It is a shocking day today for Sefton Resources (LON: SER) As we learn that the company coffers have been raped by the out going board. A scorched earth policy to cover their malfeasance if ever there was one!
On the 31st of July 2015 Sefton had a cash position of circa £1,000,000. Where has that money gone? £700,000 has been burned in 90 days. The new management are now conducting a forensic audit to ascertain where and who has been fleecing the company and its shareholders. In 2015 Sefton had raised over £2million net of costs where has all the money gone in little over 8 months? Where? This is a very valid question in my view. As Shareholders we have every right to demand answers with a full breakdown of just who and where the cash has gone. Names will be named and all will be made open to public scrutiny.
Shareholders can rest assured that a forensic audit is now underway. Every penny will be tracked and traced. It will be interesting to learn of exactly what cash has found its way into the pockets at Allenby Capital and the outgoing directors. Who have at every stage, since the EGM was called, sought to confuse and obfuscate shareholders rights to change the board. Now we all know why they were briefing and smearing the requisitioners. They didn’t want independent analysis of the books, which have undoubtedly been cooked.
The company shall be making a formal complaint to the FCA once the evidence is unearthed and unearthed it will be. The City of London police will also be contacted. This is a fight for what is right! For far too long Allenby have been shadow directing Sefton Resources and when the writ arrives and arrive it will, it will land on their doorstep.
Allenby Capital should hang their heads in shame. I promise you this a writ will be issued on behalf of ALL shareholders if and when we discover hugely inflated Nomad fees prior to the handover.
An absolute disgrace.