If true it probably wouldn't be good news for shareholders. Having said that the shares are already 0 cents bid so you probably don't have much to lose.
If true it probably wouldn't be good news for shareholders. Having said that the shares are already 0 cents bid so you probably don't have much to lose.
I know that there has been mention on several occasions in Paul Miller's letters about dis-hearten investors squawking on this site and how ridiculous it is for us to voice our concerns with even threats of taking action for slanderous statements.
I want to say that maybe one day the few of us that have opened up discussions of discontent in how this company fails to comply with the very basics that all public companies are required, may one day be "Thanked" for not sitting back and just taking all the BS that comes out from management while we witness the erosion of whatever money we invested in their enterprise!
If comments on this sight are the cause of their downfall, then the company is riding on thin ice to begin with.
Those of you who come to their defense are honorable at best, however if you look back at what has been said, you will find it adds up to total nonsense. A lot of talk, but nothing in black and white to prove their financial strength or weakness. There seems to be little in the way of checks and balances in how they operate. Only recently has there been mention of an accounting firm doing an audit. Certainly most companies hire the services of a registrar and/or Transfer Agent.
With no slander intended to Mr. Miller,(I personally feel he has the up-most integrity in what he is doing) he's taking on the task of their Investors Relations rep as well as the registration officer responsible in collecting information on who are shareholders and their positions. Truly not something that public companies do and I question the validity of such actions. Mr. Miller is taking on the roll of IR, accounting for who owns shares (Registrar) and whatever responsibilities they pile on.
You need to ask yourself as investors, is this the way public companies are managed?? Better yet, ask your accountant. Ask your broker, ask the FSA. As we were told as kids, ignorance is when you DON"T ask the questions in class. So, you can sit back and accept every excuse for this or that, which comes from the company. It's your money at stake. If what is said on this site or others encourages the company to do the right thing and put the company on the right path, then it's all been worth whatever comments have been made of US loudmouth trouble makers!
I want to say that maybe one day the few of us that have opened up discussions of discontent in how this company fails to comply with the very basics that all public companies are required, may one day be "Thanked" for not sitting back and just taking all the BS that comes out from management while we witness the erosion of whatever money we invested in their enterprise!
If comments on this sight are the cause of their downfall, then the company is riding on thin ice to begin with.
Those of you who come to their defense are honorable at best, however if you look back at what has been said, you will find it adds up to total nonsense. A lot of talk, but nothing in black and white to prove their financial strength or weakness. There seems to be little in the way of checks and balances in how they operate. Only recently has there been mention of an accounting firm doing an audit. Certainly most companies hire the services of a registrar and/or Transfer Agent.
With no slander intended to Mr. Miller,(I personally feel he has the up-most integrity in what he is doing) he's taking on the task of their Investors Relations rep as well as the registration officer responsible in collecting information on who are shareholders and their positions. Truly not something that public companies do and I question the validity of such actions. Mr. Miller is taking on the roll of IR, accounting for who owns shares (Registrar) and whatever responsibilities they pile on.
You need to ask yourself as investors, is this the way public companies are managed?? Better yet, ask your accountant. Ask your broker, ask the FSA. As we were told as kids, ignorance is when you DON"T ask the questions in class. So, you can sit back and accept every excuse for this or that, which comes from the company. It's your money at stake. If what is said on this site or others encourages the company to do the right thing and put the company on the right path, then it's all been worth whatever comments have been made of US loudmouth trouble makers!
I know that there has been mention on several occasions in Paul Miller's letters about dis-hearten investors squawking on this site and how ridiculous it is for us to voice our concerns with even threats of taking action for slanderous statements.
I want to say that maybe one day the few of us that have opened up discussions of discontent in how this company fails to comply with the very basics that all public companies are required, may one day be "Thanked" for not sitting back and just taking all the BS that comes out from management while we witness the erosion of whatever money we invested in their enterprise!
If comments on this sight are the cause of their downfall, then the company is riding on thin ice to begin with.
Those of you who come to their defense are honorable at best, however if you look back at what has been said, you will find it adds up to total nonsense. A lot of talk, but nothing in black and white to prove their financial strength or weakness. There seems to be little in the way of checks and balances in how they operate. Only recently has there been mention of an accounting firm doing an audit. Certainly most companies hire the services of a registrar and/or Transfer Agent.
