|
vanhalen - 4 Dec'03 - 21:25 - 103 of 711
hang on ..... sorry theiry .... my mistake !!!
let me check my book again .... Hmmmm Hmmmm Hmmmm Hmmmm Hmmmm Hmmmm Hmmmm Hmmmm Hmmmm
Oh here it is THEIRY ...... yep !!!
still says "attention seeking twat" ...... sorry !!!
gunnergonk - 4 Dec'03 - 21:35 - 104 of 711
did u know brugha has 100k rsv shares?
maxmillion - 4 Dec'03 - 21:47 - 105 of 711
VH :
C ya down the pub - gnite all..
vanhalen - 4 Dec'03 - 21:48 - 106 of 711
gnite gnite :-)
knitcraft - 4 Dec'03 - 22:57 - 107 of 711
Any chance of some humble pie from you losers,as you asked me for at the end of this saga ( as this is ).You have only yourselves to blame for listening to the wrong voices.
Perhaps Gunnergonk lost his job as he made bad business as well as investment decisions.
I dislike the abuse directed at me and find it offensive,you are all very bad losers and IMHO deserve all you get.
uknighted - 4 Dec'03 - 22:57 - 108 of 711
I think Brugha has missed the consolidation. I think he will find he only has 1000. AIMHO
Maxmillion -Can you be knighted twice? My address is ...............
Parasitology - must find a way of using that one tomorrow. I know, Parasitology is the practice of MMs.
Parasitology is short for Peter Abbey
Parasitology is the study of men falling out of the sky and landing in the seated position.
No I like the first two best, more plausible.
Seasons Greetings and a prosperous 2004 to all.
Uk
brugha - 4 Dec'03 - 23:00 - 109 of 711
no no I know i have 1000 azure shares
but I bought 100000 rsv shares
gunnergonk - 4 Dec'03 - 23:14 - 110 of 711
knitcraft=total and utter w@nker
Karma Sooty - 4 Dec'03 - 23:22 - 111 of 711
vanhalen - 5 Dec'03 - 06:32 - 112 of 711
Morning all .....
Bacon sarny and now ready for the off !!!
Seriously check out DTC, DYOR Blah Blah Blah !!!
Jonck - 5 Dec'03 - 07:11 - 113 of 711
RNS Number:9015S
AIM
05 December 2003
NOTICE
(480)
05/12/2003 7:00am
The London Stock Exchange admits the following securities to trading on AIM:
AZURE HOLDINGS PLC
30,000,000 Ordinary Shares of 1p each (3-369-236)(GB0033692368)
fully paid
(Ex Entitlement)
Whilst the settlement obligations in relation to the short position in Azure
Holdings Plc (formerly Room Service Group plc) are clarified, in particular the
entitlements under the Open Offer of those who have purchased shares and whose
transactions remain unsettled, trading in the Company's shares will remain
suspended.
The Exchange continues to work with market participants towards achieving an
effective resolution to this matter and will keep the market updated of further
developments.
If you have any queries or require further information, please contact Issuer
Implementation on 020 7797 1564.
AIMNOT480
This information is provided by RNS
The company news service from the London Stock Exchange
END
AMOEAPALEEDDFFE
vanhalen - 5 Dec'03 - 07:19 - 114 of 711
Suspended .........excellent news !!!
Jonck - 5 Dec'03 - 07:22 - 115 of 711
I was hoping it would be after yesterdays RNS.
vanhalen - 5 Dec'03 - 07:24 - 116 of 711
Think the LSE are catching onto the gravity of the situation !!!
psps - 5 Dec'03 - 07:40 - 117 of 711
suspended ?
me me - 5 Dec'03 - 07:53 - 118 of 711
WHAT !!!!!
gunnergonk - 5 Dec'03 - 07:58 - 119 of 711
what does this mean now?
will we have no choice but to take up the rights issue?
