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Some Advice Needed Please

[Deleted User]

I've already posted in the Entrepreneur section but not sure if relevant there (or here for that matter)

Hello
I am hoping that some of you can throw some light on this for me please. I have no head for business but I fear the worst in this situation. I had a look at the company concerned website but cant understand what they are about.

Here is what I need help with.

This morning an elderly neighbour was over for tea and a chat. During the course of the conversation he mentioned that he and his son had been to a conference in the midlands with a company named Moralltach.

I am aware that my neighbour and his son are currently experiencing difficult times financially and I fear that what they picked up at this conference can not be good for them.

Here is what he told me:

If he invests €1000 with this company he will be returned €4000 after a period of 6 weeks. I find this part very difficult to believe.

But this part is more worrying.
By making the investment the door is then opened for a loan of €100,000. This loan will be charged at 5%pa and the FULL amount must be returned after 5 years.

He and his son plan on borrowing to purchase young horses (this is their line of work) and to resell at the sales hopefully at profit.

He assures me that no collateral is needed. Again I find this difficult to believe.

Can anyone throw some light on this company and also on the likelihood of this investment and outcomes?

I am genuinely concerned that they are about to be taken advantage of and could lose the little that they have.

Thanks folks.

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ScamAtak

What would happen if all the shareholders were put on notice? Is there not a shareholders register available any where? I wonder if the shareholders suspect the truth?

Veritas26

Those that have shares for property can be seen on the IM. Easy to work out who owns the properties and you can also check that those individuals and not Moralltach have full legal title on the property register. I suspect these people could not care less about the shares as they have basically given nothing up for their shares even though they are most likely worthless. They still live in their properties and could sell them if they wanted to. As far as this class of shareholders are concerned they still have full legal title to their properties AND shares. So basically the shares if they are ever worth anything are purely a bonus.

Those that have paid cash for shares cannot be verified publicly. I suspect they have been told that the company owns hundred of millions of euros worth of assets, the company will IPO soon and they have bought shares at a massive discount. The only problem is that those “assets” are lived in by the people that have full legal title and Moralltach does not have full legal title. These are the same people that could rent out their properties or sell them tomorrow if they wanted to. Maybe Patrick Fitzpatrick knew this but I suspect most have no idea as if they were I think there would be a lot of investors claiming misreprensentation. I suspect the urgency to IPO is to pacify this investor class.

Keltictiger

Let’s do an analysis on publicly available information

1. Audit done in Australia year ended 31:12:16 by Walker Weyland. Net assets of €44k with 700m shares issued. Share price based on net assets = 0.00006 cents per share
2. Audit done in Australia by LNP year ended 31:12:17. Net assets of €219m suggesting a share price of 0.312 based on assets/shares. Going concern qualification.
3. Audit done in Australia by LNP for half year ended 30:6:18. Net assets of €220m suggesting a share price of 0.314. 98% of the entire revenues of 2016 and 2017 were reversed as they were never received. We don’t know about the remaining 2% as no further accounts have ever been filed.
4. Information Memorandum for NSX listing dated 21:11:16 refers to €650m of “independently valued” assets. Suggest a share price of 0.928.
5. Company lists at €2 per share with virtually no volume transacted.
6.Struck off from NSX in April 2019 with not one share traded the previous 14 months
7. No audits ever registered as being done in their country of incorporation Malta.
8.Patrick Fitzpatrick legal case in June 2020 was based on shares sold to him at 25 cents per share.

Which begs the following questions
1. Why would they sell shares at 25 cents if they genuinely believe they have assets of €650m assets which would suggest a far higher price per share (93 cents)?
2. How were the assets valued as on balance sheet in 2017 and half year ended 30:6:18 when even now none of them can be verified as Moralltach owning them on the property register.
3. What does it take for a company to be struck off in Malta? Here in Ireland they would have been struck off years ago for being delinquent on filings for 5 years.
4. Why the significant gap between audited financial statements net assets and the company’s stated value in the IM? IM states values 295% higher than audited accounts by LNP
5. Why does a property portfolio worth according to the company €650m have next to zero or zero revenue? How does this possibly make sense.
6. Who valued the properties at €650m and why did the auditors reflect a much lower number of €220m? Did the auditors not agree with the €650m number and if so why was it every stated? Why did the auditors agree to reflect assets in the financials statements that both then and now can be seen in the property register with owners other than Moralltach?
7. Do the property owners as per the property register know that Moralltach reflect them as assets on their balance sheet?

