Blog posts

Quindell (Watchstone), SFO Inaction and Tungsten Corporation

The Daily Telegraph this morning (25/2/2019) disclosed that law firm Harcus Sinclair is preparing a legal case for investors who lost money in Quindell (now renamed Watchstone). Quindell was once the largest AIM company – valued at £2.6 billion. But its accounts were extremely dubious and many investors think they were downright fraudulent. The company is still being investigated by the Serious Fraud Office (SFO) but only two days ago it was announced that the SFO was dropping investigations into Rolls-Royce ...

Lakehouse and Tungsten

To follow up on my previous report on a presentation by Lakehouse directors following a requisition submitted to remove three of the non-executive directors, the company has now published a 21 page document giving their reasons why shareholders should support the board. As is customary in these battles, the board "unanimously recommends you vote against the resolutions" to remove the three new directors and appoint new ones. I said in my previous note that it was "all still a puzzle" as it ...

AGM Reports

Tungsten (TUNG) AGM Report 2016 – Are They Mired in Treacle?

I attended the Annual General Meeting of Tungsten Corporation (TUNG) on the 16th September. Here is a brief report on proceedings, plus one or two interesting issues raised. Tungsten is a electronic business exchange. This was a product sector that was expected to take over the world when I worked in the IT sector twenty years ago. It has yet to happen. Tungsten, like other players in that market for business-to-business automation, have yet to make a profit despite trying now for ...