Post by wodger on Mar 9, 2014 19:09:30 GMT
excellent post on WS regarding the past behaviour of PL and its legality....
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What Action can be taken: - Push to get Peter Landau censured under Rule 10 of the AIM Rules.
Rule 10 states: 'an AIM company must make reasonable care to ensure that any information it notifies is not misleading, false or deceptive and does not omit anything likely to affect the importance of such information.'
Take for example the case former CEO Frank Timis and his roles in AML and RPT - [ see page 5] ;
hxxp://www.internationalpetroleum.com.a ... ingVFTImis
In the case of AML, it released two announcements in June and July of 2006 to AIM which were subsequently determined to contain misleading and unrealistically optimistic statements about the prospects and actual results of the company's operation, as a result, the company was found to be in breach of the AIM Rules for failing to take reasonable care to ensure that they were not misleading. AIM issued a fine and a private censure as a result of the breach.
So how can Landau's censure be achieved:
1) A detailed dossier on Landau's mis-actions over the last couple of years needs to be compiled. IMO, the repeated mis-actions of Landau exceed those of Frank Timis.
Any one of these mis-actions taken by themselves may not be sufficient, but what's important is that taken together they represent a 'clear and damning pattern' of mis-information and lies.
There should be copious documents and material in submitted RNAs, official video & audio presentations, in recorded interviews and in e-mail correspondence with shareholders - (which by the way can be presented as documented evidence if required).
Further, it should be possible to established that this pattern of mis-behaviour was not only limited to RRL. That it was also carried out in the other companies that Landau is associated with. Namely, COOL. That should establishes a track record of company abuse. Probably, current and former COOL shareholders would be willing to contribute to any dossier.
2) Check out hxxp://www.sharesoc.org/ . They are a not-for-profit organisation created by investors and will provide support and valuable information. Check: hxxp://www.sharesoc.org/representation.html
3) Need a petition of shareholders from the various BBs to form an action group. Unfortunately, I do not believe RIG will participate in any such action. However, for shareholders to hold directors to account requires action, and maybe RIG will come around to this conclusion in the future.
4) Shareholders should contact their MPs in support.
5) Send the dossier to the relevant UK and Australian authorities/regulatory bodies. Also for complaint relating to an AIM company or a Nomad’s compliance with the AIM Rules e-mail: aiminvestigations@londonstockexchange.com. Further, attach a covering letter that shareholders will be balloting their local MPs as to why the regulatory bodies have been so inadequate to act.
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What Action can be taken: - Push to get Peter Landau censured under Rule 10 of the AIM Rules.
Rule 10 states: 'an AIM company must make reasonable care to ensure that any information it notifies is not misleading, false or deceptive and does not omit anything likely to affect the importance of such information.'
Take for example the case former CEO Frank Timis and his roles in AML and RPT - [ see page 5] ;
hxxp://www.internationalpetroleum.com.a ... ingVFTImis
In the case of AML, it released two announcements in June and July of 2006 to AIM which were subsequently determined to contain misleading and unrealistically optimistic statements about the prospects and actual results of the company's operation, as a result, the company was found to be in breach of the AIM Rules for failing to take reasonable care to ensure that they were not misleading. AIM issued a fine and a private censure as a result of the breach.
So how can Landau's censure be achieved:
1) A detailed dossier on Landau's mis-actions over the last couple of years needs to be compiled. IMO, the repeated mis-actions of Landau exceed those of Frank Timis.
Any one of these mis-actions taken by themselves may not be sufficient, but what's important is that taken together they represent a 'clear and damning pattern' of mis-information and lies.
There should be copious documents and material in submitted RNAs, official video & audio presentations, in recorded interviews and in e-mail correspondence with shareholders - (which by the way can be presented as documented evidence if required).
Further, it should be possible to established that this pattern of mis-behaviour was not only limited to RRL. That it was also carried out in the other companies that Landau is associated with. Namely, COOL. That should establishes a track record of company abuse. Probably, current and former COOL shareholders would be willing to contribute to any dossier.
2) Check out hxxp://www.sharesoc.org/ . They are a not-for-profit organisation created by investors and will provide support and valuable information. Check: hxxp://www.sharesoc.org/representation.html
3) Need a petition of shareholders from the various BBs to form an action group. Unfortunately, I do not believe RIG will participate in any such action. However, for shareholders to hold directors to account requires action, and maybe RIG will come around to this conclusion in the future.
4) Shareholders should contact their MPs in support.
5) Send the dossier to the relevant UK and Australian authorities/regulatory bodies. Also for complaint relating to an AIM company or a Nomad’s compliance with the AIM Rules e-mail: aiminvestigations@londonstockexchange.com. Further, attach a covering letter that shareholders will be balloting their local MPs as to why the regulatory bodies have been so inadequate to act.