Major Avocet shareholders sell before AGM

from OUR BUSINESS DESK

A number of major investors in 'disruptive technology' business Avocet Natural Capital, including members of the Frost family, have apparently sold their shares to the mysterious outfit PCH Inc., it has been revealed, a month before a planned annual general meeting of the Avocet parent company.

And it has also been disclosed that the equally enigmatic 'Tim Carter', Parachute Holdings' representative in the UK, is set to become a director of ANC even though he has yet to make a public appearance.

It is now more than a year since Avocet chairman Martin Frost first mentioned the group was being courted by unnamed investors with unlimited financial resources. But there is still no sign that Avocet or its close associate Gennfros is about to produce a 'wonder fuel' to revolutionise road transport.

These latest developments are outlined by Mr Frost in correspondence circulated to ANC shareholders which gives notice of a scheduled AGM via web conference on September 30th. But the Avocet boss goes on to warn that he may not be able to participate in the proceedings "For medical reasons, I have major cancer treatment, so I have appointed proxies on my behalf".

Shareholders are told by Mr Frost: "You will be notified of significant share changes: in the main these ownership changes consist of the Frost family, along with other major shareholders having sold their shares to PCH.

"New director recommendations, principally the appointment of Tim Carter and / or other colleagues to the Board. Note a dividend in normal circumstances may only be paid out of profits: ANC Plc expects to announce profits of over £30 million prior to the AGM."

Avocet Natural Capital PLC has not produced annual accounts since 2018 when an operating loss of £10,149 was reported. Those accounts also told of an issue of share capital of £29.950 million.

The annual report added: "During the year intellectual property (IP) of £30 million was purchased from Avocet Infinite PLC (£20 million) and Avocet IP Ltd (£10 million), the shareholders of Avocet Natural Capital".

A set of accounts for 2019 should have been lodged at Companies House by December 2020. But those financial details are now eight months overdue.

According to Mr Frost's email to shareholders the main purposes of the meeting are to comply with statutory regulations, and to vote on the directors’ recommendation that ANC Plc issues a dividend. Prior to the AGM shareholders will be issued with documents including a chair’s review.

"Shareholders will be asked to make choices: Expulsion of members for breach of their NDA or other matters; support of Omega and support of third-party legal actions; the appointment of an auditor; consideration of the financial statements; the election of directors; determination and timing of issue of a dividend.

"Questions thereafter: note, all questions require to be set down in writing, seconded, and delivered to company secretary 7 days prior."