Blog owner told: 'render up your sources'

 by DOUG COLLIE

The identities of mysterious informants who have allegedly supplied this Not Just Sheep & Rugby blog with information about the activities of the Avocet 'disruptive technology' businesses must now be exposed, according to Group chairman Martin Frost.

Following another flurry of legal activity - Avocet's directors claim to have spent hundreds of thousands of pounds pursuing criminal and civil complaints in recent months - Mr Frost has told shareholders in his company that "Avocet has obtained the right to oblige Mr. W. Chisholm to render up his source names".

Bill Chisholm, a retired journalist, is the proprietor of the blogging website which has reported extensively on developments within the Avocet empire including the liquidation of Avocet Infinite Ltd, the administration of Avocet Farms Ltd, and the lodging of a bankruptcy petition against Mr Frost for £4 million in Scarborough last week.

Much of the information we have conveyed via these columns has come directly from statements made by Mr Frost or by Avocet company secretary Eirlys Lloyd in communications with hundreds of investors in the company. The chairman has issued repeated warnings that the contents of his shareholder letters must not be forwarded to third parties.

There is no indication in today's document headed 'A quick update' as to the identity of the individual or authority bestowing the right on Avocet to demand that our sources should be named or (perhaps more topically) unmasked!

In a further disclosure Mr Frost claims Avocet has also secured "the right to oblige Mrs. Aileen Orr to render up the true names and full ownership of the purported Avocet Shareholders Forum."

The forum has provided a platform for disgruntled shareholders and concerned investors to voice their opinions on the lack of progress in obtaining a return for their cash. There is no indication that Mrs Orr, a frequent target for verbal abuse and criticism by Mr Frost is involved in the administration of the forum or the rest of the shareholders' website.

So far as Not Just Sheep & Rugby is concerned, Mr Chisholm told us: "I was under the impression that Mr Frost and his fellow directors already knew where our information came from thanks to the tracking devices attached to each email sent to investors. I would certainly be interested to know the source of the legal ruling in favour of Avocet. Perhaps that will become clear in due course".

He added that the blog stood by everything it had written about Avocet and its management. 

An opportunity had even been given to the directors to respond to very serious claims made by Northern Ireland farmer James Christie that his involvement with Avocet had resulted in the destruction of his farm. But the specific issues raised by Mr Christie were not addressed in a response which was published in these columns.

Earlier this summer Mr Frost announced his intention to have the Avocet Shareholders' Forum shut down after contacting the Israel-based technology company providing the facility. However, the forum continues to function and carries strident criticism of Avocet.

Mr Frost is currently asking shareholders to approve changes to the company's Articles of Association to facilitate a proposed injection of money by unnamed potential investors who are said to want to take control of Avocet Natural Capital PLC. But there has been some opposition to the move by contributors to the forum.

One post asked: "When will the shareholders be provided with the redrafted Articles of Association? Eirlys Lloyd (Frost) has assured us that it is 'a small change in the Articles, and Frost told us on August 30th that 'On Friday 28th August, London Lawyers HFW commenced the process of drafting the required Drag-Along Rights revision'.

"Surely, it cannot have taken experienced lawyers three weeks to draft such a 'small' change. So why haven’t we been given the redrafted Articles for our review yet? And when we do receive them, of course, we will need sufficient time to carefully review and compare them to the existing Articles."

And he or she added: "As you can see, although this has been presented by Frost as a simple matter, there really is a lot to consider. I think that taking sufficient time to carefully consider all of these issues would be the better course of action for the shareholders.

"I believe that if - however unlikely - the buyers back out at the last minute, the shareholders at minimum need to be left with Articles that are more aligned with their interests and needs."

Avocet 'in a rush' to change Articles of Association

 by DOUGLAS SHEPHERD

The hundreds of shareholders with a stake in the Avocet group of businesses have been asked to waive their right to a 'notice period' as management seeks a quick change to the company's structure as part of a promised multi-million pound injection of capital by new investors.

