Anyone heard any news on this company, I hear that the Liquidators are writing out to shareholders at the moment ?

This company as per the lengthy documents above is that MTP is proposing to enter a CVA which if it fails to reach agreement from creditors and shareholders the company will be put into liquidation.

I expect that creditors and shareholders like myself will agree as there is little alternative. However there is no news out to suggest the CVA will be sucessfull in helping the company being turned round into profit given that MTP would have virtually no working capital unless it raises further investment it requires to continue in business.

Wait to see what transpires after 3rd Nov but to all intents and purposes a lame duck

Legins, djhaydon, sniffer: I post as Priscilla on the advfn threads and am more than happy to supply this thread too, if you have any probs accessing that thread.

I am spending Sunday going through the MTP paperwork again and am not happy with some of the things I have discovered.

However, the most important thing any shareholder can do is GET the paperwork. If you hold shares in nominee, GET the nominee to complete the forms giving you back your right to vote and GET down there on 3rd November!

Examples of things with which I am NOT HAPPY:

1. If Jeremy Arnold gets all these free shares, he will control about 26% of the shares. There is nothing we can do if he can defeat any Resolution we ever put up that requires a 75% majority. He will always win. In a man who will celebrate his 70th birthday next March and with his track record, this is not acceptable to me!

2. Charles Holden, one of the senior directors is claiming he is interested in 39,256,250 shares, indicating he has sold some 5m shares since the last time us shareholders knew anything. Where have those shares gone? Why is he indluding 25m shares that are being held by Crowdy and Rose against monies paid by 'the 49-ers'? How many other shares has he been paid for but not handed over the certificates?

3. Is the company trading whilst insolvent? It appears the IPR, (one of the few assets of the company), has already been tranferred to Ristol Limited, a private company controlled by Jeremy's mate, Hugh Matheson.

4. The list of Creditors is inaccurate, incomplete and misleading in that I do not believe it accurately reflects the true losses of this company. Therefore the amount they would need to raise is far higher than indicated in this paperwork.

5. There is nothing in there to suggest who will pay for the new shares.

6. There are too many cross-voters. Unless you know Fred Stirling is the person behind Gresham House and Jeremy is behind Sweet Disorder Ltd, Butts Enterprises, how can we be certain all their interests are being prevented from voting when maybe just their private holdings are excluded at certain stages of the vote? Trust me their shareholdings, combined, are huge.

7. I am not convinced that there is no known previous hisotry of company failures. They put The Motionposter Company Limited into liquidation themselves last year for a start!

Please post here if you cannot access the debate on advfn - and please visit the new thread there under'The Whingeing Ba$tards United'. For those who may not know, 'Whingeing Bastards!' is what Charlie Holden called us at the last AGM! Nice, huh?!

Was the proposal on this company accepted ?
If so what is the situation with the company now ?

djhaydon
There is a meeting for creditors only today at Numerica's offices. I shall be attending in my capacity as 'chronicler' and will post the summary both here and advfn.

Also there is another High Court case in Birmingham on 17th and I am hoping to go to that too.

In brief, Jeremy Arnold is trying to defend the veracity of some of the detail in the above document which may not have been entirely 'accurate', which puts the Administrators, (Numerica) on the back foot. If the vote at the creditors CVA meeting was based on false information, the CVA could be overturned, and that would negate the EGM votes too.

Do you have access to advfn? Loads of stuff on there......