Mpg1
13 Nov 2015
Re: Globo's subsidiaries Cheers Andy.
TX2
12 Nov 2015
Re: Who owns the subsidiaries? As Globo PLC is in administration shareholders no longer have any influence over the running of the company;they now become unsecured creditors ranking after all other creditors for payment(This would be any money remaining after all other creditors have been paid).However the specific cancellation of Globo shares is due to the requirements of AIM Rule 1.Globo's NOMAD has resigned, without a NOMAD Globo's shares cannot be listed/traded on AIM.If no new NOMAD is appointed within 30 days its listing is cancelled,however as Globo is in administration no new NOMAD can be appointed because he could not do the job as required under AIM rules.
winningstreak
12 Nov 2015
Re: Who owns the subsidiaries? How can the Administrators decide to cancel Globo's shares whilstGlobo's subsidiaries continue trading outside Administration. I assumethe subsidiaries belong to Globo Plc and as such belong to Globo'sshareholders.....ws
Andy Reilly
12 Nov 2015
Re: Globo's subsidiaries Mpg1 - this link offers lots of basic info, which you may find a bit baffling initially, but it is very useful:[link] takes time to get your head around, but it focuses on sentiment rather the notions of the 'funamentals'. If you decide to take it on board, experience will help your understanding, but its important not to be too mechanical about using it - nothing is ever guaranteed unfortunately.I find it always helps to have a basic grasp of the fundamentals, but sentiment drives markets predominantly, so I hope you find the link gets you more intrested.Maybe others have useful alternatives to get you started, if that suits you at the moment. TA has certainly improved my general portfolio performance over the past decade, but its not for some, but ultimatel its a matter of getting it more right than wrong! Best of luck -
JakNife
12 Nov 2015
Re: Who owns the subsidiaries? The shares of the subsidiaries are owned either directly or indirectly by Globo plc.
Orchard Gate
12 Nov 2015
Re: Legal Action - Share Soc Just my personal opinion based on previous dealings with him but I think Roger Lawson is a berk, best avoided. I'd have nothing to do with him.The fact he was deriding those who said Globo was a fraud, even just a few days before it went "POP" says a lot.
winningstreak
11 Nov 2015
Who owns the subsidiaries? Globo's subsidiaries have not gone into Administration (say the Administrators),now who precisely owns Globo's subsidiaries? Costos and his friends?ws
Mpg1
11 Nov 2015
Re: Globo's subsidiaries i think being able to detach youself from the story is a very good tip and prevents people from getting carried away.I would like to take a look into TA, andy can you recommend any books or online based tutorials?
Andy Reilly
11 Nov 2015
Re: Globo's subsidiaries dkok - the problem is that when a direcotor deliberately sets out to cheat investors and the market there is no amout of regulation that is going to prevent the scam being attempted. So often, after a scam has been exposed, it all seems so obvious, but that is partly because most people assume everything is being done legitimately and by inclination we dont like to focus on wrong doing and criminality.On the other hand the professional people, auditors, regulators etc, are supposed to be there provide a bit more reassurance that the rules are being applied. Unfortunately history throws up many examples where they have also been duped by scams, and failed to prevent absurd levels of risk taking. Enron, Madoffs Ponzi scam, the banking crisis, etc etc...It just reinforces the need to apply a big dose of scepticism when investing, and which is why I prefer a TA based approach, as it detaches you to a degree from getting too involved with the company's story and it management.
