After 3 & a half months of emailing Jim Ellerton we finally got a reply. We now publish our response to that single reply.
I’ll respond in kind. 23. January. 2013
Thomas Milne. Director
It is a travesty of AIM regulation that you are hiding behind SCH 2 of AIM rules to suppress Thomas Milne’s direct involvement with the bankrupted Oilsands Quest. Shameful.
Karl Arleth. CEO & President
It’s also apparent and clear for all to see how Arleths’ Teton energy involvement is hidden away at the bottom of an RNS (Titled DIRECTORATE CHANGE) The attempt here is to manipulate. You knew full well what you were doing placing a few words in an RNS (not only below the RNS information but also below the contact details. Few if any read past them) titled “DIRECTORATE CHANGE”. Arleths’ involvement as the CEO of Teton, a company that went bust with debts in excess of $43 million dollars warrants a single RNS in itself. Sefton share-holders are entitled to know the full history of their CEO.
Mark Smith. Director
Your assertion regarding Mark Smiths’ involvement with the Stone Mountain Resources bankruptcy, that “we concluded that no disclosure was required, at least until the court had completed its process” is yet another pointer as to how you have ran this company. You waited a considerable period of time until you were forced by our disclosure to disclose his involvement.
(There’s no point requesting that Sefton disclose Bill Brands Teton Energy involvement another Sefton employee involved with a company that has cost private investors $43 million dollars)
At every twist and turn regarding these Board Members you have sought to manipulate and hide away the truth for a long as possible. These 3 bankruptcies alone have cost private investors several hundred million dollars. Fact.
It is laughable for you to quote “Shareholders best interests” especially since you have ran up a mountain of debt along with a 1.6/7 billion share 15-1 consolidation in 2006 which has further been super diluted by approx’ 500%. Which will be even further “super diluted” in 2013.
I remind you that it is you who have been in full control of Sefton Resources for 12 years and it is you who is responsible for the calamitous performance over the last 12 years. Which is correctly reflected in the current shocking share-price value of 1 penny. You have filled the Board with 3 proven corporate failures all involved with bankrupted oil companies costing investors hundreds of millions of dollars. That is fact.
It is you Mr Ellerton who has ran the company into the ground while pocketing millions upon millions of dollars in pay, expenses, “consultation fees” share options, pension pot payments & cash advances. You’ve made millions of dollars while investors have been thrown to the wolves. What’s been perpetrated upon them is shocking. You have got rich while investors have been fleeced.
If you feel that what we’ve published is defamatory then you have the option of issuing legal proceedings. Which we as a group would welcome. I would like nothing more than a platform upon which to shine the light of truth on the greed, failure, deception & lies of the last 12 years.
I would also like to point out how you have refused your own share-holders access to company documents, in direct breach of your own articles of association as well as your attempt to personally scare me off with dis-enfranchisement notices. Mr Darnborough our solicitor unequivocally declared to you, that at NO time whatsoever had or have I ever engaged in shorting Sefton Resources. Contrary to Sefton media briefings. All of which points to a Chairman who is desperate to keep the Sefton Skeletons in the cupboard.
I warn all Sefton Investors now that there is NO white knight about to charge in here with $30 or $50 million dollars.
Kansas “Laughing gas” is yet another ruse by a rotten Board to deflect away from 12 years of greed, deception & wholesale failure. Kansas oil? Not a chance these wells are all old & abandoned they can & have been picked up for a couple of thousand dollars indeed in some cases you can as in Eureka Canyon, get them for free.
If you’d like to put these matters to the test then I invite you to allow the share holder action group full access to all company documents so that we can progress our rights to an EGM. I believe that with the right management in place then Sefton Resources may & it is a only a “may” have an outside chance of survival. It’s a sad fact that if you remain at the helm then the company will go the way of Stone Mountain Resources, Teton Energy & Oilsands Quest. Bankrupt.
Daniel Levi Chairman Sefton Resources Share Holder Action Group
NB. No response has been forthcoming from J Ellerton.