With no slander intended to Mr. Miller,(I personally feel he has the up-most integrity in what he is doing) he's taking on the task of their Investors Relations rep as well as the registration officer responsible in collecting information on who are shareholders and their positions. Truly not something that public companies do and I question the validity of such actions. Mr. Miller is taking on the roll of IR, accounting for who owns shares (Registrar) and whatever responsibilities they pile on.
You need to ask yourself as investors, is this the way public companies are managed?? Better yet, ask your accountant. Ask your broker, ask the FSA. As we were told as kids, ignorance is when you DON"T ask the questions in class. So, you can sit back and accept every excuse for this or that, which comes from the company. It's your money at stake. If what is said on this site or others encourages the company to do the right thing and put the company on the right path, then it's all been worth whatever comments have been made of US loudmouth trouble makers!
I want to say that maybe one day the few of us that have opened up discussions of discontent in how this company fails to comply with the very basics that all public companies are required, may one day be "Thanked" for not sitting back and just taking all the BS that comes out from management while we witness the erosion of whatever money we invested in their enterprise!
If comments on this sight are the cause of their downfall, then the company is riding on thin ice to begin with.
Those of you who come to their defense are honorable at best, however if you look back at what has been said, you will find it adds up to total nonsense. A lot of talk, but nothing in black and white to prove their financial strength or weakness. There seems to be little in the way of checks and balances in how they operate. Only recently has there been mention of an accounting firm doing an audit. Certainly most companies hire the services of a registrar and/or Transfer Agent.
With no slander intended to Mr. Miller,(I personally feel he has the up-most integrity in what he is doing) he's taking on the task of their Investors Relations rep as well as the registration officer responsible in collecting information on who are shareholders and their positions. Truly not something that public companies do and I question the validity of such actions. Mr. Miller is taking on the roll of IR, accounting for who owns shares (Registrar) and whatever responsibilities they pile on.
You need to ask yourself as investors, is this the way public companies are managed?? Better yet, ask your accountant. Ask your broker, ask the FSA. As we were told as kids, ignorance is when you DON"T ask the questions in class. So, you can sit back and accept every excuse for this or that, which comes from the company. It's your money at stake. If what is said on this site or others encourages the company to do the right thing and put the company on the right path, then it's all been worth whatever comments have been made of US loudmouth trouble makers!
Hi All
Nothing much to report, but on checking up on SOMSHARES comment about the 3 months de-registration, yes they have until 8th September 2010 to file their accounts or give a damn good reason as to why they haven't?
I'm off out for the day, so hopefully when I get back tonight I will have an e-mail notification of the accounts being filed!!!:clap:
Still before I shut down the computer must remember to put the Euromillions Lottery on!! £23m how many SOM shares could I buy then???:clover:
Cheers
Mugs
Nothing much to report, but on checking up on SOMSHARES comment about the 3 months de-registration, yes they have until 8th September 2010 to file their accounts or give a damn good reason as to why they haven't?
I'm off out for the day, so hopefully when I get back tonight I will have an e-mail notification of the accounts being filed!!!:clap:
Still before I shut down the computer must remember to put the Euromillions Lottery on!! £23m how many SOM shares could I buy then???:clover:
Cheers
Mugs
SAIL was brought in under the Companies Act 2006 which took effect on 1 October 2009. The purpose of SAIL is for the director to provide Companies House the address of where their company records and registers are kept if it is not kept at the registered office address.
Well nothing on the CH website, but not sure how long that would take to update if they were handed in yesterday!! No news from IR, but then unless they had a copy they could scan not surprised!!! Will give a bit more time for information to be updated. But if no news by Wednesday next week, will have to start asking the difficult questions!!
Oldoneleg, as for the 5th May post on the SOM website, it reads great but look at this web page for VCL film medien ag
http://www.alacrastore.com/company-snapshot/VCL_Film_Medien_AG-2500025
As for CCV Cinema, this company was only registered in March 2010?
http://wck2.companieshouse.gov.uk/fffcc4f0d0e145c327a20158708db286/compdetails
And the Director is a film producer called "ALBERT AVRAMOVICH"
Just google him and see what you get!!
Question to the legendary members or anyone else; if this is a scam it seems they are going to elaborate lengths to keep our interest?? Or is this all very easy stuff to do??
Cheers
Mugs
Mugs,
This is no scam, period.
You are damaging the company with your posts.
I beleive we have lost a 2 million euro investment because of the negative comments on this forum.