dkok
11 Nov 2015
Re: Globo's subsidiaries Hi TX2If that is the case, and the administrators are looking to maintain the holding company in order to seek the best outcome, how come they are allowed effectively to de-list the shares, effectively denying the actual owners of the holdong company thier rights?!!This is highly suspect in my opinion, but it seems we have no voice and no protection. We have been lied to by management who it seems have deliberatley falsified the financial statements, the auditors GT has quite possibly not done its job corerectly as if the directors are identifying cash generative business, they should be seeing the bank statements to prove it and should have been interrogating them rigorously before signing them off.The shareholders therefore have been mislead by the BoD, have been let down by potential accountancy negligence by GT, and are now having their shares cancelled by the auditors before they have even done thier job in trying to sort the company out as a going concern. AIM needs to be thoroughly reviewed and rules amended if it is to survve IMHO, as it is currently not fit for purpose. There should be rules in place to ensure that business owners cannot sell such a large percentage of thier share ownership as Costis did without enfored notfication, at say every 1% of holding. That at least wouldhave allerted shareholders to him exiting from the company with money, and effectively may have prevented us all being in a total; loss situation.Thankfully, i didn't have as much in here as I had earlier in the year as I had sold a chunk just prior to the Greek vote in orde to do a property deal, but I have still lost 20k shares as it stands. A company not doiung as well as expected and the share[rice falling I could take, but the most alarming thing about Globo is the deception.Seriously considering my investment strategy and may well consider giving any AIM companies a very wide berth, or only hold a small number as part of the speculative portion of my portfolio.GLTAdkok
TX2
10 Nov 2015
Re: Globo's subsidiaries The administrators will have control of the subsidiaries by virtue of having control of the holding company which owns 100% of the subsidiaries;the administrator is basically acting in place of the previous holding company board;normally administrators avoid if possible putting operating companies into admin as it saves money and allows them more easily to be sold as going concerns for a better price.The only thing they need to ensure is that the operating companies remain solvent & as they will be working in concert with Globo's lender(Barclays) & main creditor this should not present a problem .
gallant02
10 Nov 2015
Re: Globo's subsidiaries The recent acquisition didn't go ahead. Costis said the deal would be funded out of cash resources that obviously weren't there...If the administrators can't get control of the subsidiaries - understandably difficult given the numerous different jurisdictions - then it makes a bit of a mockery of the whole process really.Previous acquisitions no doubt had earn-out and other contractual considerations that would probably allow them to now take back their companies and software so unsure what might be available to sell uncluttered from prior claim.Still, as long as the Administrators get a decent fee, payable ahead of everyone, then why should they care...
winningstreak
10 Nov 2015
Re: Globo's subsidiaries Did Globo not acquire a Company not so long ago. We were not told thename of the company nor, I don't think, the payment for that Company.Who owned that Company, who bagged the payment....Or am I wrong in thinking that every aspect here stinks to high heaven?ws
TX2
10 Nov 2015
Re: Globo's subsidiaries It is normal for some or all of the executive directors of the holding company to also sit on the boards of subsidiary companies;in addition the board of subsidiary companies may include other people,usually senior management of that company.While it is probable that Costis and other former exec directors also sat on the boards of subsidiaries;I presume they have also resigned these posts.Cash balances can be held within subsidiary companies but it is normal for the holding company banker,where it is also a lender to the group,or indeed any other secured lender, to have cross guarantees between subsidiaries and holding company to secure its debt.In the case of Globo Barclays appears to have about 13 secured charges between holding company & subsidiaries.(These can be seen free of charge on-line on Globo's docs at Companies House).I imagine Globo's administrator has looked at group debts,including secured debts and also at cash and the probable value of other assets and rapidly drawn the conclusion that the former considerably exceed the later.Remember shareholders are last in line for payment and are only due any surplus after all other parties have been paid in full.
GCCR
10 Nov 2015
Legal Action - Share Soc JFI..........although most will be aware already....... Roger Lawson <[email protected]>12:51 PM (2 hours ago)to Graham Probably some months away because we need a lot more information than we have at present.Roger LawsonTel: 020-8467-2686On 10 Nov 2015, at 11
8, Graham Cole <[email protected]> wrote:Thank you for this update. Just one question if I may.......When do you expect to have a view on whether the "legal action" you mention is viable ? On Tue, Nov 10, 2015 at 10:32 AM, ShareSoc <[email protected]> wrote:
