NEOS Resources – Mr Rudofsky meet Mr John Teeling…

For those of you who are unfamiliar with the shocking and sorrowful (but not by the consecutive Directors of the company that have been in situ over the years it seems) story that is NEOS Resources, check out the Blog tab on the right.

In the space of 36 hours the stock has risen almost 5 fold from 0.12p to 0.6p as small cap entrepeneur and mining multi millionaire Mr John Teeling (a long time shareholder) has effectively put a pincer move on the current BoD which presentky comprises one Mr Stephen Rudofsky, Graham Woolfman and Bryan Myerson’s son Nicholas (Bryan being the Director of Principle Capital Management – a major shareholder and of “cold shoulder” fame).

Rudofsky et al were all set to de list the company (requiring a 75% majority) – for what reason I do not know given that there is a valuable list here and monstrous tax losses. It has been speculated by some that the delist was in order to carry out the dissection of the company’s assets out of the public eye… Teeling’s purchase of 29.9% of the stock (just under the key 30% threshold that would require a full bid) from hedge fund Lansdowne Partners has now blocked this as he has informed the BoD that he is to vote against the delist.

As relayed in our prior blogs, Mr Rudofsky had actually told me in 2012 that there were serious issues in relation to the use of shareholders monies prior to his joining – an issue which we have raised with the appropriate authorities as to why he as Executive Chairman has not pursued per his fiduciary duty to investigate this and report to his wider shareholders. That is a blog for another day however… We have also informed the FSA and the AIM Listings dept that we believe the RNS’s of last year by Mr Rudofksy were misleading (we stop short of calling them fraudulent a la the Sefton Resources and Tom Winni saga!) as he painted a picture of “confidence” in the future, a comfortable balance sheet and “increase” (sic) profits in India. The RNS just months later in the opening days of this year blew those representations away when the actual existence of the company was called into question and the de-list was proposed. Volte face is an understatement! Now we have the on/off resignations of him and Woolfman – you cannot make this up.

Mr Teeling – I hope you investigate thoroughly the company’s affairs if you influence the new Board makeup and if you would like information regarding certain of the Directors then you know where to find us – editor@spreadbetmagazine.com