MEDIA RELEASE: Bartercard Insider Trading

MEDIA RELEASE: Bartercard Director Insider Trading

DATE ISSUED: 25 August 2017

PERMALINK: http://www.dennis.co.nz/2017/08/media-release-bartercard-insider-trading/

MEDIA CONTACT: Dennis A. Smith
dennis@dennis.nz
0272-046-112

Directors of BPS Technology (ASX:BPS, owner of the Bartercard currency) have been accused of insider trading and an attempt to remove all directors has been established by minor shareholders.

The move to evict the entire board is revealed in documents filed with the Australian Stock Exchange this week.

The five current directors are targeted for outright removal by Alceon and LHC Capital and a large percentage of corporate shareholders, due to the Director’s “failure to engage co-operatively”, increasing debt and minimal cashflow generation. “Board composition and corporate governance practices” are also called into question in a move investigative blogger Dennis A. Smith calls extraordinary vindication of his long-term negative commentary on BPS Technology claims.

“It’s a brave move what these shareholders have done.” he says. “This appears to be much more than a one-off event and is more akin to the shareholders waking up to the systemic troubles that I have highlighted since before their dodgy IPO three years ago.”

Mr Smith says that claims of insider trading by the Directors, increasing debt and minimal cashflow generation are absolutely in keeping with his call that BPS was a last-ditch mechanism established primarily for the benefit of the Directors.

“By all metrics Bartercard has been in decline for the last decade and I see this recent attempt to remove the rot at the top of a troubled company is yet another nail in the Bartercard coffin.”

“I suspect that this latest move would be related to shareholders’ frustration that these ‘Smiles-in-Suits’ reneged on a deal to appoint a new CEO, who I am certain would have found a few nasty snakes under the hood,” Smith said.

Directors targeted for removal are: Trevor Dietz, Tony Wiese, Brian Hall, Murray D’Almeida & Garth Barrett.

BPS CEO, Trevor Dietz reportedly refused to comment about concerns relating to corporate governance.

ASX Document (Notice of Intention to Call a Meeting Pursuant to Section 249F of the Corporations Act): http://www.asx.com.au/asxpdf/20170817/pdf/43lh7x3zxw0fsy.pdf

Print Friendly, PDF & Email
This post has 340 words.

Comments

  1. I have lost over $8,000 about 4 years ago Barter Card Pocketed that Money in Brisbane. Cost more to litigate. I am not throwing good money after bad one. Accepted the losses, bloody Crook Dishonest Thieving Management.

  2. How about you read the response from BPS to Alceon’s outrageous claims on the ASX and summarise that in your next article to provide some balanced commentary.

    • There’s no need to wait until the next post. We can do it right here and now. How about you tell me what you want to say and what you think about it Cara? Are you a BPS shareholder watching and trusting your Directors as they misrepresent reality to you or are you employed by them or related to them. If you have an opinion or find something that I say biased or wrong, please tell me specifically what your beef is . . . until then, my post stands. The way I see it, Trev and the other “Smiles in Suits” got caught with his pants down, hand in the till and has jumped before he got pushed. Correct me please if I am wrong. Thank you for commenting even if we are waiting for your detail.

Trackbacks

  1. […] calling shonky, dodgy, crooks and Smile in Suits for years. These guys claim that there has been insider trading (well duh!) and that they have concerns for their investment (double duh!!) and that they want the […]

Speak Your Mind

*