Dusseldorf - 5 Dec'03 - 08:02 - 120 of 711
Another complete waste of time. The short positions have been closed, but entitlements to 1p share issue have not been resolved, the shares are still 'worth less' and will go down to 1p immediately upon relisting.
suahb - 5 Dec'03 - 08:04 - 121 of 711
dusseldorf, you are just bitter you sold CRX at 2p aren't you???? we both bought at the same but i sold at 15. i do have RSV but not many.
jmillskeel - 5 Dec'03 - 08:14 - 122 of 711
Hi all..
vanhalen - 5 Dec'03 - 08:14 - 123 of 711
I think it means that the LSE would not dare to trade AZH untill all the outstanding disputes have been settled.
It must give us more time to turn the screw which is not a bad thing IMHO
vanhalen - 5 Dec'03 - 08:15 - 124 of 711
Hi jmill ....... wadooya finks ?
suahb - 5 Dec'03 - 08:20 - 125 of 711
can only be good news - whether thats financial for us or justice for us v EVO then it has to be good - lots of w/e coverage no doubt
maxmillion - 5 Dec'03 - 08:49 - 126 of 711
VERY GOD NEWS ! Oops - a typo...but then again He does work in mysterious ways.
I feel justice will be done and as said previously - Kasparov eat it out.
Bottom line is NO ONE can sell and its looking like the LSE, Uncle Tom Cobley et al doesn`t want a bad after taste - after all.
As shouted from the back door steps in a true Nora Batty comedy styli - COMPO !!
jmillskeel - 5 Dec'03 - 08:52 - 127 of 711
Have any of guys phoned the number on the rns ???
You might want too..
londonmetro - 5 Dec'03 - 08:58 - 128 of 711
not yet but was thinking of doing is it worth the phone call
gunnergonk - 5 Dec'03 - 08:58 - 129 of 711
and.........................................?
Agincourt - 5 Dec'03 - 09:00 - 130 of 711
All that is happening is that the individuals at the FSA and the LSE AND AIM are taking a little time out to ensure that they personally have their arses covered.
They don't care about anything but themselves. If they did the concept of "right and wrong" might have crept into this.
When trying to work out what they are up to it is no good think what a decent person would do. They have no concept of decency. Self interest is everything to them. The more senior they are the more that is true - for however else would they have aspired to that position.
Agincourt - 5 Dec'03 - 09:01 - 131 of 711
In their world anyone with any principles gets wasted very early on.
gunnergonk - 5 Dec'03 - 09:02 - 132 of 711
i only want my money back plus two pennys, so i can visit knitwit and his mate theiry and tell them they were wrong and id made a profit! then i would force feed them both a penny each!
might need a bit of muscle with me any one up for it?
psps - 5 Dec'03 - 09:07 - 133 of 711
what good (if any) will come out now ?
nrockliffe - 5 Dec'03 - 09:07 - 134 of 711
Jmillskeel... You said to us that we might want to phone the number.... What am I supposed to say "Listen you mother F**£$"! what are you playing at?" or words to that effect....
Agincourt - 5 Dec'03 - 09:10 - 135 of 711
Yes something very much along those lines
Agincourt - 5 Dec'03 - 09:16 - 136 of 711
If I remember rightly:-
When all this started - IT WAS FOR FUN
Whatever happened - IT WOULD BE FOR FUN
It was worth the money BECAUSE IT WAS FOR FUN
Well, quite apart from the legal side let us have some fun.
So I will try and round up some phone numbers.
greenchair - 5 Dec'03 - 09:17 - 137 of 711
Azure Holdings PLC
05 December 2003
Embargoed: Not to be released until 9.00 a.m. on
5th December, 2003
Azure Holdings Plc (formerly Room Service Group Plc)
('Azure' or the 'Company')
On 2nd December, 2003 Chiddingfold Investments Limited announced the terms of a
mandatory offer for the Company.
