Ripple energy "strike off"

[ecogeorge]

Anyone else had the attached email re Kirk Hill ?
Whta's gone wrong here ?
George

[cojmh]

I have had it ..... just waiting to see what the explanation is when they get around to telling us.

[nowty]

Must be an "r" in the month.

We had strike 1 against the KH Coop, now strike 2 against the KH SPV.

But will there be a strike 3 ?

[Joeboy]

Not thought of Ripple for a while. Which has been nice. Googled KH strike off and read this.

https://community.rippleenergy.com/kirk-hill-khgqd4g4

What a lot of static and slightly frantic.

Maybe Octopus will buy in and run it professionally?

Sorry, i'll get my coat..

[Stinsy]

Can someone please explain what this is all about?

[cojmh]

Can someone please explain what this is all about?

The strike off notice will have been issued by companies house, probably because Ripple have not fulfilled some of their filings of documents with companies house - which is a legal requirement for the company that they have registered as.

Basically it is a public notice to get their house in order from companies house.

The bigger question is why this has arisen .... why have they not fulfilled their legal duty?

The answer to that is we are waiting to be told, by Ripple, why this situation has arisen .... especially so soon after a similar situation with the COOP.

This is not to say they have done anything bad ..... but it does not speak well of their competence.

[nowty]

It seems that Will Dodds (FD of Ripple) has resigned as one of the directors of the SPV, possibly through incompetence as he previously admitted failings in the KH Coop accounts.

Someone from the Bruntwood family has just joined the SPV as a director and the address of the SPV has changed, I am suspecting Bruntwood are taking over the reins of the SPV to sort out the governance which I see as a positive development. The strike off notice is because the accounts have still not been filed for the SPV. Once the accounts have been sorted out the strike off notice can be removed.

For info the SPV is the "Special Purpose Vehicle" company with owns the assets of KH. Bruntwood and the KH Coop are shareholders in the SPV with equal voting rights. If you have KH as a Ripple project you are a shareholder in the KH Coop and thus own part of the SPV.

Note - This is a separate issue from the older strike off notice on the KH Coop which has since had its accounts approved and filed.

[cojmh]

It seems that Will Dodds (FD of Ripple) has resigned as one of the directors of the SPV, possibly through incompetence as he previously admitted failings in the KH Coop accounts.

Someone from the Bruntwood family has just joined the SPV as a director and the address of the SPV has changed, I am suspecting Bruntwood are taking over the reins of the SPV to sort out the governance which I see as a positive development. The strike off notice is because the accounts have still not been filed for the SPV. Once the accounts have been sorted out the strike off notice can be removed.

For info the SPV is the "Special Purpose Vehicle" company with owns the assets of KH. Bruntwood and the KH Coop are shareholders in the SPV with equal voting rights. If you have KH as a Ripple project you are a shareholder in the KH Coop and thus own part of the SPV.

Note - This is a separate issue from the older strike off notice on the KH Coop which has since had its accounts approved and filed.

Thanks for the details Nowty - I have been following this this morning and trying to figure out how everything links together.

Whilst it is a separate issue from the Coop, the common factor is the people at Ripple, so this really does not look good for them.

Interestingly, it seems that Bruntwood have the same opinion of how their investment is being managed and have put someone in as a director - the CFO no less. As you say that might be a good thing for the governance - but I wonder why they were not put in there from the start and whether or not this might affect the balance between the KH coop and Bruntwood - as you say they have equal voting rights but now they have a directorship too? - Genuine question as I am interested to know the structure now.

Again I am not saying anything untoward is happening - but Ripple have been terrible about letting people know what is going on and they are still doing it.

[cojmh]

Incidentally - the company address has also now changed and is registered to the same place as Bruntwood.

Just trying to follow the info on the community forum.

[nowty]

With regards to structure, from memory I think the KH Coop is the majority shareholder of the SPV in terms if equity (ownership) and thats probably why Ripple were dealing with it with the CFO of Ripple in there. But it was agreed that they should have equal voting rights so one party could not hold the other over a barrel.

I wonder if there is to be more fall out in terms of the CFO of Ripple, could he also be departing Ripple as he could be seen to be an existential threat to Ripple if it does turn out to be his mess. The complication is I think he was one of the 3 or 4 founding members of Ripple.