Please post Date, Time, Heading of any news released in any official format by Stanelco than you deem relevant to above proposed report.

Thanks in anticipation.

Greekman.

Please see below a rough draft of my complaint re Stanelco to the London Stock Exchange.

Several posters have assisted me in my research for which I am grateful.
Some information is sensitive and I have given my word to these persons that I will not divulge any source or material without their express permission.
I have used some of this information to lead me in certain directions.

I will credit them on this thread for their valued assistance (username only).

I have limited my report to facts as I know them and although my report contains my viewpoints, I have not repeated them here as I am aware of the laws of liable.

In the many hours of research taken to formulate this report I have been continually hampered by the actual wordings of any news releases.

Innuendos are easily found if you look for them, but obviously I can only present the LSE with any repeated facts.
It will be up to the Regulating Authority, to consider if wordings in these releases were mis leading or not.
It is also for them to consider if any company has been negligent in releases or equally none release of sensitive news.

Please feel free to comment on the following contents baring the above in mind.

Subject.... Formal complaint re the management of Stanelco PLC (epic SEO), Listed on the London Stock Exchange.

Dear Sir or Madam,

I wish to make a formal complaint against the management of the above listed company.

I consider that over the past 2 to 3 years (Opinion*************)

I feel that (Opinion************).

Continuing comments such as, Contracts in the process of being finalized, on the cusp of full commercialization, imminent have been used in many of the news releases.

The significant dates are 28.07.05 re Start date of exclusive trial period. Prior to this date all released were very upbeat. These upbeat releases continued from the 28.07.05 to the release dated 29.05.07.

This release (29.05.07) was the first giving a hint as to any problem 22 months after the 12 months trial period date concluded. Trial extensions were granted, release dated 10.08.06.

It is noted that following positive news releases from the company the Sp rose often significantly, followed by a steady decline at the lack of news as milestones, such as contract terms agreements dates were reached.

I consider that the company have not followed the London Stock Market rules in releasing all news within a reasonable time, that is deemed likely to effect the share price and in doing so have been selective in such releases.

On this date 16.06.07 the company are (opinion*********) re, What exactly were the reasons why Greenseal is what has obviously now been admitted a failure in it's present form.

Was it due to cost, weakness in the technology, problem with sales, a competitor, unable to deliver volume, or a mixture of all/some.
Depending why Greenseal was not taken up as presented would obviously effect the SP, to differing levels.
As a shareholders I feel Stanelco have an obligation to inform myself and the market of negative news with as much expediency as they have previously shown, when releasing positive news.


The following releases may assist you in this matter.

16.11.04.

States. Full scale commercial tray lidding trials with Asda, with a nominated supplier.
In addition an agreement to start commercial trials with another major food packing company.

23.12.04.

Update re trial with Asda. First trial commences.

01.03.05.

Update re trial with Asda. Now proceeding to actual use in product at manufacturing site. Asda product appearing on shelves from today. Asda are delighted.

24.03.05.

Signed 12 month contract with Asda, exclusive use of the application. The 12 months will commence from the first Monday following 2 week of further successful trials with 3 of Asda suppliers, expected to be in April.


10.05.05.

Update re Asda trials. No problems.


23.05.05.

Following extensive trials now entered into formal commercial agreement (Greenseal) dedicated Asda supplier.
The commercialization proceeding at an unusual fast pace.


22.06.05.

Update re trails with Asda. No problems.

29.06.05.

From Interim Results.

Chairman states. Enormous confidence in our technology.

Chief Executive states. We expect momentum to continue over the year ahead. Asda anticipates that several hundred machines will be adapted in the next 12 months.

28.07.05.

Update re Asda trials. Announce stability results of the 3rd and final commercial trial with 3rd supplier. The 12 months exclusive period now formally commences. Asda anticipate several hundred machine conversions.

30.08.05.

AGM.Business update. Commercial trials with Asda completed. Committed to several hundred machine conversions.

16.12.05.

Pre close update. Greenseal significant progress.

28.02.06

Significant strides forward in this time re Greenseal.
The message comes back from these companies is that we have the product ranges at the right price, engaging their attention at the highest level.

02.05.06

Greenseal and starpol. Both are on the cusp of full commercialization.
Stanelco is in the highest level negotiations, with some of the largest companies in the world.

We have a number of meetings in the US next week to finalize details regarding to vertical integration into their supply chain by establishing Micro Manufacturing Facilities.


17.08.06.

Letters of intent with two companies have been exchanged, and the company believes that these will lead to contracts in the short term.


08.09.06

Trading update.

Company continuing negotiations with the 2 parties with which it signed letters of intent and contracts are in the process of being finalized.

21.03.07.

Martin Wagner, Chief Exec,

Positive comments re the last 12 months.

Philip Lovegrove, Chief Exec,

We continue to be an active member of the Walmart Sustainable Value Network, and are developing close relationships with our fellow members. Two Starpol products are on Walmart shelves in the US with a third imminent.
As previously stated the time taken to to commercialize this technology and the ongoing hurdles have proved to be a major disappointment.

The trials continue.

My Comment. This appears to be the first official mention of a company official publiclly mentioning a disappointment in the process of commercialization.

29.05.07.

Trading Statement.

My Comment. This this trading statement is the first time a negative update has been issued re problems with Greenseal and several other products.

NOTE... The finished report will obviously be grammatically correct (with someones assistance) and hopefully read clearer.
At the moment I am suffering some kind of bug, so I am struggling somewhat, but I do not want to delay this report.

I'm a bit amazed here.

Investing in any company is inherently risky and every day you have 2 choices, to hold or to sell. There is always a time and a place to sell a holding. SEO has been going down for so long people should have been out long ago IMO.

On a legal footing, if there was anything to investigate, a body (FSA or whatever)would be doing so. For an RNS to paint a rosy picture is a given.

I have a certain amount of sympathy, but you cannot blame the company for your loss. It's that simple. You were the ones who held on and every time you find folk on a BB carrying heavy losses this always comes up. It's always somebody else's fault.

I'm afraid the fault is only ever to be laid at the door of the investor who put his/her money into the venture to begin with.

Al

Greek,

Personally I feel most of the points are unlikely to lead anywhere. On Greenseal, no promises were made on deals and it was actually ASDA who said they expected to convert several hundred machines - cant blame that on SEO. Things were generally hyped up, but no promises made.

However, the two points I feel could be justification for a complaint relate to:-

1) the MMF's - the letters of intent and contracts being finalised on which we heard nothing more!

2) The stated use of proceeds in the open offer document - i.e.

'Specifically, funds raised will be used for the following: - to ensure successful completion by either Biotec, or in accordance with the provisions of the Joint Venture Agreement, Stanelco of at least the first two manufacturing facilities in the USA, which will cost approximately 2.8m each, for the production of starch-based resins, including Starpol materials, developed by Biotec; '

The funds have not been put to the use for which they were raised from investors.

I would concentrate on that for starters.

Al,

The FSA or SE aren't going to investigate if no-one makes a complaint. I take your point about being responsible for holding on, but my complaint relates to the reasons why investors put more money into the company at the time of the open offer and has nothing to do with holding on.

I thought I was investing In two Micro Manufacturing plants in the U.S. for which the contracts were being finalised - thats what I put my money into. Where are they? It is the circumstances behind SEO saying they were building the plants, raising money on the strength of that but then not building them that I would like to see investigated.

Big Al,

As an investor for several years, I fully accept that companies can fail and I invest on the understanding that I can loose all my stake.
But companies must stick to the rules, which are there to protect both the company and the share holder.
My gripe is just that. I believe that Stanelco have not followed the rules, IE quick to release news that is SP sensitive in a positive way, but slow to release news that is SP sensitive in a negative way.
If no one complains, very rarely is an inquiry commenced.

Oblomov,

Whilst I agree it was not always Stanelco who released or/and made promises re Greenseal, they were obviously aware of the conversion roll out and progress, and as already stated, they were in my opinion slow to update the market on any problems.
Hype, yes plenty of that, imminent, on the cusp etc, etc.
There have over the last 2 years many posts inquiring why deadlines have passed and why no updates.
The main gripe I have is as already stated, We still do not know what went wrong with Greenseal. Stanelco do, so we should be informed.
Saying that, I also feel my complaint will have no effect, but I must try.