Following the admission of 30,000,000 Ordinary Shares of 1p each pursuant to the
Placing and Debt Conversion (announced on 2nd December, 2003), Azure, confirms
under Rule 2.10 of the City Code on Takeovers and Mergers that;
the Company has 31,242,250 Ordinary Shares of 1p each in issue and
admitted to the Alternative Investment Market under the ISIN Code
GB0033692368; and
the Company has granted options over 177,728 ordinary shares of 1p each
which are outstanding.
This information is provided by RNS
The company news service from the London Stock Exchange
Agincourt - 5 Dec'03 - 09:17 - 138 of 711
Someone do a companies house search for Libra Investments Limited
It will give Peter Abbeys home address
You can pay by credit card - not expensive - and they will fax it to you today
GET ON WITH IT NOW
Agincourt - 5 Dec'03 - 09:20 - 139 of 711
A similar search for Evolution will yield the same result
HOME ADDRESSES
jmillskeel - 5 Dec'03 - 09:20 - 140 of 711
Agincourt - 5 Dec'03 - 09:21 - 141 of 711
The Evolution Group plc
100 Wood Street
London
EC2V 7AN
Telephone: 44 (0) 20 7071 4300
Facsimile: 44 (0) 20 771 4450
E-mail: enquiries@evbg.com
psps - 5 Dec'03 - 09:22 - 142 of 711
so whats gonna happen when and IF they remove the suspension
Agincourt - 5 Dec'03 - 09:23 - 143 of 711
OK then think latterally.
He must be a director of another company in UK
Find it
Then do search
Look in Phone book
Directory enquiries in Monaco
WE can find anybody we want to
It just takes the will
nrockliffe - 5 Dec'03 - 09:23 - 144 of 711
There is no Libra Investments at Companies House.... There is a free search which allows you to check company names..... so as jmillskeel as already said, they are not based in the UK... My guess would be Monaco where Chiddingfold are.... and Abbey....
Dusseldorf - 5 Dec'03 - 09:24 - 145 of 711
suahb - Yes, I am still bitter about my CRX, selling at 2p was the biggest mistake I ever made even If I did get 80% profit - I enjoy telling people what I fool I was to sell them.
Well done on holding to 15p! I guess you could subsidise everyones losses here on RSV? ! Watch PMG, CYB, BIT, CYC, MDY, ILX over the next three weeks, PMG will go up over 100% when relisted, I garauntee it :)
jmillskeel - 5 Dec'03 - 09:24 - 146 of 711
Look at the header..
psps - 5 Dec'03 - 09:25 - 147 of 711
sod this Abbey guy......justy wanns know what happens next with AZURE
Agincourt - 5 Dec'03 - 09:25 - 148 of 711
The Evolution Group plc
100 Wood Street
London
EC2V 7AN
Telephone: 44 (0) 20 7071 4300
Facsimile: 44 (0) 20 771 4450
E-mail: enquiries@evbg.com
Richard Griffiths Chairman
Alex Snow CEO
Graeme Dell Finance (FCA lol)
Non Executive (do they know - their reputation gone )
David Norwood Director
Oliver Vaughan Director
Malcolm Field Director
George Louden Director
Agincourt - 5 Dec'03 - 09:26 - 149 of 711
Chiddingfold in in Gibralter so Libra probably is there to.
gunnergonk - 5 Dec'03 - 09:26 - 150 of 711
no libra are gibraltar registered
Agincourt - 5 Dec'03 - 09:28 - 151 of 711
OH Well - if you can't be bothered - why should I care. I've got plenty else to do.
Agincourt - 5 Dec'03 - 09:32 - 152 of 711
AND
Buy a share in EVG
Then you can legitimately phone the chairman and complain about the way they are conducting their business.
and you can attend their AGM and ask questions for years and years, and disrupt it lol.
I have one.
maxmillion - 5 Dec'03 - 09:35 - 153 of 711
COMPANIES UK: Relisting of shell's shares halted
By Elizabeth Rigby
Financial Times; Dec 05, 2003
Shares in Room Service, the Aim-listed shell company at the centre of a short-selling scandal, will not resume trading today because of continued settlement difficulties.
