A kind reader points out an upcoming case in the High Court involving Gable, the formerly listed insurance play which we exposed over a series of articles back in 2015 and 2016 as being a complete Norfolk as you can see HERE. Natch the Bulletin Board savants knew better. Anyhow it was slung off the markets and went bust…
Between June and December 2016, I commented extensively in a series of article on the greed of William Dewsall, the CEO of Gable Insurance Holdings Inc, who extracted over £15 million in cash from the Group and its dire prospects, which to remind readers ended up being worthless when its insurance subsidiary company was placed into administration on 17 November 2016. Natch Nomad and broker Zeus and the oxymorons at AIM Regulation did nothing until it was too late.
The FCA has put out a statement confirming that it is all over at Gable (GAH). William "piggy" Dewsall has made £15 million, but shareholders have lost everything and now it seems that policy holders will be screwed too. Gable issued statements while its shares traded that were simply not true but will there be any action against piggy or hapless Nomad Zeus? Whaddya think? The FCA confirms the worst:
PriceWaterhouseCcoopers, PWC, is acting as administrator to the subsidiaries of Gable Holdings (GAH) and has published a damning report making clear the black hole that has existed there since the start of the year. The shares were suspended only on September 12. This is a scandalous failure on the part of Nomad Zeus and the Oxymorons at AIM Regulation.
We know that the CEO of Gable Holdings Inc (GAH), William Dewsall was incentivised by bonuses linked to how much premium Gable Insurance AG underwrote. Readers may recall that the Financial Market Authority (FMA) Liechtenstein appointed
PricewaterhouseCoopers AG, as Special Administrator to Gable Insurance AG on 10 October 2016, to assess its financial situation and protect the interests of policyholders.
The Insurance Times Article of 12 October 2016 HERE makes clear some insurance brokers were always wary of using Gable (GAH) for many years and were concerned that it was selling insurance cheaper than its main rivals and this might end badly.
Slung off AIM yesterday, Gable's (GAH) main subsidiary is now in administration and the PLC will surely follow, as I explained HERE. No doubt Marcus Stuttard and the oxymoronic clowns round at AIM Regulation will no doubt just dismiss this as "one of those things" that happen now and again on "the world's most successful growth market". The CEO has made £15 million in the AIM years but investors have lost everything. There must be an major and formal enquiry and here is why.
Gable and its loathsome scumbag gives capitalism a bad name CEO WIlliam Dewsall have yet to inform shareholders of the latest bad news but bad news there is aplenty. According to the publication Insurance Age, Gable Insurance AG was placed into administration by the Lichtenstein Regulator
At 2.30 PM on deadline day, Friday, disgraced insurance outfit Gable (GAH) published its results for the six months ended 30 June 2016 and they were true to recent form - that is to say total Turkish. William Dewsall, Chief Executive commenting on the results stated the horseshit spin, our ShareProphets translation is in bold.
Are there any rules at all governing the withholding of damaging price sensitive information by AIM listed companies? Yes there are. The FCA under market abuse directives and and AIM Regulation both have the power to throw the book at CEOs and Nomads who offend. But will they? Gable (GAH), its CEO William Dewsall and, almost certainly, Nomad Zeus have broken the laws. I have written the letter below to the Oxymorons at AIM Regulation and its boss, the bogus Sheriff Marcus Stuttard, as well as to the chocolate teapots at the FCA demanding urgent action
Gable (GAH) says that it wants to stay on AIM and its CEO William "Piggy" Dewsall seeking a new Nomad following the resignation of Zeus Capital on 12 September. In which case why is it NOT informing investors of the regulatory mess it is in? Is that not an AIM Rule breach? Is it telling prospective Nomads the bad news? Why did it not announce the information below on 9 September when its shares still traded? Is this why its chairman walked on 9 September? Answers Piggy, give us some frigging answers!
On 16 September, AIM Cesspit posterboy Gable (GAH) run by William "Piggy" Dewsall, made the following announcement:
I have been warning you that Gable (GAH) was a zero for a good while - indeed my most recent warning came over the weekend as I discussed the resignation of three NEDs within 40 days. Now the Nomad has quit as have the remaining two NEDS and the shares will be suspended ahead of a delisting on 12 October. This is a scandal. Shareholders will almost certainly lose everything but CEO William Dewsall has made £15 million since the IPO and will now plunder whatever is left.
At 11.40 AM on Friday Gable Holdings (GAH) slipped out an RNS with the harmless title "Board changes". Its contents, however, suggest this company is now toxic.
Liquidity issues would not to be appear to an issue for Gable (GAH) because as it highlights on page 2 of its financial results released on Friday it has large cash and liquid investments. Er maybe not be let's read the Dewsall horseshit first:
