At Companies House, Iconic’s (ICON) status is now “Voluntary Arrangement” and the administrators filed their final report on 8 November 2022.  So Iconic its back under the control of its directors.

Iconic (ICON) is looking to be the corporate equivalent of Lazarus.  Administrators were appointed on 4 June 2021 and its shares were suspended on 7 June 2021 but incredibly there are now signs of life. At 4.50 pm on 1 November 2022, Iconic issued the following text in a RNS titled “EHGOSF Subscribes to a £150,000 Second Tranche Under £3 Million Financing Facility”:

The administrators have now published on the Iconic website the details of the proposed Creditors Voluntary Arrangement HERE.l. Iconic (ICON) has also published a notice of a general meeting HERE to approve the proposal of the CVA together with resolutions to implement the CVA and reconstruction. Iconic is Lazarus

I haven’t written about Iconic (ICON) since 10 January 2022 when I wrote “Still on life support, toxic Dave Sefton will, shockingly, get away with everything”. Well, based on the following statement published by the Administrators yesterday that appears to be the case:

Iconic (ICON) shares have been suspended since 7 June 2021 due to the appointment of joint administrators by Toxic Dave Sefton on 4 June 2021 via his company Arch Capital Partners LLP which purchased debts and claims from Shard Capital. 

Iconic (ICON) shares have been suspended since 7 June 2021 due to the appointment of joint administrators by Toxic Dave Sefton on 4 June 2021 via his company Arch Capital Partners LLP which purchased debts and claims from Shard Capital. 

Iconic (ICON) shares have been suspended since 7 June 2021 due to the appointment of joint administrators by Toxic Dave Sefton on 4 June 2021 via his company Arch Capital Partners LLP which purchased debts and claims from Shard Capital. 

Iconic (ICON) shares have been suspended since 7 June 2021 due to the appointment of administrators by Toxic Dave Sefton on 4 June 2021.  The joint administrators have tried to hold a general meeting four times but each they have been adjourned with the latest adjournment being until 19 October 2021.  There has been no announcement since that date.

Has toxic David Sefton pulled off a £1 million heist at Iconic (ICON) which will see investors utterly screwed? After an RNS yesterday, I fear the worst.

Iconic (ICON) has had administrators appointed to it since 4 June at the hand of Toxic Dave Sefton and company and trading in its shares has been suspended since 7 June.  On 12 August, the Administrators made the following announcement in an RNS:

Iconic (ICON) has had administrators appointed to it since 4 June at the hand of Toxic Dave and company’s shares have been suspended since 7 June.

In my article of 5 June 2021, I made the assumption (like many others) that it was Shard Capital (which is the only listed secured creditor at Companies House) who had appointed administrators at Iconic (ICON). I apologise to Shard because it was, as newly filed documents at Companies House reveal, Arch Capital Partners LLP who appointed the administrators. If you look at the filings for Arch Capital at Companies House, you find that its two members are David Sefton and Sefton Management Limited.

This is a great British crime drama starring David Sefton as Professor Moriarty. The £1 million he took is still missing and meanwhile Iconic Labs (ICON) is on death row. The tension mounts.

The folks behind European High Growth Opportunities Securitization Fund (EGHOF) have made an offer to the administrators to pay off monies owed by Iconic (ICON) to Shard Capital on the condition that the worthless entity is brought back from the dead. Shares in Iconic were suspended this morning following Friday night’s administration so perhaps there will be life after death.

It is ouzo on cornflakes time again as I warned you so many times that this would end in tears. Huge liabilities, dodgy related party deals by TWO management teams, not a cat in hell’s chance of generating cash, yet as ever the Bulletin Board Morons knew better. In recent weeks, they had the “big mo”. But gravity cannot be defied forever and at 6.39pm on Friday night, Iconic Labs (ICON) released the following RNS statement:

On Friday Iconic (ICON) published on its website its Notice of General Meeting announced via RNS to be held on 15 June – you can see it HERE. It is shocking.

After yesterday’s debacle, Katharine Lewis is now the sole remaining director of Iconic (ICON) which means it is breach of the 2006 Companies Act which requires all public companies to have at least two directors. However, that is the least of her worries.  The main concern, and one which should be getting the appropriate professional and legal advice about, is Iconic currently trading whilst insolvent and should she ask for the shares to be suspended whilst it clarifies its financial position?  Trading whilst insolvent was until recently, for a director, a Criminal Offence. It should be again.

This is becoming a new golden rule of investing. If Toxic Dave Sefton gets involved with a company, he will end up owing it stacks of cash after its resources were used to support his private interests, it will never get that cash back and it will be fucked. Investors will be almost entirely, at best, wiped out.  First it was Anglo African Oil & Gas (AAOG) – where eventually I forced him out after shocking revelations on this website, today it is Iconic Labs (ICON) which has fallen victim to the curse of Sefton, here he was a shadow director pulling all the strings after my revelations forced him off the board.

