by EWAN LAMB
Avocet Natural Capital, the £50 million 'disruptive technology' company with its eyes on world domination of the fuel market, has been unable to withstand a 'conspiracy' masterminded single-handedly by a Berwickshire farmer's wife, according to the firm's chairman.
In what has been described as a sensational turn of events, Avocet chief Martin Frost today announced the dissolution of ANC PLC.
Meanwhile a group of named investors in the Group have been 'blackballed' and will not be receiving gifts of shares in a new company called Gennfros Ltd. A number of those barred have been highly critical of Mr Frost for the lack of any progress in bringing Avocet's 'revolutionary' fuel additive to the market.
In a letter to ANC shareholders today Mr Frost declares: "On Tuesday 3rd November 2020, in accordance with the Articles of Avocet Natural Capital Plc and with regard to the directors fiduciary duty to ANC Plc it was formally decided that ANC Plc should be dissolved and that ANC Plc’s net assets be realized. Then that these funds be returned to ANC Plc shareholders (given Aileen Orr's inspired negations) while ANC Plc still had assets to be realized."
Mrs Orr has been the target for vitriolic verbal attacks by Mr Frost in a series of shareholder letters which appeared to have nothing to do with company business.
According to today's letter from the Avocet chairman: "Central to this decision is the fact that ANC Plc has become unworkable due to the activities of Mrs. Aileen Orr. For some four years, Avocet and its directors have been the target of a conspiracy masterminded by Mrs. Aileen Orr in her guise of a Scottish Government official to deceive and influence.
"Using her phony position and claims, Aileen built around her an interfacing group of shareholders, lawyers, accountants, police, and crown officers who collectively climbed aboard, cross-fed themselves and compounded her conspiratorial shibboleths."
It is also alleged that Mrs Orr recruited "Avocet outsiders to badmouth via her claimed independent ‘Avocet Shareholders Forum’ and by no less than 50,000 attack emails in 2020 to Avocet executives, shareholders, bankers, professional bodies etc."
But Mrs Orr, who has strenuously denied having any part in setting up the Avocet Shareholders' Forum, told us: "The contents of this email are bizarre and frightening. My concern is that anyone believes it for the safety of my family and indeed myself.” She confirmed that lawyers were 'looking over everything'.
Although not a director of the fledgling Gennfros, Mr Frost announced earlier this week that like ANC the newcomer (it currently has 50,000 shares) would have 50 million shares. Half of the existing holding is in the hands of Loch Lomond Heritage Ltd., a company controlled by the Frost family.
Mr Frost explained: "The current owners of Gennfros Limited are giving a large percentage of their share entitlement in Gennfros Limited to selected shareholders of Avocet Natural Capital Plc."
However, certain ANC shareholders would be denied an entitlement to Gennfros shares because they had not paid for their holdings in Avocet Infinite, the original parent company which is now in the hands of liquidators.
Mr Frost revealed that over one million shares fall into the Avocet Infinite Plc non-payment category, and in the main relate to unpaid ‘gifts’. At the same time he claimed: "Over 500,000 shares fall in the AFS Ventures Plc non-payment category".
AFS Ventures is another business directed by Mr Frost which has been going through a liquidation process since 2015 following a Declaration of Solvency made by management at the time liquidator Eric Walls was appointed.
But Not Just Sheep & Rugby has been contacted by a party who told us only 50,000 shares were ever issued in AFS Ventures. Our contact asked: "Where the hell have the other 450,000 shares in AFS come from?"
Today's letter states: "Gennfros Limited has decided not to offer a share entitlement to Mrs. Aileen Orr, and many members of her long family. Again, as a result of the above - ‘blackballs’ are received against the following: the Jeffrey family, the Munro family, the Walker family, the Christie family, etc – all of which are referred to the Gennfros Limited adjudication committee."
A number of shareholders in ANC say they believe the dissolution of that company will be handled by an insolvency practitioner.
One investor commented: "The business faces its third major restructuring in little more than a year yet six years after the original company was incorporated there is absolutely no sign of it about to trade its products on the global markets.
"I'm afraid Mr Frost's recent talk of wealthy investors coming on board is being regarded with extreme scepticism by many of us. I would challenge Avocet's management to identify their mysterious sugar daddy who apparently has more cash than the total monetary power of Scotland".
No comments:
Post a Comment