That would have funded the expansion of Equi8.
A company director said to me after I had explained the Equi8 setup, i.e. not taking the betting risk but taking 14% of the total bets, "this will be a cash cow in the making".
If you have doubts contact Investor Relations. I have no doubts that eventualy I will become very wealthy, thats why I am picking up as many cheap shares as I can afford.
Regards,
oldoneleg
This is no scam, period.
You are damaging the company with your posts.
I beleive we have lost a 2 million euro investment because of the negative comments on this forum.
That would have funded the expansion of Equi8.
A company director said to me after I had explained the Equi8 setup, i.e. not taking the betting risk but taking 14% of the total bets, "this will be a cash cow in the making".
If you have doubts contact Investor Relations. I have no doubts that eventualy I will become very wealthy, thats why I am picking up as many cheap shares as I can afford.
Regards,
oldoneleg
Dear oldoneleg:
You either work for the company or your a real toad about to get boiled. The story goes something like this:
You want to know how to boil a frog with out him jumping out of the pan??
You put him in luke warm water and turn up the heat gradually. He'll get sleepy and before he knows it, well......it's too late!
Your comment on how the company has lost 2 million in Euros is crazy! You can't lose what you don't have! You shouldn't blame anyone on this site for the mismanagement that the company is having. You should applaud Mugs for helping all of us stay informed on the company. I mean really, especially you! All that new money you keep saying you're investing. Just keep doing it. Keep it afloat as long as you can. That 10% stock bonus will not look so attractive when it's a 100% loss.
It will be interesting to see if they did the accounting. Even if they show huge losses would be a plus. At least we know they are acting like a public company should. I would accept that as a positive. Has anyone ever been to their office in London? It would be interesting to know. Does anyone know who this big time jockey is that they are talking about? Or is that a pile of horse **** too? I haven't heard anything from IR but it's too early. I think by next Friday we should hear something. It still puzzles me that this other guy says he has had his shares for over a month. Is there something special we need to do to get our shares? What did he do to get his so fast? Fast, like in 1 1/2 yrs later.
You either work for the company or your a real toad about to get boiled. The story goes something like this:
You want to know how to boil a frog with out him jumping out of the pan??
You put him in luke warm water and turn up the heat gradually. He'll get sleepy and before he knows it, well......it's too late!
Your comment on how the company has lost 2 million in Euros is crazy! You can't lose what you don't have! You shouldn't blame anyone on this site for the mismanagement that the company is having. You should applaud Mugs for helping all of us stay informed on the company. I mean really, especially you! All that new money you keep saying you're investing. Just keep doing it. Keep it afloat as long as you can. That 10% stock bonus will not look so attractive when it's a 100% loss.
It will be interesting to see if they did the accounting. Even if they show huge losses would be a plus. At least we know they are acting like a public company should. I would accept that as a positive. Has anyone ever been to their office in London? It would be interesting to know. Does anyone know who this big time jockey is that they are talking about? Or is that a pile of horse **** too? I haven't heard anything from IR but it's too early. I think by next Friday we should hear something. It still puzzles me that this other guy says he has had his shares for over a month. Is there something special we need to do to get our shares? What did he do to get his so fast? Fast, like in 1 1/2 yrs later.
From: Paul Miller [mailto[email protected]]
Sent: 31 July 2010 16:17
To: Paul Miller Gmail (Private)
Subject: Audited accounts
Note: This email has been sent as blind copies to a distribution list of
120 + UK Shareholders of Spirit on Media Group PLC.
Cc: All Spirit on Media Directors
David Hirst
Paul Morton
Dear Investors All
Audited Accounts
This is to advise you that the audited accounts complete with final
adjustments are now with Mazars our auditors in London. This exercise has
however, not been without some frustrations:
I met with the directors of SOM on Thursday 29th July. With regard to the
accounts, the completed accounts with adjustments were handed over to Mazars
on Monday 26th July. At the meeting on Wednesday 28th July, it was hoped
that the accounts could be 'fast-tracked' through the review process and be
lodged with Companies House by the July deadline being Friday 30th.
However, Mazars knowing the importance of this deadline unfortunately
explained this was impossible as the review process could not be completed
that quickly. The review process requires a Senior Manager review, then a
partner review, then because SOM is a plc an independent partner's review
also.
