3281 days ago
Written jointly with Ben Turney & Nigel Somerville...Quite simply, the firm of Beaumont Cornish is not fit for purpose as a Nomad. It epitomises all that is wrong with the AIM market. The epic fiasco surrounding the New World Oil and Gas Placing may be the last straw but Beaumont Cornish has form going back years. Even with regard to just this one company there have been serial disasters, but there are more cases where Beaumont Cornish has failed in its duties as Nomad.
If the Laughing Stock Exchange and the chocolate teapots of the FCA are going to try to maintain any pretence whatsoever that the AIM market is policed then Beaumont Cornish has to be made to pay the price. In this article we outline some of the scandals presided over by this squalid firm. Investors have lost money through incompetence, lies, fraud and cronyism where Beaumont Cornish is supposed to have acted as the long arm of the regulator, but has failed. Token private taps on the shoulder or fines of the magnitude of a good lunch are not enough. Public and summary execution is now the only way forward. Here are just a few examples of what Roland “Fatty” Cornish and his crew have presided over.
2012 – Digital Learning Marketplace plc (DLM)
Back in 2012,
3577 days ago
Co-written with deputy Sheriff Nigel Somerville: Four times, or perhaps it is five, we have asked the AIM Regulation Team to investigate whether Roland “Fatty” Cornish and his firm Beaumont Cornish, is fit to continue acting as a Nominated Advisor (Nomad) in light of our revelations about events at Digital Learning Marketplace (DLM) in 2012. We now publish a full charge sheet. If Fatty wants to exercise a right to reply we will publish it. Pro tem we will pass this too onto AIM Regulation.
The Nomad system on AIM is supposed to be there to protect investors and ensure that company directors stick to the rules of the market and stay within the law. Nomads charge a fee for this, which investors pay for: it is their assets in the plc that pays the bill, after all. This set-up is the investor’s first line of defence.
The Nomad is supposed to check and verify all company statements put out by RNS before release, as well as niceties such as whether the company is in ‘close’ period when it comes to directors’ share dealing, compliance with AIM rules and so on.
And so, with reference to the scandal that was Digital Learning Marketplace plc during 2012, we bring you the role of DLM’s Nomad, Beaumont Cornish, in all of this.
1) RNSs of 29 Feb 2012 and 1 Mar 2012 – does nobody own a calculator?
3583 days ago
Angus Forrest of Tern (TERN) has asked that we publish in full a letter in which he laments the piss poor journalism of Tom Winnifrith and Nigel Somerville. We are delighted to publish Mr. Forrest’s letter since we believe it incriminates him even more in scandal. Our response will follow within thirty minutes. Forrest writes:
Dear Sirs,
Many unfounded allegations have been made against me and my colleagues concerning our time at Digital Learning Marketplace (DLM).
These allegations have been made at the UK Investor Show and on the Share Prophets’ website by Nigel Somerville and Tom Winnifrith
3583 days ago
We are pleased that Angus Forrest has given his side of the story with regard to what went on at DLM in 2012 - HERE. Whilst we believe his explanations fall short of satisfactory, at least he has taken the time and trouble to respond to some of the questions raised but we still call for the noose. Answering his points in turn…
Many unfounded allegations have been made against me and my colleagues concerning our time at Digital Learning Marketplace (DLM).
These allegations have been made at the Investor Show and on the Share Prophets’ website by Nigel Somerville and Tom Winnifrith
I wish to clarify to the readers of Share Prophets that at no time did Mr Somerville or Mr Winnifrith contact or meet me to corroborate any of the allegations made against me or anyone else that has been accused of “malfeasance” across some 15 separate articles. As a result I would like to take this opportunity to publicly respond to as many allegations as I can detect from the various disjointed articles published on Share Prophets.
They are not unfounded. Much of what has been said is based on announcements and documents for which Mr Forrest was himself directly responsible. We note that certain allegations including the misleading CV Mr Forrest posted on the Shareholder Circular which saw him elected to the board of Tern (TERN) are not addressed. Why not? Because no amount of sophistry can hide the fact that Mr Forrest misled.
