Bartercard Share Discussion Threads

[yump] 06/12/2006 14:57

imo Nomads don't resign in a fit of pique.

As for this "Life goes on and gets better for those loyal shareholders who have stuck by us and believe in our business."

Er, no it doesn't sport.

David Brent eat your heart out.
The office is funny. This isn't.

[someuwin] 06/12/2006 14:46

If you buy shares in a company fully expecting to be able to trade them on the market, then the CEO orchestrates a situation whereby the company loses its listing because he wants to take it private, then you have been SHAFTED!

[ngen yap] 06/12/2006 13:54

: ))

How have you been shafted Cityexpert?

Bartercard never raised a SINGLE penny from AIM through additional share placing, so effectively, all the shares in the market are the remaining UDI shareholding or less than 10%. Wayne did not sell a single share into the market, so I am not sure why you think he benefited from this deal.

I don't like the fact I can't trade in BRTR anymore. Like you, I too have cash tied up in shares of this company which I may never see a return on. But, at the same time, I believe in the business concept and therefore, chose to expose myself to it. I got this chance when it became public listed (and through UDI holding). If not, I would not be able to buy into a private company in the world of barter.

I am not saying this is a sure winner or not. I like the concept and will stick with it, whether listed or not. The only missing thing now is liquidity but I always wanted to leave this a year when I chose to invest. Within this year, we could receive dividends and an increase in equity value from 4.5p. The equity value increase may not be immediately obvious because we are not listed but upon relisting or a trade sale (who knows), if the business works (as we are led to believe), it will be much more than 4.5p.

The key here is if you believe in the concept and the management. I do. Wayne founded the business 16 years ago, along with Andrew F. If he had sold a big chunk at the RTO, I would be annoyed today but that is not the case. Wayne and Andrew both hold their shares and if anything, their aim of realising THEIR share value has been lost, and in a great way. Reputation et al.

I understand your frustration but let's not jump to irrational conclusions. Private investors who want a piece of the business could have done at 4p versus valuation of 30p when it listed. So, I will wait and see. The legal claim makes me more convinced Wayne and co feel they are the victims and why not? what have they gained from RTO?

PS: I am not Wayne Sharpe! : )

[wiganer] 06/12/2006 13:49

Well, he certainly seemed to be more clued up about the nature of the German listing than me and the other Joe Schmoes here.

As regards the future as a private company, I'm afraid I am pessimistic about ever seeing a return. Fortunately I sold the vast majority of my shares before suspension and was left with just 15,000 shares, so won't be too much of a blow if they're a write-off, apart.

The shame of being suckered hurts of course, but then that's an occupational hazard of punting on AIM.

Btw, if Sharpy is reading this board I repeat my suggestion that if he is so upbeat and keen to help the small shareholders let him offer to buy PI shares from them at 10p a share.

Incidentally, as well as helping the PIs I would suggest that such a move would help restore wider confidence in the integrity of the Bartercard business which is so essential to its success.

The ball's in Sharpy's court.

[wcjan25] 06/12/2006 12:03

seems to me that the class action should be against wayne sharp

it is a ridiculous proposition that they could not get a new nomad and relist- there is clearly an ulterior motive here - possibly to buy out minority shareholders at a big discount?

one thing might cheer you all up- i hear holders of large short positions are having trouble getting sb company to settle at 4p

[morr21] 06/12/2006 11:52

Figgy and Sack of Spuds, I echo your comments, it is obvious that Wayne Sharpe wants to return to private status.

Can anyone in hopefully plain english help??

(Also Waynes move into Dubai is a complete waste of money, anyone who knows the place, will tell you it is dominated by large corporations, not the SME's that barter thrives on. But I suppose the tall buildings and flash cars have seduced someone)

[sack of spuds] 06/12/2006 11:39

figgy
well put i too dont know where shareholders stand. could someone advise pls.
or have we all been politely shafted by wayne or the nomad or both?

[figgy] 06/12/2006 11:10

Could someone please explain what happens to our shares now that its de-listed
surely they don't remain in limbo for ever if they're not re-listed.If this company goes from strength to strength as a private company are we not entitled to, as investors a share of any profits there might be in any form,
for example,if another private company wants to by this company as a whole.

