by LESTER CROSS
The chairman of the Avocet Group of 'disruptive technology' businesses has attempted to dispel fears that his flagship company will be compulsorily struck off the register for failing to lodge annual accounts for 2019.
A number of the 680 shareholders who have invested tens of millions of pounds in Avocet Natural Capital PLC, headed by Martin Frost and Dr Bob Jennings, are said to have been alarmed by a notice posted on the Companies House website which threatens ANC with dissolution.
It follows similar action taken by the Registrar against several other Avocet firms for failing to submit accounts or an annual confirmation statement on time. Most of these actions have been either suspended or discontinued following late filings by Avocet management.
In a shareholder letter sent to ANC stakeholders yesterday company chairman Mr Frost claims: " ANC Plc shall not be struck off the Company House Register as the audited accounts for ANC Plc shall be lodged before the end of May."
Therefore, there was no prospect that: ANC Plc shareholders would not receive a dividend from the IP [intellectual property] sale.
And, according to Mr Frost, there is no prospect that "Gennfros Limited shareholders will not receive a dividend Furthermore: Funds shall be available to restore Omega Infinite Plc to the Register: Funds shall be available to restore Orrdone Farms Limited to the Register ;Funds shall be available to satisfy all Avocet Bio Solutions Plc creditors. Funds shall be available to secure justice against the ‘Bully Girls’. Funds shall be available to secure justice against Mrs. Aileen Orr & her acolytes."
Omega (formerly Avocet) Infinite PLC has been in the hands of liquidators since early last year. That company had not filed accounts since 2017. The same applies to Orrdone (formerly Avocet) Farms Ltd. (in administration) although Mr Frost has pledged on several occasions to have both businesses restored to the register of companies.
He claims many millions of pounds are to be invested in Avocet's "revolutionary" fuel by unnamed investors while the sale of Avocet IP Ltd.'s patents is expected to yield up to £200 million. Avocet IP was served with a compulsory striking off notice on January 26th 2021, but the action was discontinued by the Registrar on February 9th.
In a separate case ANC subsidiary Avocet Agritech Ltd was the subject of a notice of compulsory strike off in December 2020, subsequently suspended in February of this year. The business should have filed accounts for 2018 by December 2019. It had not traded during 2017, according to the accounts for that calendar year.
An individual with a "significant" stake in Avocet Natural Capital commented: "It is extremely worrying to learn such a substantial business could be dissolved for failing to abide by statutory regulations.
"We keep hearing of mysterious white knights about to ride to the rescue and deliver prosperity for all. Why doesn't Mr Frost or Dr Jennings name this wealthy consortium which has been wrapped in a web of secrecy since it was first mentioned last summer. There's no indication they've made so much as a dime available so far, and surely shareholders have a right to know what's happening".
FOOTNOTE: In what appears to be an unfortunate typographical error Mr Frost tells readers of his latest letter: "Going forward a tentative offer of $50 US dollars is made for the residual IP (after the jet fuel from air IP sale)".
A recipient of the correspondence remarked: "All of Nobel nominee ‘Bob’ Jennings’ work over the last six years, funded with an investment by the shareholders of £16 million, is worth exactly $50 US. Just what I suspected, but I am surprised Mr Frost is admitting it!"
No comments:
Post a Comment