The second bombshell was dropped when, as you will see from the Mazars's
email below, it was revealed that the accounts had been completed using
certain German accounting procedures some of which are not acceptable under
British GAAP accounting procedures. For example the balance sheet showed
"Intangibles" which under GAAP it should be "Goodwill". In light of this the
directors remained in London, made all the necessary corrections and the
corrected documents are now with Mazars. SOM can do no more now but wait for
the various reviews.
So, when Mazars were asked to state a final date that accounts would
definitely be in with Companies House, they stated that with virtual
certainty they would be with Companies House no later than Friday 13th
August.
The following is a copy of the Email about this sent by Mazars to Companies
House
Dear Sir,
We write on behalf of our client Spirit On Media Group plc. Our client's
directors flew to London yesterday (Wednesday 28th July) from Hong Kong and
Germany and a final audit meeting was held in our offices. Unfortunately at
the meeting yesterday it became apparent that the accounting treatment our
client had adopted for the valuation of various key assets in the Group
Balance Sheet including television channels and on line wagering platforms
although acceptable under German accounting standards would not have
complied with UK accounting standards. Consequently our client prefers to
now adjust the treatment of these items to comply with UK standards and
requirements and this will entail major adjustments to the accounts and the
consolidation which unfortunately will now not be completed in time to have
the audited consolidated accounts filed with Companies House by 30th
July,2010.
Our client deeply regrets this further delay and will make every effort to
ensure that the audited consolidated accounts will be filed with Companies
House no later than 13th August 2010. Our client therefore humbly requests
your indulgence for this extension.
End of Email
The meeting with the directors
Regarding the rest of the meeting I had with the directors, I remain very
bullish. Apart from this bit of a fiasco with the accounts over the past
months, the prospects are extraordinarily good. With permission, I recorded
the meeting and hold about 4 hours of recorded material. Once again there is
a hubbub of background noise making transcription difficult. Also, as I have
to deal with Investor Relations and the register, I simply do not have time
to transcribe this. I have therefore outsourced it to another trusted
investor to do this for me. How long it will take to transcribe the
material and sort it into easily readable form is anyone's guess. I will
get the information out when I can.
Scammers
Nick McGregor, one of the Partners of Redmayne Bentley, stockbrokers called
me. He operates from the Henley Office and is very well aware of Spirit on
Media. Many of our investors have accounts there and he has recently bought
many thousands of SOM shares for our more savvy investors while the price is
so low.
He called me because he had been contacted by one of our investors who is
also one of his clients. He was concerned about the activities of scammers
and suggested that I may like to circulate a warning to all our investors to
be very careful.
Our investors are vulnerable to these calls because, in the early days, some
of the placement agents used to obtain investments for ALV, Raze TV and SOM
were found to be embezzling funds. As soon as this was discovered, they
were, of course, dismissed. Unfortunately, they had the investors' contact
details. Such lists of investors are hugely valuable to scammers and so the
details would have been sold. This is how the scammers know how to contact
you and more or less how many shares most shareholders have.
They will all offer to buy your shares at much higher that the current share
price. The reasons are many and varied but they include:
. The company's shares are worthless but they have a client...
. They have a secret client who wants to do a hostile takeover
. They have a client who wants to do this for some tax reason
. They want to do it to get hold of the licences
. Numerous other excuses
They will often have a fairly impressive looking website. However, such
websites have very limited contact details, usually only an email address or
phone number. Sometimes a geographical address is shown but Email addresses
and websites can be abandoned. Geographical addresses can be false. Compare
them to real companies and see the difference.
They will all eventually ask you to part with money up front and this too
for a variety of reasons including:
. Posting a bond for some reason
. A returnable fee to check the validity of the shares
. Insurance premium to protect the deal
. Cost of setting up an escrow account
. Numerous other reasons
They will have an account offshore somewhere, perhaps the Cayman Islands
where the name of the account might be as one is, "Inland Revenue offshore
branch" to make it look official and genuine and get you to part with your
money..
As Nick McGregor says: if the approach sounds like BS or too good to be true
it will be. What I say is simply this:
. If someone offers to buy your shares and it is a scam, you do not
want to be caught.
. If someone genuine wants to buy your shares (very few people in
the world yet know about SOM) it is because they think they will profit from
it big time so why would you want to pass over profit opportunities to
another?
Either way, you wouldn't want to deal with anyone cold calling you about
wanting your shares. Do be careful, don't get caught.
Kind Regards,
Paul Miller.
UK Investor Relations Representative
Spirit on Media Group plc
Tel: +44 (0) 2392 470294
Fax: +44 (0) 2392 412863
Email: [email protected]
Disclaimer:
I have complete confidence in the Spirit On Media operation. This is based
on a detailed and ongoing analysis that satisfies me to the extent that I
have invested heavily in the operation. Because of this, I freely give my
service as the UK Investor Relations Representative in part to pass on
opinion and information received and in part to assist the company with its
Investor Relations. This is an official appointment but entirely voluntary
and unpaid. Because all investments carry a degree of risk I offer no
guarantee either express or implied in any communication verbal or written
of any outcome whatever. Nevertheless, my opinion is that the risk of loss
is now vanishingly small while the potential for huge reward is very great.
[email protected]]Sent: 31 July 2010 16:17
To: Paul Miller Gmail (Private)
Subject: Audited accounts
Note: This email has been sent as blind copies to a distribution list of
120 + UK Shareholders of Spirit on Media Group PLC.
Cc: All Spirit on Media Directors
David Hirst
Paul Morton
Dear Investors All
Audited Accounts
This is to advise you that the audited accounts complete with final
adjustments are now with Mazars our auditors in London. This exercise has
however, not been without some frustrations:
I met with the directors of SOM on Thursday 29th July. With regard to the
accounts, the completed accounts with adjustments were handed over to Mazars
on Monday 26th July. At the meeting on Wednesday 28th July, it was hoped
that the accounts could be 'fast-tracked' through the review process and be
lodged with Companies House by the July deadline being Friday 30th.
However, Mazars knowing the importance of this deadline unfortunately
explained this was impossible as the review process could not be completed
that quickly. The review process requires a Senior Manager review, then a
partner review, then because SOM is a plc an independent partner's review
also.
The second bombshell was dropped when, as you will see from the Mazars's
email below, it was revealed that the accounts had been completed using
certain German accounting procedures some of which are not acceptable under
British GAAP accounting procedures. For example the balance sheet showed
"Intangibles" which under GAAP it should be "Goodwill". In light of this the
directors remained in London, made all the necessary corrections and the
corrected documents are now with Mazars. SOM can do no more now but wait for
the various reviews.
So, when Mazars were asked to state a final date that accounts would
definitely be in with Companies House, they stated that with virtual
certainty they would be with Companies House no later than Friday 13th
August.
The following is a copy of the Email about this sent by Mazars to Companies
House
Dear Sir,
We write on behalf of our client Spirit On Media Group plc. Our client's
directors flew to London yesterday (Wednesday 28th July) from Hong Kong and
Germany and a final audit meeting was held in our offices. Unfortunately at
the meeting yesterday it became apparent that the accounting treatment our
client had adopted for the valuation of various key assets in the Group
Balance Sheet including television channels and on line wagering platforms
although acceptable under German accounting standards would not have
complied with UK accounting standards. Consequently our client prefers to
now adjust the treatment of these items to comply with UK standards and
requirements and this will entail major adjustments to the accounts and the
consolidation which unfortunately will now not be completed in time to have
the audited consolidated accounts filed with Companies House by 30th
July,2010.
Our client deeply regrets this further delay and will make every effort to
ensure that the audited consolidated accounts will be filed with Companies
House no later than 13th August 2010. Our client therefore humbly requests
your indulgence for this extension.
End of Email
The meeting with the directors
Regarding the rest of the meeting I had with the directors, I remain very
bullish. Apart from this bit of a fiasco with the accounts over the past
months, the prospects are extraordinarily good. With permission, I recorded
the meeting and hold about 4 hours of recorded material. Once again there is
a hubbub of background noise making transcription difficult. Also, as I have
to deal with Investor Relations and the register, I simply do not have time
to transcribe this. I have therefore outsourced it to another trusted
investor to do this for me. How long it will take to transcribe the
material and sort it into easily readable form is anyone's guess. I will
get the information out when I can.
Scammers
Nick McGregor, one of the Partners of Redmayne Bentley, stockbrokers called
me. He operates from the Henley Office and is very well aware of Spirit on
Media. Many of our investors have accounts there and he has recently bought
many thousands of SOM shares for our more savvy investors while the price is
so low.
He called me because he had been contacted by one of our investors who is
also one of his clients. He was concerned about the activities of scammers
and suggested that I may like to circulate a warning to all our investors to
be very careful.
