The lies are coming out thick and fast over at Andalas Energy Power & Gas (LON: ADL). Today their bucket shop broker Beaufort Securities released what can only be described as the biggest crock of shit ever released by a House Broker who holds stock through Sanderson Capital. This isn’t the first time that the City Boyos (Shysters) have released such utter shite in-order to ramp their stock so that they can get out. Make no mistake people like Jon Belliss (Head ‘Liar’ of Corporate Broking) are telling wholesale lies. If Belliss would like to challenge that in the High Court then make my day you scumbag! Apparently Belliss is telling people he’s off to do a ‘Site Visit’ for ADL.. This is rather strange as Andalas do not have any site/s that he can visit. It’s more bullshit designed to fool the mug-punters who’ve already taken such a kicking that the investor base has been vapourised, turning ADL into nothing more than a traders stock.
Todays ‘Speculative Buy’ had me laughing into my cornflakes this morning. I’ve ran out of porridge hence I’m chomping through my cornflakes, nevertheless the laughter at ‘Levi Towers’ was no less rib tickling. I shall acquire some porridge this evening! Tesco own brand. It’ll cost me about 20,000 ADL shares, sadly I can’t pay with worthless toilet paper so I’ll have to actually use real money…
Beaufort Securities are playing a dirty game here and a double game of bluff in an attempt to drive the ADL SP up so that they can get out.
Andalas are currently under investigation by the AIM Regulator and their Nomad regarding the 1st Sept’ 2016 RNS where they’ve once again been caught out telling deliberate ‘Porkypies’. Read HERE. There is no agreement with PTT Pertamina (Persoro) that’s confirmed by the PTT Pertamina (Persoro) VP Corporate Secretary (communications). PTT Pertamina (Persoro) do not ‘DO’ Joint Developement Agreements that’s confirmed also, especially with A company that hasn’t got any money! As for the ‘Partnership’ trumpheted out so many times by the Liar and chief scumbag CEO Dave Whitby that too is bullshit. There is NO Partnership with PTT Pertamina (Persoro) that also has been confirmed by the PTT Pertamina (Persoro) Corporate Secretary!
The ramptastic shite coming out from Beaufort Securities is laughable in the extreme. Post the highly dilutive placing (And there have been many) there’s over 4,700,000,000. That’s Four Billion Seven Hundred Million shares in existence with another 3,300,000,000 issued and waiting to flood the market at any time. Yes Three Billion Three Hundred Million shares awaiting to be issued on top of the 4,700,000,000.Beauforts are telling the mug punters that the target is 0.20p a Market Capital value of circa £10,000,000 LOL!!! Apart from the fact that ADL have circa £200K in cash and will have to raise again and again and again ad infinitum…. They don’t have any fooking assets whatsoever LOL!! A shell is worth about £500K on the AIM. That is the true value of Andalas Energy and any Broker/Analyst, particulary the House Broker who has STOCK, which they’re rather disingenuiously selling into any rises, are telling you all a pack of lies…. Just as CEO Dave Whitby has lied over and over again, we now see the House Broker picking up the ‘Liars Baton’
This is a real ‘shocker’ and I urge all Andalas Energy & Power (LON: ADL) holders to contact the Nomad and ask just what the fuck is going on?
My information which I wish to now place into the public domain has come directly from my Indonesian oil & gas contacts who have spoken several times and met in person, Mr. Adiatmo Sarjito,
Mr. Sarajito is the VP Corporate Secretary (communications) of PT Pertamina (Persoro). The National State Oil & Gas company of Indonesia.
Mr Adiatmo Sarjito is willing to speak to the Aim Regulator and the ADL Nomad and will confirm that there is no Agreement/s between Andalas Energy & Power and PT Pertamina (Persoro) at the National level there is no record of any such agreement as announced on the 1st September 2016, within the Head office. PT Pertamina (Persoro) have no knowledge of Mr David Whitby and were completely unaware of Andalas Energy, indeed Mr Sarajito has never heard of them and did not know of their existence.
Furthermore, Mr Sarajito has stated that Pertamina does not recogonize/make Joint Development Agreements. This is at odds with what Whitby stated in the 1 Sept’ 2016 RNS. You will find there are material in-accuracies in what Andalas have once again deliberately spoon-fed share-holders and the market. These are blatant lies. You can read that RNS HERE. Andalas have deliberately miss-lead. A suspension of the Company is needed to protect share-holders.