But soon after the call for a short cut was issued at the weekend by Avocet Natural Capital (ANC) company secretary Eirlys Lloyd, a plea was posted on a shareholders' forum urging existing stakeholders to block the move.

The identity of the mystery investors has been kept a closely guarded secret by Avocet Natural Capital's directors although according to company chairman Martin Frost meetings with their suitors were being held this month off Cyprus and in Canada.

To allow the 'mysterious' deal to be sealed there would need to be alterations to Avocet's Articles of Association which govern how the company is operated and managed. The issue concerns the so-called Drag Along Rights (DAR) which would allow incoming investors to acquire shares currently held by small investors.

In her letter which was circulated on Saturday, Mrs Lloyd wrote: "I am asking you to consider by Wednesday 30^th September a shareholder’s motion which I shall forward to you at short notice on Monday 28^th September 2020. Preferably by Friday 25^th September 2020, your written or emailed consent to the short notice period is sought though an identifiable recorded verbal consent (either in person or phone) shall suffice.

"Thus, I am writing to you, to advise you as to a small change in the Articles of Avocet Natural Capital Plc concerning ‘the drag-along right’. This change requires the consent of 75% of all voting shareholders, a consent which ANC Plc directors have already achieved. This small change is in accordance to UK Stock Exchange rules."

The communication from Mrs Lloyd, which carried a warning that its contents should not be forwarded to third parties, explained that DAR was a legal concept in corporate law.

"Under the concept, if the majority shareholder(s) of Avocet Natural Capital Plc sells their stake, the prospective owner(s) have the right to force the remaining minority shareholders to join the deal. However, the owner must offer the same terms and conditions to the minority shareholders as to the majority shareholder(s)."

She went on to say that the potential buyer of 20% of ANC Plc shares at £3 wished to secure an option to acquire further ANC Plc shares till December 31^st, 2023 at no more than £25 per ordinary share.

"That said, the buyers have indicated that they wish ANC Plc to continue as an independent company but one which they control: the problem lies with the UK Stock Exchange Rules which means that once the buyers acquire over a certain share percentage they can be forced to offer for the whole company – then the secondary problem of what happens if all the remaining small shareholders do not want to sell. To circumvent this latter problem (which can be very costly and acrimonious to sort) is the need to change the Articles.

"Though UK company law states that 75% of all voting shareholders require to consent to such an article change (ANC Plc has already secured 75% of all shareholders) a possible inconsistency is your short notice right which requires an absolute consent of 95% of all ANC Plc shareholders to waive their ‘up to a 28 day notice period’.  This waiver is what I am asking you to give."

So now each Avocet shareholder is being asked to consider by Wednesday 30^th September a DAR motion which will be forward to them at short notice on Monday 28^th September.

However, Not Just Sheep & Rugby's attention was drawn to a strongly worded post on the Avocet shareholders' website which provides a platform on which investors who, between them, have reportedly sunk up to £50 million in the venture without any return so far, can express their views.

According to this edited version of the anonymous post under the pseudonym 'Interested Party 202020: "Do not give Martin permission to amend the Articles. He's given no details other than it will enable us (apparently) sell our shares for a x3-x25 profit. Not a chance. No further details, nothing. Think about it, who would purchase these shares? We cannot let him continue like this".

Three new planning documents - same old issues!

 EXCLUSIVE by EWAN LAMB

The publication of two so-called Spatial Strategies for areas of southern Scotland together with a new Local Development Plan [LDP] for the Scottish Borders will require hundreds of millions of pounds of investment funding if the proposals they espouse are to mean anything.

There is an admission in one of the weighty documents - the South-east Scotland Indicative Regional Spatial Strategy (IRSS) - that not all areas of the vast city region centred on Edinburgh have shared in the growth of productivity levels typical of other parts of the territory. The Borders and Mid Fife are identified as having missed out.

