It’s yet another “shocker” for holders of the now defunct in administration plus listed Rivington Street Holdings PLC. You will recall that I revealed three weeks ago how Rivington turned down bids for t1ps and Minesite in September 2012 at £1.15 million claiming the bids failed. In fact Rivington walked away and then borrowed cash from Jim Mellon instead, then allowed the offshore based businessman to buy both operations for just £100,000 for one of his Isle of Man based “tax efficient” vehicles.
A large number of emails have landed in the in-tray, since my article, from angry share-holders, asking my good self to form a share-holder action group to confront Mellon head on at the 2014 Master Investor show. (One or two from people who used to work for and/or own shares in Rivington which is now tits up and in the toilet despite Jim Mellons’ best efforts to right the sinking Rivington ship). UK Share-holders are mightily pissed off with the whole fiasco. There are questions that Mr Mellon needs to answer. I can tell Jim now that there’s going to be a guerrilla action at the forth coming Master Investor show 2014. Among the questions that will be shouted at him when he takes the stage will be this one from myself. Why did the Board of RSH turn down the £1.15 million pound offer for T1ps & Minesite then months later accept a paltry £100,000 pound from? Jim Mellon! We will invade the stage demanding answers! Such as why the administrator Resolve has not marketed the assets? It never marketed the RSH assets other than to give them lock stock and smoking barrel to Mellon and Robertson for buttons.
Resolve has form for working with Mellon before on transactions which allowed him to buy assets from companies that had encountered financial issues under his chairmanship, take a bow Speymill. The company’s flagship Bluecurve operation has been basically “gifted” for peanuts to Rivington CEO Mark Robertson. Robertson has announced this on LinkedIn although Rivington has said nothing. Shocking isn’t it! It’s asset stripping.