Our investors are vulnerable to these calls because, in the early days, some
of the placement agents used to obtain investments for ALV, Raze TV and SOM
were found to be embezzling funds. As soon as this was discovered, they
were, of course, dismissed. Unfortunately, they had the investors' contact
details. Such lists of investors are hugely valuable to scammers and so the
details would have been sold. This is how the scammers know how to contact
you and more or less how many shares most shareholders have.
They will all offer to buy your shares at much higher that the current share
price. The reasons are many and varied but they include:
. The company's shares are worthless but they have a client...
. They have a secret client who wants to do a hostile takeover
. They have a client who wants to do this for some tax reason
. They want to do it to get hold of the licences
. Numerous other excuses
They will often have a fairly impressive looking website. However, such
websites have very limited contact details, usually only an email address or
phone number. Sometimes a geographical address is shown but Email addresses
and websites can be abandoned. Geographical addresses can be false. Compare
them to real companies and see the difference.
They will all eventually ask you to part with money up front and this too
for a variety of reasons including:
. Posting a bond for some reason
. A returnable fee to check the validity of the shares
. Insurance premium to protect the deal
. Cost of setting up an escrow account
. Numerous other reasons
They will have an account offshore somewhere, perhaps the Cayman Islands
where the name of the account might be as one is, "Inland Revenue offshore
branch" to make it look official and genuine and get you to part with your
money..
As Nick McGregor says: if the approach sounds like BS or too good to be true
it will be. What I say is simply this:
. If someone offers to buy your shares and it is a scam, you do not
want to be caught.
. If someone genuine wants to buy your shares (very few people in
the world yet know about SOM) it is because they think they will profit from
it big time so why would you want to pass over profit opportunities to
another?
Either way, you wouldn't want to deal with anyone cold calling you about
wanting your shares. Do be careful, don't get caught.
Kind Regards,
Paul Miller.
UK Investor Relations Representative
Spirit on Media Group plc
Tel: +44 (0) 2392 470294
Fax: +44 (0) 2392 412863
Email: [email protected]
Disclaimer:
I have complete confidence in the Spirit On Media operation. This is based
on a detailed and ongoing analysis that satisfies me to the extent that I
have invested heavily in the operation. Because of this, I freely give my
service as the UK Investor Relations Representative in part to pass on
opinion and information received and in part to assist the company with its
Investor Relations. This is an official appointment but entirely voluntary
and unpaid. Because all investments carry a degree of risk I offer no
guarantee either express or implied in any communication verbal or written
of any outcome whatever. Nevertheless, my opinion is that the risk of loss
is now vanishingly small while the potential for huge reward is very great.
From: Paul Miller [mailto
Sent: 31 July 2010 16:17
To: Paul Miller Gmail (Private)
Subject: Audited accounts
Note: This email has been sent as blind copies to a distribution list of
120 + UK Shareholders of Spirit on Media Group PLC.
Cc: All Spirit on Media Directors
David Hirst
Paul Morton
Dear Investors All
Audited Accounts
This is to advise you that the audited accounts complete with final
adjustments are now with Mazars our auditors in London. This exercise has
however, not been without some frustrations:
I met with the directors of SOM on Thursday 29th July. With regard to the
accounts, the completed accounts with adjustments were handed over to Mazars
on Monday 26th July. At the meeting on Wednesday 28th July, it was hoped
that the accounts could be 'fast-tracked' through the review process and be
lodged with Companies House by the July deadline being Friday 30th.
However, Mazars knowing the importance of this deadline unfortunately
explained this was impossible as the review process could not be completed
that quickly. The review process requires a Senior Manager review, then a
partner review, then because SOM is a plc an independent partner's review
also.
The second bombshell was dropped when, as you will see from the Mazars's
email below, it was revealed that the accounts had been completed using
certain German accounting procedures some of which are not acceptable under
British GAAP accounting procedures. For example the balance sheet showed
"Intangibles" which under GAAP it should be "Goodwill". In light of this the
directors remained in London, made all the necessary corrections and the
corrected documents are now with Mazars. SOM can do no more now but wait for
the various reviews.
So, when Mazars were asked to state a final date that accounts would
definitely be in with Companies House, they stated that with virtual
certainty they would be with Companies House no later than Friday 13th
August.
