Berkeley Technology Share Discussion Threads

[hugepants] 06/1/2011 13:38

This seems an unusual way to return cash to shareholders. Aren't the registrars supposed to have a list of shareholders? Also no timescales and no amounts mentioned yet.

[baner] 07/12/2010 17:44

25babies

somewhere between 1p and 25p i guess!

[25babies] 07/12/2010 17:25

. . .and what is the magic number per share?

[esmith3] 07/12/2010 07:35

"In order to confirm your ownership interest and to claim your entitlement to a distribution, we request that you send us a photocopy of your Company stock certificate."

WTF!! Don't they even have proper records of their shareholders?

[adam] 06/12/2010 17:56

II chat screen with agent just now (I have a few with them in my ISA account)

You are being connected to an agent. Please wait until you have been connected before you type in your query.
You have been connected to Susan .
Susan : Good Afternoon, how may I help you?
Adam: Hi Susan. A Notice to Shareholders was released today for Berkeley Technology, one of the stocks in my ISA portfolio. It stated: "In order to confirm your ownership interest and to claim your entitlement to a distribution, we request that you send us a photocopy of your Company stock certificate. Please send your photocopy within 30 days to: Robert Cornman, Secretary, Berkeley Technology Limited, P.O. Box 715, JE4 0PX, Channel Islands." Can you confirm that you will be sending them the information they require.
Susan : I can confirm that as the stock is held in our nominee account we will send the information that they require.
Adam: That's it. Many thanks
Susan : Is there anything else I can help you with today?
Adam: no thanks. good of you to make a quick response. thanks again
Susan : Thank you for your chat. Please take a moment to fill in our exit survey. Goodbye

[adam] 06/12/2010 17:48

contact your nominee

[baner] 06/12/2010 17:36

why do they not send the money to the resp holder of the shares - whether a direct holding or via a nominee ? are they hoping that some shareholders miss this info or are for some reason not able to present share certificates, so that they then also miss their entitlement - to the benefit of treuger and his entourage?

[25babies] 06/12/2010 16:40

Company stock certificates - will my broker have them?

[25babies] 06/12/2010 16:39

Notice to Shareholders

London, December 6, 2010 - Berkeley Technology Limited (London: BEK.L) (the
"Company") is an international venture capital consulting company incorporated
under the laws of Jersey, Channel Islands, with an office in San Francisco,
California.

At the EGM held November 23, 2010, shareholders approved a special
resolution to windup the Company. Accordingly, we are now proceeding with the
distribution of the Company's assets to shareholders according to each
shareholder's ownership interest in the Company. Only shareholders who own
shares in the Company will be entitled to distributions. The first distribution
will be made as soon as practicable. In order to confirm your ownership
interest and to claim your entitlement to a distribution, we request that you
send us a photocopy of your Company stock certificate. Please send your
photocopy within 30 days to: Robert Cornman, Secretary, Berkeley Technology
Limited, P.O. Box 715, JE4 0PX, Channel Islands.

Sincerely,

Robert A. Cornman
Company Secretary

[25babies] 24/11/2010 10:32

As Peter Gyllenhammar has continued to buy over the last few weeks at around 9p, that we can safely assume is the floor.

[baner] 24/11/2010 10:21

the directors of berkeley have known re the reasons to stop the bleeding since many years and shareholders should consider to hold them responsible for the unnecessary losses - a large portion of which have ended up as remuneration in treuger´s pockets.

IF the directors now behave prudently and make sure max value is realized AND indeed distributed pro rata to all shareholders - without any attempts to favor treuger and his entourage further - then 11-15p should be a possible outcome, the uncertainties related to the private equity investments (and currency movements). observe that the recent write down of some investment does not exclude the possibility of others being worth more than book value.

the lack of information provided to outside shareholders re the procedures is a scandal - however fully consistent with treuger´s attitude hitherto.

[philut] 24/11/2010 09:20

Winding up agreed.

"With its complex corporate structure, the continued operation of the Company has been consuming valuable corporate cash. The current corporate structure is expensive, very complex and inappropriate for a company of our size. Accordingly, the Board of Directors of the Company unanimously requested that shareholders approve a special resolution to wind up the company summarily, and that the Company distribute its assets among members according to their rights and interests in the Company. At an Extraordinary General Meeting of the Company held on 23 November 2010, shareholders approved this special resolution. "

Anyone heard re likely breakup value?

[rabiddog] 15/11/2010 21:26

What a thoughtful statement - shame its about 6+ years late.

[hugepants] 15/11/2010 19:06

Interim statement out today.


Looks like I was just about spot on to write the private equity down by 50%.
Q3 operating loss was $370,000, perhaps slightly less than expected.
And theres an extra $100,000 from the WorldCom debacle. With Gyllenhammar still buying Im expecting 11p+ back.

[philut] 12/11/2010 09:32

Shows he sees value over 9p. Hopefully we'll get an indication of the return on the 23rd.

[25babies] 12/11/2010 09:15

and some more to over 12% now???

[25babies] 09/11/2010 09:30

Have I missed something - Peter Gyllenhammar is acquiring BEK shares and has over 11% now. He must believe that there is some added value at the current share price

[adam] 04/11/2010 11:33

H-P

The only statement I can find in the 2009 10-K is

" The Executive Chairman does not have a contract of service with the
Company."

Which is Trueger



Other staff may have contracts, but they are unlikely to be substantial.

Xtera seems to be doing well. So it will be interesting to see if there is a Scheme of arrangement offered (i.e. more cash in lieu) or if shares will be distributed in-specie.

[hugepants] 03/11/2010 15:44

baner,
You may be right. $2M does seem a heck of a lot especially since they've been slowly winding the company down for the last few years. Maybe they will give shareholders an estimate of the expected return after the egm on 23rd November.

[jim_black] 03/11/2010 15:37

Wow I had given up on this share so happy to get something back after all.

[baner] 01/11/2010 09:57

huge pants

many thanks - very interesting info re the lease, good news. and as you say, the directors have no contracts so redundancy costs must be minimal. what other costs will there be? legal etc cannot be more than maybe $500k in a really excessive scenario. so i agree with you there should be not less than 10p and possibly 12-13p for shareholders - unless there is a surplus value to realise in the private equity holdings of course. but given Treuger´s track record that is probably not to hope for, your estimate is more realistic.

[hugepants] 01/11/2010 09:37

Wondered why the rise, missed Fridays RNS.
DYOR of course but Im expecting 10p minimum back. BEK had $10M net cash at end of June and $1.5M in private equity. If they sell private equity at 50% of book value and continue cash burn to end november we're left with $10M net cash.

Then its to do with closure costs. The leases expired last month ($235,000 per annum) and the company has only 4 employees. None of the directors have service contracts. If you allow $2M to close then left with $8M which is 10.5p based on 1.6 $/£ and 47.5M shares.

[25babies] 01/11/2010 09:17

Philut

Thanks - maybe the latest share price is beginning to reflect your calculation?

[baner] 01/11/2010 09:09

philut

i think the strike price on any of these treasury shares would be the NAV per share so should have no negative impact on the value per share. unless they compensate for time value, but i doubt they would get away with that. enough damage has been caused to BT shareholders!