The decision to keep the shares suspended is an abrupt about-turn. Two days ago, both the LSE and Room Service, now re-named Azure Holdings, said the shares would start trading today after a refinancing deal for the company was agreed.
The shares were suspended on October 22.
It is not known when the stock will start trading again. The LSE decided not to allow trading yet because of the heavy short positions in the stock.
Last week it emerged that market-makers, such as Evolution Beeson Gregory, had sold more stock in the company than actually existed.
This has meant they have been unable to close their positions.
In the case of Room Service, market-makers sold "naked" - without entering agreements to borrow the underlying stock.
However, it also emerged yesterday that more stock in the company had become available as part of this week's refinancing deal. Room Service said 4.5m of the 30m new shares issued could be sold on.
The LSE said last night: "The decision was taken not to resume trading when there are still these settlement issues and a lot of scope for price distortion."
It also noted that the unsettled trades meant that many shareholders, who have not been delivered their share certificates, would not be able to take up the 10-for-one open offer, which was agreed as part of the refinancing deal.
Room Service last night declined to comment on the LSE's decision.
me me - 5 Dec'03 - 09:38 - 154 of 711
This gets stincker by the minute. Could'ent give a flying f**k if i lost my money the LSE FSA and EVO are all taking the piss big time. Going to spread the word not to invest in london a third world stock exchange has better regs than london. Loosing 5k is no big deal for me (peanuts). Anomalous called this barings Bank mark 2. He is dead right. Get the court paper's ready what ever it cost's this is going all the way !!!
maxmillion - 5 Dec'03 - 09:39 - 155 of 711
ME ME :
ME TOO !!
me me - 5 Dec'03 - 09:40 - 156 of 711
Agincourt.
Nice idea will buy a share, will wait until it drops to less than 50p
nrockliffe - 5 Dec'03 - 09:40 - 157 of 711
Unfortunately, I can't afford to go down the legal route so, I am going to present my asshole to EVO, Peter Abbey and all the rest of them and let them do me cos that is what it feels like.....
Agincourt - 5 Dec'03 - 09:44 - 158 of 711
I have just phoned Graham Dell FCA Finance Director of EVG. He was busy. I have informed his secretary that I am making a complaint about him to the Institute of Chartered Accountants with the aim (lol) of getting him expelled.
The numbers to call are EVG Telephone: 44 (0) 20 7071 4300
and the institute 0207 7920 8400
maxmillion - 5 Dec'03 - 09:44 - 159 of 711
Sorry guys for all the posts but I felt you would like to read it.
COMPANIES UK: Room Service bounces back into the blue
By Clay Harris and Elizabeth Rigby
Financial Times; Dec 05, 2003
To capture the Zeitgeist of the late dotcom bubble and succeeding years, one needs look no further than the tangled tale of Room Service Group, born as Cube8.com in 2000 and now reinvented as Azure Holdings.
But if hindsight provokes laughter at companies called Blue Carrots, TaoTalk, Prizescratch.com and Freeloader, in all of which it once invested, the group's history also raises timeless questions about stock market shells.
The story of Room Service reveals how messy things can get when it comes to shell companies. Some shareholders are angry about this week's deal, which will see an investor group, including a concert party led by Chiddingfold Investments, take control of the company.
On top of this, Room Service is at the centre of a short-selling scandal. Market-makers sold more shares in the company than existed, leaving some shareholders without share certificates and voting rights.
The short-selling debacle has prompted a regulatory investigation on the part of the Financial Services Authority and the London Stock Exchange.
The latest setback is the news that the shares will not resume trading today as the company had hoped.
Chiddingfold, an offshore company owned by Peter Abbey, and its concert party - redefined yesterday to exclude some of new investors - will holdup to 96 per cent of its equity after a debt conversion and share subscription valuing Azure t at only £312,000.
Existing investors - providing they are on the share register - will be able to ameliorate the dilution by participating in a 10-for-one open offer at 1p to raise up to £120,000.