The following is a copy of the Email about this sent by Mazars to Companies
House
Dear Sir,
We write on behalf of our client Spirit On Media Group plc. Our client's
directors flew to London yesterday (Wednesday 28th July) from Hong Kong and
Germany and a final audit meeting was held in our offices. Unfortunately at
the meeting yesterday it became apparent that the accounting treatment our
client had adopted for the valuation of various key assets in the Group
Balance Sheet including television channels and on line wagering platforms
although acceptable under German accounting standards would not have
complied with UK accounting standards. Consequently our client prefers to
now adjust the treatment of these items to comply with UK standards and
requirements and this will entail major adjustments to the accounts and the
consolidation which unfortunately will now not be completed in time to have
the audited consolidated accounts filed with Companies House by 30th
July,2010.
Our client deeply regrets this further delay and will make every effort to
ensure that the audited consolidated accounts will be filed with Companies
House no later than 13th August 2010. Our client therefore humbly requests
your indulgence for this extension.
End of Email
The meeting with the directors
Regarding the rest of the meeting I had with the directors, I remain very
bullish. Apart from this bit of a fiasco with the accounts over the past
months, the prospects are extraordinarily good. With permission, I recorded
the meeting and hold about 4 hours of recorded material. Once again there is
a hubbub of background noise making transcription difficult. Also, as I have
to deal with Investor Relations and the register, I simply do not have time
to transcribe this. I have therefore outsourced it to another trusted
investor to do this for me. How long it will take to transcribe the
material and sort it into easily readable form is anyone's guess. I will
get the information out when I can.
Scammers
Nick McGregor, one of the Partners of Redmayne Bentley, stockbrokers called
me. He operates from the Henley Office and is very well aware of Spirit on
Media. Many of our investors have accounts there and he has recently bought
many thousands of SOM shares for our more savvy investors while the price is
so low.
He called me because he had been contacted by one of our investors who is
also one of his clients. He was concerned about the activities of scammers
and suggested that I may like to circulate a warning to all our investors to
be very careful.
Our investors are vulnerable to these calls because, in the early days, some
of the placement agents used to obtain investments for ALV, Raze TV and SOM
were found to be embezzling funds. As soon as this was discovered, they
were, of course, dismissed. Unfortunately, they had the investors' contact
details. Such lists of investors are hugely valuable to scammers and so the
details would have been sold. This is how the scammers know how to contact
you and more or less how many shares most shareholders have.
They will all offer to buy your shares at much higher that the current share
price. The reasons are many and varied but they include:
. The company's shares are worthless but they have a client...
. They have a secret client who wants to do a hostile takeover
. They have a client who wants to do this for some tax reason
. They want to do it to get hold of the licences
. Numerous other excuses
They will often have a fairly impressive looking website. However, such
websites have very limited contact details, usually only an email address or
phone number. Sometimes a geographical address is shown but Email addresses
and websites can be abandoned. Geographical addresses can be false. Compare
them to real companies and see the difference.
They will all eventually ask you to part with money up front and this too
for a variety of reasons including:
. Posting a bond for some reason
. A returnable fee to check the validity of the shares
. Insurance premium to protect the deal
. Cost of setting up an escrow account
. Numerous other reasons
They will have an account offshore somewhere, perhaps the Cayman Islands
where the name of the account might be as one is, "Inland Revenue offshore
branch" to make it look official and genuine and get you to part with your
money..
As Nick McGregor says: if the approach sounds like BS or too good to be true
it will be. What I say is simply this:
. If someone offers to buy your shares and it is a scam, you do not
want to be caught.
. If someone genuine wants to buy your shares (very few people in
the world yet know about SOM) it is because they think they will profit from
it big time so why would you want to pass over profit opportunities to
another?
Either way, you wouldn't want to deal with anyone cold calling you about
wanting your shares. Do be careful, don't get caught.
Kind Regards,
Paul Miller.
UK Investor Relations Representative
Spirit on Media Group plc
Tel: +44 (0) 2392 470294
Fax: +44 (0) 2392 412863
Email: [email protected]
Disclaimer:
I have complete confidence in the Spirit On Media operation. This is based
on a detailed and ongoing analysis that satisfies me to the extent that I
have invested heavily in the operation. Because of this, I freely give my
service as the UK Investor Relations Representative in part to pass on
opinion and information received and in part to assist the company with its
Investor Relations. This is an official appointment but entirely voluntary
and unpaid. Because all investments carry a degree of risk I offer no
guarantee either express or implied in any communication verbal or written
of any outcome whatever. Nevertheless, my opinion is that the risk of loss
is now vanishingly small while the potential for huge reward is very great.
