DQ Entertain. Share Discussion Threads

[smithie6] 04/2/2016 08:42

NOMAD
imho if Allenby steps down then NO OTHER NOMAD will touch it imho

Who wants to jump into the middle of a pile of steaming poop. Legal topics. Bod squabbles. International law. Risk of getting sued by A or B or C.Risk that dont get paid. To sue for payment you have to go to foreign court !!..be it IoM, Ireland, Maldives or India. ...or a paper chase between them all.

[smithie6] 04/2/2016 08:35

RNS is roughly in line with what I wrote in all my posts ...I think !

(Essentially the bod are fighting to block the actions by the 51% holders....imho bod acting illegally since calling an EGM and for a vote to remove directors is important part of the law

imho the NOMAD conduct looks whacko.....they support dodgy bod ...and/or obstruction of the law ??

Still think that shareholders should form a group and give their support to the 51% holders to remove the exec dirs and install two new directors....

Widespread support for the 51% holders would help their motivation and influence a judge, NOMA & AIM regulators in any topics


But no DQE holders have been interested so far

With the current exec dirs imho the shares are perhaps worthless imho....since the bod seems determined to give the company to the ppl behind the bonds.

Fulltimeinvestors.com

[tiltonboy] 04/2/2016 07:46

Looking 1.5-2

[2pablo] 04/2/2016 07:22

Silly new RNS changing it's title.

Notice today : India slightly up on thin volume plus Board meeting and Q3 Indian results set for Feb 12th.

Not sure if I should hold until then (if I could get out above 3p today).

Reading about all the problems documented yesterday, seems as if Allenby has had a big falling out with Bod and are going. New Nomad would sort this.

Statements re. Bondholders terms of default - understood and already known

Requisitioners not happy over timescales and now Warrants. Nothing they can do but wait for new Nomad. Query on legitimacy of AGM last Sept and warrant issue - not sure.

Think I'll hold because I think it's a lot of Hot Air mixed in with a lot of real problems.

[2pablo] 03/2/2016 21:03

Tilton - it's a nightmare and IMO we'll open well down tomorrow at 8 am. I really hope they suspend now to preserve some dignity. Surely we can get another Nomad before Mar 23rd but how are we going to sort out this chaos.

[tiltonboy] 03/2/2016 20:32

Allenby should have resigned ages ago. Probably realised they wouldn't be getting their next fee!

I've said for ages that it stinks, and its still following the same path as other cons IMHO. NOMAD resigns, nobody is appointed, shares are delisted, and its goodnight Charlie.

I e-mailed AIM regulation last week, and had a holding response this morning.

I'm preparing for the worst!

[2pablo] 03/2/2016 20:18

Tilton - looks like a terrible mess we are into. Presumably Nomad Allenby handing in notice is because totally unhappy with Bod. Apparently Allenby are still doing DD on both Requisitioners - beggars belief. So Allenby says if you have the EGM and appoint them, we'll resign immediately. But, they've just given us 3 weeks notice of resignation anyway, so that's an idle threat.

We have until 23rd March to appoint a new Nomad so, if anyone will take the job, there should be no problem there. That would avoid cancelling Aim listing and Bond default.

Not sure where the Requisitioners are going with their 'Invalid Sept 28 AGM' although they obviously don't like the issue of warrants to Bondholders and nor do I. They haven't issued a legal challenge here, just 'called into question' matters so far.

Perhaps we're not doomed but certainly it looks like there is a lot of in-fighting and I suppose the likelihood is we will be shafted (if we haven't been already, especially with the recent 29.99% of the company issued in warrants).

Allenby, I presume, are looking after a)themselves and their reputation, b)legalities. Looks likely they'll leave on Feb 23rd so hope ZAI or someone can be persuaded to take over. Maybe we can join ZAI's list of illustrious clients - lol.

[whitehunter] 03/2/2016 20:16

You could not make this up.

Adviser resigned for unspecified reasons. That is then being spun to be related to the nominated board members. I'd say it is more likely linked to the goings on of the current board.

[here and there] 03/2/2016 18:42

No nomad, endless bickering will cause all share holders to get screwed. someone needs to knock these idiots heads together

[tiltonboy] 03/2/2016 18:23

I think the end is nigh!

[2pablo] 01/2/2016 10:17

fft - I think it is easy to read all sorts of things into this warrant issue - mainly because we don't know why it has occurred. At worst, it will bring in cash to DQE at a premium to current share price - at best they will not be exercised, decision to issue will be reversed or they will become invalid with regards 'Change of Control' event.