[graphos] 06/12/2006 08:58

If that is the case, someuwin, then it shows a colossal disregard for BC trading members who are shareholders. I wonder how committed their efforts really are to make the shares 'liquid', as mentioned in Sharp's message. His rather showman-like remarks about company success and growth currently do nothing but anger this group - me included. I'm inclined to be pessimistic given the company's attitude so far.

[someuwin] 06/12/2006 08:51

I think this is the key paragraph...

"The huge expense of becoming public unfortunately never really achieved the objectives set – in particular raising capital. So really other than a small amount of new capital – of which I was personally the largest single contributor - the company got more cost than benefit as a public company on Aim. Importantly the indirect cost of the huge amount of time by Executive Directors and management for no positive result was frustrating and ultimately unproductive."

Sounds to me like Wayne wanted to get the company private again and manipulated the situation to suit his objective. BRTR will never re-list.

[ngen yap] 05/12/2006 22:54

Thanks Aporterman, saved me asking for it. I mirror Wayne's thoughts....just when company making strides and positive news, shares suspended. Otherwise, I think we could have seen 10p, easy.

Wiganer, I don't confess to be an expert on this but the German listing I would have thought is a "secondary" listing. Bartercard's listing in AIM is the primary listing. Therefore, upon suspension of primary listing, the listing in Germany was suspended too. I liken it to a UK plc listed on LSE with separate listing in NYSE ADR. The ADRs are equivalent to x units in LSE. So, if listing in LSE cancelled, it will have direct effect on ADR. But I stand to be corrected.

Anyway, I hope we get listed again at some point in time and we return to old admission price when it does! In the meantime, let us allow mgmt to grow the business and perhaps pay some handsome dividends!

[wiganer] 05/12/2006 21:14

Also, why has he not explained the situation regarding the German listings?

[wiganer] 05/12/2006 21:13

If Sharpy is really that confident, then why doesn't he offer to buy PI shares, at say 10p a share?

[cityexpert] 05/12/2006 20:31

It reminds me of the scene in The Office where David Brent tells the staff that they have been redundant but the good news is he has been promoted!

[aporterman] 05/12/2006 19:38

Well Yump ... I am not writing anything off ... far from it in fact ... I think BRTR is going to prosper brilliantly ... and I can now say that without fear of ramping as it is not currently listed .

Here is message from Wayne Sharpe to shareholders that I requested by email:


BARTERCARD'S NEW FUTURE


Dear shareholders, members and staff worldwide



By now you will be aware that Bartercard Plc has been de-listed from the London Stock Exchange (LSE). This was an automatic process which was effectively forced upon us as a result of the dramatic resignation of our Nomad, against whom we have issued proceedings for breach of contract and damages.



The actions they took caused damage to the company's reputation which led to us being unable to get a new Nomad in the 30 days required. The damage to shareholders' value is obvious. A class action to recover that value is in the process of being developed against those who have caused you damage.



I can say that Bartercard has been in business for almost 16 years, and was only listed for 18 months, so it is a ridiculous proposition that we will cease to operate or go bust by not being public. This unfounded speculation has been propagated by some people, particularly competitors. We can categorically state that the company is solvent and will continue to operate for many years to come. It is business as usual for the company. Shareholders now hold shares in an unlisted public company. The same board controls the same management who direct the same staff to service the same clients. Record trading results for both Australia and the UK have been achieved in recent months.

Life goes on and gets better for those loyal shareholders who have stuck by us and believe in our business.



The huge expense of becoming public unfortunately never really achieved the objectives set – in particular raising capital. So really other than a small amount of new capital – of which I was personally the largest single contributor - the company got more cost than benefit as a public company on Aim. Importantly the indirect cost of the huge amount of time by Executive Directors and management for no positive result was frustrating and ultimately unproductive. However the intention had been to continue the public listing and get better results by raising capital via the sale and lease back of our building, then we expected to see an improvement in share price and liquidity based on the positive financial results we would report, and ultimately build a larger shareholder base.



Unfortunately for Bartercard and its shareholders our former Nomad chose to resign and cause the suspension and ultimately the delisting of our shares at a time when our most positive announcements in our history took place, So shareholders never got the benefit of that in terms of their share value, nor the ultimate flow toward the capital raise we had worked so hard and long to do.



But we could not prevent their folly despite my repeated attempts to stop their breach of contract and complaints to the London Stock Exchange.