Following Iconic (ICON), revealing that it was subject to an alleged claim by European High Growth Opportunities Securitization Fund, EGHOF, the subsequent criticism by OTT Holdings Limited and the Director’s weak response since the share price of Iconic fell by around 50% from 0.012 pence on 13 January to a new low bid price of 0.006 pence. The stock has since rallied by 23% but is this a dead cat bounce?

Cash guzzling POS Iconic (ICON) faces a 15% shareholder wishing to oust the board, OTT, and a legal claim from death spiral provider European High Growth Opportunities Securitization Fund, EGHOF, which it airily dismisses as baseless. It is wrong to do so and here is why.

Oh dear, oh dear: things seem to be going from bad to worse at David Sefton’s former (and apparently still currently) stamping ground Iconic Labs (ICON). Last night at 5.35pm, 15% shareholder OTT Holdings released a statement announcing it has requested an EGM with a view to changing three (out of four) of the board as the major shareholder considers share price performance, lack of financing, management and board performance and now a lawsuit for breaching a financing agreement. Oh…..and toxic Dave Sefton gets a mention in despatches as well. It’s beer and popcorn time!

Yesterday I provided a detailed analysis of the shocking numbers from Iconic Labs (ICON) HERE. But drilling down further, there are even more shockers emerging. 

Iconic Labs (ICON) has a history of deceiving investors as long as your arm. That history today got even longer with City penny stock shufflers Shard Capital at the heart of the latest deception.  The RNS reads: “Firm Placing, End of EHGOF Share Issuances and New Conventional Debt Facility. “ But that simply is not true.

On 30 September 2020, Iconic Labs (ICON) announced a Partnership with leading Ad-tech tech provider with the first paragraph stating “Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that after a successful trial Iconic Labs has signed a commercial partnership agreement with Glimpse Protocol, a leading provider of advanced technologies to Ad-tech.”

Of course there really is more chance of me shagging Cheryl Cole than of this happening. But let’s hope for it anyway. How many of the current wave of enthusiastic shareholders who piled into the grossly misleading announcements starting on September 10 understand that there could still be much more share dilution to come?  There are three separate financing instruments under which Iconic (ICON) can be required to issue shares for and they are as follows:

Linton Capital LLP, an investment company run by Toxic Dave Sefton, has been busy putting in place the arrangements to buy the Joe Media businesses in the UK – even though Joe Media may, as I exposed a day or so ago, be going seriously off the rails.  A recently filed security agreement now to be found at Companies House dated 9 July 2020, indicates that Toxic Dave, Linton Capital LLP and Greencastle MM Limited have entered into an agreement with BPC Ireland Designated Activity Company not to exceed £3,787,000 and any interest due and payable.

No news is bad news and here is why Iconic (ICON) seems to be sitting on bags of bad news. Will this company, still being run as a shadow director by toxic David Sefton, come clean? This is what it needs to clarify…

I start with a brief discussion of Rule Britannia where it is clear that the BBC and others (including the Mrs) have not actually read the words or studied their history. I will do a much longer piece on this when back from seeing my father in Shipston. I look at Asimilar (ASLR), All Active Asset Capital (AAA), Mesh PLC, and Chris Akers – a scandal where the unravel is surely underway. I comment on DFS (DFS) and furlough economics, on Iconic Labs (ICON), and on Amigo (AMGO) as well as on Xtract Resources (XTR), where there is yet more good news making you who followed my tip and I who bought shares even richer. Also covered is NoGold who has no gold exposure and lambasts me for tipping gold shares and making you all richer… even more of a miserable old git.

At 5.07 PM yesterday, AKA no one is watching o’clock, after a series of exposes on this website, about its failure to tell the truth to investors Iconic (ICON) issued an “Update on Joe Media and Other Business Update.” It vomited up a series of excuses for failing to conclude deals previously announced and forthcoming dire results with minimal turnover and significant losses.  The text in bold is what we imagined Directors were thinking as they drafted this statement.

Everything about Iconic labs (ICON) is toxic as we have exposed so many times HERE. Not least is the way it happily deceives investors. This worthless lie generating POS should be slung off the markets at once.  In order to keep its death spiral funding going Iconic likes to trumpet new deals but is a shy in highlighting that they did not in fact occur. For instance take the Social Alchemist and Medium Channel Media deals that were announced.

