How much did Jim Ellerton spend on Sefton’s credit cards? And on what?
By Ben Turney | Wednesday 9 July 2014
Disclosure: I own shares in one or more of the stocks mentioned. 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.
Sefton Resources (SER) shouldn’t really deserve the coverage it is getting on this site at the moment. Even if the proposed refinancing happens, this will only mean the company survives on life support, slowly paying down its bills. Shareholders will effectively be wiped out and the Promised Land of Tapia/Kansas riches tomorrow will be a distant dream. What has happened at Sefton should be a catalyst for the reforms that AIM so badly needs. This company has exposed many of the deep and irreconcilable flaws running through this market. Sadly, I don’t believe anyone in authority is really paying attention and the likes of Jim Ellerton will continue to run riot. That is until they run into the Sheriff and his posse, of course. We are paying attention and today I want to return to this little gem in Sefton’s latest accounts – “included within trade payables above are amounts owed on credit cards in Mr J. Ellerton’s name which are Group liabilities, and not included within the related party balance above.”