Because of the size of its interest, Chiddingfold is obliged to make a full bid at 1p a share under the Takeover Code. Acceptances are expected to be few as the shares last traded at 6½p.
The numbers are minuscule compared with Cube8.com's £55m value when it joined Aim in February 2000. From its placing price of 17p - equal to 170p when comparing today's price because of a 10-for-one consolidation - it closed at a 50 per cent premium on its first day of trading.
But that euphoria seems a long time ago. Participants in the initial placing had already lost 96 per cent of their investment by the time the shares were suspended. The company has also bled £10m-plus in cash.
Then there is the settlement crisis, which has left many investors disenfranchised and out of pocket.
Market-makers such as Evolution Beeson Gregory have shorted the shares "naked", whereby they did not enter into arrangements to borrow the underlying stock, leaving them unable to settle trades.
They did this because they thought more Room Service shares were coming on to the market through a planned rights issue. When that fell through, the short-sellers were unable to close their positions.
This left many shareholders without share certificates and unable to vote at October's annual meeting when the first stage of the Chiddingfold deal was approved.
Nigel Smith, a co-ordinator for the Room Service Shareholder's Action Group, said he, along with 80 other shareholders, wanted to vote for an alternative deal, led by George Allnutt, the West Country entrepreneur.
Mr Allnutt says his hands were tied. "I acquire shell companies and put things into them and try to turn them round. I bought a 8.2 per cent stake in Room Service as a gamble. It was a cheap way of getting hold of it and the idea was to go to the AGM and put together an alternative proposal. However, my shares were never delivered."
Now, says Mr Smith, shareholders are facing a further dilution of their shares once the Chiddingfold deal goes through. "In the next few days, more people are going to sell. They are not very happy people because they believe they have been shafted. It is not a very nice term but it describes the situation. Had the LSE and FSA consulted us and allowed an agreed solution between the shareholders and the market-makers, we would have been able to reach an agreement that would have protected minority shareholders."
Mr Smith said the shareholders were still planning legal action against three market-makers. He also said they would file claims to the FSA for "market abuse".
A person close to the LSE said the exchange was in a "catch-22" position. "To fill the short position, you have to let the market-makers buy up the stock again. It is a really complicated issue. If you don't let trading resume, you can't sort it out. As to the shareholders' rights, the LSE is working with the FSA."
The company has seen a lot of change in its short life. Cube8.com, as its name suggests, started as an internet incubator.
But even its latterly cautious approach to investments in the sector was not enough to buck the trend as the internet became poison rather than paradise.
In December 2001, it changed name and direction by acquiring Room Service Group, which delivered food and drink to homes and offices in London.
Within a year of the deal being completed, the UK operation was placed in voluntary liquidation. However, the home delivery business is still trading, having been acquired by an unrelated company, Room Service Deliveries, this year.
For Room Service Group, the past year has been a struggle. Its shares were suspended on July 1 because of a failure to file accounts.
When that was remedied in September, the shares resumed trading for about a month before being suspended again on October 22 when refinancing plans hit a snag.
Although its net debts were never huge, in the low six figures, shareholders' funds were wiped out. This has allowed Mr Abbey and his associates to gain control of the shell for a nominal amount.
Mr Abbey, a 58-year-old Briton based in Monaco, also bought this year the assets of Sportsetail, an insolvent subsidiary of Hay& Robertson, another shell company caught in the limbo of liquidation.
What he intends to do with Azure, now a small but clean listed shell, is not known.
But with some investors always willing to take a punt on the next big thing, no doubt - in the words of Irving Berlin - it will be "nothing but blue skies from now on".
Skiboy10 - 5 Dec'03 - 09:53 - 160 of 711
Has anyone else been sent details of the rights issue by post this morning?
I assume I am on the register then???
Agincourt - 5 Dec'03 - 09:53 - 161 of 711
I have just phoned Graham Dell FCA Finance Director of EVG. He was busy. I have informed his secretary that I am making a complaint about him to the Institute of Chartered Accountants with the aim (lol) of getting him expelled.