Thanks to both re your responses.

Will give it a few more days, re any further responses, advice prior to forwarding complaint.

Greek.

Points taken, Greek, and thanks for taking the time to put this together. I agree it should be done whatever the chances of achieving anything.

Regarding what went wrong with Greenseal, it might be argued that putting that information into the public domain could jeopardise any future attempt to return to the technology and commercialise it.

Morning, OB.

I did consider that re Greenseal, but putting myself into the mind of a potential purchaser, the first question I would ask is, Why did ASDA not continue with the take up? as no doubt any company looking at Greenseal would have made very diligent inquiries, and be aware that there had been problems.

Hi guys. Yeah, didn't wish to get everyone's back up, but simply wanted to maybe put some perspective on it.

We have all been in this situation, but I for one learnt many years ago that my energy is far better spent forgetting a disaster, for whatever reason, and focusing on recouping the loss by hunting for prospects that would achieve that goal. Stay positive!!

As for SEO in particular, we are all quite aware how they have fared. I've traded them at times ove rthe past couple of years (both ways!). I know many were bearish a long time ago and it could be argued they saw the light. As far as the FSA, etc go, I'm sure investigations would be well underway if irregularities were evident. Also, all companies play up the good and play down the bad. I could go on re-iterating the bear points that were being shouted from the rooftops for some time.

At the end of the day, SEO simply joined a long list of failed companies. ;-))

Morning Big Al, and all.

I do agree that companies shout up the good news more than the bad and I don't blame them for that, but there is a difference between releasing the bad news in a quieter form to not releasing it at all. Also whatever the news, the facts should not be expanded upon to the extent of misleading.
I do not go looking to complain against a company just because I have lost money on the share, in fact this is the first (and hopefully the last) company I have looked to complaining against.

As to getting anyones back up. No problem, never even considered it. Your post and any others are welcome.
It's those posters who get personal and insulting that bug me.

If we ever reach the stage where we all agree and have the same viewpoints, then these threads will hardly be worth reading.

Note, the complaint is being sent to.

Regulatory Complains
Trading Services
London Stock Exchange
10 Paternoster Square
London EC4M 7LS.

This address took some digging out and I finally contacted the LSE for advice.
They informed me that the complaint should be in letter form, hence the none E-Mail approach.
Just in case anyone was curious.

Quick update.

Report is now ready, after a bit of tweaking and a lesson from my son in grammar.
There are no alterations of any significance from my earlier post of the draft.

I have decided to hold fire for a couple of weeks due to the research I have done re the Biotec issue that has been of interest of late. I have not found anything that has not been mentioned on this and other threads/sites, and I am not going to state as some have that, We are heading for a big sp rise, or its another load of bull. I am not going to second guess whats happening.
But I am willing to give the possibility of credence a chance.
If something good regarding the sp comes from this within 2 weeks, I may look for a longer delay, but whatever happens, the report will be submitted, either in 2 weeks time (if no news) or slightly after with good news.
Whenever the report is submitted, I will update re day sent.

Open to all opinions on the above.

Cheers Greek.

Greekman, so all the stuff being posted on other boards re output, walmart visits etc, you have managed to verify with your own research? If so then this surely will help the share price to recover once the news is officially released.

Hi Sellsell,

Please read my post again. It states that, "I have not found anything that has not been mentioned on this and other threads/sites, and I am not going to state as some have that, We are heading for a big sp rise, or its another load of bull. I am not going to second guess whats happening.

It clearly states that I AM NOT GOING TO SECOND GUESS, that surely implies that I have not been able to verify anything.

Also it states," But I am willing to give the possibility of credence a chance".

Again this surely implies that I don't know what is/ true, lies or just plain spin.

So yes, I have done as much research as possible but cant verify anything.

Not having a go at you, (if my post comes over that way I apologize in advance, it is often difficult to purvey attitude in print) but it is difficult to put my views any clearer.

