TXO PLC (TXO)

[pitts77h]

TXO News from Tim Baldwin's office above the HIV Clinic..an offer you surely can refuse

http://www.shareprophets.com/views/18675/txo-news-from-tim-baldwin-s-office-above-the-hiv-clinican-offer-you-surely-can-refuse

Our old friend Tim Baldwin of TXO, RAM and Cientifica infamy is still at it. TXO (booted off the Casino in Mar 15) narrowly managed to avoid the stake through the heart when GBG did come through with a £250,000 loan to pay off some of the debt due on 31 Oct 15. Tim no doubt managed to convince the rest of his creditors – estimated at another £250,000 to give him more time. The question is, with the lobster pot closed to new lobsters, how to get more cash through issuing confetti? Easy..

The first step was to change the name from the thoroughly discredited and despised TXO to Clean Tech Assets as reported on Share Prophets (about a month after the event it did finally register the name change with Companies House). The next step is to try to get the lobsters already in the pot to cough up more cash. A load of Bonus warrants have been issued to existing shareholders and they needed to be exercised by end Jan 2016 16 at the bargain price of £1.

TXO is listed on joke matched trade exchange JP Jenkins with an indicative price of 40p – not that anyone has bought at this price as no trades have gone through since listing in March. Before Christmas, Tim and his buddy Chris Foster, who are the only remaining directors with the others having walked back in Oct, sent out a letter to shareholders which you can read in full here.

Before I expose what complete nonsense it is it is worth reminding ourselves that TXO did not have to be booted off the Casino as it had an offer of a Nomad, but that offer was conditional on Tim and Chris standing down. Tim and Chris refused that offer and got TXO booted off the casino, thereby lobster potting the shareholders from whom they are now trying to extract more cash.

The letter, posted from Tim's brand new office above the HIV Clinic in Watford, contains all the usual jam tomorrow promises that Tim is so famous for. The main event is GBG, wow lots going on there and the long awaited plant in the Bahamas is expected to open in 2016. Great at last! We can surely find out all the details on the GBG website: grandbahamagroup.com/

“Our new website will be coming soon, in the meantime, view the video below to see the approximate look and feel of the MARPOL Hydrocarbon Recovery Plant we have planned for Grand Bahama in 2014.”

I think that about sums that bit up. I could go into more detail about the other guff including the great contract to clean up Clifton in Mar 15, which was the ramp at the time TXO got booted off the Casino, which never started and has now time expired, but you can delve into all that for yourselves.

Next up is Oil Tech Royalties. The ramp at time of booting off was that some newly formed Panama based investment company had bought shares in OTR from one of the other JV partners at a price that valued TXO’s stake at 3M Euros. OTR has no web presence at all and we do not know who runs it or who the other JV partners are. It claimed to have some wonderful “vibrocavitational ultrasonic reactor valve which is capable of improving the homogeneity, and viscosity of heavy crude oil, low quality fuel oil and diesel” and according to the letter they now have some wonderful planet saving synthetic fuel oil which is now the short term focus of the company and funnily enough uses the same valve!

So the “non-binding letter of intent with Abdulaziz Abdulmohsin Al-Rashed Sons. W.L.L. to form a joint venture in order to promote and commercialise OTR's technology in the State of Kuwait. OTR will provide their proprietary technology and technical know-how for the pilot tests to establish the efficacy of the technology in its potential use at power generation facilities and for use in the treatment of heavy oil in Kuwait. Al Rashed will assist in providing the introduction of OTR to potential customers and in identifying locations and resources required for the test” announced back in Oct 14 and ramped again at time of boot off has not exactly worked out as hoped for. So let’s reinvent what the wonder valve does and try the scam again.

The sale of ARL is expected in Q1. They neglect to mention that it is conditional on an IPO. I wonder how that IPO is going with Oil sub $35? ORS goes with it, but as ORS was asset stripped in Jun 15 (something the TXO annual report neglected to mention when it gave ORS a ridiculous valuation) and should have been struck off on 15 Dec 15 for not filing its Annual Report (I am still waiting to hear back from Companies House why it has not happened) it is no great loss.

Finally we have Alpha Prospects another Tim and Chris investment company now also only listed on JP Jenkins. It is not clear from the letter whether it is TXO’s stake that is valued at £200,000 based on the indicative price of 3p for Alpha shares or whether the whole of Alpha is valued at £200,000, which would be about what Chris valued it at when he bought RAM’s shares in Alpha from the administrator for £12,000. Hill Street Investments (another Tim Baldwin failure) administrators still have no found a buyer for the Alpha shares they have.

Then some guff about shareholder communication – should say we will only contact you when we want your money.

Then the free gift! The 2 companies being given away are MARINE WASTE OIL RECYCLING LIMITED sole director Tim Baldwin and done nothing since incorporation in Sep 15 – Value £68.40 inc VAT and CLEANER FUELS LIMITED – Ditto.

If shareholders were mad enough to exercise their warrants, then they will get a disproportionate share of this wonderful gift. This is based on them being disproportionately more stupid than others in the lobster pot and therefore potentially an easier touch to get to fork out more money to put into these worthless POSs.

And guess what? the letter providing these free shares has recently arrived and not only are they free, lucky shareholders will get preferential treatment when they part with more of their hard earned cash to support these wonder companies that are building containers to house the wonder products of GBG and OTR. Is it me or is there a strong smell of boiler rooms around here?

TXO’s Annual Report to 30 Sep 14 is under investigation by ICAEW due to the grotesque way it overvalued the carrying value of assets, among other things. Will that put a stop to the way Tim Baldwin preys on ordinary Private Investors to fund his life style. I doubt it – the fight goes on.