Scottish Borders Council's 'membership' of two separate regions - the south-east encompassing six council areas and south of Scotland in partnership with Dumfries & Galloway - means two sets of development projects need to be considered and funded.

Members of the Borders local authority have been allocated an estimated 40 minutes to consider the entire collection of planning documents, including the proposed LDP, when they meet remotely on Friday. The papers and appendices for the LDP alone run to hundreds of pages,

The south-east IRSS, dominated by Scotland's capital city, states: "A fundamental strategic aim is to ensure that the economic benefits of the city region are distributed more effectively across the city region’s more deprived urban communities and rural hinterland. The rural economy is also very important to the region and will be allowed to diversify in an appropriate manner with particular emphasis being of support in a post Brexit era.

"In rural areas, the authorities will support further appropriate agricultural diversification, which will be required as a counter to likely Brexit issues. Equally, there will be support for the promotion of tree planting and food production both as a rural industry and due to its positive contribution to tackling climate change.

"For Borders forestry opportunities may come through the SOSE (South of Scotland Enterprise) / Borderlands funding opportunities, which will be developed in conjunction with Dumfries and Galloway Council, Carlisle City, Cumbria and Northumberland Councils. Tourism will be one key area that can be encouraged although the impact on local housing and community will need to be carefully managed."

In a section covering transport (or connectivity to use the current planning jargon) the report explains: "The Edinburgh Forth coast, the west of East Lothian and mid Fife/Levenmouth and parts of the Scottish Borders are particular cases with poor connectivity to the area’s economy. Connectivity is both about transport infrastructure and strong connections between communities and settlements to ensure there are no barriers to participation. 

"An extended Borders railway line and a link to the West Coast Main Line would create stronger links with Dumfries and Galloway across east and west of South Scotland and to Ireland as well as the more urbanised northern parts of the region. Key infrastructure links between deprived areas to the wider region are already planned.

"Improved connectivity within the region is vital, including North-South transport links such as the full dualling of the A1, A68 and A7 Trunk Road networks. Improved linkages to the North east of England can bring a great deal of economic opportunity. Cross border liaison with proposals in Northern England is essential to ensure coordinated action. East-West links which are currently poor will also require significant investment."

Those poor east-west links across Borders and Dumfries & Galloway were identified more than half a century ago, but little has been done to improve the situation. It must be doubtful whether this particular ambition will feature high up on development agendas in the future.

Meanwhile the South of Scotland IRSS includes a wish list of more than 30 major schemes scattered across the vast land mass that makes up Scottish Borders and Dumfries & Galloway.

This report makes the following statement at the outset: "Through this document, we articulate a number of shared outcomes and strategic development projects we wish to see achieved and delivered in our region by 2050 which will respond to the climate change emergency, secure sustainability in our energy supplies and land use practices; deliver an inclusive economy; bring meaningful improvements to the health and wellbeing of all of our citizens; facilitate the responsible management of our high quality landscape and heritage resources; and deliver optimum connectivity to, from and throughout our region."

According to the report's authors the Covid-19 pandemic will be a game changer. The IRSS warns: "The impact of the coronavirus pandemic is a stark reminder of the potential for radical change in even a matter of months. It is liable to impact on us all, and potentially for decades to come. We must plan to address the challenges and opportunities as we now find them. We need to adapt in recognition of the strong likelihood that we face a challenge which is qualitatively and quantitatively of a different order from any that we have encountered previously."

Among the Borders projects outlined are:

A by-pass for Selkirk (another very old idea) – “The support of the Scottish Government would be required to deliver any such road network upgrade.”

Improved east-west road links between Borders and Dumfries & Galloway: “Existing east-west road connections between Dumfries and Galloway and the Scottish Borders are poor along the A708 & B7068, consisting of single track sections, substandard alignments and narrow bridges. There is a need to undertake road capacity enhancements in order to improve the local road network resulting in better links to the strategic road network and services.”