Dodgyone

If it walks like a duck and talks like a duck it’s a duck!

Dodgyone

If it walks like a duck and talks like a duck it’s a duck!

[Deleted User]

https://www.google.ie/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwi0xdylorjyAhUNzoUKHZB8BmEQFnoECAYQAQ&url=https%3A%2F%2Fwww.propertyfundsworld.com%2F2019%2F09%2F13%2F278684%2Fwilliam-marshal-reaches-restructuring-agreement-moralltach-global&usg=AOvVaw1-S6XU_ziARTObRBVmmllk

[Deleted User]

https://www.google.ie/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwisxK3korjyAhV78OAKHQjWDOIQFnoECAIQAQ&url=https%3A%2F%2Fwww.moralltachglobal.net%2Fpost%2Fmerger-update-31st-march-2020&usg=AOvVaw0Xs55nZEBxCy9GdcgnksKE

https://www.google.ie/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj_s66ho7jyAhXV8OAKHUK7AFMQFnoECAMQAQ&url=https%3A%2F%2Fwww.moralltachglobal.net%2Fpost%2Fmerger-update-31st-march-2020&usg=AOvVaw0Xs55nZEBxCy9GdcgnksKE

Dodgyone

These articles were posted in 2019 and 2020 and since then nothing. So zero came of this.

A bit like everything with Moralltach this is all words with zero substance.

I suspect that the company that were considering the merger did their due diligence and established that Moralltach had no real substance and was run by people with questionable pasts. Neither are ideal for a business venture.

[Deleted User]

So what happens if someone has gone into agreement handed over their property allowed live in it for 15 years while paying a lease fee in some cases more than their original Mortgage payments for shares in the company that never happend or traded and Allowed to sell their home after 15 years .Who has the deeds or did any property ever get into the hands of this company. I know someone who invested a lot of property.

Veritas26

I strongly suspect that if they ran that “contract” by a lawyer they would consider it worthless.

Has the person that signed that contract:-

Ever paid a cent of lease fee to Moralltach? I strongly suspect the answer is no. If Moralltach really owned the asset do you not think they would charge for it?
Is the property on the property register in the name of the individual or Moralltach? I can find no evidence of Moralltach on the register on any property.
If the individual or Moralltach wanted to sell that property tomorrow who could do it? 100% certain only the individual. The 15 years is a red herring. The original property owner could sell it now or at any time. They could lease it out to a third party or restructure their mortgage.
Who has the liability on the existing mortgage? Almost certainly the individual which means the bank still have a charge on the asset.

Moralltach are yet to submit one audit in Malta per the MBR website - that is since 2016! Why is that?

The person you know who has “invested a lot of property” still owns the property, does not pay Moralltach a cent for the contract and has (most likely) worthless Moralltach shares so why would they complain. If they had really given up their property for (most likely) worthless shares then off course they would be pursuing a legal case right now!

If it those that have genuinely put cash up for shares that should be most concerned as they have really given up genuine consideration which most likely they will never get back.

Dodgyone

Bubba - when your friends lawyer comes up for air from laughter he will tell them that they are still free to do whatever they chose with the property be that sell it, rent it or knock it down! They have received shares in a company that’s assets are your property and if Moralltach are able to convince an investor that both they and your friend own the same asset then the shares may be worth something!

[Deleted User]

Thanks for that information I nearly fell for it when they approached me about taking my house three years ago what a shower they are.

Veritas26

If Moralltach were a horse it would have been made put down and made into glue many years back. It limps on like a blind, deaf and lame mare.

ScamAtak

I hear through a reliable source that a creditor is about to pursue legal action in both Malta, Ireland and the UK against Moralltach for large sums of money and also to engage with the Maltese Crime Unit in an effort to put this company down once and for all and then go behind the veil of incorporation. They are after anyone involved. Apparently they believe they have proof the company is insolvent. That would mean they could try to go behind the veil of incorporation in Malta. They are also aware that shares have been sold to investors in the UK on the basis of valuation that might not be what they seem. So if investors (those who paid real cash for shares) lose money will that result in criminal complaints?

