Hi everyone,
further to Jose´s post a bit earlier today on Envion Group in FB, I spent few hours looking into this mess.
(I have served as a chairman of a medium sized mining company in Brazil, worked for one of the largest mining/trading companies there is – look up my linkedin page if interested)
First of all, agree with Jose´s post – both shareholders and management must save the business, even if they have to leave their jobs or forgo their shareholding. Sorry guys. Envion AG has been founded with 150k CHF and later increased capital to 390k CHF. This is a drop compared to 100mi USD collected during ICO. I have 5 figure USD investment in it, and still believe business plan is excellent
Now to business:
https://static.envion.org/kyc/Envion_Prospectus.pdf
ICO prospectus and Articles of Association of Envion AG
https://static.envion.org/kyc/Envion_Prospectus.pdf
Claims of Founder´s team that capital increase could have been done without their knowledge do not stand to criticism. They must have been notified (not even by Board, but automatically through SHAB – official swiss authority, by emails registered under shareholder info). Furthermore, capital increase is approved by General Shareholder meeting, not by Board, and there must have been at least 20 day notification period – so they should have been present. Read pages 45–47 of above mentioned doc.
Claims of founder´s team that they couldn’t do anything, also don’t stand to any criticism, as Article of Association clearly provide for possibility to call Shareholder Meeting to discuss anything, change board of directors, etc. If MW wouldn’t appear to discuss and solve issues, they would vote him out with vote of present parties. It is not a complicated legal procedure… A pretty straightforward stuff.
2. Official changes that took place at Envion:
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=3814143
05.10.2017
incorporation. Share capital CHF 150.000. Founding meeting dated by 05.10.2017. Communication to shareholders are set to be sent via email, letter to share register listed addresses. Appointment of Matthias Wostmann as President of the Board with joint signature of two (maybe translation error). Appontment of Cyrill Alexander Stager from Glarus Sud in Zug as member of board of directors with individual signature.
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=3951541
17.10.2017.
appointing SwissChart Consulting Gmbh as auditors
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=4023267
25.01.2018
Changes in association. Capital increase approved by Shareholder Meeting in 25.01.2018, from 150k CHF. to 390k CHF
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=4082739
30.01.2018
SwissChart Consulting no longer is an auditor. PwC appointed
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=4096455
28.02.208
Cyril Alexander Stager no longer a board member.
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=4187465
07.03.2018
Matthias Wostmann is no longer Chairman of the Board of Director. Becomes simply member of the Board.
https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=4234259
23.04.2018
PwC quit as an auditor
What I think with available info:
a) Founder´s team trying to show themselves as a victim of “Board coup”. This is a PR move appealing to 30k+ retail investors and real problem is somewhere else. If I am wrong, and they really were “victims”, they are simply not fit to manage ICO funds. In “real” word they would have been fired for negligence in less than 5 minutes… I would not let them manage complex negotiations with third parties, providers, etc. Maybe they should focus on what they know how to do: designing MMUs, looking for hardware providers, making software and keep community happy. So, I really do hope I am right and real problem is still unknown to us – but the fact I feel I am being treated as an idiot is somewhat unnerving.
b) I cannot verify MW´s claim about extra tokens and whether these were sold. Does anybody here has an expertise to fact check this – should be on blockchain? This is necessary prior to making any judgement regarding new token, MW´s claims, etc.
c) I have doubt regarding intellectual property. In prospectus they mention “Patents for the technologies have been filed the 30th of October 2017 with Deutsches Markenund Patentamt, registration No. 2017103123472200DE”. However I failed to identify anything in several databases available on that site. Dos anybody here have familiarity with patent issues – would be good to know for sure who holds intellectual property.