New bridge at Peebles: “development opportunities are limited due to a number of factors including the limitations of the existing Tweed bridge to accommodate more traffic which would allow new development on land on the southern side of the river. A number of locations for a new bridge have been examined and a feasibility study will be required as well as funding measures put in place to ensure its construction. The Scottish Borders Local Development Plan (LDP) does not support nor allocate any new land for development on the southern side of the river until a new bridge is built.”

Bankruptcy petition lodged against Avocet chairman

 by DOUG COLLIE,

Martin Frost, head of the 'disruptive technology' Avocet Group of companies, has announced his intention to pursue a sweeping criminal complaint against several parties including Scottish Borders police officers and the Procurator Fiscal service in Jedburgh.

The move follows court proceedings against Mr Frost in Scarborough and in Jedburgh on Monday, including the submission of a bankruptcy petition involving the sum of £4 million, according to a letter circulated by Mr Frost to hundreds of Avocet Natural Capital (ANC) shareholders.

His communication entitled "Malicious Prosecution". and a second missive outlining developments involving prospective purchasers of the business make no mention of last week's planned meeting with investors aboard ship off Cyprus. 

Mr Frost states in the Malicious Prosecution document: "With the assistance of some Israeli colleagues, and an outlay of over £230,000 Martin Frost has arranged to lay before Police Scotland on Friday 25^th September 2020, a detailed criminal complaint that Mrs Aileen Orr of Sunwick Farm, the ‘bully girls’ [Mr Frost's personal name for the joint administrators of insolvent subsidiary Orrdone Farms], local Scottish Border members of Police Scotland, Jedburgh’s Procreator (sic) Service, along with many guileless fellow conspirators and bloggers have actively sought to defraud Avocet.

"It was tough being on the receiving end of so many layers of fabrication, which ultimately led on Monday 14^th September to the hearing of criminal charges in Jedburgh Sheriff Court and bankruptcy petitions against Martin Frost and Janet Orr Frost in Scarborough County Court for some £4 million pounds: petitions engineered so that Sunwick and Houndwood farms could be given to the Orr family. Happily, such actions now await the outcome of the Orr complaint."

The Avocet chairman then goes on to outline detailed claims of an alleged 'fraudulent scheme' hatched against him by various parties.Several Scottish law firms are named together with the Crown Office and the Scottish National Party.

 He goes on to tell shareholders"Avocet and the Frosts are obliged to seek compensation from the ‘bully girls’; ‘Police Scotland’; and the Crown Office and Procurator Fiscal Service. And to this end, Martin Frost and Avocet have pulled together a world class legal team which expects to outlay a further £250,000 to obtain justice for Avocet – such justice will include the restoration of Omega Infinite Plc and Orrdone Farms Limited to the Company House registrar. This expenditure is funded by Loch Lomond Heritage Limited who has and is obliged to sell some assets including ANC Plc discounted shares to fund such."

Mr Frost is the sole director of Loch Lomond Heritage with all of the company's shares held by members of his family.

So far as the latest moves on the Avocet business front are concerned, investors are informed that some  400,000 ANC Plc shares have changed hands and in the coming week a further 400,000 shares are likely also to change. 

"The main motivations for this flurry of share holder activity are debt consolidation along with the acquisition of discounted shares; this week’s motivation for share movements appears to be restructuring within family holdings where people are rearranging their family portfolios to mitigate capital gains and death duties."

Those with a stake in the company have already been told by Avocet's directors that the unnamed investors are seeking an option to purchase all remaining ANC shares by the end of 2023. But that would need a change in the company's articles of association, requiring approval by at least 75% of shareholders.

Mr Frost writes: " To secure this option ANC Plc will need a simple change in its company articles, such change will require the consent of 75% of those shareholders who choose to vote. 

"That said, it would also assist if 95% of all ANC Plc shareholders consent that this change can be made at short notice rather than the 28 days that could be required. The directors of ANC Plc would like to be in a position by Wednesday 30^th September to conclude the proposed transaction. If in the unlikely situation that 95% of shareholders do not agree to the short notice then the transactions are unlikely to conclude until December 2020."

