The chairman of the Borders based Avocet Group of companies has announced plans to gift the bulk of his millions of shares to a newly formed Foundation which will become a registered charity with "many distinguished people" agreeing to act as Trustees.
Martin Frost, who heads the collection of Avocet entities, two of which are currently insolvent, outlined the new set up in a circular to investors in Avocet Natural Capital PLC, some of whom have called for an investigation into the 'green fuel' business's affairs. The document is headed: 'A Good News Day'.
The shareholders are told by Mr Frost: "My day is run: I seek neither wealth nor income from Avocet. Hopefully in weeks I can retire. Personally, I do believe I have kept Avocet’s opportunities intact despite physical and mental attack. This time last year Avocet was in a horrendous loss-making position. Today, Avocet has a positive cash flow and opportunities from past hard effort are now flowing in."
In a recent letter to 650 investors Mr Frost denied allegations he had embezzled £14 million from the businesses which purport to specialise in 'green' fuel technology and hydroponic crop production. As reported, at least one investor has told Not Just Sheep & Rugby "there does not appear to be any business activity at all; it's just shares being moved around".
But in this latest circular stakeholders are made aware that "On the 10th June 2020, the company Avocet Natural Capital Humanities Limited was formed: this company is now in the process of becoming a registered charity – the Avocet Natural Capital Foundation.
"Into this charity the bulk of my personal ANC PLC (Avocet Natural Capital), Omega Infinite Plc, and Avocet Bio Solutions Plc shares are to be gifted along with some further cash plus various existing loans made to Avocet. In late 2018, many distinguished people agreed to be Trustees to the Avocet Natural Capital Foundation which broadly with my and other gifts will own some quarter of ANC Plc."
The fledgling Avocet company's paperwork shows Mr Frost is the sole director, and all 1,000 shares are held by one of his other companies, Loch Lomond Heritage Ltd of which he is also the only director. Avocet Natural Capital Humanities Ltd.'s nature of business is registered as 'activities of other holding companies'.
A shareholders list published last weekend showed Avocet Natural Capital Foundation already holds 3,458,198 shares in ANC. Mr Frost's personal stake exceeds 13 million shares while Loch Lomond Heritage is also a major shareholder.
A number of other recent moves in the life of Avocet are also outlined to shareholders by Mr Frost.
He writes: "On Tuesday 9th June 2020, Amar Sharif, Dr. Bob Jennings [another of Avocet's executive directors], and I, had within the orbit of Avocet N C Limited a powerful conference call with prospective fodder unit and anaerobic digestor buyers and financiers from the Pakistani province of Punjab.
"On Wednesday 10th June, Dr. Bob Jennings within the orbit of Avocet N C Limited furthered Avocet’s relationship with JCB along with the sourcing of avocet additive.
"On Monday 8th June, Martin Frost communicated with the Methanol Institute based in Washington D.C. on behalf of Avocet IP Limited (within the orbit of ANC Plc) to sound out the financing and possible renewable methanol intellectual property and thereto joint ventures as to more efficient green methanol production."
The letter also explains that ANC Plc via its subsidiary Avocet IP Limited owns an
ever-growing amount of intellectual property.
It continues: "Admittedly, there are some legacy
cash issues as with AFS Ventures Plc [a business which has been in voluntary liquidation since 2015 with Eric Walls, of KSA Group as joint liquidator], but ANC Plc has largely reached a steady
state and within itself (if need be) can generate cash to pay its way and
provide shareholder return.
"Avocet N C Limited needs money to further its objectives:
such cash can either be commercially raised or possibly borrowed from ANC Plc
or the prospective Avocet Natural Capital Foundation".
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