TriCell LTD (fka TCLL)

[bonedaddy77]

Doing some DD and found something REALLY interesting. Looks like the company is serious about getting the share price over $1.

VALIANTS IN LINE FOR £142,000 BOOST
Be the first reader to comment on this story
DAVID ELKS

15:00 - 14 February 2006
Port Vale directors are hopeful of a financial boost in their long-running fight for sponsorship money from mobile phone firm Tricell. News of the breakthrough came as administrators for Tricell UK confirmed the company will be wound-up one year after they were appointed to the firm, which owed £92,000 to the Valiants.

Confirmation of the liquidation comes as club officials track the share price of parent firm Tricell Inc, which has more than doubled since the Vale were granted the equities given in December.

Tricell UK liquidator Pat Papanicola, of London insolvency practitioners Bond Partners, said he was awaiting a decision by HM Revenue and Customs on how to resolve a damages claim lodged by the company. This is because a decision by Customs and Excise officers to withhold VAT from Tricell UK and other mobile phone companies as it was linked to so-called missing trader fraud was ruled unlawful by the European Court of Justice.

Mr Papanicola said: "They are currently reviewing the case and have said they will make a decision by February 23.

"One of the questions will be how much interest they are going to pay and what compensation for the damage it caused to the business.

"There may be some money available to pay off creditors but it would be premature to say how much."

News of the liquidation comes two months after the club was granted 250,000 Tricell Inc shares as a measure of support. At the time the shares were priced at four pence, but the price has now more than doubled to 8.9 pence, valuing the company's holding to £22,250.

Mr Sumnall said Tricell's board planned to develop the business to reach a share price target of one dollar - 57 pence - within 18 months.

He said: "There has been a lot of bad press, which hit the industry, but with the ECJ's ruling investors now recognise that Tricell is a high-turnover business and are coming back.

"It is too early to say that a full recovery is underway, but the board is working hard to reach its target of getting the share price to a dollar."

The club must hold the shares for a minimum of 12 months and cannot sell the shares until the price exceeds one dollar - valuing the stake at £142,500.

Vale chairman Bill Bratt, who has already written off the £92,000 that had been pledged to the club in 2004, said: "It would be nice if the share price can continue to rise. Everyone would be vindicated if the price reached the dollar."

source:
http://www.thisisthesentinel.co.uk/displayNode.jsp?nodeId=158338&command=displayContent&sour...