Veritas26

Off to the knackers yard

[Deleted User]

I heard they are securing all assets checking all properties are fully legit and going on stock exchange next year 🙈

[Deleted User]

From a very reliable source.

Dodgyone

bubba - I have no doubt that your source told you that but I believe the information is highly unreliable!!

Why?

They have been saying the same thing every year since 2016. They will be saying the same thing next year and every year until they are either forcibly or voluntarily shut down.
They have to maintain this position as they have most likely raised cash for equity with this story. If they now change this stance there will be serious consequences for all involved. Also, they are unable to raise more funds from cash investors unless they maintain the position that everyone is about to make a fortune from the listing.
Orgainsing a stock market listing is a huge undertaking. So far the company have not managed to file one audit in Malta since they came into existence in 2016. This company cannot even get the basics right.
From previous postings the company appears to have creditors in multiple countries. Suspect they have serious liquidity issues.
Why do the business surround themselves with those who have questionable pasts.
The only way that they can “secure” the assets is by paying for them. Being as they cannot pay their bills this will not be happening anytime soon.
For any listing to be a success they need to convince investors that they actually own properties that are owned by others!

you appear to be a unique position in that you know both property owners and those close to the company. A good test as to whether this business has any validity at all is to get one person (who has been given Moralltach shares “for property”) to ask a solicitor if there are any restrictions whatsoever on the individual selling the property. If the answer is that they can still sell the property without providing any consideration to Moralltach then it is case closed!!

[Deleted User]

I have been following this company since 2016 as I was approached to invest my home through a friend .Well I did not invest I smelt a Rat.But it's beggers belief to think they are still scaming people to work for them under false belief of Yet again Listing.

Dodgyone

Yes they prey on unsophisticated investors.

Most likely they are so deep into the lie now that they believe it themselves!

Dodgyone

Most likely white collar crime and it needs to be shut down by the authorities. This will happen eventually it’s just a question of when!

Dodgyone

Bubba - do you know anyone that has Moralltach shares?

[Deleted User]

Well I know someone who has put in property and promised shares when it listed before they got kicked of the stockexchange and believing in the dream next year as told will be listed again . There using vulnerable people who bought into the dream of non existence.

Dodgyone

Does that person think that they have genuinely sold their property to Moralltach and as a result received their shares? And if so do they believe Moralltach could sell their property if they wanted to?

RogerthatNinerone

bubba -

why did your contact put their properties in? We’re they in financial difficulties?

[Deleted User]

They put their property in the mix on the belief after the listing in Australia they would be millionaires. Do they know if Mortallach owns their property i dont know this as its a very touchy subject and i dont ask.But their vulnerability got them sucked in Although they are aware of all the skulduggery underhanded dishonest unscrupulous they still believe and one of them works behind the scenes for them still believing the dream So there you go how long does it take before the penny drops for some people These are the type of people they use vulnerable naive with lack of wisdom and judgement and totally misled Awful suitation

Dodgyone

That touchy subject that Moralltach can issue shares to take ownership of someone’s property is what they base their entire business model on. It is on exactly this basis that they would like to list on the stock market.

I am 99.99% certain that your contact if they wanted to could sell their property today and could do so without giving one cent of consideration to Moralltach. Moralltach would take their worthless shares back of course.

Dodgyone

So if Moralltach can convince people that both they AND the actual property owners (who actually have full legal title on the property register) own the property then the listing may be a success.

In other news I will be winning the Irish lotto tonight!!

[Deleted User]

Yes but a lot of cash investment in as well .That's well gone at this stage 🙄

Veritas26

I imagine all the cash that has been put in by cash investors has been squandered. These same cash investors were told that the company had a huge property portfolio. They are promised a listing is just around the corner again and again.

A listing would probably be the worst thing that could happen for those with property. Why?

Today they can do as they please with the property. Live in it, rent it out, sell it etc
Post the listing Moralltach would buy the property with the proceeds from the listing. At this point those individuals only own Moralltach shares. Those shares would be worth roughly the value of the assets in the company. However, as you can see from the failed IPO in Australia the directors of Moralltach own the vast majority of the shares in the company. So this is not a simple property for share swap. It is a give me your property and you will get some shares back but I will get far more.
The only people that will make money would be the directors.
Those that put property in (and the only assets in the company)would find they then hold shares worth a small % of the value of their property