The Sefton Resources “Spiral of Death” has begun. We have it on good authority that last weeks rather pathetic RNS attempt to herald the appointment of Allenby Capital as their NOMAD while completely ignoring the fact that FOX DAVIES had RESIGNED was nothing more than a rather shoddy attempt to disguise Board-room incompetence. Sefton knew six weeks ago that Fox Davies were throwing in the towel.
Just who was it that released the mis-leading September 11 2012 Interims? Who signed them off? Why none other than, laughing all the way to the Bank of the West, Jimmy Ellerton. Yes that’s the same Jim Ellerton who in 2000 promised production would be 800bopd. The same Jim Ellerton who is cut & pasting this response to his share-holders when they ask for access to company documents/share register “Thank you for your e-mail. we do not wish to be unhelpful but unfortunately we can only respond to such a request from a registered shareholder. If you are able to have your nominee issue the request we can respond to them. Alternatively, if you have your nominee confirm that it authorizes you to make such a request on it’s behalf, then we can respond to you directly– regards– Jim Ellerton What a crock! Jims’ running scared of an EGM which will boot his freeloader arse right back to Denver!
Sefton Resources listed in December 2000 placing 31,000,000 shares raising £1,350,000 million pounds total shares in issue were 155,644,500 million. Here’s a list of placings & cash trousered by the company up to 2006… 14 December 2000 Sefton Issued 31,000,000 million shares raising £1,350,000… 11 October 2001 Sefton issue 35,000,000 million shares/£787,500… 4 July 2002 Sefton issue 75,000,000 million shares/£375,000… 28 March 2003 Sefton Issue 3,000,000 million shares(no price data)… 20 May 2003 Sefton Issue 152,000,000 million shares/£228,000… 20 October 2003 Sefton Issue 167,725,000 million Shares/£335,450… 28 October 2003 Sefton Issue 32,000,000 million Shares/£64,000… 4 November 2003 Sefton Issue 32,000,000 million Shares/£64,000… 13 November 2003 Sefton Issue 55,000,000 million Shares/£110,000… 16 January 2004 Sefton Issue 100,000,000 million shares/£250,000… 03 February 2004 Sefton Issue 40,000,000 million Shares/£100,000… 06 February 2004 Sefton Issue 60,000,000 million Shares/£150,000… 18 March 2004 Sefton Issue 30,000,000 million shares/£105,000… 20 August 2004 Sefton Issue 375,000,000 million shares/£1,312,500… 06 September 2004 Sefton Issue 150,000,000 million shares/£525,000…
20 March 2006 Sefton Issue 135,789,202 million shares for the purchase of TEG Oil & Gas Canada; Several months later Sefton flog TEG Oil & Gas Canada to Mark Smith for US$450,000. Yes that’s the same Mark Smith who is a Non-executive Director in Sefton Resources. ELLERTON STATES; “The value of the assets of TEG Canada was CDN$1,766,025.” (That’s about US$1,500,000 US dollars at 2006 exchange rates) WHAT A SHARP PIECE OF BUSINESS! Lets sell our $1.5 million dollar asset to Mark for $450k! The same chap that’s been telling share-holders that production will be increasing every year for the last 12 years; FLOGGED OFF A $1.5 MILLION DOLLAR ASSET TO HIS BUDDY FOR $450K! I repeat; fill your pockets with share-holder cash Ellerton has been wittering on for 12 years TELLING SHARE-HOLDERS THAT THE bopd WILL BE 400, 1750, 900, 800. Total shares in issue IN 2006 APPROX 1,629,158,702 Billion!
Sefton raised over £6 million pounds up to 2006 diluting their share-holders by over 1100% they then consolidated the stock via 15 to 1. Since the 2006 consolidation Sefton have further diluted by over 400% which equates to over 4500% dilution in real terms. Is there any point carrying on from 2006 to 2012? It has gone exactly the same way; More Dilution, more Placings, more Pay for Ellerton, more Expenses, more Debt, more Pension payments, more Lies on what an EFF is and what it means for share-holders.
Sefton Resources are running around the City of London trying every trick in the book to ramp their share-price. The EFF Death Spiral money is a desperate last ditch attempt to avert BANKRUPTCY. The Edison research note is next; this is after the disastrous Miningmaven presentation, the Geoff Foster Daily Mail article (removed by the Mail) & the resignation of Fox Davies. The EFF spiral of Death has begun. I have officially requested a full investigation into the company by the AIM REGULATION team.
A suspension of trading is needed here to protect share-holders from this failed incompetent bunch of freeloading pigs at the trough! 12 years of utter total failure while pocketing millions upon millions of dollars in pay, expenses, pension payments and “Consultancy fees” a Board that has since 2007 spent $20 million dollars in CAPEX to return $5 million a net loss of $15 million dollars in 5 years. How in the name of God have these gotten away with this?
Join the Sefton Resources Share Holder Action Group to save your company. Time is running out.