Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
A sickening email arrived at ShareProphets Towers regarding AIM-China Filthy Forty play Origo Partners (OPP). It begs all manner of questions and casts a dark shadow even by Filthy Forty standards. Who got all the money?
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Comments
Drunken Sailor
Nigel,
It is always instructive to just skip the blather at the start of an annual report and go straight to the figures then read ALL the notes. Usually related party transactions is the last or second to last note, but is often the one that really rings the alarm bells.
TW Note, unless for DS that is the chairman making a quick £8.5m flipping an asset onto the company in which case DS thinks that is coolDuck and Dive
So no shareholders bothered to ask about these related party bungs at any of the AGMs? Or was the IoM a bit off the beaten track for the BBMs?
Drunken Sailor
D & D
I think you have answered your own question: IoM a bit off the beaten track for the BBMs?
The RNS version of the results is an abridged version and does not include all the notes. RPTs always come towards the end and rarely ever make it into the RNS. You have to read the full annual report, which sadly few people do. One of the resolutions at every AGM is acceptance of the Annual Report. Whenever possible I go to AGMs of shares I hold. I went to one where I was the only shareholder and there were some resolutions that the 2 directors who were also there could not pass on their own (one of them was re-electing one of the directors who was there), so it was a good job I turned up. I still asked the awkward questions and as I was satisfied with the answers, I gave them the votes they needed. Shareholder apathy is the greatest weapon of the dodgy director – you get what you inspect, not what you expect in this world.