Share Name Share Symbol Market Type Share ISIN Share Description
Caplay LSE:CLY London Ordinary Share GB0002924651
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.075p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.21

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Date Time Title Posts
12/10/201320:40Caplay - About to make the WEB Talk !!140.00
19/6/200914:25PDF and Document reader added to Talklets15.00
26/2/200923:14Rumblings from Caplay1.00
10/2/200915:44Caplay with Charts & News9.00
24/7/200820:08Caplay - The start of a new era3,078.00

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DateSubject
18/6/2008
16:01
bbd2: 1. Introduction The Board of Caplay is pleased to announce that it has today agreed the terms of a new investment for the Company. The Company has agreed to make a loan of £200,000 (the 'Loan') to Textic Limited ('Textic'), a computer software company that specialises in the development, marketing and selling of 'text-to-speech' technology for web and mobile phone use. In addition to the Loan, the shareholders of Textic have granted Caplay an option to acquire the entire issued capital of Textic (the 'Option'). 2. Background information on Textic Textic was established in October 2004 and is a computer software company that specialises in the development, marketing and selling of advanced software that, through 'text-to-speech' conversion, enables audio-based accessibility to the internet and mobile content. Textic's principal product, TalkletsTM, converts web and mobile phone text to clear, human-like speech in a range of voices and languages, providing 'text-to-speech' technology that can be delivered over the internet as a service. Textic is based in Maidenhead in the UK and employs six permanent staff, the majority of whom are employed in product development, delivery and support, with an off-site technical team of five regular contractors. The founding shareholders of Textic have invested over £1 million into Textic to date. Textic's directors believe that Textic's software tools, services and consultancy can deliver a benefit to all internet users and not just the proportion of people with some form of communication difficulty (such as vision, reading or language impairments). In addition to providing accessibility, Textic is able to offer to companies, organisations and individuals, who have a website, the potential to make their website 'talk' when clicked on. In its basic form, Textic's software allows such websites to have an icon which, when pressed, 'reads out' elements of the page on the screen. More advanced forms of Textic's offering enables websites to have branded voices reading out the text, talking thesaurus and dictionary capabilities. Accordingly, the Directors believe that the potential market opportunity for Textic should extend to all corporates, organisations or individuals with a website. Textic has also developed a prototype service that enables the conversion of mobile text messaging into speech for use on mobile telephones. Text messages are delivered to the user as a voicemail and enable mobile text messaging in a hands-free mobile environment. Textic's initial customers include public and private sector employers, educators and publishers who have an obligation to operate accessible and inclusion-based websites. Textic's strategy is to focus on the positive benefits of inclusion and the applicability of the company's proposition to all technology users based on the following markets: ● Talking Websites - Textic's priority is to enable organisations to develop enhanced websites to meet the needs of the disabled and other users who prefer to see and hear. ● Talking Text Messaging - TalkletsTM enables text messages received on mobile handsets to be read out to the recipient. Textic expects that TalkletsTM will be able to provide similar TTS functionality for email. ● Talking Web Mobile - Textic believes that, in time as mobile web services become a fundamental part of online consumer offerings, so the benefits of TTS can be spread over a wider base of applications and marketplaces to consumers. Textic's early adopter customers were principally in the education and disability sectors. Currently Textic is developing its sales in the commercial sector. While basic text-to-speech technology is included within standard computer operating systems, computer users requiring more advanced text-to-speech functionality typically use an established screen-reader software. Textic believes that Textic's product offering has a number of key advantages over the competing products including: ● Superior speed and response of service and quality of voice(s) and intonation; ● Accessibility and ease of use; ● Delivery as a service, rather than as an installed application; ● Availability to all website visitors without installation or special equipment; ● Ease of integration with websites; ● Low cost; ● An ability to offer brandable advertising solutions, VIP programmes, consultancy and training; and ● Transportability to other languages, voices and lexicons. Until 31 December 2007 Textic's principal focus was the technical development of its text-to-speech products. Accordingly, Textic