Book Festival's culture clash with The Proclaimers

 by DOUGLAS SHEPHERD

Saturday ticket sales at the 2019 Borders Book Festival slumped by 20 per cent after performances by authors and artists clashed with a concert by iconic music duo The Proclaimers, organised by Melrose Rugby Club and attended by 4,000 fans.

The impact of the concert on the festival was mitigated by 'smart scheduling' with the four day literary event emerging at the end of the day with increased revenue, according to newly published annual accounts.

There had been concern and dismay in the Melrose community when it was realised Proclaimers twins Craig and Charlie Reid were to perform during the festival on June 15 last year.

The report by the Borders Book Festival trustees deals with the issue in some detail. 

It says: "Creative directors Paula Ogilvie and Alistair Moffat faced the challenge of the unexpected scheduling of a concert by The Proclaimers at a nearby site during the festival.

"A combination of smart scheduling, detailed logistical planning and advance warnings meant that the concert's impact on the festival was kept to a minimum. Ticket sales for the Saturday of the festival were down by some 20 per cent on last year (2018) but it is testament to the hard work of our directors and the understanding of our loyal attendees that big increases in ticket sales for the Thursday, Friday and Sunay offset this fall and still resulted in our best ever performance in terms of overall revenue.

"It is also hoped that some of those attending The Proclaimers concert will have visited the festival's food village and become more aware of the Borders Book Festival".

In his report, trustee and former Border Member of Parliament Michael Moore reveals that the 16th festival recorded book and ticket sales of £210,000, in line with the 2018 event. Last year almost 34,000 visitors took in 124 performances by more than 130 artists.

"The festival's economic importance on the region was estimated at £2.3 million (using the methodology approved by Events Scotland)", adds the report.

By contrast, this year's festival is being conducted on-line thanks to the pandemic, and the economic contribution is likely to be negligible.

Mr Moore writes: "A spread of very different events captivated people's imagination and attracted many who might not have previously thought of coming to a book festival.

"As well as the festival's traditinal fare of literature and politics, well served by the likes of Cressida Cowell and Matt Chorley, we also welcomed big hitters from the world of sport such as David Coulthard and Gregor Townsend. David Nott, author of War Doctor, held a particularly moving event which ended with a standing ovation in the festival's largest venue".

Mr Moore also chairs the festival company's Remuneration Sub-Comittee which determines the amounts to be paid to principal consultants Alistair Moffat and Paula Ogilvie who are also trustees.

The report shows: "During 2019 the board agreed payments of £31,000 [each] to Mr Moffat and Mrs Ogilvie (2018 £31,650 and £31,910) as part compensation for their contributions of skill and experience in the field of literary festivals. These approved payments were in respect of fees, not wages or salaries. Neither Mr Moffat nor Mrs Ogilvie receive any remuneration for their directorships of the company".

In a section headed Related Party Disclosures, the report states: "For the 2019 festival David Ogilvie, husband of trustee Mrs Ogilvie was paid £10,000 for consultancy services provided to the festival. Sons Andrew Ogilvie and Gavin Ogilvie provided services to the festival and received payment under the business name Vape Collectors. They were paid £200 and £450 respectively". 

Council locked into IT contract for 20 years

by DOUG COLLIE

A behind closed doors move by Scottish Borders Council to extend the outsourcing of its ICT services until the year 2040, and involving public expenditure of £30 million, has been disclosed for the first time in a memo to the authority's 4,000 staff by chief executive Tracey Logan.

However critics are already suggesting SBC should justify the decision to lengthen its contract with suppliers CGI at such an early stage of a 13-year deal which was only signed in 2016 at a cost to Borders council taxpayers of £92 million. The arrangement will remain in place until 2029 with an option for a six-year extension. But now the intention is to stick with CGI for a further five years after that.

