Simon Whittley and St Helier Capital Management Ltd have filed the company’s overdue accounts. They are very concerning for people who were duped into buying Preference Shares. Since the company first started taking in funds in December 2016 it reports that by the end of February 2018, a mere 14 months later, it has NIL cash in the bank. It is owed £24,000. The bad news is that it owes £711,000.

Here are two classic Simon Whittley statements: “The director of the company has elected not to include a copy of the profit and loss account within the financial statements”. 

“As at 28 February 2018 it [the company] had minimal cash resources and net current liabilities of £711,037. As of this date the company has generated no trading revenue from which to meet these liabilities and is dependent on funding from related undertakings.”

What this means is that Simon Whittley is using money raised from investors in other junk bonds he has established to keep this junk bond going. The accounts show that St Helier Capital owes £57,000 to Hawksbill Property Holdings Plc (one of his companies funded by investors) and £114,000 to Win River Developments Ltd (another one of his companies funded by investors). No doubt he will be looking to establish another junk bond in the near future to try to capture another group of fresh investors. To view the latest accounts click on this link

Recent new companies which involve Simon Whittley include Grimaud 365 Ltd, Glenview Natural Energy Ltd and Antrim Road Developments Ltd. Mr Whittley tended to work closely with Simon Paler. Simon Paler was the man who would willingly lend his name and act as a company director for Whittley’s ventures. Not any longer it seems. In the past few months Simon Paler has resigned from many of Whittley’s companies.

One company not mentioned is Avianta Capital Consulting Ltd. Simon Paler resigned as a director in October 2018. The company lists its activities as “venture and development capital” and “renting and leasing of air passenger transport equipment”. Simon Whittley’s wife owns 50% of the shares in the company.

SOS has a website for St Helier investors. It can be accessed via this link.

To view the previous blog comment on St Helier Capital Markets and Simon Whittley click here.