Regards Greek.

Please Help.
Sorry to go off thread but I have received an E-Mail via Moneyam, from a user name procroft.
The E-Mail stated, To reply to this email you will need to go to the MoneyAM Bulletin Boards and click on the name of the user that sent you this email and then click the 'message button'.
But when I go onto the Bulletin Boards, procroft does not appear on any pages I can find.
Anyone help.

Quite possibly "procroft" has not registered an email address for the messaging system to forward a message to.

Dunno, but hopefully that's useful

Big Al,

Thanks, obvious really.

Procroft, the appears to be no way to contact you except via this thread.
Please see my previous posts, which I feel explains my feelings.
I do value your suggestion as all who have contributed have assisted in my complaint contents, in one way or another.
But to re-iterate.....Enough is enough. I feel we have been very patient with the management (mainly the old management) but a stand must be made. Deadlines have been passed many times with no or very late updates, Starpol, Cig Filters, Greenseal to name but three.
As previously said, I was willing to give them another couple of weeks, re good solid news. The time will be up Friday.
Thanks again for you message.
Greek.

greekman

It's just a thought, but, do you think that if you were to forward a copy of your complaint to SEO, prior to posting to the FSA, asking for clarification on the relevant points, might get you some satisfaction. Or have you already done so.
Good Luck with your quest.
And thanks for making the effort.

Hi, Patisear,

It did cross my mind but decided not to for 3 reasons.

1 Several previous E-Mails from myself and others have been ignored.
I have never requested sensitive info, only clarification of details promised via dead lines. So I doubt if I did forward a copy,they would reply.

2 If they did reply, I feel it would be the usual spin, fob of updates.

3 If they took my report seriously, it would pre warn them of a possible call from the regulating authority.

But thanks re your post.

You may not have a choice Greekman!
Not certain of the FSA approach to this area, but certainly in retail areas they are very clear that they will not investigate anything until the complainant has put a formal written complaint to the alleged offender and allowed 8 weeks for a the offender to respond and offer (where appropriate) either settlement or justification.
Only when the complainant and offender disagree over justification and settlement will the FSA intervene, and then only if they consider it a breach of their rules. If not they will pass it to another of the regulatory bodies such as the FSO.
Might be worth checking if you need to complain to SEO first.
Alan

Surely it is the Stock Exchange rules that have been breached. SEO are not a 'Financial Service'. Aren't RNS's issued in order that the company complies, as a fully listed company, with the rules of of the SE?

Cant see why the FSA would be interested - SEO haven't supplied a 'financial service'.

From the FSA website:-

'Who we regulate


The Financial Services Authority (FSA) is an independent organisation responsible for regulating financial services in the UK. '

Possibly right Oblo, but the FSA would have an interest as they regulate the SE. It could also be argued that they provided false information, or didn't provide information on which financial services decisions were made.
Murky, but I still think any regulatory bodies first question to Greek will be whether he has addressed his concerns to SEO themselves.

Hi Alan,

Yes you are correct if it is complaints that are personal to an individual or to a body and do not include possible abuse of market rules. So if these rules are breached, every shareholder is effected.
All I am in fact doing is bringing to the attention of the regulator a possible breach of their (the market)rules.
As the regulatory authority are the market regulating body, they will be able to judge if these rules have been breached where as a layman I am not.
As I consider these rules may have been broken, I have been advised the correct complaint procedure is directed to Regulatory Complains Trading Services London Stock Exchange. I received this info by E-Mail from the LSE.

Initially I did think (wrongly) that it was to be made to the FSA, but several posters put me right. Following this I carried out quite a bit of research via the LSE.

If nothing else it is proving a learning process for myself.

No doubt if I am wrong, the regulator will soon put me right.

As a foot note... I think the possibility of my complaint leading to an inquiry is very slim. But no matter what the outcome I will keep everyone informed, ( if only Stanelco had done the same)! I may end up with a serious amount of egg on my face.

EDIT... Slow in typing, so posted the above before I saw the last 2 posts, but I think the above gives clarification.

Cheers Greek.