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Thorn Medical: “The company is not in a position to meet its financial obligations and therefore must be wound up”

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Thorn Medical has written to shareholders to tell them that the company is insolvent and will be placed in voluntary liquidation.

Thorn Medical is a healthcare company, founded in July 2014 by Jack Kaye. In 2015, the company announced that it was planning a £350 million listing on the London Stock Exchange. A listing on the USA’s Nasdaq was also planned. In early 2016, the company appointed Sir Eric Peacock, Sir John Lucas-Tooth, and Lord Beaverbrook to its board.

But in December 2014, Thorn Medical had hired Opus Capital as its Corporate Advisor. That struck me as an odd thing to do, given that Opus Capital’s director Paul Seakens had been involved in several scam companies that sold carbon credits as investments to retail investors.

REDD-Monitor asked “>Thorn Medical some questions about its due diligence process in hiring Opus Capital. A reply came from Henry Gewanter, Managing Director at Positive Profile Limited, who told me that he was in charge of corporate communications for Thorn Medical.

Gewanter wrote that Opus Capital was no longer acting as Thorn Medical’s advisor, and that I should “immediately remove any mention of us from the article on your website”. You can read Gewanter’s email here.

Over the next few months, Thorn Medical withdrew from listing on the London Stock Exchange.

On its website, Thorn Medical boasted that it had issued a total of 103,625,627 shares. Several worried shareholders contacted REDD-Monitor asking whether their shares, bought for between £1 and £2, were worth anything at all.

The listing on the Nasdaq also fell through. By May 2017, Sir John Lucas-Tooth Lord Beaverbrook, and Sir Eric Peacock had all resigned from Thorn Medical’s board.

On 14 August 2017, Thorn Medical held a board meeting and concluded that the company was insolvent. A general meeting of shareholders will be held on 6 September 2017. Thorn Medical’s directors have hired Myers Clark to manage the liquidation process. At the general meeting shareholders will vote on whether Thorn Medical will be wound up voluntarily, and shareholders and creditors will decide whether to ratify the appointment of Myers Clark.

From: adminstration info@thornmedical.com
Sent: 16 August 2017
To:
Subject: Thorn Medical

Dear Shareholder

It is with great regret that the Directors have reluctantly come to the conclusion that given the company’s failure to list its securities on a London based market, coupled with outstanding claims from ex directors and service providers, the company is not in a position to meet its financial obligations and therefore must be wound up.

The Directors have appointed Myers Clark to manage the process, and to this end, please find attached documentation whcih you should read, complete and return.

You may address any queries to info@thornmedical.com or to Olivia.Potts@myersclark.co.uk who can also accept pdf documentation from you.

Regards

Thorn Medical

 

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  1. So what about those of us that transferred to the Teknisity shares – does that mean we are unable to register to the administrators?

  2. It seems that previous claims of this company have been lies and all of us who fell foul of the company have been cheated of our money!

  3. How many people agreed to transfer of shares back in June from Thorn Medical to Teknisity when asked to sign and return forms for completion? As I see it it is a total scam and bleeding money from above board and honest hard working people is a crime to me and others. People need to stand up and be counted with the fraud squad and MP’s involved to get these, as I see it, put away for their actions and honest people getting their hard earned money back.

  4. Sarah, told no transfers have been done, ref. Simon at Thorn Medical, so no one has received Teknisity shares from 12 June 2017.

  5. Sickening, Graham — I know of two people of which I am one who have not transferred their shares — the amount they are likely to lose is over £86,000, and there are many more!
    The company at the start of the offering were beating the drum about “Breastcheck” (a new diagnostic home testing kit for breast cancer, Stem cell Research, growing new limbs, even hearts! A cure for Baldness and false claims about connections with another company. What has happened to Halal meats? Where are all these and where is our money now?

  6. So, the great and good tiptoe away then the puppet masters and their minions firstly do a sideways shuffle themselves setting up not one but two Teknisities as lifeboats for themselves (all the same people really). Secondly, they broadcast that they were bought out and suggest to the plebs that they might like to clamber into the lifeboats.

    Now as Graham has noted and others will find if they press hard enough . . . er . . . no transfers were done before Thorn Medical sank. So, let us get this straight, Teknisity decided not to execute any of the share swaps accepted by the ‘little people’ because they heard that Thorn was about to float paws up. Well, of course they hears, they are the same people. We know that because the nice man at ReddMonitor did the research.

    To lazy regulators and people who are supposed to patrol the system this will look like one company deciding it no longer wishes to acquire shares in another. But we know different, to our cost. Two companies but really the same people and ‘controlling mind’!

    So, Jack Kaye and his companies, transferred into the lifeboats, sail off into the sunset safely on board the good ship Teknisity (unless ReddMonitor sends a torpedo into its side) whilst the small shareholders splash around having lost all.

    It’s a great model for sequential replication, Westhouse Medical segueing into Thorn? Now the same people with the same modus-operandi will announce something borderline credible, raising pigs to grow spare parts for humans using the fabled stem cell technology perhaps.

    Then invite subscriptions for shares or bonds, get a ‘lord on the board’ and maybe a couple of knights, and off we go again for a short voyage on the good ship Teknisity.

    Now, who are Myers Clarke and who appoints them? The next bit I’d expect to see would be their selling off of any assets, IP and the like, to a company in something like the same line of business, at a ‘fire sale’ price of course. I wonder who that could be? Anything left over is likely to be trousered by Myers Clarke.

    I’ve seen it a couple of times before. This time because Chris Lang had watched the conjuring trick with the two Teknisities more closely than anyone usually does and the so called preparation for a float in the USA was deconstructed exposing deception there’s a chance.

    It’s unlikey there will be recovery of anything significant from the company. However, if the generally supine authorities can be prodded to act and if there is a criminal prosecution then ‘the money may be followed’ and criminal compensation secured from behind limited liability. You can see the names, Chris dug then out. The difficulty is getting action, that requires embarrassment, fear of negative publicity, to motivate politicians and the authorities.

    The complaint though must be of criminal behaviour evidencing fraudulent intent not simply ‘I’ve lost my money.’ The story is detailed above and the crucial bit is the lying and deception. The pressure points are politicians (sob story, criminals stole my pension), Action Fraud, National Crime Agency, City of London Police, Economic Crime Agency. How do I know, er, I have to confess I’ve been here before.