First,
3583 days ago
I have flagged to AIM Regulation the numerous failings of Roland “Fatty” Cornish and his Nomad firm Beaumont Cornish. Once again I have written to Regulation today asking it to investigate why Fatty allowed Digital Learning Marketplace to publish as an RNS a total lie in August 2012. My start witness is….Angus Forrest now at Tern PLC (TERN) but then at DLM. Forrest is an honourable man and so has, I suspect inadvertently, dobbed Fatty in to The Sheriff of AIM
My letter follows:
Dear Sirs.
The standing of the Casino that you regulate, namely AIM, is dependent on Nomads who are responsible for the veracity of RNS releases ensuring they are true. In that vein I bring you an allegation made by a fine upstanding citizen Mr Angus Forrest in which he explicitly states that Mr Roland “fatty” Cornish of Nomad Beaumont Cornish signed of an RNS knowing it to be untrue.
Naturally I believe every word that Mr Forrest says and so ask you to investigate this matter. For if this allegation is true AIM must surely withdraw the permissions of Beaumont Cornish to act as a Nomad lest its pristine reputation be in any way tainted.
On August 10 2012 DLM
3599 days ago
For the fourth time I have written to AIM regulation asking for a formal investigation into whether Roland “fatty” Cornish and his firm Beaumont Cornish carried out its supervisory duties adequately in the period June-September 2012 with regard to Digital Learning Marketplace (DLM), now Alpha Returns (ARGP), a firm then run by crony capitalists Angus Forrest & Bruce Leith who are now running Tern PLC (TERN) into the ground. This is prompted by the shock whistle-blower letter from July 17 2012 which I published in full yesterday, HERE.
That letter was sent to Fatty.
3599 days ago
With thanks to Spandau Ballet, I open what I hope will be my final piece on the matter of Angus Forrest, Bruce Leith and Tern (TERN) – at what point do the non-exec and advisors realize that without regime change this company is uninvestable and will thus go bust? For shareholder’s sake one hopes that point is now.
Deputy Sheriff Comrade Nigel Somerville, of the 1st Oxfordshire Peasants Army laid out the rap sheet against Forrest and Leith in full at the weekend HERE.
Over the past ten days in excruciating detail he and I have shown how at Digital Learning Marketplace (and indeed at Tern) the two men have systematically misled investors with statements that were untrue or by not revealing information germane to the investment case.
Tern is more or less bust anyway
3604 days ago
A letter sent on 17th July 2012 by a whistle-blower to Roland “fatty” Cornish of Beaumont Cornish, Nomad to Digital Learning Marketplace (DLM) now Alpha Returns (ARGP) relating to its financial position and the conduct of Angus Forrest & Bruce Leith has fallen into the hands of The Sheriff of AIM. Oh dear, oh dear...shall I publish this explosive document and ruin some crony capitalists? Hmmmmm.
This letter was ignored. It makes it abundantly clear that Fatty was not performing adequate regulatory oversight (I feel another letter to AIM Regulation is on the way) and that Forrest & Leith are not fit to run Tern PLC (TERN) where they are, pro tem, in charge.
The letter is from an associate of Andy Hasoon who was suspended as CEO on 16th July, something that Fatty, Forrest & Leith failed to tell the market about as they should have as I revealed HERE. The letter reads.
3605 days ago
Earlier today one of the deputy Sheriffs of AIM, Comrade Somerville, flagged up massive issues with the CVA agreed by Digital Learning Marketplace (DLM), now Alpha Returns (ARGP) under the watch of Angus Forrest and Bruce Leith, the two men now running Tern PLC (TERN), into the ground. But Deputy Somerville misses out a couple of points which just add to the scandal which, in a just world, would mean Forrest & Leith swinging on a corporate noose this week.
Some might say that CVAs are complex and that Forrest & Leith could be forgiven the odd error (albeit some pretty massive ones). But that would be to ignore their track record.
3605 days ago
For the AIM casino to work, allowing investors to trust PLCs to tell the truth, every statement they issue in an RNS must be verified by the company’s Nominated Advisor (Nomad). Nomads like Roland “Fatty” Cornish of Beaumont Cornish are paid fat fees for doing this work. If they fail to verify an RNS so that a company lies to investors they should be censured by AIM regulation and, in an ideal wold, prevented from acting as Nomad in future. In that vein I have now issued a third request to the AIM Team to investigate Beaumont Cornish and Fatty in particular regarding lies told in 2012 by Digital Learning Marketplace.
