The Millipede
10 Nov 2015
Re: Strong Whiff of the Seaside! There is now quite a litany of delisted or suspended AIM companies whose cash balance has turned out to be fantasy: Globo, Naibu, Camkids are three I can name off the top of my head so I imagine there are more.I have no idea if the issue is the accountants. One of them - Camkids, I think - boasted that the non execs had travelled to China to view bank statements verifying cash deposits as claimed. This has not helped shareholders even remotely now the manure has hit the fan.
winningstreak
10 Nov 2015
Re: Globo's subsidiaries Would the large amounts of cash that were on the balance sheet beheld in the subsidiaries..... Would ostis not have any connections withthe subsidiaries.....Do I smell a stink or do I smell roses?ws
JakNife
10 Nov 2015
Re: Globo's subsidiaries Shareholders have shares in the plc. It is the plc holding company that is in administration. The plc holds shares in various subsidiaries that are mainly still running and they belong to the plc. In theory therefore the subsidiaries indirectly belong to shareholders.But the piece of the jigsaw that's missing is the debt. The debt is at the plc level and one of the first priorities of the administrator will be to repay creditors by running the business as a going concern so as to realise maximum value.The RNS tells you that the administrator does not expect the banks to be repaid in full, hence there will be no value left for shareholders.
winningstreak
10 Nov 2015
Re: Globo's subsidiaries Costis would surely not be involved in one of the subsidiaries....ws
dkok
10 Nov 2015
Strong Whiff of the Seaside! I am ata complete loss as to understand how the so called administrators can within only a few day of being appointed, decide that there will be nothing for shareholders and apply for de-listing, effectively wiping us out as any kind of creditor to the company.I understood it was an administrators role to seek means of the company continuing or failing that, get the value out of the company and distriubute accordingly to the various classes of creditors (thier fees being No.1 creditor of course!!), before any closing of any class of share etc.?!!Clearly, the scale of deception here is huge for the supposed cash at bank etc. and assets to suddenly be worth nothing, and the level of debt to be much higher than the assets.!! Otherwise, we are all being turned over as well by the Auditors.Never did trust accountants! Trust them even less now.dkok
The Millipede
10 Nov 2015
Re: Reuters "The Treasury makes more by regulators not interfering."Well there is certainly an argument that says better for the authorities to generate revenue from people who are too stupid to see the pitfalls here than from.... well..... anybody else.
DrRadcliffe
10 Nov 2015
Re: Globo's subsidiaries I don't think you are wrong. That was my first thought when I read the RNS.
winningstreak
10 Nov 2015
Globo's subsidiaries According to today's RNS, Globo's subsidiaries are not affected by all this. Now, who do those subsidiaries belong to? I would have thought Globo to be the owner of its subsidiaries, and thus all of the value in the subsidiariesto belong to Globo;'s shareholders, i.e. not the respective directors ofthe subsidiaries? And... who are the directors of the subsidiaries.....Am I entirely wrong here?ws
GCCR
10 Nov 2015
RNS - Times up Well there we have it. We hAVE to find out where these TVV@TS live.
eagle51
10 Nov 2015
Re: Reuters Someone should send that Reuters article to Cameron and Osborne and a few others and ask them for their comments. A complete systemic failure. 100% - except of the market's nose at the end. Had market conditions been better? Who knows? What would have happened if a big acquisition been made? We don't know the scale of the illusion so can only speculate.Bill Cash MP fought for years to get a bill read in the House on more effective shareholder representation on the boards of listed companies but was consistently denied. In latter years, Frank Field was said to have taken up the challenge when Cash ran out of steam or became otherwise occupied (perhaps turning his attention to his expenses?). I wrote a long and constructive letter to Frank Field that wasn't even acknowledged. Says it all.The Treasury makes more by regulators not interfering.
Trystano
09 Nov 2015
Reuters Here is a good article on the situation (more around the failed high yield bond failure).[link] took the link off a post on the LSE board
eagle51
09 Nov 2015
Re: Greeks The problem is that the walls of the older prisons are too thick and wi-fi doesn't work properly in some of the cells. Sky's an issue too.
TX2
09 Nov 2015
Re: Greeks Re new UK Prisons;I wonder which will happen first the new UK prisons built or anyone previously employed here facing trail.I don't expect either within the next few years........Although I accept the possibility that certain parties might have the funds to buy one of the luxury flats they are intending to build when the old Victorian prisons are sold & converted.
Hardboy
09 Nov 2015
Re: Greeks "Someone on the ADVFN web site claims to have recently spoken to Costis at Globo, suggesting he hasn't done a runner but is trying to help."The original RNS from the NEDs did say all execs have made themselves available to sort things out. I did not believe that (maybe they said they'd be on the end of a phone if required) but maybe t is correct.I heard today the UK is building lots of new prison space - I hope it's not too palatial.
The Millipede
08 Nov 2015
Re: Gallant Re: not my fault FWIW I would say fraud, of one sort or another, is endemic on AIM, not just perpetrated by many many directors but quite a lot of the time by posters on bulletin boards.It is not clear to me this case is substantially worse than others. In fact, arguably it is better, since the former CEO came clean, which is actually the rare event here, not the fraud itself.
