Update Dec 6, 2018, 8 pm: Well, that’s another case in point for VELTYCO’s approach to mislead its shareholders and the public – a false filing. Their shareholder Falk PREUSSNER and/or VELTYCO made a false filing with the London Stock Exchange (LSE). Because of this false filing, it seemed (and still seems) as if this investor piled up his shareholdings in VELTYCO. Shortly after our report, we received an anonymous whistleblower message that our report would have been wrong because this Falk PREUSSNER actually sold some of his shares. Well, we suggest to the VELTYCO guys to focus on honest on correct disclosures and correct filings. Until then, we can only assume what happened around this share transaction
- Falk PREUSSNER sold his shares and maybe caused the share price crash;
- Falk PREUSSNER bought shares at a low price level;
Unfortunately, the VELTYCO board does not provide any honest guidance on its business and shareholdings.
Update Dec 6, 2018, 5 pm: FinTelegram received a whistleblower message that actually Falk PREUSSNER sold some of his VELTYCO shares. Even though we have been in touch with the VELTYCO people before, they haven’t contacted and/or answered our questions so far. Hence, we cannot be sure that the anonymous whistleblower message is correct. The procedure would be a bit strange for a public company. Nevertheless, we would like to inform our readers that Falk PREUSSNER may actually have sold some 225.000 of his VELTYCO shares over the last couple of weeks. The issue with VELTYCO is again the missing guidance and disclosures. We will continue to do a research into the matter and provide the respective updates.
The troubled VELTYCO of the German gambling entrepreneur Uwe LENHOFF has a new major shareholder. The German entrepreneur and investor Falk-Uwe PREUSSNER acquired a further 2.1 million shares of the public-listed VELTYCO GROUP PLC a few days ago, according to the stock exchange filings. Thus he already holds almost 6% of the voting rights. Evidently, Uwe PREUSSNER, who emigrated to Miami, is one of the largest shareholders behind Uwe LENHOFF.
Most recently, VELTYCO, listed on the London Stock Exchange in the AIM segment, was hit by the financial problem. In March 2018, the founder Uwe LENHOFF and two other members resigned from the Board of Directors. The US American Melissa BLAU, who was appointed at the same time, took the CEO post. However, after just 6 months she resigned surprisingly in October 2018 without giving any reasons. FinTelegram has reported on this.
In November 2018, VELTYCO announced that it had problems with the collection of its receivables and thus also liquidity problems. As a result, the share price plummeted by more than 60% and is currently trading at GBX 12. Since reaching its high of GBX 95 at the beginning of January 2018, the share has thus lost more than 87%. Market capitalization has fallen below GBP 10 million with VELTYCO being a penny stock now.
FinTelegram has already reported several times that the public statements of VELTYCO do not correspond with the facts and their disclosures are wrong. Aside from its liquidity problems, VELTYCO is involved in questionable transactions and strange corporate off-shore constructions with illegal businesses. Most of VELTYCO’s turnover comes from companies owned by its founder and majority shareholder Uwe LENHOFF. However, this is concealed and not properly disclosed. It recently became known that the companies of Uwe LENHOFF owe VELTYCO more than EUR 10 million.
According to official records, Falk PREUSSNER has been a shareholder of VELTYCO since August 2017 already through his Hannover-based Independent Ideas GmbH and held 3.2% of the voting rights. With the stock increase, PREUSSNER now holds almost 6% of the voting rights of the listed company. This transaction was obviously not coordinated with the other shareholders and came as a surprise. As VELTYCO has not issued any new shares, it can be assumed that an existing shareholder sold this share package to PREUSSNER. The price per share was not disclosed for this transaction.
But who actually is Falk PREUSSNER (here his website)? We will shortly be publishing a more detailed report on VELTYCO and the background to this stock transaction.