In all my years I have never came across such a deliberate attempt to miss-lead UK Investors. Sefton Resources Executive Chairman, CEO, Executive Director, President (Or Whatever Grand title Ellerton operates under these days doesn’t really matter) Ellerton should immediately stop these deceptions. It is a disgrace. Mondays shocking attempt to conceal highly damaging material financial information from UK share-holders shows exactly why I call and will continue to highlight this company as little better than a Ponzi Fraud. UK Investors need protecting from the likes of the scum that run this company.
To release an edited RNS version of your full 2012 results deliberately omitting damaging material financial information is truly beyond the pale. Then to try & bury this little gem way down below the “News time line” tells investors exactly what the hell Sefton/Ellerton are at! “The summary financial statements set out above have been prepared in accordance with International Financial Reporting Standards (“IFRS”). These summary financial statements do not constitute financial statements in accordance with IFRS as they omit substantially all the disclosures required by IFRS. A full set of audited financial statements will be published prior to Sefton’s Annual General Meeting and will be available at www.seftonresources.com” I spoke to several top City sources yesterday. Their consensus? “Disgraceful” “Gross distortion” are two of the more ‘printable’ choice phrases used.
Sefton Resources knew full well that most unsophisticated UK Investors just do not have the time or the inclination to await for the company to deign the full release of their annual results. (Deceit). They released an edited version that wasn’t IFRS complaint via RNS then sneaked out the real 2012 Annual results on their website. (Deceit)
Jim Ellerton has yet again “Cooked the books” massaging the figures by Capitalising a whole raft of staff, director, consultant costs as assets! Thus being able to trade off these false “assets” to cook the books into profit. A profit which in reality doesn’t exist other than in the minds of the deluded. (Deceit). Sefton are deliberately manipulating accountancy & AIM rules & Regulations. Who do you think you are kidding Mr Ellerton? The whole of the City of London and beyond are not fooled by these material deceits. Ellertons skeletons are out of the Sefton closet.
Sefton Resources have attempted to hide away the bad news that if released via an official RNS would have been read by all and sundry. We now know that Ellerton did not pony up cash for his shares in the recent placing as announced via RNS in December 2012. (Deceit). No Jim allotted himself £76,145 (£75,383 after costs) through a placing for 6,895,000 . Yes he actually took money/shares from Sefton that he had been “Owed” for services rendered. (Deceit) It went into C&J Resources pension plan. You know? One of the shell company’s registered to Jims’ wife Carol. No money whatsoever changed hands. (Deceit)
Ellerton paid himself more than the President of the United States of America. A thumping $520,000 thousand dollars in 2012 of course what we don’t know is just how much he has been charging for his Hawaiian flights, hotels, expenses, transport etc. What we do know is that Ellerton has, unlike President Obama, delivered absolute total failure for nigh on 13 years whilst syphoning off millions upon millions of dollars out of the company to himself and his wife. Your placing cash in his pocket. 95p to 0.4 of a penny. And this chap is still telling investors that he is bringing “real value” to the company and acting in the “best interests of share-holders!” (Deceit) Here’s a tip for all you would be investors; follow the money.
Chairman Ellerton states thus; “Sefton has completed the first of a two year transition period, in which the board has been strengthened, the number of revenue sources increased and new reserves added. In addition, liabilities have been reduced and the Company has remained profitable.”
This has got to be the biggest crock of shite ever written in an annual report! What have you been doing for the last 13 years Ellerton? Other than pocketing millions upon millions in pay, expenses, share options, consultancy fees and pension pot payments? Exactly what profit are you talking about? Sefton regardless of your accounting manipulations has never been in profit. (Deceit) In the real world adding costs as an asset then lumping in over $4,000,000 million dollars of placing money while diluting share-holders isn’t a profit mate! It is, in the real world of us common folk, a gross distortion of the true financial position. Without these placings (Fast approaching 40 in total) Sefton Resources would have gone bankrupt many times over.
Whether it be reporting bogus production numbers ahead of a highly dilutive placing or bogus production figures historically or “Losing” $300,000 dollars to his mates at Monument (working out of the same office) or trousering a “$283,000 dollar cash advance” Jim Ellerton paid to Jim Ellerton in 2010; still unpaid. Or flying in and out of his Hawaiian paradisiacal home at the expense of share-holders. Or telling lies to all and sundry for the last 13 years on production, steamflooding, SAGD, assets, Dr Ali, PV10’s CPR’s. (There’s been so many it really beggars belief that this scumbag has got the front to show himself at the AGM!)
The truth is that Tapia Canyon consists of Abandoned, Idle, Stripper wells. Eureka Canyon consists of Abandoned, Idle, Stripper wells. Kansas assets are Abandoned, Idle, Stripper wells. The Gas pipelines have never flowed gas in over 2 decades. These “Assets” are nothing but padding bought for peanuts then given a fantastical valuation or PV10 by one man band registered companies.
Companies that have no secretary, no office and no gravitas in the oil and gas services industry that’s why they operate out of a back room in a house. (Deceit)
A Stripper well is one that is deemed as coming to the end of its economic life. For 50 years Tapia Canyon has been proven time and time again as uneconomical. Over 20 companies have tried all have failed. Eureka Canyon was given to Jim Ellerton for free. Yes it is such a great asset that they got it for zero payment. Kansas is a hodge podge of failed assets that Ellerton and Culbertson know all to well as proven failures. (Deceit)
Cash is critical now. Remember Ellerton is right now setting you up for further dilution via a massive placing.
Get the hell out before they go Bankrupt. The company are a sham.
Sefton Resources can not survive on their own two feet. Ellerton has to lie, cheat and deceive UK Investors into giving him more cash just to stand still. The company are a Fraud. I need to say this loud and clear. FRAUD.