only fully commenced commercial operations and sales of its TalkletsTM products in 2008 following completion of this development phase. In the year ended 31 December 2007, Textic's turnover and loss before taxation amounted to £76,000 and £(420,000) respectively. Textic's net liabilities (before conversion of a shareholder loan of £1,068,413 which has subsequently been converted into new Textic equity following the year end) as at 31 December 2007 amounted to £1,005,000. Background to the investment In 2006 the Directors completed their strategy of disposing of underperforming assets and repositioning the Company. As a result, the Directors simplified the Company's business and concentrated on identifying opportunities to increase shareholder value. The Board has reviewed a number of development opportunities and believes that the potential acquisition of Textic, should the Option be exercised by the Company, would be an attractive acquisition. The Directors believe that there is likely to be increasing demand by corporate and individuals for a text-to-speech web service and that Textic and its management are well placed to exploit these opportunities. In addition to the investment in Textic, the Company's other assets comprise approximately £520,000 in cash and a holding of 7,229,000 PTS shares (which are currently valued at £126,523 based on the current PTS share price of 1.75 per PTS share). 4. Further details on the Loan and Option The Loan will be used by Textic for general working capital purposes and is repayable on 17 June 2010. The Loan is secured by a debenture over the business and assets of Textic and bears an interest rate of 10.0 per cent. per annum. In addition to the Loan, the shareholders of Textic have also granted Caplay an option to acquire the entire issued capital of Textic (the 'Option'). The Option can be exercised by Caplay at any time on or before 17 June 2010. Pursuant to the terms of Option, the consideration for the acquisition would comprise 1,120,000,000 new Caplay Ordinary Shares, together with warrants which would carry the right to subscribe, in certain circumstances, for up to a total of a further 1,305,340,000 new Caplay Ordinary Shares at an exercise price of 1p per Caplay ordinary share. The exercise of the Option by Caplay would constitute a 'reverse take-over' under the AIM Rules and would therefore be subject to the approval of Caplay's shareholders at an Extraordinary General Meeting. The issue and allotment of the new Caplay ordinary shares and warrants to the Vendors as consideration for the Acquisition would also normally give rise to an obligation on the vendors (who would constitute a concert party for the purposes of the Takeover Code) to make a Rule 9 offer pursuant to the City Code to the remaining Shareholders of the Company. The exercise of the Option would therefore be subject to the Panel agreeing in advance of the exercise to waive this obligation to make a general offer to all Caplay shareholders subject to the passing on a poll by Caplay shareholders of a resolution to waive the requirement for such an offer.
26/7/2007
13:11
nodding: I suggest the reason the CLY price has not moved in response to the change in price of PTSP is that it is cheaper to own PTSP shares direct, rather than through CLY. CLY have 280m shares in issue and a principle asset of 7.229m PTSP shares (the only asset that seems to have any growth potential). It follows that about 39 CLY shares are equivalent to 1 PTSP share. 39 CLY shares are worth, say 17p (0.45p), but you can buy 1 PTSP share for 13.5p (? today's bid). This ignores the cash and other assets, nevertheless if you think PTSP has a big future then you are better off buying them direct.
19/7/2007
20:52
2trying: evening good people - the intersting thing is , Barbra2 ,that although you are 100% correct....the 271,000 sterling was when PTSP were .475 usd their share price now is....... http://www.plusmarketsgroup.com/details.shtml?ISIN=GB00B1KKH830 why , oh , why are CLY not going up ???????? all the best John
19/7/2007
20:33
ianbrewster: Correct me if I am wrong, but: * CLY hold 722,900 shares in Private Trading Systems from RNS of 28-Jul-06 * On current PTSP mid price of 9p , value is approx GBP 65,000 * CLY market cap is approx GBP 1,260,000 * PTSP stake is approx 5% of market cap * Last reported cash was approx GBP 927,000 (30-11-06) Given above, I'm not surprised that we don't see any change in the CLY price
13/6/2007
11:53
cyberpost: m1dge... they cant really dispose of their holding in the market.... they wont get anything. they would have to place the stock... and even then they wont get the market price. if you think the paper value of their holding will be reflected in the price.. you really need to think again. That is rarely the case. Paper value of an investment is very different to the actual relisable value. there are quite a few stocks in a similar situation as CLY... they have quoted investments which are not priced into the company's stock.. market doesnt give automatic valuation of investments into the share price.. espeically investments in thin, illiquid stocks.. where the true value is much much lower than the paper value.