All we can do now is redress their action in the Commercial Court and recover damages. The Board has specifically endorsed this course of action and we will keep you informed of the action's progress.

We will look at whatever options we can to get liquidity for shareholders, and we are reviewing numerous alternatives currently. However in reality for now we need to focus on the future as a private company once again. We still intend to pay dividends to shareholders as and when we can.



And the future looks amazingly positive.



All our operational subsidiary licenses (Australia, UK and Dubai) are forecasting profits this year. BCI has record license sales in progress, and our plan to develop more into Europe can now be a stronger focus for me as I shall now be freed from the distractions of Plc issues.



Already in the last month we have developed strong communication with prospective licensees in Czech Republic and Sweden. And of course the agreement with South Africa looks set to be a real powerhouse.



The Australian operation is profitable and growing again. Based on current activities and trends it will be back to its record breaking best next year. The rollout of Eftpos is starting to take effect in terms of streamlining client transactions and reducing time costs for Bartercard and members. And the increased interest rates and drought are looking to push the economy into a cash constrained Barter friendly economic cycle for the next 2 or 3 years at least. This means the members who retained their accounts and have been actively trading will be the most likely not to have any negative effect when the crunch comes. So next year should be huge.



Bartercard UK is becoming the poster child of the group. Growth is now right up there with New Zealand and the team are fired up. Records in terms of trading are being smashed month on month and with a plan to develop more franchises inside the M25 in particular (and central London) it's quite possible we could double our offices in the UK next year, and at least double trade volume.

The UAE is also growing and re-establishing our previous great reputation as a high growth company in the fastest growing city in the world.



So with the traumatic events behind us, the sale and lease back of our building in Australia provides all the capital we need to achieve our goals and return to a highly profitable private company as we were. We are strong, and we have survived and grown in the face of adversity and this is now a thing of the past.

So to quote Mark Twain – "the rumours of my death have been greatly exaggerated"

Bartercard is here to stay.

We have many years of trading ahead and many counties to advance into



In 1991, our founding year I said "The mountains we climb today are only foothills compared to the mountains we have yet to climb". Well today we got our climbing equipment back.



Wayne Sharpe; Executive Chairman

[yump] 05/12/2006 16:57

I'd temporarily forgotton about this share over the weekend having written it off.

Accidentally trod in some poo bringing the kids home from school, which for some reason reminded me to have a look.
No info. yet I see.

[thedustyone] 05/12/2006 16:50

has anyone received a copy of the promised "announcement"?.

It will be just as easy for them to paste it on their website and indeed use the website as a forum for the dissemination of information from now onwards until re-listing if that happens eventually.

I however note that the news section of the website (linked in the header above) has not been updated since september this year.

[graphos] 05/12/2006 15:59

I'm a member of Richmond, Mr Porterman. I moved from another region because the customer service was terrible – but that's not really a discussion for this forum.

[morr21] 05/12/2006 13:46

Graphos

I am exactly the same as you. a member with shares.

I think we urgently need clarification. Bartercard does work and can grow. But just knowing that they are going to sue their exadvisor is simply not enough. Also if they dont relist or we totally lose our money, then I too will leave.

Im sure people from Bartercard read this board!!!! There is no point telling the world how good you are, if we cant even trade shares!!!!

[aporterman] 05/12/2006 12:26

Could you tell us what branch are you a member of Graphos? Thanks.

[graphos] 05/12/2006 12:18

I'm a Bartercard member, and a small shareholder, and if they continue to show such disregard for shareholders – they haven't answered any of my enquiries – I'll be closing my trading account as soon as I can. Their customer and shareholder service had been appallingly bad, in my experience.

[ngen yap] 05/12/2006 00:26

Got the same e-mail in response to my e-mail of yesterday.

[rjc3] 04/12/2006 12:15

Just received an email for Lee Lochab

"An announcement is being sent out to all shareholders advising them of the situation in full later today."

[aporterman] 01/12/2006 21:15

I can see no reason why Wanyne Sharpe would want to get this delisted as some on here say ... he stands to lose more than anybody ... the communication from the company is bad ... but I believe that this is a business for the future .... everything has been positive, apart from the AIM debacle - and maybe this is not BRTR's fault entirely ... I think that BRTR is ready to take off ... but I do agree that they need a runway.