Starting with the letter V .... for fuck's sake ... Vale is following in familiar footsteps as per William Du's listed shell company, Vertu Capital Ltd and daVictus PLC. Remember, daVictus was formally owned by Roslina Binti Ibrahim and Shailen Gajera aka Shailen Popatlal but is now helmed by Robert Logan Pincock the younger brother of Mark Logan Pincock who helms Aries Telecoms PLC (if you are new, go back to the beginning of the blog for the full story) ....
Vale is to be listed on the London Stock Exchange on the 5th of September. It's another shell company, with no assets, well except for the money they have raised from investors and as per Vertu Capital and daVictus prospectus they are to invest the money raised from their hard working investors into and I quote, "Game changing fin-tech company."
Some facts,
The company has been incorporated in the BVI jurisdiction (sounds familiar) so transparency is for shit ... again.
Director 1: Patrick Tsang, don't know him, but we will do some digging.
Director 2: Simon Retter, finance director over at William Du's Vertu Capital and finance director at Paragon Diamonds another London-listed company, which, incidentally ran out of money, got delisted and now bimbles about awaiting its fate. I pray for the shareholders of Paragon Diamonds ....
Director 3: Malcolm Groat, allegedly an AIM guru and a director at daVictus PLC. Malcolm's previous listed company London Mining PLC is in liquidation and suffered it's demise from falling iron ore prices and an Ebola outbreak at the mine in South Africa ... shocking stuff .... needless to say, all shareholders of London Mining PLC lost their money.
Some other notable facts from the listing prospectus,
The founder of the company is Mahesh Pulandaran, resigned as a director of the company on the 6th of June 2016... saying that Mr Pulandaran will receive a SUCCESS FEE of £50,000 pounds made payable to him when the company is successfully listed on the exchange ...lol...who's paying for that?
Patrick Tsang is entitled to receive an annual fee of £25k based on 3 DAYS PER MONTH.
Simon Retter will be entitled to receive a salary of £25k per year.
Malcolm Groat will be entitled to receive an annual fee of £3,000 based on 3 DAYS PER MONTH.
and of course, all the Directors are entitled to be reimbursed by the Company for travel, hotel and other expenses incurred by them in the course of their directors’ duties relating to the Company.
Gosh ... with all those fees, salaries and entitlements being thrown about, let's hope there's enough money left to buy that fin-tech company they talk about...
Anyway, if you want a giggle, listing prospectus is here
Let's just watch and see ......
