The Evil Diaries Bonus Entry: An Update on Gate Ventures and the FCa’s Reply to Evil’s Letter

I award myself a CBE: I know, I know. And you thought that it is HM Queen who dishes out CBEs. But this one is Cawkwell’s Bloody Effort (at combating the Chancellor’s deficit problem). I felt liberal along these lines when noting yesterday’s shareholding RNS originated by Gate Ventures plc (GATE). It reads or advises that a Stephen Paul Gold who owned all the share capital of Black Elephant Ventures Limited had sold these shares to a Jun Zhu. The RNS is very clear: Black Elephant Ventures Limited “has no assets other than 2,835,000 ordinary shares of Gate Ventures plc”. It presumably has no liabilities other, possibly, than a loan taken out to buy/subscribe for Gate Ventures plc ordinaries. This would have been £283,500 just three weeks earlier. The RNS continues “The total consideration received [EK inserts: by Mr Gold – not stated but inferred] was £4,110,750, equating to 145p per ordinary share of Gate Ventures plc”. If the liability is deducted… well I think you get my drift: how much CGT does Mr Gold now owe? Hint: Mr Gold lives in London. Further hint: assuming Black Elephant Ventures Limited is a HK registered entity and controlled by Mr Gold there is no barrier to the remittance of the proceeds to the UK.

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Correspondence update: Ever conscious that readers really cannot be expected to stay abreast of events if they are uninformed as to how they are developing, I now show an exchange that occurred in the last twenty-four hours:

“Dear Mr Cawkwell

As you may already know, AIM Regulation is the department within London Stock Exchange that is responsible for the regulation of AIM. We can assure you that AIM Regulation investigates all complaints made as regards the conduct of AIM Companies and Nominated Advisers in respect of their compliance with the AIM Rules for Companies (“AIM Rules”) and for Nominated Advisers (“Nomad Rules”) and takes action where appropriate.  Please note that AIM Regulation’s remit does not extend beyond the AIM Rules and Nomad Rules.

We note your concerns regarding fraud. You may wish to refer your concerns to the City of London Police at http://www.cityoflondon.police.uk/CityPolice/Contact or The Serious Fraud Office at http://www.sfo.gov.uk/contact-us/contact-details.aspx who are the competent agencies with remit to investigate fraud.

Thank you for bringing your concerns to our attention.

Kind regards”

—-ENDS—-

“Dear AIM Regulation,

Don’t be silly. The City of London police can’t even read or write. And the SFO couldn’t give a shit.

This is the bailiwick of the FCA.

Your Old Pal,
Simon Cawkwell”

—-ENDS—-