Out of Africa: a new cow palace builder?

by EWAN LAMB

The existence of a 'parallel' company with a virtually identical product range to that being touted by Avocet Natural Capital has sparked confusion among shareholders who were unaware that Goldcet Africa PLC was operating in the same industrial sectors.

Not Just Sheep & Rugby discovered that two of the directors of Avocet Africa PLC, a dormant 'franchise' firm in the group chaired by Martin Frost, are also at the helm of Goldcet Africa which only started life in January 2020 but is already overflowing with ideas and ambition.

The Goldcet website contains development details for 'cow palaces' (a brand registered as a trade mark by Avocet), anaerobic digesters, alternative methanol fuel and other forms of 'disruptive technology', a phrase much loved by Avocet management.

Correspondence sent to Avocet's 650 investors on August 8th included a full rundown of the "£20 million" franchise companies still to be set up as part of a global business network to exploit patents and rake in royalties.

In a reference to Avocet Africa Mr Frost wrote: "Avocet Africa Plc is a natural capital jewel. Until the Avocet Foundation becomes operational Avocet Africa Plc lacks the necessary capital to enable Avocet Africa’s most enthusiastic supporters make this franchise fly."

Board members of Avocet Africa include Kenneth Stewart and Dr Festus Ogunmola while all 50,000 shares in the company are held by Avocet NC Ltd, overseen by Lancashire-based chartered accountant Paul Newsham.

Messrs Stewart and Ogunmola are also the driving forces behind Goldcet Africa with headquarters in Bangor Road, Edinburgh, and with representation in several African locations.

According to Goldcet's extensive website: "Our Cow Palace, Hydroponics, Renewable Energy, and enhanced Hydrocarbon Technologies will be a game changer in Africa and the gains of FEAP (Feed & Empower Africa Project) strategy are billed to be felt in the very medium term due to Goldcet eagerness to commence immediately.".

In echoes of the Avocet group's promotional literature Goldcet claims: "The resolve of the Board to invest in Africa to provide food and growth through disruptive technology is guided by the confidence that Africa provides the perfect platform for ethical commercial development and this interest gave birth to Goldcet Africa Plc.

"Africa falls within the global strategy and in particular, Goldcet’s belief that Africa provides the resources of vastly untapped economic potential and that the continent richly deserves the ethical beneficial exploitation of its ‘as yet’ untapped development resources."

In its agricultural section the company tells readers: "Based upon initial research into the successful cattle well-being and development featuring Piedmontese cows, our technological advanced processes produce record levels of lean, flavoursome beef which outstrips existing carcass dressing attainments by producing as much as 14% more beef attaining vastly improved cholesterol levels.

"Goldcet Cow Palaces incorporate technology and science to provide the ultimate humane environment which then produces quality beef delivering higher growth and with significant cost savings The concept of 'The Cow Palace' is to use technology and science to manage the environment to grow cattle in such a manner as can attain a better-quality product at a higher rate of growth and at a lower cost."

There is also a lot of space dedicated to methanol fuel and additives, the prime fields in which Avocet set out to attract investment.

Goldcet states: "Methanol is emerging as a clean, sustainable transportation fuel of the future across the world. Methanol can be blended with gasoline in low-quantities and used in existing road vehicles, or it can be used in high-proportion blends such as M85-M100 in flex-fuel or dedicated methanol-fuelled vehicles. Technology is also being commercialised to use methanol as a diesel substitute."

Two of the Goldcet project staff are described as former employees of Avocet - yet another link between the two businesses.

Not Just Sheep & Rugby tried to establish the relationship - if any - between Avocet and Goldcet. Are they in partnership or are they completely separate entities?

We emailed Goldcet with a message directed at Mr Stewart and Dr Ogunmola while sending a similar request for information to Mr Newsham. But as this article was published neither company had responded.

A long-term shareholder in Avocet Infinite (now in liquidation) and Avocet Natural Capital told us: "Hearing of Goldcet Africa PLC from Not Just Sheep & Rugby was a huge surprise. I cannot fathom how this has not been mentioned in Mr Frost's shareholder notifications, especially given Goldcet was incorporated on 9th January 2020.

"Looking at Goldcet Africa’s website it is a virtual copy of Avocet’s former website. Some of the photos used on Goldcet’s website are Avocet’s abandoned hydroponic units at Harcarse Hill and Sunwick Farm. There are a couple of notable omissions from Goldcet’s website... Martin Frost and Bob Jennings.

"If Goldcet is a franchisee of Avocet, I would like to know how much the franchisee paid to Avocet, and where is this money now? I am certain once my fellow investors learn of this new company they will be extremely confused."