28/7/2006
09:09
tiredoldbroker: So Malc5 you think it was "good business sense" for CLY's directors to sit on a holding of 722,000 PVTM shares but let options on 1.87 million PVTM shares lapse, when they could it seems have turned a profit on the options of several times the current CLY share price ? Excuse me ? The CLY options represented less than 5% of PVTM's stock, and were shares already in issue (held by Ramsden), so exercising the option would not in any way have diluted the ongoing CLY investment in PVTM.
28/7/2006
07:41
tiredoldbroker: I haven't bothered to keep track of Ramsden's holding in CLY but I thought he still held something like 16.7m shares or 9% of the company. Maybe someone has a more up to date figure. But the key thing is, if the CLY board are so experienced and professional and want to see CLY prosper, and if PVTM is such a brilliant idea, why have they let options over 1.87m shares at US$4 lapse, when (if the PVTM story was good) they might have been able to finance the exercise of the options one way or another and take out a profit for CLY of anything up to US$11.22m/£6.03m/almost 4 times the current CLY share price (given that PVTM is supposed to be trading at US$10) ?????? Isn't that a major question which they should be answering ?
22/1/2005
08:09
tiredoldbroker: peterstilgoe, in post 428 you say that CLY own 25% of Private Treaty Market plc. But they don't. CLY own 25% of Catalyst, a Canadian company, described in CLY's 26/11/04 announcement as "co-licensee of the PETS system in Canada". Only in Canada. CLY has loaned money to PTM plc which owns PETS. In certain circumstances, this can convert into PTM shares at a discount to any sale price of PTM. But all this might mean is that CLY exchanges a loan for overpriced shares in PVTD (formerly Mesa Gold), which has had its share price ramped up over the last few weeks ahead of an offer for PTM plc, and there is no public evidence that PVTD has anything of value itself. CLY also has the option to subscribe for a limited number of PTM shares in the event of a sale of PTM (like now), but no price details have been published, so we don't even know if it would be profitable to do so - and again, CLY could just be exchanging cash for overbloated PVTD shares. CLY has "a right to participate in up to 25% of all future licenses of PTM's Private Equity Trading System" but again this is probably only as a co-investor, if it has the cash to pay for a 25% interest when someone else takes out a licence. No suggestion it would get a free ride. So again, CLY could be stumping up cash. CLY also owns 3 pubs and has a lawsuit against it from the ex-chairman which could cost £253,000 plus interest and legal fees. Sp let me spell out exactly what I don't like about the set up. Terry Ramsden is clearly an important force, with his stake in CLY. He is also a convicted fraudster and proven liar. This is a matter of legal record. I don't think he is a fit and proper person to be influencing the affairs of a British PLC and I think it is also dodgy that he does so, not as a Board member but from behind the scenes. That he does influence matters is quite clear from the fact that he is/was the driving force behind PTM plc and that's where most of CLY's cash has gone. It also rings alarm bells that PTM is being taken over by PVTD, about which there are no available filings or figures or explanation of how this might be for the benefit of anyone (like CLY) who has invested in CLY. No explanation of who the guiding lights of PVTD are, or how and why its share price appears to have been ramped up to 5 times its price 7 weeks ago, which suggests to me that PTM is being swapped for paper of doubtful value. I suspect that PVTD is another Ramsden front. That selling PTM plc to PVTD is simply to take control out of UK jurisdiction and create an apparent paper profit for investors in PTM, but one which they can't turn into cash, as any selling of PVTD shares could knock the price down by 80-90%. Now, some of this is just how I read the situation, after many years in the market, where I've seen too many dodgy deals go through and shareholders lose their cash as a result. But this is what I fear: that PVTD must be a Ramsden-controlled company, because otherwise it couldn't have got a majority stake in PTM, which until now we've been led to believe Ramsden had 70% of. So Ramsden has put up a bit of cash for a stake in CLY. He then appears to have got back MORE than he's invested, in the sense that CLY has coughed up a few million for interests in PTM and its Canadian co-licensee. It then looks dodgy that PTM is shuffled into PVTD, the share price of which has been ramped up, with no known assets to support it. It just looks like something nasty waiting to happen, a pyramid of paper and minority shareholdings and shuffling of assets between different legal jusrisdictions, which lessens the chances of any one government department launching an investigation.
