Bankruptcies "likely to be annulled"

by EWAN LAMB

Bankrupt businessman Martin Frost has circulated another "newsletter" to shareholders of Avocet Natural Capital PLC even though his new status means he is unable to serve as a company director until he is discharged.

Writing in his capacity as 'joint president' of the self-styled disruptive technology Avocet firm Mr Frost tells his readers: "Janet and I heard today that our bankruptcies are likely to be annulled."

On October 18th Judge Joanna Geddes issued bankruptcy orders on the couple after the Business and Property Court at Leeds was petitioned by counsel for United Kingdom Agricultural Lending Ltd (UKALL). The finance company is seeking repayment of a £4 million sum it advanced in 2016 for the purchase of farms in Berwickshire.

Mr Frost had denied any money was due by him to UKALL, and told the court both he and Janet would be appealing the bankruptcy orders in a higher court.

He had sought an adjournment of the October hearing to allow some £6 million to be paid into his  account from a Texan bank said to be holding $20 million - the first tranche of the proceedings from a $40 million deal in which Avocet Natural Capital had sold fuel patents to the State of Israel.

After reading Mr Frost's latest correspondence, an ANC investor who shared the letter with Not Just Sheep & Rugby declared: "This is absolutely astonishing. Frost continues to use the company's email list to contact us despite being effectively banned from running any company. 

"This looks like 'business as usual' for Frost so where are the other directors? We have received no information from the remaining board about the future or fate of the Avocet Group or its so-called wonder fuel".

Mr Frost's letter, like many of his previous emails to Avocet's 675 shareholders, carries a warning about the transmission of the information to others.

It states: "Please Note: Avocet Natural Capital Plc shareholders correspondence is identified with a tracker so please do not breach your shareholder NDA by passing on the contents of this shareholders communique to third parties without first obtaining permission from Mrs. Eirlys Lloyd [company secretary]."

The correspondence is headed 'Dividend News' and goes on to say: "I am advised that over 60% of ANC Plc shareholders have intimated their IBAN numbers to Mrs. Eirlys Lloyd. To execute the ANC Plc dividend, one needs an 80% consent to be gained either by implication via the receipt of your IBAN or in writing direct to Dr. Bob Jennings (the other ANC joint president).

"If 80% is NOT achieved by 4pm Thursday 11th November, then I am told that ANC Plc will apply for a court order to make this dividend. Providing the court grants the dividend then those of you who have not personally opted will have your dividend paid into an escrow account where it will be held until the next ANC Plc dividend award. A similar procedure may then apply."

On other news, Mr Frost claims: "The Genfro (another company dubbed 'son of Avocet') trading platform is delayed due to a dispute between Google and Microsoft in which Microsoft has backlisted emails from its providers to Genfro. This restraint of trade is being sorted."

And: "As matters settle you shall shortly be in receipt of further good news on the Genfro and Bio Solutions fronts."