Worthless new media POS Iconic (ICON) is promoted on the strengths of its three Directors John Quinlan, Liam Harrington and Sam Asante in social media as the extract from page 38 of the prospectus indicates:

On 30 December 2019, as I highlighted in my article of the same day, toxic Dave Sefton resigned from Board of Iconic (ICON) admitting that he had become a PR liability following a series of exposes on this website about how he had used company funds at Anglo African Oil & Gas (AAOG) to benefit his private interests and had then lied about repaying those funds which he has still not done in full.Sefton is thus utterly toxic but behind the scenes and a trio of directors each earning £200,000, toxic Dave remains very much active behind the scenes at this company operating with almost no revenue and racking up steep losses..  He is involved in both Infotagion and also the London Economic deals that Iconic has announced.

Uber dog Iconic (ICON) is still losing money. But that is not the real story here. 

It never ceases to amaze me just how irate and even abusive some investors get towards anyone who doesn’t think that their investment in a company is going to make them a fortune. That was certainly the case last August when I covered a company called Iconic Labs (ICON) here with a piece I titled ‘Iconic Labs death spiral financing won’t work out well for existing investors’. Today the shares, having already collapsed as predicted were suspended as the company fessed up to monumental incompetence.

In today's podcast I look at Intu (INTU), Rightmove (RMV), Purplebricks (PURP), Iconic labs (ICON) and Nanoco (NANO).

In short no, although this virus could well be far larger than some folks (Lucian) think. Elsewhere I discuss useless research from broker Goetz and Optibiotix (OPTI), Future (FUTR), Amigo (AMGO), Iconic (ICON), Oracle (ORCP) and Petra Diamonds (PDL)

There are no guests in this week's show which is sponsored by Open Orphan PLC (ORPH). It is just me once again sitting in the Welsh Hovel as the flood waters rise. I start with a red flags special on Iconic Labs (ICON). The company is an irrelevant and wofrthless POS but the red flags are interesting. Then it is onto a company where I demonstyrated compelling red flags six years ago but I've had to be patient. Finally, using Fulham, Shore (FUL) as a case study I look in real detail at why claims that company's generate positive operating cashflow can be so misleading and why this is so important.If you like this and can't wait seven days for more of the same and are tired of being a cheapskate you should listen to my Bearcast every day.

Oh dear, oh dear! There is so much bad news to bury on election day for pariah stock Anglo African Oil & Gas (AAOG), a company we have exposed so many times on this website. Let us start with its former boss, toxic Dave Sefton who is not a man of his word.

Oh dear, oh dear, Iconic Labs (ICON), run by toxic Dave Sefton of Anglo African Oil & Gas infamy, has issued another statement on its acquisition of the LGBTI website Gay Star News. And it is still misleading its legion of daft followers. Why cannot it get the story straight. I provide, in bold, the ShareProphets translation service below. 

Yes my good friend is going to the AIM Awards dinner now that he is an evil PR man ( for Bigdish Ventures (DISH). Elsewhere I discuss the news about the Thomas Cook (TCG) stores and the lesson for Sirius Minerals (SXX). I look at Reabold (RBD), Brady (BRY) and Iconic Labs (ICON) as it serves up a bollocks packed RNS.

The Independent Newspaper thinks that I and 17.4 million others need a better education. Does anyone read that rag anymore? In today's podcast I look at Neil Woodford's Woodford Patient Capital Trust (WPCT), notably its holdings in Autolus and Purplebricks (PURP) in light of data out today, Eve Group (EVE), Nigel Wray's Simba, Thomas Cook (TCG), i3 Energy (i3E) and Iconic Labs (ICON). 

All small companies need cash and ideally that will be spent on adding value to the business rather than just to cover its running costs.

There is some macro babble focussing on the woes of the EuroZone, why Malcolm is wrong about housebuilders and other matters. I look at Woodford Patient Capital Trust (WPCT) after yesterday evening's shock news and ask when it breaches gearing limits and what happens next. I touch on i3 Energy (i3E) then look at the shock departure of Dave Sefton from Anglo African Oil & Gas (AAOG). He should have been fired sooner and what happens next? And what does this mean for Iconic (ICON) which I mistakenly refer to by its former name of Widecells and where Sefton still casts his malign influence as a director.

Warning: Do not play this bearcast in front of children or folks of a sensitive disposition. In the podcast I reflect on why the Welsh Hovel is currently like Hell on Christmas Eve. I cover the exact role of the house broker on the AIM Casino, i3 Energy (i3E), Quindell (QPP), Providence Resources (PVR), RiverFort Global (RGO) and Iconic Labs (ICON).

Iconic Labs (ICON) stinks for numerous reasons including those discussed HERE. No doubt I will be accused of homophobia but its latest deal, to buy the IP of Gay Star News, including the website www.gaystarnews.com, a website focused on events related to and concerning the global LGBTI community for just £1 is a joke.

It never ceases to amaze me how willing many private investors are to forget past failures and accept that a complete change of direction in a business is suddenly going to bring success.