Mr. Sarajito has spoken to the General Manager of Pertamina Jambi . What was reported back to him : was thus: “Andalas has been in talks ( only ) with Pertamina EP Jambi to explore the possibility to buy Gas from one of various SMALL WELLHEADS, size around 5-77bcf, producing 1mmscfd! And, that is only for approx 5MW of Power generation the Wellhead in question is known as PUSPA. Again it is just ongoing discussions”
The talks were for ADL to BUY the Gas. So : ADL is aiming to negotiate a GasSales Agreement . So: 1mm Gas for a 5MW Power Gen. NOT 30MW. The company cannot get a Gas Sales Agreement because they do not have the facilities to store the gas. A gas storage facility costs between $2M-$3M.
The ‘agreement’ RNS’d on 1 Sept’ 2016 was not a PARTNERSHIP with PT Pertamina (Persoro) it was some kind of non-material loose regional Heads of Terms, that was for 12 months. That 12 months is now up. There has been no information on the current status of such. Why? It is my belief that they are deliberately with-holding the status of this HOT in-order not to cause problems for todays EGM where another 4,000,000,000 shares will be voted into existence.
The ‘Corporate Secretary’, Mr. Sarajito has agreed that I can officially disclose my discussion to parties in London. i.e Aim Regulation, The FCA and the ADL Nomad.
The above authorities have been updated and can contact via the address/email or telephone number provided. Once contacted I will connect them directly with the ‘Corporate Secretary’ Mr Sarajito. I can assure you all that this conference call will result in the suspension or censure of Andalas Energy.
It’s time for Andalas share-holders to get active and demand action and answers from the Board. Genuine share-holders have been lead a merry dance by the likes of CEO David Whitby and the directors. They been have mis-lead and lied too. It is now time for all, regardless of their personal feelings to put away their differences and band together in the spirit of unity to force change.
Everyone involved as a share-holder knows the many,many duplicitious deeds that the Charlatans running Andalas have perpetrated. The dilution, the destruction of share value, the lies, the syphoning off of shareholder cash and not least the so called assets that always vapourise into nothing!
The opportunity is now here for ALL genuine holders to join up, become active and agitate through share-holder activism for change.
If we don’t then there’s a real possibility that Andalas will delist and or go into administration. There’s no cash whatsoever left. They’ve fooked over £5,000,000 of cash. Where has it gone?
It’s a shocking tale of undeclared, unsecured loans made by Dave Whitby from the coffers of the then CEB AIM listed company, which recently rebranded to Andalas Energy & Power (LON: ADL). Whitby, who is the CEO of Corsair Petroleum, a private Singaporean company, took control of CEB/ADL on June 5th 2015, on that day he also took control of £1,500,000 of placing cash raised at 0.4p. Within days he had secretly signed off $475,000 in undeclared related party payments in unsecured loans. If you think that is shocking, read on and discover who the unsecured loans went to.
I call upon AIM Regulation to immediately investigate Andalas Energy & Power PLC and it’s disgraceful CEO, the $600,000,000 fantasyman Dave Whitby for accounting FRAUDS he should be suspended forthwith! Their Nomad, Cantor Fitzgerald, Miss Sarah Wharry, (Worry) has been informed, as have the AIM Regulation Team and the FCA Market Abuse bods.
This is how it went.
On 10 June 2015 Whitby CEB/ADL issued Whitby/Corsair (Yes himself & his Corsair mates) with an unsecured loan of $250,000. The loan was to bear interest of 5% per annum payable on repayment of the loan. Full repayment of the principal amount plus accrued interest was to be made by 10 June 2016.
On 15 July 2015 Whitby CEB/ADL issued to Whitby/Corsair another unsecured loan of $225,000. That loan also carried interest of 5% per annum payable on repayment of the loan. Full repayment of the principal amount plus accrued interest was to be made by 15 July 2016.