To read my first request to investigate click HERE
To read my second request to investigate click HERE
The subject of this complaint
3610 days ago
Tern (TERN) chairman Angus Forrest is fleeing the country. Okay, I exaggerate, he is on a boat to France as he prepares for a week’s holiday. How do I know? Because he has just called me. Forrest tells me that what I am about to publish is confidential. But since it is explosive does he think I give a FF? Come on DLM (now Alpha Returns), Forrest, Bruce Leith go send me a lawyers letter if you want.
The Sheriff of AIM is not scared by such threats and Angus Forrest and Bruce Leith, as of yesterday, are officially “in sights” - see HERE
On 14th August 2012 Digital Learning Marketplace run by Angus Forrest and Bruce Leith issued this RNS:
3611 days ago
Angus Forrest the chairman of Tern (TERN) and his sidekick Bruce Leith must be sacked at once for the series of lies they told while running AIM Cesspit listed Digital Learning Marketplace between June and September 2012 and for the clear corporate malfeasance that took place. The are now officially "In sights" and the Sheriff of AIM is on the warpath - see HERE. The list of Forrest's crimes exposed here is growing so just to start of what will be a blitz of revelations I offer him an easy opener. When did DLM part company with its CEO Andy Hasoon?
3611 days ago
The AIM Regulation Team have confirmed to me that they are already looking into my first formal request to investigate Nominated advisor Beaumont Cornish and its head honcho Roland “Fatty” Cornish. I have today formally requested that the regulators open up a second investigation into what appears to be yet another blatant failure by Fatty to do the job for which he is so generously rewarded.
This all related to a placing undertaking by Digital Learning Marketplace (DLM) , now Alpha Returns (ARGP) in August 2012. The Placing Document stated explicitly that if £300,000 was not raised then any money invested would be returned to investors. Fatty signed off on that placing document. However a subsequent RNS which Fatty again signed off on revealed that less than £277,000 was raised yet all that cash was kept by the company This appears to be a blatant failing by Fatty in his duties as a Nomad and in light of this I have asked the AIM Regulation Team what act of censure it proposes to take against the firm. The letter follows below:
3611 days ago
I have now twice demanded that Tern PLC (TERN) sack Angus Forrest and Bruce Leith because of statements made when they ran Digital Learning Marketplace (DLM) - now Alpha Returns (ARGP) in 2012. But it gets far worse…
To read my first demand for the heads of Forrest and Leith click HERE
To read my second demand for the heads of Forrest and Leith click HERE
The issues are that the two men were responsible for RNS statements that were quite frankly lies. The first (August) concerned an unconditional contract that was in fact a conditional contract. That act of misleading allowed a placing to be undertaken. The second was a September AGM statement which was upbeat. But at the same time the CVA of DLM’s main operating unit was already underway, the contracts had gone and DLM itself was heading towards a CVA.
This morning I have been told by a reliable source
3618 days ago
I outlined on Friday why Tern PLC (TERN) must fire its chairman Angus Forrest and his gopher sidekick Bruce Leith NOW. Quite simply they have been shown to have committed corporate malfeasance and to have lied to investors at the last POS company they were in charge of – what was then Digital Learning Marketplace (DLM) and is now Alpha Returns (ARGP). I have written – as you can see HERE - to the Nomad (John Wakefield at WH Ireland) and Non Exec, Laurence Read ( a totally honourable man) demanding that they fire the two crony capitalists at once. But it gets worse.
3618 days ago
Nigel Somerville has earlier today (HERE) published the most extraordinary evidence of corporate malfeasance at what was Digital Learning and is now Alpha Returns (ARGP). The two directors exposed by Nigel now run Tern PLC (TERN), another sub scale investment company on the AIM Cesspit. I demand that they be fired NOW!
The FCA and other watchdogs are fully aware of the evidence that Nigel has gathered and investigations are underway. The Non Exec at Tern Laurence Read is an honourable guy and he could choose to wait for the official regulators to act. However the evidence is now out there in the public domain. The Sheriff of AIM has a noose at hand and suggests that Read and Nomad John Wakefield of WH Ireland use it. Forrest and Leith must go NOW!
In that vein I have just written to John and Laurence as follows.
Dear Laurence & John.