02/9/2004
11:07
cimbom: THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team.
01/9/2004
12:24
optimist23: Caplay director sought to buy off Murray warrants BEN GRIFFITHS August 31 2004 THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team. THE saga of Caplay, the former Murray Financial Corporation, has taken a fresh twist after company director Tony Fabrizi admitted he had visited Scotland to try and buy controversial "exploding warrants" held by the firm's founder, Ken Murray. Confirmation of the attempt to relieve Murray of his subscription rights in the company comes just weeks after Caplay threatened to prevent its former chief executive from exercising the options. The rights, which have no time limit for exercise, claim to give Murray the ability to subscribe for 18% of Caplay at 10p per share. The exploding warrants have been an outstanding issue for Caplay since Murray quit the company last year, and the threat posed by his ability to snap up almost a fifth of the group's stock at a discounted price has made the shares unattractive to investors. Murray set up Murray Financial in 1998 to buy and demutualise building societies and other mutual firms. The Scottish financier was branded an "unreliable witness" by a high court judgment earlier this month,which threw out his claim for a three-month pay-off of £763,000 from Caplay after resigning. Fabrizi, an experienced deal-maker, said he had flown to Scotland to speak to Murray just before the high court judgment was handed down. He said: "We had, for a long time, been trying to come to an agreement with Ken. We talked about a number of different aspects of the case. It has been a lot of people's view for a long time that going to court was not in anyone's best interests, least of all Ken's." Caplay has argued that the options should be disregarded because Murray Financial's business plan did not come to fruition, and Murray is no longer an employee or director of the company and the subscription rights were of no value until a recent refinancing by the current board was announced. Fabrizi said that on meeting Murray, who turned down the approach, it was clear he would be difficult to negotiate with. He added: "Ken is a man who believes in his own publicity. He was not going to budge." In the event, the court case went strongly in Caplay's favour and denied Murray the right to amend his claim to one year's severance money. However, Murray later surprised the company by announcing his decision to appeal the ruling. Fabrizi, who joined the board of Murray Financial in October 2002, said: "A lot of people – given the judgment – would have walked away." Following the court case and subsequent publicity surrounding the battle, Caplay's share price has fallen to just 5p. Last week, Caplay blamed the recent fall in its share price on Murray's decision to apply for permission to appeal. Caplay has vowed to "vehemently oppose" the appeal, adding that it is confident that the judgment of Mr Justice Stanley Burnton will be upheld. Murray, who was raised in Aberdeen, has switched legal teams to carry on his fight, appointing City law firm Bird & Bird as well as hiring a new barrister to present his arguments to the court. Murray sold all his shares in Murray Financial in April 2003 at a personal loss of more than £500,000. He is already facing a hefty legal bill for last month's five-day high court hearing, both for his own advisers and for Caplay's team.
Caplay share price data is direct from the London Stock Exchange
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