No accounts: just "another fairy story"

by EWAN LAMB

The last minute cancellation of last Thursday's planned General Meeting of 'revolutionary fuel' promoters Avocet Natural Capital means some shareholders do not now expect to receive the first set of  accounts for the company since 2018.

Avocet chairman Martin Frost pulled the plug on the video-link meeting after claiming dissidents in the ranks were planning a demonstration while some investors had been asked to pose as members of the press.

Long suffering shareholders with up to £30 million invested in the Avocet concept had been expecting a collection of documents from management in the lead up to the aborted meeting.

In a communication issued on September 23rd Mr Frost said he would be sending the following paperwork on September 29th, the day before the General Meeting:

"Video links together with voting slips; draft ANC Plc accounts; the Directors Report; review of proposed litigation; and details of a proposed dividend."

As reported here the planned dividend details did materialise in a 'newsletter' announcing the cancellation of the long awaited meeting. But so far there has been no sign of the long overdue accounts.

A contributor on the Avocet Shareholders' Independent Forum commented: "Instead today we get another fairy story from him (Mr Frost) which puts the brothers Grimm to shame."

A shareholder who got in touch with Not Just Sheep & Rugby commented: "Some of us believe the meeting was to be stage managed. But then the directors got cold feet in case there were awkward questions.

"We've now been told that Martin Frost and Bob Jennings plan to remain in post for a further four or five months until an annual general meeting is held next February. No doubt that event will be cancelled too for one reason or another. I agree we are being fed fairy stories".

Avocet Natural Capital's 2019 accounts should have been lodged at Companies House by December 28th 2020 at the latest. Failure to lodge accounts and other company filings on time constitutes an offence under company law.

A notice on the Companies House website explains that the Corporate Insolvency and Governance Act 2020 granted automatic extensions for filing deadlines between 27 June 2020 and 5 April 2021 to relieve the burden on companies during the coronavirus (COVID-19) pandemic and allow them to focus all their efforts on continuing to operate. 

The notice adds: "Automatic extensions were granted for accounts, confirmation statements, event-driven filings and mortgage charges. There will be no further automatic extensions for confirmation statement filings, accounts filings and event-driven filings after 5 April 2021. After this date, you’ll need to file your documents by your usual deadlines."

We asked Companies House if this was the case why were some businesses such as Avocet Natural Capital able to ignore deadlines - in this case by nine months without being struck off the register.

In response, compliance case officer Lyndon Jones told us: "I can confirm that director(s) have been reminded of their statutory duty to file up to date accounts and/or confirmation statements in accordance with the Companies Act 2006.  This may lead to prosecution action being taken against the directors when, if found guilty, they would receive a criminal record and a fine

"However, if it appears that the company is defunct, our prosecution action will cease and action will be taken to remove it from the register."

In a separate development this afternoon Mr Frost revealed to shareholders that Scotland's Sunday Mail newspaper had decided "to write an article on our companies" for publication tomorrow.

He provided investors with a copy of the correspondence which had passed between him and a journalist from the paper.

When asked if he agreed that shares in Avocet were worthless, Mr Frost replied 'No. Omega Infinite Plc shares relate to a company in liquidation, nevertheless it is unique that even these Omega shares on exchange are realising money".

 

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