danbrown83
03 Nov 2015
Administration Looks like this is the EndDon't expect any money now sad day
TX2
02 Nov 2015
Re: Mike Jeremy Last Man Standing.Mike Jeremy's previous job was Head of Research at Daniel Stewart & Co!That must fill everyone with confidence.
Gerald99
02 Nov 2015
Re: Mike Jeremy Corporate communication both internal and external he will not be on the board
Hardboy
02 Nov 2015
Mike Jeremy What is his position?I see he is the one putting out company statements. All I can find on the website is a m,ention of 3 directors - 2 NEDs & 1 exec - no mention of Costis
Gerald99
02 Nov 2015
Re: NEDs Absolutely correct Hardboy. The NEDs and the company secretary are the guardians of financial compliance to protect the shareholders.
Gerald99
02 Nov 2015
copies from ADVFN Globo Mobile employees is on Facebook. To connect with Globo Mobile employees, join Facebook today.Join Log InGlobo Mobile employees1 hr � HERE IS WHY GLOBO�S PRODUCTS ARE CONSIDERED AMONG THE BEST IN THE WORLD30th October 2015The undersigned members of the product development, product management and professional services teams of GLOBO Mobile S.A. (hereafter �we�
feel obliged to respond to the recent unfounded criticism against the quality and even the existence of the company�s major product lines: GO!Enterprise and GO!AppZone.On Friday 23rd October 2015, we were negatively surprised by the fact that trading of GLOBO�s shares had been suspended, following the publication of a report issued by a New York hedge fund. We expected that GLOBO would officially come back with a response on Monday 26th October. Instead, on Monday we were informed about the resignations and suspension of top management.We cannot check the validity of any investor�s claims about GLOBO�s financial status and practices and we await the auditors� findings, like all other stakeholders. However, as far as GLOBO�s products are concerned, we have noticed various inaccuracies, misleading reasoning and misrepresentations of facts both in the hedge fund�s report and in various relevant posts on investor forums. Hence we, the people who are developing, maintaining, supporting and using these top-notch products, feel the need to explain the following:- We have been working on GO!Enterprise Workspace and GO!AppZone for more than 4 years. We follow modern agile software development practices and produce technologically complex and cutting edge products and mobile solutions. As of today, GLOBO Mobile S.A. employs a total of 91 people (developers, designers, solution architects, QA engineers, support engineers, project managers and product managers) who work on product development, product management, QA, support and professional services.- GO!Enterprise, our suite of Enterprise Mobility Management (EMM) products, has been recognised as one of the top in the world in the analyst reports of Gartner (Magic Quadrant report for EMM) and OVUM (Decision Matrix report for EMM) for 2014 and 2015. Inclusion in these reports requires the submission of detailed information about the products, delivery of product demos and checking of customer references. These recognitions are the result of our hard work and focus on excellence. Any accusations that these products, which we use on a day-to-day basis, �are most likely fictitious� are at best untrue and at worst unfounded slander.- GO!AppZone, our Mobile Application Development Platform (MADP), has also been recognised as one of the top in the world in the analyst reports of Gartner (Magic Quadrant report for MADP) and OVUM (Decision Matrix report for MADP) for 2015. - Both GO!Enterprise and GO!AppZone use a very robust security mechanism. GLOBO is among the very few mobility vendors who use their own cryptography modules certified by NIST for compliance with the FIPS 140-2 standard. �Junk� products would never go this extra mile that proves our commitment to deliver enterprise-grade security.- GO!AppZone is a fast growing product. It started as a development tool for custom apps inside GO!Enterprise Workspace, our secure mobile app container, and evolved to a full blown platform with mobile back-end services, testing infrastructure and a cloud compiler for native apps. However, there are people who seem to not be aware of this evolution. They still assume that GLOBO only provides licenses for its EMM products (Workspace and Mobile Device Management) and they have not realised that GLOBO also provides device licenses for native apps that use GO!AppZone mobile back-end services. These correspond to downloads which are not related to the download numbers of our EMM apps. - Both our EMM products require a server for user authent
Hardboy
02 Nov 2015
NEDs I mentioned earlier the Stoy Hayward guide I have. I've jus found it. There is a lot in it, & I don't have time to find the most relevant bits now, but here is one bit:"When discussing what a non-executive is in terms of "tendencies", perhaps the most important trade off is between "strategists" & "Policemen" - the role of setting and implementing corporate strategy (exec) & the role of acting as watchdog and whistleblower for the outside world (non-exec) ensuring adherence to good practice, respect for the interests of other stakholders, adherence to the processes of boardroom discipline, and so on."If that is accepted, they have obviously failed.