Those payments are related party transactions and were never disclosed to shareholders or the market at the time they were made. Just how much of the $475,000 Whitby and Simon Gorringe, who is also on the board of Corsair and the gravy train at Andalas, have taken in payments from Whitby/Corsair is not known. However any payments made by Whitby/Corsair using Whitby CEB/ADL unsecured loan cash must be yet more related party transactions and subject to full RNS disclosure. Nothing, zippo…
The reason Whitby/CEB/ADL gave Whitby/Corsair unsecured loans is quite simple. Corsair haven’t got a pot to piss in and haven’t got any asset/s of value to secure the loans. It is inconceivable that any financial institution or business would advance approx. $500,000 in unsecured loans at 5%.
The questions are many and myriad but will have to wait until later down in this article because folks it gets even worse!
On the 19 August 2015. Whitby/CEB/ADL incorporated a subsidiary of Andalas Energy & Power, another Singaporean company called Corvette Energy (Singapore) PTE. LTD Company registration number 201532252D. Now you would think that an AIM listed company operating on the London Stock Exchange would have RNS’d such. But nay, there’s no mention of the new Whitby/CEB/ADL/Corvette subsidiary. The first inkling of Corvettes existence is six months later, buried in their half yearly report released on 26/01/2016.
Here’s the killer, we learn that Whitby CEB/ADL and Whitby Corsair have now novated and ‘extinguished’ the Whitby CEB/ADL unsecured loans of $500,000 & the 5% interest made to Whitby Corsair. “On 26 January 2016, Andalas, Corsair and Corvette entered into a novation agreement pursuant to which the Loans were extinguished and the benefit of the loaned moneys was transferred to Corvette with effect from 30 October 2015”. So now the unsecured, undeclared loans have come full circle back to Whitby CEB/ADL/Corvette. The burning question shareholders should be asking is this; How much was returned?
Remember, that according to the 2015 annual report the unsecured loans were made with these contractual conditions “The loans bear interest of 5% per annum payable on repayment of the loan/s. Full repayment of the principal amount/s plus accrued interest of 5% will be made by 10 June 2016 and 15 July 2016. There was no mention whatsoever of the unsecured loans being made for Indonesian Due Diligence. It is only when their repayment looms large is it sneaked out that ‘really guys this was for DD’. That throws up a multipule choice of unanswered questions. How were Whitby Corsair ever going to repay? Maybe they were planning to flood the market with the next tranches of ADL shares, all 93,750,000 going to Whitby Corsair that were to be awarded to them on the signing of an Indo’ deal? Did this plan fall apart during suspension? It’s 8 months after the unsecured loans were made that the repayment goalposts are moved. It is s fraud, compounded by lies!
Canada Dry! Charlatan Exposed!
We learn on the 26 January 2016 that they now were given so that Whitby/Corsair could progress Indonesian due diligence. What a crock of shit. Let’s be generous and say Maybe some of the cash was used but I seriously doubt that all of it was! Are we to believe that Whitby CEB/ADL will force their own ANDALAS subsidiary Corvette, to repay back $550,000 to themselves? When did it change? It’s a sleight of hand.No fooker is paying the cash back because the majority of it has been rinsed out by Whitby/Corsair! What is left is probably a small rump of cash that they once again haven’t RNS’d. These are ALL material transactions that have to all intents and purposes been sneaked out via the back door. They have been deliberately withheld. They are in effect ‘Back door Director loans’ that will never be repaid. Whitby should resign immediately.
The elephant in the room is this? Where has $550,000 dollars gone? Of course we’ll get the usual spin from Whitby, does anyone now really doubt that what myself and Tom Winnifrith, have wrote on this chump isn’t, in light of yesterdays absolute disastrous placing and this article today, bang on? Whitby is a corporate crook, raping his own shareholders to line the pockets of himself and his fellow Aussie crims.
I contacted Sarah Wharry the company nomad, from Cantor Fitzgerald, Sarah hasn’t responded to my questions. I wonder why? It has to be noted that Cantor were not the Nomad at the time of the undeclared, unsecured related party loans. That mantel fell to Sanlam Securities who, intriguingly, no longer provide Nomad services! I personally spoke to several big private holders of ADL stock who were again, unaware. I spoke to two CEO’s. One stated that he “would never put that to my board because it was wrong”. The other said in answer to my question, are these in your opinion related party transactions? Reply; “Absolutely – is a related party transaction and needs independent written advice and an RNS”. Both of these men are respected CEO’s.