The first public indication of the proposed multi-million pound extension was contained in a low-key notice posted earlier this week by SBC on the Scottish Government's Public Contracts website.

The so-called VEAT [Voluntary Ex Ante Transparency] notice allows other interested parties a short period in which to register an interest. But the Conservative-led local authority's elected members are expected to sanction the huge commitment of public funds at a meeting towards the end of September.

The issue has never been discussed in public by councillors, and it is not clear whether there is any opposition to the proposals because of the secrecy surrounding the planned contract extension.

The VEAT notice states: "The provision of Information, Communication and Technology (ICT) Services and Transformation to Scottish Borders Council. The Council intends to extend the current established partnership and related contract with CGI by a further 5 years to take advantage of long term transformative opportunities and technologies to deliver the best possible outcomes for the Scottish Borders.

"The Council recognises the adverse effect of the current pandemic on the economy and the resulting uncertainty for the longer term. This proposal will minimise the effect of this on both employees and the community by providing security in relation to ongoing services and delivering transformation opportunities through long term investment in the Digital Borders programme."

Not Just Sheep & Rugby has been provided with a copy of the memo to staff circulated by the chief executive this week.

Mrs Logan writes:"I wanted to make you aware that the Council is proposing to extend its contract with CGI, our strategic IT partner. The partnership was originally forged in 2016 as part of a 13 year contract, which is due to run until 2029. However SBC has agreed in principle to extend this to 2040.

"By agreeing an extension at this time the Council would benefit financially and we would be able to further our Fit for 2024 transformation programme to ensure we are in the best shape to:  meet future challenges, take advantage of new opportunities, and deliver the best possible outcomes for Borders' communities."

She argues that the contract extension would allow CGI to support SBC to make sure "we are ‘fit’ to deal with the many challenges we face in a constantly changing digital world."

It would also enable the Scottish Borders region to benefit from the advancement of digitally connected communities to support improved outcomes in areas such as health, social care and "advancing our already world-leading education IT programmes.  Our new programmes will also create benefits that will support better working experiences and improved efficiencies for the Council."

Discussing the partnership with CGI so far, Mrs Logan claims the local authority and their providers

have a proven track record of working together successfully over the last four years.

But she adds: "While it is acknowledged there have been some challenges during this time both parties have worked together effectively to not only resolve these challenges but to accelerate the deployment of technology solutions; delivering real benefits ahead of schedule.

"A prime example of this is our world-leading Inspire Learning programme that has provided all Borders school pupils in P5–S6 with iPads and internet connectivity to enhance their learning both in the classroom and at home. The roll out to include P4 is now being delivered.

"CGI has been integral to the Council's operations during the COVID-19 outbreak by rolling out refreshed laptops ahead of schedule, deploying Microsoft Teams across the organisation and generally ensuring thousands of staff who are having to work from home are doing so as effectively as possible. They have also played a crucial role in the recovery from other emergency incidents; most notably the major fire at Peebles High School last year."

She concludes by confirming that the detailed business case for the extension of the CGI contract will be presented to elected members at the full Council meeting on Friday 25 September to enable a final decision on the contract extension to be made.

The transformation programme of council IT which followed the 2016 contract signing soon encountered problems with delays in implementation and missed savings targets.

In 2017 Agilisys, a company commissioned by CGI to deliver a Digital Customer Access portal, were removed from the job. The difficulties associated with the out-sourcing programme were highlighted in an Audit Scotland Best Value report on SBC last October.

When the massive financial deal was finalised back in 2016 it was announced that CGI would create 200 well paid skilled jobs at an IT centre in the Borders within five years. A total of 49 SBC staff transferred into CGI employment as part of the contract.

A technology observer told us: "The details of the contract extension are sparse with most of the information apparently being kept under wraps. But council taxpayers who will fund this huge commitment for the next 20 years will want to know what financial incentives were on offer and whether their elected representatives are paying close attention by scrutinising ICT expenditure on this mammoth scale.