Hardboy
02 Nov 2015
Re: Who looks after shareholders? "employees will start leaving (if they haven't already)."The most senior ones have!
pendil
01 Nov 2015
Where's the cash? I agree with an earlier poster that holders should assume their investment here is lost. Apart from anything else the CEO's sales suggest both that he knew the game was up and that there would be little value left.Whether this is overly pessimistic depends I think entirely on whether or not the claimed cash really exists. The grounds for optimism are that this figure should have been difficult to fake and easy to audit. If the cash does exist it would mean that there should be no immediate financial pressure on the company and also that there are profitable businesses here, albeit with (much?) smaller sales than previously claimed.My fear is certainly that the cash does not exist and that the real purpose of the high yield bond issue was to raise cash to cover on-going cash outflows. Then we have loss making businesses which are not necessarily worthless (there are clearly some genuine products and customers here and loss-making Good recently sold for a fancy price) but are unlikely to realise very much in the current circumstances. (It would be ironic if the 49% stake in the Greek business turned out to be the most valuable asset.)I would not have thought it would take even Globe's NEDs to come to a preliminary conclusion on this question. Perhaps they have, and that is why Burrell and the NOMAD have resigned. With the shares suspended I suppose they have no obligation to update us on a timely basis.Obviously the NEDs have failed in their duty and it is a concern that they are overseeing the investigations. I suspect they will be more interested in covering their own backsides than in looking after shareholder interests, and some outsiders should be brought in (although who would want to get involved?) I think holders of 5% can requisition an EGM and I would rather expect Forum to want to do that to get a representative appointed.In theory the PIs ought to be able to muster 5% easily. Does anyone know if ShareSoc is looking at that? - their website seems to be down at present.As to a class action: although I ticked up Gallant's proposal I think it is too early to get that moving - we need to have more idea of the extent of the fraud. Also note that it is not sufficient to have our lawyers on a no win/ no fee basis. If legal action were unsuccessful the claimants (i.e. us) would be liable for the other side's costs. But if the case is strong enough (and only if it is strong enough) it should be possible to obtain after the event insurance (effectively at no cost) to cover that risk.
Richygm
01 Nov 2015
Audit According to SP, the auditors charged 397000EUR for Globo's last audit.
gallant02
01 Nov 2015
Who looks after shareholders/ Class Action As Milesabove suggested I have also registered with Sharesoc as they are forming a register of holdings with people's contact details. There is also the possibility of a conference call being set up Monday so register please.[link]
dave297
01 Nov 2015
Re: Who looks after shareholders? Clearly no one,currently.I would expect that the Institutions holding large stakes & particularly Forum & whoever may have acquired the majority of the 40mill+ shares sold by Costis prior to The Debacle would be in the best position to influence the next stage & are presumably lobbying hard for administration in the remotest possibility that they may achieve some recovery .They will be able to move much more quickly than lobbying groups of PI s,however many (worthless)shares they own.Currently we have no Directors,COO or Secretary & apart from Ariko & Mike Jeremy,who will probably resign on Monday,no one remains in a senior capacity-so who is running the company ?Gartner & Ovum clearly believe we a good product but if I was a senior manager within these divisions I would be looking to a buy out for next to nothing & I am sure that our US subsidiaries will be bought back by the vendors for a pittance,leaving us with 50% of our Greek associate,the value of which is doubtful,the legacy business & maybe some cash in the bank.the time everyone has been paid there will be nothing for us & suing ( successfully) our various "professional" advisors will take years & generate more income for the administrator /liquidator to justify charging more fees for.
eagle51
31 Oct 2015
Re: Who looks after shareholders? The company needs to go into administration. That seems to me to be the best way to preserve the decent bits of business (assuming there are some). Maybe (former) competitors will be interested? No-one outside the company can really have a clue what the true state of affairs is. Without the protection of administration (or some equivalent form of shelter) creditors will be scrambling for payment; no-one with any sense will extend the company any form of credit; debtors (assuming they exist) will hang onto their money and cash will dry up. It is difficult to see how wages and salaries could then be paid when due, so employees will start leaving (if they haven't already).More than just the directors must have known the books were being cooked. I am surprised we haven't heard that Akiros (chairman) has gone. The other director probably just took the money to lend his good name? It won't be quite as good now. He seems a bit different to the others but wdik?What a sad state of affairs.
Miles Above
31 Oct 2015
Re: Who looks after shareholders? ShareSoc suggests a committee of shareholders be formed to help support the remaining directors in stabilising the company and pursuing recovery of losses if possible. Any private investors who were significant holders of shares in this company should register their interest on this web page so as to receive more information as it arises:[link]
Gooffy
31 Oct 2015
Who looks after shareholders? Is it the FCA?With directors resigning can we expect anyone to look after our interests at all and report what has actually happened?Just wondering, for a Class action you would need information and I am not sure who provides it but I suspect the FCA have powers.
