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Replies to post #41 on TXO PLC (TXO)
01/24/15 10:46 AM
??I asked in my last article “What are the chances of TXO beating the hex of publishing results on the final day possible meaning you are bust before you get to publish the next set?” the answer that has been given over the past few days seems to be: two hopes and one of them is called Bob, the other is called No!
We all know that Cientifica (CTFA) was his 2014 AIM train wreck (survived for under a year before suspension) and before that in 2013 RAM Investments (RAM) was a complete train wreck where despite booting Mr Baldwin off the board (after 4 and a half years), the non-execs who took over could not salvage the disaster he had left them.
Discounting the RAM subsidiaries, there are other non-AIM listed train wrecks in recent times we should not forget! In 2013 Equity For Growth was dissolved and GBin had liquidators appointed (liquidation still ongoing!). In 2014 Silk Road Minerals was dissolved as was Silk Route Resources, bit most pain fully for Tim was the appointment of administrators to Hill Street Investments, his Mayfair investment boutique.
I could go all the way back in history to list all Tim’s train wrecks, but I won’t; all I will say is there is not one example of a company the Tim Baldwin has been on the board of that has delivered a return for shareholders and TXO will be no different, neither will any of the other non-listed companies he is still on the board of, nor will any future company he sets up. Average time of time of start-up / joining the board to train wreck is about 3 years, so TXO having survived almost4 years since he “saved the company” is doing better than average.
Shockingly the company suddenly seems to be waking up to the need to respond to shareholders’ requests for more info (could the chocolate teapots have finally stiffened up?:
“In response to shareholder questions, the directors of TXO plc ("TXO" or "Company") wish to provide further information regarding the financing and trading updates published on 21 January 2015…
It was also reported in the trading update that the contract announced on 28 April 2014 had now come to an end. The contract won by GBG through its subsidiary Morgan Oil Marine (Bahamas) Limited ("MOM") related to the remediation of a significant quantity of used oils from three storage ponds on Grand Bahama. TXO would like to remind shareholders that it is an investment company, holding an interest of 35.67% in GBG, and as such would not have any direct benefit from the contract but would potentially see an increase in the value of its holding in GBG and distributions in the way of dividends from GBG as a result of this and other commercial activity. GBG has made no official statement to TXO on the likely outcome of the remediation contracts relating to the works mentioned in the release and the directors of TXO do not have immediate access to the accounting information of GBG, but have requested the results as part of their own financial reporting and planning exercise. As and when this information is made available to the Company an update on the possible value and performance of GBG may be made, if considered appropriate.”
Which translates as we have been forced to admit that we have not got a clue what our investee companies are really up to and we just publish in RNSs whatever they tell us (or maybe it is whatever we ask them to tell us!). Sorry guys and gals all Baldwin companies are just illusionist tricks. He may be a nice guy (until you challenge him then he turns into a bully and like all bullies is really a coward) but the reality is he does not do due diligence or detail because all he is really interested in is whether there is a story he can spin to investors and creditors that will keep the gravy train on the rails for a bit longer.
Bergen knows what is going on. It is not waiting to find out how few p in the £ it might get from the administrator. It has converted another wedge and will dump it as soon as possible. It is in profit overall thanks to what it has already been able to dump, so everything else is just a bonus – it no longer cares about selling at a profit to what it actually paid (which is 0.074p).
Do your own research, but do it quick so you can get out ahead of Bergen and before suspension, which could come even before the Nomad leaves on 20 Feb and the shares are suspended.