The numbers to call are EVG Telephone: 44 (0) 20 7071 4300
and the institute 0207 7920 8400
GO FOR HIM
A Chartered Accountants greatest fear is expulsion. Let him know that you are going to complain, then complain and he will move heaven and earth to protect himself. While he is under investigation the Institute will treat him like he has lepresy. Just think - whatever he does he will have to disclose it. He won't even be able to apply for a new job - no one would touch him lol
Skiboy10 - 5 Dec'03 - 09:56 - 162 of 711
Agincourt - Peter Abbey's mobile number is on the offer document. Do you want it?
me me - 5 Dec'03 - 09:57 - 163 of 711
Agincourt
Ringing them now
Agincourt - 5 Dec'03 - 09:57 - 164 of 711
Peter Abbey Company
SPORTS ETAIL LIMITED
GRANT THORNTON
GRANT THORNTON HOUSE
MELTON STREET EUSTON SQUARE
LONDON NW1 2EP
Status :ADMINISTRATION ORDER
Accounting Reference Date : 31/12
Last Accounts Made Up To : 31/12/2001 (FULL)
Next Accounts Due : 31/10/2003 OVERDUE
Last Return Made Up To : 29/09/2002
Next Return Due : 27/10/2003 OVERDUE
Last Members List : 29/09/2001
Company Name : SPORTS ETAIL LIMITED
Company Number : 03850264
Number of Cases :1
To obtain details of the practitioner click on the appropriate case type description.
Case Number : 1 (of 1 cases)
Case Type : ADMINISTRATION ORDERS
Admin. Order Date : 31/03/2003
Company Name : SPORTS ETAIL LIMITED
Company Number : 03850264
Case Number : 1
Case Type : ADMINISTRATION ORDERS
--------------------------------------------------------------------------------
Practitioner name: HOSKING, ANDREW LAWRENCE
Practitioner address: GRANT THORNTON
GRANT THORNTON HOUSE
MELTON STREET
EUSTON SQUARE
LONDON NW1 2EP
--------------------------------------------------------------------------------
Practitioner name: MORRIS, SIMON CHARLES
Practitioner address: GRANT THORNTON HOUSE
MELTON STREET
EUSTON SQUARE
LONDON
NW1 2EP
Skiboy10 - 5 Dec'03 - 09:58 - 165 of 711
Chiddington Investements Ltd
Peter Abbey - 07764 783727
Agincourt - 5 Dec'03 - 10:00 - 166 of 711
HAY & ROBERTSON PLC
11 ATHOLL CRESCENT
EDINBURGH
MIDLOTHIAN EH3 8HE
Status :Active
Company No. :SC025853
Date of Incorporation : 31/10/1947
Country of Origin : United Kingdom
Company Type: Public Limited Company
Nature Of Business (SIC(92)):
1823 - Manufacture of underwear
5142 - Wholesale of clothing and footwear
Accounting Reference Date : 31/12
Last Accounts Made Up To : 31/12/2001 (GROUP)
Next Accounts Due : 31/07/2003 OVERDUE
Last Return Made Up To : 01/01/2003
Next Return Due : 29/01/2004
Last Members List : 01/01/2003
Last Bulk Shareholders List : 01/01/2003
Agincourt - 5 Dec'03 - 10:01 - 167 of 711
Don't you ?
Agincourt - 5 Dec'03 - 10:01 - 168 of 711
Put the number up here
everyone ring it - again and again and again
me me - 5 Dec'03 - 10:01 - 169 of 711
Just rang EVO. Mr G Dell will be shi**ing bricks when he comes out of his meeting
Dusseldorf - 5 Dec'03 - 10:02 - 170 of 711
As much as I dislike EVO at the moment, going after the FD is not going to help, it would have been one of his minions that created this big mess by trying to make a quick buck. IMO, this person should be named and shamed just like Nick Leeson, who knows he may even be on celebrity weakest link like too.