I urge shareholders to contact the relevant authorities with the questions below. Make a formal complaint. A full investigation is warranted. Get the $550,000 dollars back. A full forensic account is needed here!
Questions for AIM Regulation, Cantor Fitzgerald and the FCA Market Abuse Team.
1/ Can you please explain why $475,000 in related party payments i.e Unsecured loans, made by the CEO Whitby CEB/ADL to CEO Whitby/Corsair were not disclosed to shareholders and the market at the time they were signed off? (There was never any RNS’s)
2/ Can you please investigate how much of the unsecured loans made by Whitby/CEB/ADL to Whitby/Corsair were paid in fees/expenses to Whitby/Gorringe by Whitby/Corsair?
3/ I understand that these unsecured loans have now, as of January 2016, been novated and moved into a hastily incorporated subsidiary of ADL. (Corvette) why wasn’t this disclosed?
4/ How much money was transferred by Whitby/Corsair to the Whitby ADL subsidiary Corvette?
5/ How much cash did Whitby/Corsair burn through before the residual amount of the unsecured loan was transferred back to the Andalas subsidiary Corvette?
6/ What has happened to these loans now, will they ever be paid back in full as per Whitby stated in the 2015 annual accounts?
7/ The Company has lied to shareholders and the market, isn’t this sanctionable?
8/ Why was there no RNS on the formation of the ADL subsidiary, Corvette? Surly this is an RNSable event?
9/ Why was there no RNS on the transfer of the loans back from Whitby/Corsair to the Whitby Andalas subsidiary, Corvette?
10/ Why wasn’t the novation and extinguishing of the loans plus interest, disclosed to the market and shareholders?
11/ How much of the unsecured loan cash went into the pockets of Whitby/Gorringe/Corsair?
12/ Why was no information ever given to the market that unsecured loans with 5% interest, were part of a due diligence effort?
And last but not least,
13/ Who signed these unsecured loans off and where was the oversight with the written legal advice as to their legality?
It is only in January 2016 some 8 months later, that we are told that; Andalas and Corsair agreed to structure the funding of the due diligence expenditures as loans (“Loans”) to Corsair” This just isn’t credible let alone believable.
It seems to me that this is, to all intents and purposes a fleecing of CEB/ADL cash by the executive and should be immediately investigated.
I put it to shareholders that these unsecured undeclared loans were in effect ‘back door director loans’ which have now been rinsed through two corporate entities coming back to ADL’s Corvette subsidiary minus a large amount of cash originally given to Whitby/Corsair by Whitby CEB/ADL.
Basically chaps where has all the money gone?
Viva
Dan
NB. This is what they said in their annual accounts: Published 21 July 2015;
On 5 June 2015 David Whitby was appointed as Managing Director and Chief Executive Officer of the Company. David Whitby is a beneficial owner of Corsair. Through his beneficial ownership of Corsair David Whitby owns 7,812,500 shares in the Company which were issued on 4 June 2015. On 10 June 2015 the Company entered into a loan agreement with Corsair to provide Corsair with an unsecured loan of USD 250,000. The loan bears interest of 5% per annum payable on repayment of the loan. Full repayment of the principal amount plus accrued interest will be made by 10 June 2016.
On 11 June 2015 370,000,000 ordinary shares were issued for trading at a price of 0.4 pence per share, raising gross proceeds of GBP 1,500,000. Of these 50,000,000 were subscribed to by Northcote.
On 15 July 2015 the Company entered into a loan agreement with Corsair to provide Corsair with an unsecured loan of USD 225,000. The loan bears interest of 5% per annum payable on repayment of the loan. Full repayment of the principal amount plus accrued interest will be made by 15 July 2016.