It's good to know that we may be getting closer to some results. The date has moved again but i understand why, if there's truth to it. What do you more experienced tink about this message? Any insight?
So the deadline is Friday the 13th, rather unfortunate in the circumstances.
spiritonmedia
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Spirit On Media Group plc ("SOM")
Official Statement
The comments on this forum are in our opinion are born out of frustration, limited working knowledge and the challenging financial climate post the global financial crisis.
The delay on the accounts and therefore the late registering with Companies House has been caused by limited resources and confusion over year-end dates post the acquisition of Caribbean Island Traders, which gave SOM plc status in order to qualify for broadcasting and wagering licenses. The Company accepts the oversight in this regard, and the accounts will be posted with Companies House on or before 13th August 2010.
The delay and frustrations around the delivery of shares is a consequence of allowing the Company to seek mezzanine funding to be able to implement its business plan by a private placement of Treasury stock. As SOM did not IPO, If all the stock were in the market and freely tradeable, then SOM would be vulnerable to a hostile takeover to the detriment of all shareholders.
The Company Website, The number of personnel mentioned therein, The equi8 Website, The Company announcements, The Company accountants - Mazars, The trail of open information, clearly shows that SOM is a going concern and not a scam as claimed by anonymous people in this forum.
The Company accepts that the time frame in delivering shareholders expectations has been far longer than originally anticipated, but this is largely a factor of the challenging economic climate and limited resources the Company is having to work with.
The negative comments expressed in this forum should be addressed to the Company and not aired in this forum, as it is counter-productive and will make the job of delivering on shareholders expectations that much more difficult. However, this may be the work of scammers looking to de-stablise shareholders for their own benefit.
Therefore, it is of vital importance if anyone has any genuine concerns, they should contact the Company and not discuss matters in this forum only to feed information for the scammers to work with indiscriminately.
For Investor Relations queries: Please contact Paul Miller ([email protected])
For Accounts, Corporate finance and Share queries: Please contact David Hirst ([email protected])
For Capital Investment and Mezzanine Finance queries: Please contact Paul Morton ([email protected])
For Group queries: Please contact Udo Schaar ([email protected])
Official Statement
The comments on this forum are in our opinion are born out of frustration, limited working knowledge and the challenging financial climate post the global financial crisis.
The delay on the accounts and therefore the late registering with Companies House has been caused by limited resources and confusion over year-end dates post the acquisition of Caribbean Island Traders, which gave SOM plc status in order to qualify for broadcasting and wagering licenses. The Company accepts the oversight in this regard, and the accounts will be posted with Companies House on or before 13th August 2010.
The delay and frustrations around the delivery of shares is a consequence of allowing the Company to seek mezzanine funding to be able to implement its business plan by a private placement of Treasury stock. As SOM did not IPO, If all the stock were in the market and freely tradeable, then SOM would be vulnerable to a hostile takeover to the detriment of all shareholders.
The Company Website, The number of personnel mentioned therein, The equi8 Website, The Company announcements, The Company accountants - Mazars, The trail of open information, clearly shows that SOM is a going concern and not a scam as claimed by anonymous people in this forum.
The Company accepts that the time frame in delivering shareholders expectations has been far longer than originally anticipated, but this is largely a factor of the challenging economic climate and limited resources the Company is having to work with.
The negative comments expressed in this forum should be addressed to the Company and not aired in this forum, as it is counter-productive and will make the job of delivering on shareholders expectations that much more difficult. However, this may be the work of scammers looking to de-stablise shareholders for their own benefit.
Therefore, it is of vital importance if anyone has any genuine concerns, they should contact the Company and not discuss matters in this forum only to feed information for the scammers to work with indiscriminately.
For Investor Relations queries: Please contact Paul Miller ([email protected])
For Accounts, Corporate finance and Share queries: Please contact David Hirst ([email protected])
For Capital Investment and Mezzanine Finance queries: Please contact Paul Morton ([email protected])
For Group queries: Please contact Udo Schaar ([email protected])
13th August will come and go and the shareholders will be in the same position as they are now. Just like all the other excuses this is intended to buy you more time. This reminds me of the Biodefense scam where we had some guy come on and post a load of crap about how they were going public 'at the end of the month', that was around Christmas and the shareholders are still waiting.
