Anyone who wants a copy of the TOG (EEGC 45% shareholder) annual report to 30 Sep 13 can drop me a line at the usual e-mail address
It provides no explanation of how they wasted the money TXO pumped into it up to Sep 13, it shows very clearly that Mad Malc never put in the $300k he claimed he did (no surprise), nor any explanation of anything that has happened since, nor any outlook going forward.
Basically, when the smoke and mirrors are removed, TOG is bankrupt.
There is no cash what so ever.
There is a receivable from debtors of £115,200, but the debtor is GSLM (in court ordered liquidation) and not 1p of this debt will ever be paid back to TOG.
There are current liabilities to creditors of £37,161 Plus the convertible loan from TXO which is due on 13 Oct 2014 of £162,695. Plus interest
TOG has no means of paying any of this and is therefore bankrupt.
In the balance sheet the proceeds from the Smart Win Case are (over)valued at £25,600
The worthless Alpha Prospects shares are valued at a totally ridiculous 2.5p (compared to the even more ridiculous 3p they were supposedly valued at when issued to TOG), giving a total of £833,333 (Impaired from the £1m on issue).
So what will Blobby do when the TXO loan becomes due on 13 Oct?
Will he call it in and try to get back what he can from the Alpha Prospects shares? That is certainly what would be in the best interests of TXO shareholders. Will he act in the best interests of all members of TXO as required by the companies act 2006? No chance! Blobby and Chris Foster as directors and major shareholders of Alpha have far too much to lose from doing that.
Will he make some excuse to extend it? Fairly likely, but I bet he does no want to tell the market he has done it, but he can rely on me asking his NOMAD to make what he does transparent.
Will he do what he did with EAOC and convert the loan? Again he will probably not want to tell the market he has done it, just as he did not when he converted the EAOC loan pocketing £11.5k in fees for himself in the process.
The only good news in there is that he has not pocketed any fees from TOG, but he did pay his EFG(S) company £700 for "consultancy" just to zero out the bank balance completely. FFS Blobby were you really that desperate!
AI
