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Great.!!! I have been keeping up to date with the "chat" over the years and am disappointed that it now appears I have lost the money I invested. Not a fortune, but more £££ than I am happy to throw away. I have a copy of the template email posted on here around Christmas time, is is worth me sending this to the Administrators...? Any help / guidance would be useful.
Thanks,
can we freeze the assets , just a thought .
jscriven,
Yes, would recommend you send in your concerns to the Administrators. I think the additional point raised/implied in posts by Glenmorangie/Olderandwiser is also likely correct, ie that Cochran has deliberately pushed HALO into Administration for his own gain. That point / suspicion is also worth pursuing with the Administrators.
The concern is that the game Cochran has played here is basically this -
- Cochran lent some money to HALO in 2016 (see 2017 Annual Report on pages 44 (section 9 - Group Restructuring) and 60 - Section 27; the latter mentions that in 2016 Cochran funded Vermeer GBP 46,257 for "working capital needs".) I am unclear whether that is the extend of him acting as a creditor. I believe he will try to add to the list of things he is a creditor for.
- Since de-listing (which he may have engineered deliberately) he has worked (with PR company Camarco in cahoots, facilitating the effort) to keep shareholders in the dark while he has kept drawing his salary (and Camarco's fees being paid) - worth over one million GBP to Cochran since delisting.
- Cochran has driven the company into the ground (not clear if that is incompetence or negligence, or both) and at some point he realised that the value of his 8.6% equity was worth less than recovering his loan (and his continued salary)
- Possibly with pressure from the other main investors (speculation), he agreed to put the company into Administration once he felt he had drawn out getting his salary for as long as possible, to at least get back his loan (with whatever terms that came with, ie interest?), likely leaving Shareholders with nothing once creditors are paid in full...
- So basically he has denied Shareholders the right to recover their investment in favour of him drawing down a salary - and recover his personal loan - without obviously informing or asking the Shareholders what they think about that.
You may also consider asking the Administrators direct questions, in the hope that they have a professional duty to respond, eg "Did Cochran himself instigate Administration proceedings, or was it the other Directors?" or "Is there evidence that the Viaro deal was authorised properly within the Company?" or whatever one thinks is a clear, specific question that it would be good to ask.