Vega+ Shipping Dates
- End of September 2016
- October 2016
- In time for Xmas 2016
- February 2017
- A "few weeks" from March 10th 2017
- Summer 2017
- 8 weeks from August 9th (October 4th, 2017)
- Mid October 2017
- April 2018
- May 8th - 12th 2018
- May 12th 2018
- May 31st 2018 (Indiegogo deadline)
- June 15th 2018
- July 6th 2018
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Even after losing in court to remove shares belonging to Paul Andrews, David Levy still thinks he can take Andrews and Smith's shares in RCL!
Suzanne Martin <email@example.com>
Jul 17, 2017 at 2:53 PM
> On 16 Jul 2017, at 10:23, David Levy <firstname.lastname@example.org> wrote:
> I think we should ensure that we reply by tomorrow, since she has asked for that.
> From what I can see in Jayne's attached letter the fees Retro currently owes come to approx £186K plus VAT. She is asking for all these to be paid before the October 18th Cornerstone hearing. She is also talking about the October hearing costing at least £20K plus VAT, and the possibility that costs for the Andrews/Smith dispute could increase by more than another £40K plus VAT.
> I've drafted the following reply. What do you think? It would need your additions to correct Jayne's errors about about paying off everything this year and the intention to wind up the company in the near future.
> Dear Jayne,
> Thank you for your general update which we have read and digested.
> [[ INSERT HERE FROM YOU TO CORRECT THE MATTER OF THE WINDING UP etc. ]]
I also want to be clear that any “exit” strategy I mentioned on the phone to you last week would mean a “trading out” - I am sorry if that was’t clear but we have no immediate plans to do anything other than finish the project and trade through as success is by far the best way to deal with all of this. We will of course want to extricate ourselves from any company Andrews related for future projects.
> We have received an approach regarding two possible investors in Retro Computers. Should either or both of them decide to invest the plan is to dilute Andrews and Smith to a combined holding of considerably less than 25%. The information we have provided for the potential investors includes covering your current fees. In the absence of any such investment we propose the following:
> (a) We will pay Michelmores any and all costs received from Cooper/Cornerstone as soon as they are received.
> (b) We will pay off the balance of your fees with 50% of the net margins on all sales of the Vega+, payable upon receipt of monies from our distributor (which is normally 30 days after we deliver the units to them). We recently calculated cash flow projections (see attachment) for the net margins we expect to realise on sales between Q4 2017 and the end of 2018, which total £765,000 (based on our "low" sales estimates), £983,000 ("medium" sales estimates), and £1,748,000 ("high" sales estimates). These estimates assumed that volume production would commence in late June, but in fact we have decided that the Vega+ needs an extra button which has had knock-on effects that put back the start of tooling, and therefore the start of the whole production process, so the attached projection totals should be reduced slighly, probably by something in the region of 5%-10%. However, even with the lowest of our sales projections the cumulative total for the projected net margins is well in excess of the amount we need to cover all of Retro's liabilities to Michelmores.
Regarding your suggestion that we provide Michelmores with a fixed charge over the products when they are paid - the products do not become ours until we have paid the factory (SMS), which will be at the same point in time as we are able to pay Michelmores the proposed 50% of the net margin. Having said that, if some other legal way exists whereby we can achieve the same or a similar goal, please let us know how it would work.
Regarding making a Part 36 offer - we understand the wisdom of doing so and would propose an offer of £10,000, subject to Andrews and Smith ceasing immediately all online activity aimed at our company and ourselves, an undertaking from them not to resume it, and an undertaking not to encourage others to act in the same way. Would this be a reasonable offer in your opinion?
Latest Funky Spectrum RCL Videos
Confirmation of the shilling that went on from certain individuals during this absolute scandal. What a disgrace!
Well it seems justice has prevailed for once and no surprises there to be honest what a ridiculous bit of behaviour !
"Our Indiegogo campaign is to raise funds to manufacture the first 2,500 or more units of the Vega+ in the UK, and to prepare us for the second production run."
— RCL (15/02/2016)
- All refunds processed: ✘
- Roll of honour email: ✘
- Address confirmation: ✘
- Battery specification: ✘
- PEGI certification: ✘
- Final specs released: ✘
- Games list released: ✘
- Finished box design: ✘
- Manual released: ✘
- Working website: ✘
- Final devices made: 0 ✘
- Small claims victories: 0 ✘
- Prototypes made: ~100-200 ✔