"There certainly does not seem to be any apparent reason which necessitated SBC to effectively extend their arrangements with CGI from 2035 to 2040 just four years into the contract".

Still no sign of Avocet's 'million a day' web server

by EWAN LAMB

As executives of the Avocet 'disruptive technology' Group prepare for tomorrow's crucial meeting with wealthy investors aboard ship off Cyprus, there is growing dismay over the non-appearance of a promised 'intelligent web server', due to go live on August Bank Holiday and forecast to attract a million visits each day.

The 650 shareholders in Avocet Natural Capital PLC were told of the 'exciting' server proposals by company chairman Martin Frost in news letters he issued in July and August.

In a shareholder letter dated July 14th Mr Frost referred to “The ‘Avocet Server’ (‘AS’) owned by Loch Lomond Heritage Limited. He is the sole director of Loch Lomond Heritage with members of his family holding all of the shares in that business.

Mr Frost declared: "‘AS’ has a contract with Avocet N C Limited to provide unique web services. The net profit generated from these web services is to be jointly divided between the Avocet Foundation and Avocet NC Limited – with an estimated million visitors per day, this web server with assistance from Google and Amazon is due to go live at the end of August 2020.”

Then in a follow-up statement to current investors on August 6th the chairman wrote: "I was informed that Avocet’s new interactive intelligent web server will go live on Monday 31st August – I think all will be greatly impressed and a million regular world visitors interested in natural capital are expected. Also, to be found on the Avocet server there will separate shareholder and Avocet friend sections which will have a multitude of product offerings.” 

But August 31st came and went without any sign of the keenly anticipated server. 

Not Just Sheep & Rugby understands that since then a number of Avocet 'followers' have expressed disquiet over the failure to replace the Group's website which shut down suddenly earlier this year.

One disgruntled shareholder commented: "I don't suppose we should be all that surprised that the end of August deadline wasn't met. The company management has failed to deliver on its promises before and now we wait expectantly for the outcome of this week's discussions near Cyprus, and the follow-up next week in Vancouver".

The identity of the new investors seeking to take control of the Avocet NC Ltd subsidiary has not been shared with shareholders who have been waiting six years for Avocet to develop and market a single product, including a revolutionary fuel to replace petrol and diesel.

But Mr Frost gave an indication of the scale of the proposed operation in another of his letters last month.

He said: "The new investors plan to inject into Avocet NC Limited some £750 million of which £500 million will go into fuel and alternative energy (based mainly North America), £150 million into renewable green methanol (mainly Middle East), and £100 million into agriculture (mainly Africa). The new investors will have an option to convert their Avocet NC Limited investment into 30 million new ANC Plc shares by December 31st, 2023."

In a subsequent update he laid out a timetable for this month's pivotal meetings and developments. 

According to Mr Frost: "On Saturday 5th September, the Revised Articles of Avocet NC Limited shall be adopted. Week commencing Monday 7th September ownership control of Avocet NC Limited will pass to the proposed new investors in ANC Plc.

"On Thursday 10th September, Dr. ‘Bob’ Jennings and I meet our proposed investors aboard ship at sea outside Cyprus. On Wednesday 16th September Dr. ‘Bob’ Jennings and ‘Dr. Glyn Short’ will meet our proposed investors in Vancouver, Canada.

"On Friday 9th October, those Avocet Natural Capital Plc shareholders who choose to vote will hopefully have given ANC Plc’s directors a mandate to alter the Articles of Association to permit a Drag-Along Rights.

Stakeholders were assured that the purchasers' North American lawyers will individually write to ANC Plc shareholders offering to purchase so many shares from them at the price of £3 per one-pound share.  

"Upon acceptance the physical share mechanics will be overseen by Asset Match with the payment emanating from the US. The passage of money is expected to happen by cheque during the 21 days following the modification of ANC Plc’s Articles of Association. Note: ANC Plc shares are likely then to become tradeable on a platform such as Asset Match."