Skiboy10 - 5 Dec'03 - 10:02 - 171 of 711
Chiddington Investements Ltd
Peter Abbey - 07764 783727
Agincourt - 5 Dec'03 - 10:04 - 172 of 711
The Evolution Group plc
100 Wood Street
London
EC2V 7AN
Telephone: 44 (0) 20 7071 4300
Facsimile: 44 (0) 20 771 4450
E-mail: enquiries@evbg.com
Richard Griffiths Chairman
Alex Snow CEO
Graeme Dell Finance (FCA lol)
Non Executive (do they know - their reputation gone )
David Norwood Director
Oliver Vaughan Director
Malcolm Field Director
George Louden Director
Agincourt - 5 Dec'03 - 10:05 - 173 of 711
I have just phoned Graham Dell FCA Finance Director of EVG. He was busy. I have informed his secretary that I am making a complaint about him to the Institute of Chartered Accountants with the aim (lol) of getting him expelled.
The numbers to call are EVG Telephone: 44 (0) 20 7071 4300
and the institute 0207 7920 8400
GO FOR HIM
A Chartered Accountants greatest fear is expulsion. Let him know that you are going to complain, then complain and he will move heaven and earth to protect himself. While he is under investigation the Institute will treat him like he has lepresy. Just think - whatever he does he will have to disclose it. He won't even be able to apply for a new job - no one would touch him lol
Agincourt - 5 Dec'03 - 10:20 - 174 of 711
http://www.icaew.co.uk Institute of Chartered Accountants
matto - 5 Dec'03 - 10:43 - 175 of 711
Well the suspension seems good on the face of it - lets hope it doesn't give them an opportunity to wriggle out of it.
Regarding Takeover Panel rules on concert parties, see the "Definitions" as follows:
Acting in concert
This definition has particular relevance to mandatory offers and further
guidance with regard to behaviour which constitutes acting in concert is given
in the Notes on Rule 9.1.
Persons acting in concert comprise persons who, pursuant to an agreement
or understanding (whether formal or informal), actively co-operate, through
the acquisition by any of them of shares in a company, to obtain or
consolidate control (as defined below) of that company.
Without prejudice to the general application of this definition, the following
persons will be presumed to be persons acting in concert with other persons
in the same category unless the contrary is established:—
(1) a company, its parent, subsidiaries and fellow subsidiaries, and their
associated companies, and companies of which such companies are
associated companies, all with each other (for this purpose ownership or
control of 20% or more of the equity share capital of a company is regarded
as the test of associated company status);
(2)...
(3)...
(4)...
(5)...
(6) directors of a company which is subject to an offer or where the directors
have reason to believe a bona fide offer for their company may be imminent.
NOTES ON ACTING IN CONCERT
1. ...
2. ...
3. ...
4. ...
5. Consortium offers
Investors in a consortium (eg through a vehicle company formed for the
purpose of making an offer) will normally be treated as acting in concert with
the offeror. Where such an investor is part of a larger organisation, the Panel
should be consulted to establish which other parts of the organisation will
also be regarded as acting in concert.
matto - 5 Dec'03 - 11:36 - 176 of 711
All those receiving placing shares must be part of the same consortium, otherwise why should they be receiving placing shares and not any old Tom, Dick or Harry. As a consortium they will be considered by the Takeover Panel as acting in concert.
It would also appear that Gerald Gold could be considered to be acting in concert as a director of a company which is subject to an offer. He should also therefore fall under the same rules which do not allow selling of shares.
jmillskeel - 5 Dec'03 - 11:49 - 177 of 711
http://www.rsvshareholders.co.uk/html/news.html
clocktower - 5 Dec'03 - 12:03 - 178 of 711
Keep up the good work.
If the LSE are watching these Bulletin Boards as you state on your website. Then I hope they take action for once and start to review how low esteem they are viewed in by many investors.
As for FSA, what do they do to protect small investors?
gunnergonk - 5 Dec'03 - 12:08 - 179 of 711
bugger all!
