It’s a cold hard world this morning for Jim Ellerton the self-proclaimed bringer of “Real value” to Sefton Resources.Yes last night John James Ellerton with his Board of Flunkies in tow actually stood up and tried to tell prospective investors/share-holders how he had brought “Real value” to the company.
The man who has presided over a 10 year free-fall in share-price from 95p to little over 1p last night at the Miningmaven presentation was told by BMD to resign immediately.
At what point during the 95p to 1p ten year decline in value or the recent $18 million dollar Capex beanfeast that has snared & embroiled the company into a debt repayment agreement that is sucking out the life-blood of the company does Jim Ellerton consider he has brought “Real Value” to Sefton Resources? At what point during the massive dilution of the company stock in issue (Over 300% in approx’ 3 years) or the annual trousering of $540 thousand dollars in pay (Not including expenses) does Ellerton consider he has brought “Real value” to the company?
At what point during the last ten years of regurgitated spurious facts regarding oil production, assets & Doctor Farouq Ali’s steam-flood, still to be delivered, report or the mountain of excuses littered on the ten year life of this company or indeed currently being used to deflect away from the cold hard facts that Ellerton has used and abused his position as Puppet master in chief at Sefton to line his own pockets with your money, my money, does the penny drop? Where is the honour & integrity of this man? At what point does he consider his position is untenable? The answer is Bankruptcy!
This company does not exist to bring value to it’s Private Investor base. It is not a genuine oil exploration/production company. It is a life-style company and exists for one reason and one reason only, to perpetuate the life-style of John James Ellerton and his favoured Director flunkies.
The whole history of Sefton Resources is one of failure after failure after failure. What was said last night has been said many, many, many times before by Ellerton/Sefton at various presentations up and down the length and breadth of the United Kingdom over many years. It is the rotten bait cast out once again to hook fresh investment to perpetuate the Jim Ellerton lifestyle.
There is no hope for this company so long as Ellerton remains at the helm. What is needed here is a complete clear-out of the Board coupled with the commissioning of a reputable Forensic Accountancy firm to get to the bottom of and unravel the myriad of companies operating under the Sefton Resources umbrella. I was shocked & horrified when Ellerton attempted to explain fees paid to him & his wife through C & J Resources (which he owns) as a tax manoeuvre!
Where does one begin to try to understand how Sefton Resources has come to this point in time? There’s no need to go back to December 2000 the actual IPO date. Just go back to each and every placing over the last 3 years. There’s been 10 placings in total. The company has managed to perpetuate itself by tapping up Private Investors then topping up with bank debt. Using Presentations as the precursor. The recent £15 million Equity Financing Facility (EFF) with Henderson’s subsidiary Darwin Strategic Limited is a Traders charter. This is not an investment it is a mass dilution of a stock that has already been massively diluted. By a company that isn’t an investor. The Darwin Strategic funding is in actual fact a Day Traders licence. This is how it works. Darwin get stock from Sefton at a discount, they then sell it into a rising market usually timed when coincidentally there’s “Good News”. Share-holders get to know of it after Darwin have flogged their stock and banked the profit. This process is repeated until Darwin have rinsed every last penny of profit out of the grandly titled Equity Financing Facility!
The only people who have had any kind of return from this company were sat at the presentation last night. The Chairman/CEO/Directors/Nomads/Brokers/PR Consultants and the presentation hosts (Miningmaven) Ellerton (Chairman) & Arleth (President&CEO) account for over 44% of the $1.8 million dollars in the 2011 consolidated financials. It is an absolute shocking fact that has been allowed to continue for years. For the Chairman of a publicly listed UK company to deliberately lie in an open presentation regarding his pay is nothing short of Criminal. No Integrity whatsoever. Private Investors should use this fact alone as a Red Flag.
The only slim hope here and as good as admitted by Ellerton is some form of merger. The company are an empty shell of little use other than for Day-Traders. Sefton Resources are finished. We’ve all been lead down the garden path for long enough.
Ellerton is the epitome of all that is bad in the corporate Boardroom. If he had any integrity he’d have resigned years ago. A man who refuses when confronted by a mountain of evidence going back years to admit that his stewardship of the company has been a monumental failure. A shambles. Sefton are little better than a pyramid selling scheme.
I call on John James Ellerton to resign immediately.