Clients of Beaufort Securities have already voiced a number of legitimate concerns about the liquidation process, including the costs involved, the mechanism whereby they will be recovered from client assets, and the additional losses that will occur if highly illiquid client assets are sold in a market-insensitive manner. As such, clients need a route whereby their views can be heard, and any useful suggestions and advice can be passed on.
PwC, the administrator of Beaufort Securities, has announced a meeting for clients and creditors of BSL and BACSL on Thursday 10 May 2018 at The Platinum Suite, ExCeL London. Part of the meeting agenda will be to form creditors’ committees for each of the companies offering a chance for client interests to be represented. In the case of BACSL which held client funds, there will be 5 members – a representative of the FSCS will automatically be elected, along with one creditor and three clients.
It is vital that small retail investors are represented on this committee, not least because many clients have a deep expertise in the small-cap space that will form valuable advice to assist PwC in their task.
We know of two clients who are putting themselves forward as candidates for the committee – they are DAVID KIPLING, (familiar to many as @DKokenia on Twitter) and VALUE GENERATION LIMITED (a company directed by Paul Johnson @pauljohnson9691 on twitter).
Make your vote count
In the event more than three clients put themselves forward for the committee, there will be a vote at the meeting. If you can’t attend and wish to vote for DAVID KIPLING, VALUE GENERATION LIMITED, you can do so by returning –> this form before 12 noon 9th May 2018:-
It can be returned to: [email protected]; or Beaufort, 63 St. Mary Axe, London, EC3A 8AA
If you wish to go to the meeting the same form should be sent notifying your intention to attend.
Author: Stuart Langelaan
