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    • Clitherokid
    • By Clitherokid 16th Apr 19, 7:47 PM
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    Clitherokid
    Phenco limited
    • #1
    • 16th Apr 19, 7:47 PM
    Phenco limited 16th Apr 19 at 7:47 PM
    Has anyone had any dealings with this company?
    A recently deceased elderly friend was cold called by them about three years ago. She bought £12000 worth of shares! Itís also worth noting she could not read or write. Her solicitor has been told by them it may take years to receive recompense.
Page 1
    • Malthusian
    • By Malthusian 16th Apr 19, 10:58 PM
    • 5,600 Posts
    • 9,271 Thanks
    Malthusian
    • #2
    • 16th Apr 19, 10:58 PM
    • #2
    • 16th Apr 19, 10:58 PM
    If I may be tiresomely pedantic, she paid £12,000 for shares. It's highly unlikely they were ever £12,000 worth of shares.

    By "years" they mean never. The investment is almost certainly worthless. Leave the estate's solicitor to worry about the IHT position. Are you a beneficiary?
    • Clitherokid
    • By Clitherokid 17th Apr 19, 5:43 AM
    • 2 Posts
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    Clitherokid
    • #3
    • 17th Apr 19, 5:43 AM
    • #3
    • 17th Apr 19, 5:43 AM
    No I’m not a beneficiary but I lent money to pay for the funeral expecting the estate to repay me. There is nothing in the estate except these shares!
    • AnotherJoe
    • By AnotherJoe 17th Apr 19, 6:50 AM
    • 13,407 Posts
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    AnotherJoe
    • #4
    • 17th Apr 19, 6:50 AM
    • #4
    • 17th Apr 19, 6:50 AM
    Then you've been defrauded by whoever informed you these shares were worth anything. The executors?
    A simple rule is, if someone phones you up out of the blue and sells you something, it's a scam and you can kiss your money goodbye.
    Last edited by AnotherJoe; 17-04-2019 at 6:53 AM.
    • ctdctd
    • By ctdctd 17th Apr 19, 7:19 AM
    • 900 Posts
    • 743 Thanks
    ctdctd
    • #5
    • 17th Apr 19, 7:19 AM
    • #5
    • 17th Apr 19, 7:19 AM
    What "shares" did Phenco Limited suggest your friend purchase?


    Phenco Limited are still trading so what do they say about the shares?
    Do Money Saving sites make you buy more bargains - and spend more money?
    • Aretnap
    • By Aretnap 17th Apr 19, 8:43 AM
    • 3,262 Posts
    • 2,859 Thanks
    Aretnap
    • #6
    • 17th Apr 19, 8:43 AM
    • #6
    • 17th Apr 19, 8:43 AM
    The most recent accounts state the company's main asset as about a million quid worth of "investment in oil wells". Whether the oil wells exist, whether they produce any oil, whether anybody would actually pay a million quid for them and whether the shareholders will ever see any benefit from them are all somewhat imponderable questions at the moment (though if I were a betting man...).

    However genuine oil companies do not raise capital by cold calling pensioners and persuading them to invest their meagre life savings in unlisted shares, so you should probably proceed on the assumption that your relative was scammed, that the shares will never have any value and that there will never be any recompense. That way if the estate gets a few hundred quid back a few years down the line it will come as a nice unexpected bonus. It's not with holding your breath for though I'm afraid.
    • Pension Geek
    • By Pension Geek 17th Apr 19, 9:06 AM
    • 160 Posts
    • 119 Thanks
    Pension Geek
    • #7
    • 17th Apr 19, 9:06 AM
    • #7
    • 17th Apr 19, 9:06 AM
    The most recent accounts state the company's main asset as about a million quid worth of "investment in oil wells". Whether the oil wells exist, whether they produce any oil, whether anybody would actually pay a million quid for them and whether the shareholders will ever see any benefit from them are all somewhat imponderable questions at the moment (though if I were a betting man...).
    Originally posted by Aretnap
    Sounds very much like the scam used in 'Not a penny more, Not a penny less'. Its a great shame that people still fall for these things.
    Not an expert, but like pensions, tax questions and giving guidance. There is no substitute for tailored financial advice.
    • AnotherJoe
    • By AnotherJoe 17th Apr 19, 9:09 AM
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    AnotherJoe
    • #8
    • 17th Apr 19, 9:09 AM
    • #8
    • 17th Apr 19, 9:09 AM
    I'd like the OP to explain who asked them to lend the money for the funeral and how they were aware of these shares as collateral and told they were worth £12k. They may well have a claim against them.
    • jimjames
    • By jimjames 17th Apr 19, 11:22 AM
    • 13,207 Posts
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    jimjames
    • #9
    • 17th Apr 19, 11:22 AM
    • #9
    • 17th Apr 19, 11:22 AM
    What shares did they buy? The company that cold called might not be the company that the shares are in
    Remember the saying: if it looks too good to be true it almost certainly is.
    • pochisoldi
    • By pochisoldi 17th Apr 19, 11:28 AM
    • 166 Posts
    • 113 Thanks
    pochisoldi
    A search for Phenco Limited brought up this:
    https://beta.companieshouse.gov.uk/company/09882965

    "Nature of business (SIC)
    70229 - Management consultancy activities other than financial management"

    I suggest clicking on Filing History and then looking at the most recent Confirmation Statement to see if the deceased (or their executor) is listed as a shareholder.
    • Malthusian
    • By Malthusian 17th Apr 19, 1:19 PM
    • 5,600 Posts
    • 9,271 Thanks
    Malthusian
    The OP may want to edit their post to remove their number of shares. Combined with the gender of the victim, it appears to uniquely identify their late friend.
    • AnotherJoe
    • By AnotherJoe 17th Apr 19, 1:22 PM
    • 13,407 Posts
    • 15,816 Thanks
    AnotherJoe
    The OP didn't state the number of shares in their post.
    And since the friend is dead, so what if they are identified its not as if anyone will phone them up and harass them.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Aretnap
    • By Aretnap 17th Apr 19, 1:42 PM
    • 3,262 Posts
    • 2,859 Thanks
    Aretnap
    The OP didn't state the number of shares in their post.
    Originally posted by AnotherJoe
    No, but with this sort of newly formed unlisted company it isn't hard to work out how many shares correspond to a "value" of £X000. Added: indeed, the nominal value of the shares (with the emphasis very much on the word "nominal" rather than the word "value") is shown elsewhere in the company's filings.

    The confirmation statement lists 193 victims shareholders (plus the sole director who appears to own all of the shares with actual voting rights) of whom only one has both a female name and the number of shares implied by the OP's post.
    Last edited by Aretnap; 17-04-2019 at 3:58 PM.
    • HappyHarry
    • By HappyHarry 17th Apr 19, 2:14 PM
    • 935 Posts
    • 1,374 Thanks
    HappyHarry
    OP - Now you've (probably) identified the registered owner of the shares, you're now (again, probably) going to be approached by some scam artists promising you that they can get your money back. That contact might come from direct messages on this forum. They will ask, at some point, for an upfront fee.



    It would be best to ignore any of these offers.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
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