VERY QUICK - 5 Dec'03 - 12:51 - 180 of 711
Looks like someone bought 1.2 million shares. How can they do that when shares are suspended and new shares are not trading yet.?????????????
Check RNS.
vanhalen - 5 Dec'03 - 12:51 - 181 of 711
Cant see them VQ ?
VERY QUICK - 5 Dec'03 - 12:53 - 182 of 711
Looks like someone else bought 2.5 million shares also.
Check RNS.
vanhalen - 5 Dec'03 - 13:11 - 183 of 711
Is all this movement and buying legal ..... if we had our proper right to vote at the meeting none of this would have happened surely !!!
jmillskeel - 5 Dec'03 - 13:16 - 184 of 711
Anomalous - 5 Dec'03 - 12:44 - 3297 of 3297
> JakNife
The newspapers are certainly not one-sided. They are presenting this story accurately, exactly and correctly. This is a human interest story, because the small investor, the housewife, the pensioner and the family man have been abused by both the market makers, the shell raiders and the regulators. They can see that the market rules were not just bent, they were broken beyond belief in a most blatant manner.
Some of the major holders had been building positions in RSV in the weeks prior to the shorting. If you want to check this, I suggest you look at the RNSs concerning Margaret Samea. Some of the others purchased RSV shares purely on speculation. Nearly all investment is speculative to some degree. But once they had researched the company and correctly surmised that a recovery was not only possible, but desirable and extremely beneficial, even to minority shareholders, they acted together to try and steer the company away from the precipice it now appears to have fallen off.
Each of these investors purchased considerable holdings. Their percentages were enough to not only call an EGM, but to elect new directors with the ability to transform a tired shell into a thriving and prosperous operational business.
Even after the AGM on the 20 October, these entrepreneurs tried to acquire their voting rights, so that an EGM could be called. If the Market Makers had not abused their license to short on a small scale, these businessmen would have been able to bring off a corporate recovery and protect the interests of all the shareholders and especially the minority holders. We are not denying that a Debt for Equity deal would have been necessary. But on the same scale as the present Board? Absolutely not.
The LSE was aware of our proposals and agreed with us that a meeting between all the interested parties (shareholders, company, market makers and regulators) would not only be desirable but absolutely essential to solving the shortage problem, without further publicity. It was only when the market makers and the regulators refused to do something about it, that we felt it necessary to bring the matter to the attention of the press.
I accept your compliment about my PR efforts. I’ve had no training in this field whatsoever. The reason that we’ve received so much press coverage is because the press (and the Finance Select Committee), are aware that the regulators have been almost inactive, even “comatose”, when breaches of the regulations (like this case) happen under their noses. Their new executives have been regularly appearing in the press and adopting a tough stance (even raising their fists, as shown in the Daily Mail), yet all we’ve heard so far is words. The FSMA does limit what they can say to some extent, whilst they are investigating. They have limited themselves to saying that it is a “serious market abuse” or ”We are looking into the matter and treating it very seriously”. But no one from the regulatory bodies have contacted us to ask for our views or opinion on how the matter could be resolved, even though we offered our help to both the FSA and the LSE.
The market regulators ought to hang their heads in shame, that they allowed not only the naked shorting to occur, when they knew something was wrong, but also the exploitation of this problem by people who had not even been injured in the first place.
In my opinion, it is time for someone at HM Treasury to start asking when the FSA will start investigating the LSE for their conduct. Over 2,000 individual shareholders now have a reason to make a complaint to the FSA. If the LSE won’t clean house, then maybe the politicians will have to request that the FSA do it for them. And this time be seen to do it rather than just courting publicity with a new PR image.
matto - 5 Dec'03 - 13:17 - 185 of 711
These are holdings by people who are/were part of the concert party identified in the RNS "Mandatory Offer" (under the RSV EPIC).
vanhalen - 5 Dec'03 - 13:20 - 186 of 711
Advice for Mr Davis (new shareholder) ........ Do not put your | 
