It may be a dormant company with its first set of accounts already eight months overdue. But 'master franchise' business Avocet Africa PLC was involved in discussions which promised a "£300 million capital spend" in Nigeria even before it applied for a trading certificate.
A shareholder letter issued today by Avocet group chairman Martin Frost confirms the link between his 'disruptive technology' operations and Goldcet Africa Ltd., a company which was featured in these columns yesterday.
According to Mr Frost: "Criticism surrounding Goldcet Africa PLC activities are unfounded, display a woeful lack of Avocet’s humanitarian objectives and illustrate a mean and low mindset.
"Avocet IP Limited [holders of group patents] is currently registering new intellectual property which permits the safe working of its registered trademarked ‘cow palaces’, ‘fodder units’, and ‘avocet methanol fuel’. Avocet confirms that such new Avocet technology shall become available to displaced persons (including refugee camps and UN incentives) and Goldcet Africa Plc."
Goldcet and Avocet Africa include on their respective boards Kenneth Stewart and Dr Festus Ogunmola while Mr Frost recently relinquished his appointment as a director of the Avocet Natural Capital subsidiary.
It was incorporated in July 2018 but has yet to publish an initial set of accounts which were supposed to be lodged at Companies House by December 24th 2019. Avocet Africa applied for a trading certificate on December 3rd 2019, and has twice been the subject of notices from the authorities warning the company would be struck off and dissolved - notices which were subsequently revoked.
For all its apparent insignificance Avocet Africa was at the heart of the group's largest agricultural 'project' to date in September 2019 although nothing further appears to have transpired since then.
Avocet shareholders received copies of a so-called 'Letter of Intent' sent by a firm of Nigerian barristers and solicitors and addressed to 'The Group Managing Director/Chief Executive, Avocet Africa PLC, Unit 10, The Chandlery, Berwick-on-Tweed'. The correspondence, dated September 21st 2019, was marked for the attention of Festus Ogunmola.
The law firm, Hector Oloyede & Associates, of Ikeja, Lagos, wrote: "After our various communications via email, phone etc. we are pleased to write with full corporate responsibility on behalf of our valued clients who intend to go into a Public Private Partnership (PPP) with Oyo State Government of Nigeria to engage in animal agriculture cattle and are interested in the cattle palace structure.
"They are interested in the cattle palace in five different locations around the state with 5,000 cattle capacity each but in phases, one at a time. Needed is a cattle palace with all the works that is including renewable energy and bio fuel.
"For this purpose there is already a 20 hectare land dedicated for this purpose with necessary infrastructure being put in place as we speak, only awaiting site plans etc. to complete same for the first palace. The timeline for this project is immediate....
"The Oyo State Government is supporting the project with the land infrastructure and security which is all captured in the Business Plan with a 10 year repayment plan".
The report of the 'Nigerian negotiations' was accompanied by a shareholder letter from Mr Frost dated October 1st 2019.
He told investors: "Please review the enclosed Nigerian ‘Letter of Intent’ to Avocet Africa Plc, an Avocet Master Franchise of which some eight world master franchise companies are planned. This letter of intent represents a £300 million capital spend with thereafter annual sales running at some £80 million.
"Nigeria
alone can accommodate some sixty such projects which collectively amount to
some £18 billion pounds of capital expenditure. Think on what Africa can then
bring, think on what Avocet’s world prospects are! And such does not count in
Avocet’s fuel or grain replication prospects.
To the above
and more, Avocet IP Limited, holds the intellectual property, a company which
you currently own some 90% of.
"Shortly put,
the company you own is a ‘patent & intellectual property box’. Royalties
from Avocet’s independent master franchise companies and Avocet’s golden
suppliers flow into Avocet IP Limited where 50% are recycled back to the master
franchise companies and 45% flows back to you – or in figures alone, just for
Nigeria on the above, some £81 million pounds.
"To finish
Avocet’s modelling for the Nigerian plant required to demonstrate Avocet’s
world approach to Natural Capital: Avocet is in the process of reaching joint
venture agreements along with raising a further £2 million from the sale of
equity. Not a bad ask to develop a world business."
In today's missive to the 650 Avocet Natural Capital shareholders Mr Frost comments: "As
noted in Avocet Infinite Plc’s 2018 IM (Information Memorandum); Avocet’s Master Franchise fees are to be
internally shared by Avocet so that richer areas such as North America etc.
share their royalties with areas such as awarded to Avocet Africa Plc. or found
in areas such as the Philippines and Guatemala."
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