This is what they said in their 2016 half yearly report: Published 26 Jan 2016;
On 5 June 2015, Andalas and Corsair entered into an agreement (“Assignment”) pursuant to which Andalas agreed, amongst other things, to undertake and fund due diligence in respect of certain oil and gas concessions in Indonesia with a view to making an investment. Initially, for administrative convenience, Andalas and Corsair agreed to structure the funding of the due diligence expenditures as loans (“Loans”) to Corsair and, accordingly, advances pursuant to that arrangement were made on 8 May (US$25,000), 10 June (US$250,000) and 15 July 2015 (US$225,000). On 19 August 2015, Andalas incorporated a subsidiary, Corvette Energy (Singapore) Pte Ltd (“Corvette”). On 26 January 2016, Andalas, Corsair and Corvette entered into a novation agreement pursuant to which the Loans were extinguished and the benefit of the loaned moneys was transferred to Corvette with effect from 30 October 2015.
Corvette was incorporated on 19 August 2015. There was never any mention in the 2015 accounts of Corvette etc Or what these unsecured loans were made for?!?
Corvette only comes into the picture when the repayment of the loans with interest begins to loom large.
What an absolute disaster it’s going to be on Andalas Energy & Power (LON: ADL) or as I lovingly call them ‘AndalArse’.
World Famous ShareProphets.
It’s been reported by the ‘world famous shareProphets’ and the highly respected and feared financial journalist Tom Winnifrith that AndalArse are placing at 0.2p. If that’s confirmed later today then that is a Disaster with a capital ‘D’ for their much maligned shareholder base. You can read what TomWinnifrith has discovered HERE
Warning.
There is a stick of financial BMD dynamite that will blow this company and Whitby wide open. That article will only be triggered if/when they relist or we get clarification of a cancellation of trading. For the time being our investigation is still on-going. The smoking gun is ready. Here’s a hint. 1/ Where has all the money gone and who has profited from it?
It’s a shocking tale of Whitby corporate deceits and financial ‘miss-direction’
The Company are at present fighting amongst themselves on how to get their hands on a substantial amount of cash which will allow Andalas readmission to the AIM. There is a substantial shortfall in funding. Retail investor interest in taking part in the £2M placing has been cool. We the Board are not prepared, at present, to put our own cash into Andalas because we are here to take money from the company and it’s shareholders. If we put our money in we will be locked in and subject to Director Disclosure rules.
Shareholders are reminded that Pursuant to the RNS of 26, October, 2015 trading in the above named Company should have been Cancelled on 22nd April, 2016.
The Company failed to publish a readmission document before 22nd April 2016. Trading of its shares on AIM should have been cancelled pursuant to Rule 41 of the AIM Rules. However a ‘derogation’ has been sought from the Aim Regulation Team. We have three working days (72 hours) which started from Friday 22nd April 2016.
Should the Company fail on readmission, it is the intention of the Board to seek Relisting for Refleecing of our loyal numpties…. Blah! Blah! Blah!
End of Message….
Now here’s what’s been going on behind the scenes.
1/ The readmission document was not submitted BEFORE 22 April 2016.
2/ There’s been no RNS on any waiver/derogation from AIM.
3/ There’s an internal war going on between the Company and it’s advisors on who, what and where they can get the cash from.
4/ According to the 26 October 2015 RNS, THEIR LISTING WOULD BE CANCELLED if they failed to submit. They have failed to submit.
5/ There’s a big internecine fight going on over funding, fees, warrants, options ‘for the boys’ (Advisors, Brokers, Board etc. )
6/ Whitby & company have so far refused to put their hands in their pockets.
Ergo you can take it as read that Whitby/ADL are in deep shit. Hence why they’ve gone very quiet.
Regardless of the outcome, it’s grim. If they come back it will be at a massive dilution and discount as the hyenas rip out as much flesh (Shares/Fees) as they can. Sympathy to those daft enough to get involved with this POS, GOES WITHOUT SAYING. That sympathy isn’t extended to the BBMorons & pump & dump crew run by Whitby. If they have to relist it will be even worse. The link to the RNS that contains the telling information is below.
$600 Million Dollar Fantasy Man. No wonder he’s smirking!
Followers will recall that we published a piece over the weekend on the sham being perpetrated by the fantasy $600,000,000 man Dave Whitby. You can read that piece HERE.
News has dropped from City of London sources that there’s yet another almighty ‘Kick up the AndalARSE’ on the way for holders of this POS. There’s a massive dilution about to drop. Over £2,600,000 worth of discounted shares at 0.45p-0.50p. That means that shares in issue, if it goes ahead, will be fast approaching 1.5 Billion. God only knows what warrant packages those involved with the massively discounted grab for cash will be.
