IoM regulator asked for formal investigation into T1ps investment

This letter was sent to Denham Eke and David Gibson, then non-executive directors of Rivington Street Holdings, from Suzanne Collins, in her capacity (at that time) as a regulator at the Isle of Man Insurance and Pensions Authority.

Pathway One Plc

Background

On 19March 2012 I was emailed a copy of a complaint received at the T1ps Investment Management Limited (‘TIM UK’) office from the Financial Ombudsman Service (‘FOS’).  This complaint was on behalf of Mr R Forster, an investor in the T1ps Smaller Companies EIS Fund.

The basis of his complaint was that he had requested an EIS 3 tax certificate for one investment – Commercial Tyre Solutions/Pathway One – which had been outstanding since October 2010.

Rivington Street's Response to the Mauleverer/McInerney Letter

Rivington Street Holdings PLC

4th Floor, 39 Athol Street, Douglas, Isle of Man, IM1 1LA

Telephone: +44 (0) 1624 676 848 Fax: +44 (0) 1624 676 838

By Email
Re: Request for Information

Dear Mr Mauleverer,

Many thanks for your letter of 26th July with regard to your investments in, and relationship with, various companies and funds associated with Tom Winnifrith and Rivington Street Holdings PLC (“RSH”).

Firstly, let me say that I have recently stepped into the role of CEO of RSH, and have only a very limited experience of the past events here at RSH.

The Alarm Bells Ringing Loudly Back in 2012

A letter from Bruce Mauleverer and Michael McInerney, both clients of Rivington Street Holdings and Tom Winnifrith

Mr Mark Robertson, CEO

Rivington Street Holdings Plc

Third Floor

3 London Wall Buildings

London EC2 1Y

26 July 2012

Dear Mr Robertson,                                                                                        By Email

Request for Information

Introduction

This letter is written as a formal request for the disclosure of information about the many events leading up to the sale by Rivington Street Holdings Plc (RSH) of 50.1% of the share capital in Rivington Street Corporate Finance Plc (RSCF) – in a recent  management buy-out. This letter is written on behalf of Michael McInerney and myself, both of us writing in our capacity as shareholders in RSH.