Avocet patent sale "Now Done", chairman tells investors

by DOUG COLLIE

The bulk of the proceeds from the sale of the Avocet Group's intellectual property (IP) has been paid into a bank account and will be available in two to four weeks, according to Martin Frost, the company chairman who has yet to identify the purchaser and the amount received for the so-called 'jet fuel from air' patents.

Hundreds of shareholders in Avocet Natural Capital PLC were told of the sale in a letter titled 'Now Done' emailed by Mr Frost to investors yesterday (Saturday).

The news followed claims made on the Avocet Shareholders' Forum a few days ago that many of the patents had either expired, been withdrawn or patent renewal fees had not been paid. It was suggested that shareholders should engage a patents attorney with a chemical background to assess the situation. 

However, the ANC chairman countered those assertions by stating: "Due to timewasters...some of you became concerned over the ‘jet fuel from air patents sale’. Happily, solicitor Kit Jarvis, of Fieldfisher, provided the necessary documentation to prove that Avocet IP Limited (an ANC subsidiary) was the true patent owner with no reservation of title. 

"Thus, I am pleased to advise that the bulk of the sale proceeds was paid into an escrow bank account this Wednesday 21st April 2021. Some two to four weeks will now pass before Avocet IP Limited has full access to its funds, thereafter ANC Plc will obtain HMRC guidance before: An ANC Plc shareholder dividend is issued. A Gennfros shareholder dividend is issued. Creditor payments are made to the old Infinite (now Omega group).

"I am pleased to advise that the arrival of these funds now allows Avocet and Gennfros to continue with both civil and private criminal prosecutions against the bad folk – namely the timewasters, Aileen Orr, and Aileen’s adherents.

"Finally, those of you fortunate enough to hold Gennfros Limited shares, I can confirm the second offers are in process to you once Gennfros Limited’s Confirmation statement is issued during early May - showing the Up To Date shareholder position of our new investors."

News of the sale follows the seven years existence of the Avocet 'disruptive technology' businesses which have yet to bring their products to the market. This has fuelled concern among some investors who have expressed their worries over the apparent lack of progress on the shareholders' Forum.

But some of that Forum negativity was countered yesterday by investor Gavin Davidson who submitted the following contribution: "Given the latest ANC update from Martin. I wonder how many of you "Negative Nancy`s" are actually relieved that everything he has been trying to convince you of over the last few years is actually coming to fruition.

"I guess that all you "Naysayers" are actually relieved that you will get a positive return on your original investment (In ANC) after perpetually spouting that it was a conspiracy to steal our money. I
look forward to all your vitriol as is the norm on this "Shareholders Forum".

An anonymous poster retorted: "Hi Gavin, How much money have you actually received? Once again Frost says that money will be paid out some time in the future. It will evidently take 2 to 4 weeks for money to be available, thereafter guidance is sought from HMRC and then a dividend might be issued.

"The money is however available right now to "to continue with both civil & private criminal prosecutions against the bad folk – namely the timewasters, Aileen Orr, and Aileen’s adherents. "

"Sorry but an e-mail is insufficient to alleviate my suspicions. As a shareholder I should be entitled to see the accounts and to be kept properly informed. Getting silly cartoon characters, statements about "bad people" "bully girls" etc. sent to me on a regular basis is no way to run a company.

"It is good to know that Frost's e-mail has made you happy. I am fed up with the jam tomorrow e-mails therefore personally, I will wait until I see the money. At that point I will happily say my suspicions were wrong."