressed situation the company found itself in.
A lot of clap trap has been posted on here about fraud and dishonesty, but if you knew the complete story, you might reach a more balanced view on Chris Jeffries. Mistakes have been made, for sure, but CJ has always acted with the best intentions.
Queue the abuse…
No abuse, just facts.
Chris Jeffries is the CEO!
Chris Jeffries sets the strategic direction!
Chris Jeffries decides who to involve in the company.
#Veative deal
#Aldebaron
Read the RNS dated 29th November 2021. He signed it off! Show me in that RNS, any indication of today’s outcome!
No abuse…just facts!
An incompetent fool can act with the best intentions!
I also don’t believe for one second that this boiled down to not receiving £1mil from Veative. They may have rebranded to avoid payment, but if all that was needed was £1million to enable the company to keep trading, split 4 ways between CJ, Akers, Duff and Von Rosen at £250,000 each….it’s peanuts! I’m sorry but this is pure rubbish!
For a more balanced view you need
1) Facts
2) Information
3) Trust in the person delivering it
4) Competency
5) The ability to communicate
Not sure CJ ticks any of these boxes!
You're right Bagzzz, big mistakes have been made along the way, in part due to a lack of experience I'd say. But, more experienced people than CJ have made the same mistakes. DVR, for instance, was also fooled by the Aaqua/Aldebaron people, so was Akers/Horrocks/Duff etc. I think responsibility has to be shared around, that's all. But, I guess it's only natural to focus on the CEO in these situations.
Big mistakes which have cost a lot of people a lot of money!
Chris Jeffries may well have been well intentioned but I’m sorry that just isn’t good enough!
As CEO, as ive pointed out, the outcome of today rests with him!
Go back and read the RNS dated 29th Nov 2021 and tell me otherwise. PIs didn’t stand a chance.
How did TILG end up being owned by the co founders who sold it to Dev again..and it's an AI company based in the same place as LMC..?
Chris Jeffries will set up a new company, where the staff and assets are most likely to end up. Rinse and repeat.
Jeffries and his merry men will never get the shareholder backing again..their tweets and opinions used to influence where money went. That is long gone and they will be forever reminded about it.
@Barnard the trademarks and software IP is valued at £3.37M and they are expecting an estimated realised value of £83k, which looks like they're selling the Crown Jewels of the business for a song, I wonder who will buy this?
FYI - The insolvency Practitioner is Poppleton & Appleby in Birmingham.
We have been royally shafted and I wish there was a way that the buggers can be held accountable. Surely there must have been criminality here or at the very least down right lies and immoral and unethical behaviour.
Let’s here his/your version of things then?
All us lot can see is a company take from £250m to £0 in 19 months.
Let’s here his/your version of things then?
All us lot can see is a company take from £250m to £0 in 19 months.
@Scardey_Cat, it's likely that you're closely linked to Chris and perhaps should have made folk aware of that in your posts and heavily biased. Understandably I'd add and can't be easy for you.
Sadly some folk invested in Dev will have made losses they'll never recover from, I feel for those whose retirement and life savings have been obliterated and I suspect that the major shareholders you hint at did act in self interest and perhaps are the ones who brought AAQUA into the picture and also involved in ASLR and a few other companies which all seem as if they're leaving a trail of devastated shareholders in their wake while seemingly keeping their own necks out of the noose.
What you’re suggesting is these major shareholders caused Dev’s demise and it was not unavoidable, so should they be held to account? Should the BOD for not perhaps performing enough DD in that deal and also allowing Veative to make an exit and then somehow manage to not get paid?
Perhaps CJ aways has had the best of intentions (I think he most likely did until his hand forced) but when you lead a company the onus lies on YOU. He failed himself, the company and shareholders and the question is... did he and those in charge do anything inappropriately by intention or through incompetence? Feel free to explain how their recent actions through The Inspirational Learning Group (which Dev had bought out) seems to have been sold off before liquidation with all of the business that is left in terms of contracts and clients while leaving a shell for liquidation for creditors and shareholders?
Be it incompetence or intention, members of the BOD inc. CJ should be considered from being disqualified from ever leading another firm should anything come to light and it's not his first instance of winding a company down I believe. Should signs of fraud or corporate malfeasance be found then all should get the letter of the law applied to them.
To all here, if you have concerns, contact the appointed insolvency practitioner Poppleton & Appleby as the company is being wound up in the first instance. In time, if unhappy with their handling of the liquidation you can raise a complaint to The Insolvency Service.
https://www.poppletonandappleby.co.uk/contact-us/
I know it's tough but be specific, detailed and as unemotional as possible about your concerns, sadly I suspect it is unlikely that capital will be returned as the discarded shell unlikely to cover creditors and other higher ranked debtors before it gets to shareholders - but if things were not done correctly - at least there is a chance of having those who were responsible be held to account.
Ah I see scaredy cat has reared his /her head the person who regularly denied having close involvement with the company in the past and who disappeared off the scene when all went tits up...how can a company sell its assets for 1 million and not be sure they have the money for the owners (shareholders ) when the deal was done ? THe shares were suspended with no chance for the shareholders to sell until the deal was done if it does not smell of a fraud , deception then I dont know what does ? needs a thorough investigation by the authorities