Aim of the Company
2017 Results
2016 Results
Who are City and Claremont?
Shareholder Return
What's the End Game?


Lance O'Neill
Benjamin Edwards (appt 2016)
Nigel Duxbury (resigned 2016)


About this Site
Financial Performance
The Accounts
Major Shareholders
e-primefinancial Debacle
Relevant Links


Calix Limited
Alba Minerals
Andes Energia

Aim of the Company

What is the purpose of EP&F Capital? The true purpose of the company is pretty obvious but lets look at what the directors have claimed they are trying to do and compare with what they have actually done.

What The Directors' Claim

Basically they describe the purpose of the company in the same way in every set of accounts. For example in the 2014 accounts they say "The Board of the company continues to look to establish, acquire or invest in businesses which are considered to have the potential for the generation of significant growth and profitability in the short and medium terms. The Board is focussing on small private companies, which are looking for working capital to support their growth plans and have the potential for a listing on AIM in the short term."

What Has Actually Happened

Since the company became EP&F in 2004 the only investments of any size have been in AIM listed Mediazest, Andes Energia and Alba Minerals, and a private Australian company named Calix. Duxbury and O'Neill both have close links with Mediazest, Andes and Alba via directorships and shareholdings. They have, or have had, substantial shareholdings in Mediazest and Alba. Ragusa Capital, a O'Neill/Duxbury vehicle was reversed into Andes. The current position is less clear regarding their current shareholdings. However Nigel Duxbury remains on the board of Andes while Lance O'Neill is the chairman of Mediazest. As regards Australian based Calix, Lance O'Neill is a director. Notwithstanding the dire overall shareholder return to EP&F on these investments it looks unlikely to say the least that EP&F will ever make a material investment in any business unless either of the directors have a personal financial interest.

In early 2016 Benjamin Edwards was appointed as a director to replace Duxbury. EP&F have subsequently invested £540,000, the majority of the remaining cash, in a "12.5% Enhanced Income" bond via Syntaxis. It's not clear how this investment satisfies EP&F's stated investment criteria (it clearly does not) however it does maintain the pathetic 100% record of EP&F only investing in businesses where either, or both, of the directors have a personal financial interest.