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Overview
Aim of the Company
2017 Results
2016 Results
Lance O'Neill and CCCAL Who are City and Claremont?
Shareholder Return
What's the End Game?
Conclusion

Directors

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

Info

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

Investments

Syntaxis
Calix Limited
MediaZest
Alba Minerals
Andes Energia

What is the End Game?

Sadly the directors' have no motivation whatsoever to put shareholders out of their misery by winding up the company and returning the proceeds. Let's see why this is. Firstly assume the company is liquidated at the net asset value of £1,109,128 as of December 2015. This of course makes the rather unlikely assumption that all investments are realised at book value and they can collect all debtors. After winding-up costs perhaps £1,050,000 would remain.

Based on current shareholdings Lance O'Neill would receive £77,700 returned and Benjamin Edwards would receive £107,100. However, and here's the big problem, based on the financial performance so far it will take EP&F another 11 years to go bankrupt. In that time both Lance O'Neill and Benjmain Edwards can collect total salaries of £330,000 while at the same time having a big say where the companys cash is invested. If the last 12 years are any guide then it will be invested in the personal financial interests of the directors (and City & Claremont).

The fact is the never ending capital losses on the directors' initial investment in shares is a small price to pay for their annual salaries and the control over the companys' cash resources. The salaries dwarf the capital losses because the directors' only own approximately 20% of the shares in issue. If you are a minority shareholder you are most likely toast. Literally. Ultimately being a director of EP&F is a dream job. Therefore it is extremely unlikely the directors will ever vote to wind-up the business. Sadly the outlook for the smaller shareholders is desperate and their shares appear likely to be worthless.

However all is not lost and the apparent link between Lance O'Neill and the major shareholder, the offshore vehicle known as City and Claremont Capital Assets (CCCAL) have never been publically disclosed. The question is, were shareholders duped from day one? Watch this space.