We do know that Corsair, the private company run by Whitby & his cronies, will trouser approx., 230,000,000 on top of the 31,250,000 shares they’ve already trousered. Punters do not know what other fees in cash Corsair have had? The Reverend Tom Winnifrith has beat me to the line on this. You can read what Tom has discovered HERE
It’s going to be a bloodbath. Those foolhardy enough to have kept holding are now locked into the ticking time bomb that will explode very soon. They’ll need a 130% rise or (and a big almighty non-stop ramping campaign) thereabouts to get back to where it was pre suspension, if they relist at 0.45p/0.5p. Bearing in mind the low quality of the unproved, undrilled, Indonesian gas asset that’s in the pipeline. Value $1,000,000, It’s a case of hope rather than fact that CEB/Andalas will finish the day with a market cap of £20,000,000+. The real post readmission value, is cash at hand, listing value, plus asset. Which is approx. £2.5M. Being generous that equates to an SP of 0.20p or thereabouts.
The Pumpers and Dumpers will be out in force on RELISTING DAY. Remember some of those are sat on massive losses and would eat dog shit live on National television if they thought it would push the SP up.
Stay well clear. It’s a Bloodbath. Get in the popcorn.
News on Andalas Energy ( LON: ADL) or AndalARSE as I like to call them, could be about to drop. Investors will remember it traded as the mega ramped pumped & dumped CEB Resources. It was, as CEB, a major disaster for those gullible enough to fall for the bullshit of the BB and twitter P&D crews, who were being whipped up into a frenzy by off record ‘title tattle’ from various people/organisations associated with the then CEB. One moron claimed that Whitby had turned NIDO Petroleum into a $600M company. While others were spinning it as a $600M takeover. Complete Bollocks.
Under AIM rules the company have to publish a readmission document in a matter of a week or so, otherwise it’s ‘goodnight Vienna’ off the AIM it will go. $600,000,000 fantasy man CEO Dave Whitby, is reputed to be offering all kinds of financial packages on broker fees, warrants and options in-order to grab the cash. The company recently got out of a bankruptcy hole when raising £500,000 of super expensive debt on March 31 2016 – Tom Winnifrith, the respected City of London financial journalist, described it as “The most expensive debt in AIM history”.You can read his article HERE. That debt is convertible into shares if Andalas relists, and the whispers are that the £500,000 now paying for the RTO and bloated PLC costs will not be the only dilution should they relist. A further £2/3 Million of hugely discounted shares may follow. That’s very bad news for those left holding shares in the suspended cashless, asset less, shell.
$600,000,000 Fantasy Man
AndalARSE have no assets whatsoever other than some Indonesian options on options, assignment agreements and concession agreements. Any and all of those paper agreements will cost millions to sign off and work. Money they simply, as of yet do not have. Should they relist with a £2/3 Million super dilution then as sure as night follows day they will very quickly burn through it. The heads of terms agreement signed to acquire a 30% working interest in the aptly acronymic ‘TOE’, Tuba Obi East oil and gas concession, will relieve them of approx. $1,600,000 which as we all know will rise substantially, this doesn’t add in the bloated PLC and corporate payments going into the pockets of the company and its advisors. Ergo de facto they’ll be looking to raise further capital within a matter of months of relisting.
The lies are coming out thick and fast over at Andalas Energy Power & Gas (LON: ADL). Today their bucket shop broker Beaufort Securities released what can only be described as the biggest crock of shit ever released by a House Broker who holds stock through Sanderson Capital. This isn’t the first time that the City Boyos (Shysters) have released such utter shite in-order to ramp their stock so that they can get out. Make no mistake people like Jon Belliss (Head ‘Liar’ of Corporate Broking) are telling wholesale lies. If Belliss would like to challenge that in the High Court then make my day you scumbag! Apparently Belliss is telling people he’s off to do a ‘Site Visit’ for ADL.. This is rather strange as Andalas do not have any site/s that he can visit. It’s more bullshit designed to fool the mug-punters who’ve already taken such a kicking that the investor base has been vapourised, turning ADL into nothing more than a traders stock.
Pertamina (Persoro) Corporate Secretary!
Viva!