[2pablo] 01/2/2016 10:12

Well a few things becoming sorted anyhow.

BondHolders seem assuaged with their warrants and replenished Blocked Account. Seems an awful lot to be diluting by with another 29.9% extra issued if warrnats converted.

I'm of the opinion these warrants as yet un-exercised will not count towards reducing the 'Requisitioners' 51% holding, although if some were exercised @ 5.375p that wouldn't take many to reduce their holding below 50%. No real indication if this is on the agenda and I suspect it isn't. Maybe these warrants will never be exercised especially if the 'Change of Control' event is reversed. Still under discussion with Bod apparently anyway.

Surely the EGM will happen soon and surely more mud will be cleared off the windscreen. (India down today 3% and the mm's here have raised our share price although zero trades today.)

[fft] 01/2/2016 10:02

But if the board has disregarded egm rules and effectively disenfranchised shareholders then possible the issue of warrants could be overturned and control returned. Effectively the warrants are a poison pill designed to prevent a change of control. This could be an interesting test case for future company structures.

[here and there] 01/2/2016 09:34

politics continue, battle between board and bondholders and new major share holders. Warrants are a way to stop the share holders

[philjeans] 01/2/2016 08:51

Bid coming - just a matter of time.

Seem to be sorting out the differences.

Still good value here, for the patient.

[fft] 01/2/2016 08:37

Not a mention of the shareholders. Not a mention of an egm. Tapaas appears to have rolled over to the bondholders. What will happen next ? Can't see the shareholders being happy about this.... Legal action to follow ?

[2pablo] 28/1/2016 09:58

A few thoughts (copy of my LSE post)

Just for interest, I notice DQE India dropped 40% from 11th Jan - 21st Jan reversing it's big spike.
Now up today 5% and going north again.

The official record of events :
30 Sep - Requisitioners want EGM, company validating request
27 Oct - Valid request and EGM to be convened but doing DD on requisitioners
11 Jan - DD docs back but process ongoing, EGM a.s.a.p.

So, they've strung the whole thing out for 4 months now and upset the Bondholders to boot.

Have a feeling we may get another announcement pretty soon although the Nomad I've just spoke to gave no further information. We must replenish the Blocked Account by tomorrow "The Company expects to be able to reimburse the Blocked Account by 29 January 2016, but a failure to do so would constitute an event of default."

[smithie6] 19/1/2016 10:21

Risks incl...
IoM court ref. warrants or bonds or EGM or....
"Subject 3 should be directed not to this court but to Mauritius court"


In Mauritius court...
" subject 5 should be directed to UK court since relates to listing in UK
And ref. subject 7 we wait the opinion of court in India"

[smithie6] 19/1/2016 10:16

Fft
Btw bond holders might not demand repayment

...they might have the right to...but have choice not to demand repayment

If bonds were/are a scheme to give ctrl of company and assets to others...taking from shareholders.....possible legal cases might last a while

If any legal cases against bod I hope they dont use co. cash to pay lawyers to defend themselves !!....(while noting I dont hold anything in DQE)

[2pablo] 18/1/2016 11:10

fft - another excellent theory on the chaos we're in here !

Dallas - I like it.

The Beach Boys - 'God only Knows'

[smithie6] 18/1/2016 10:31

A cynic might think that warrants would be issued and converted before any EGM takes place.....to ensure that EGM holders dont automatically get ctrl..by reducing their 51% stake to below 51%..

[2pablo] 15/1/2016 07:25

smithie - we all await developments and my feelings are not good for this one.

Just to say, they haven't issued the Warrants yet although they said they would in Dec. Surely newsflow on all these questions, including EGM, must be swift. Ostensibly still doing DD on 'Requisitioners' - lol.

[smithie6] 14/1/2016 17:36

Chart dipping down below 4p support
-ve sign imo

Although chart doesnt mean much in current co. situation.

[smithie6] 14/1/2016 17:21

Depends, if directors have broken the law in deals with bond hldrs or in conditions....then the conditions could phps be declared void...and/or the bod removed. ( imo what has been done by bid breaks the law)

Imo shareholders hopes rest in the 51% holders taking ctr of the brd. The cap. value is peanuts versus value of bond loans, mkt thinks the shares may end up worthless imo.

Allenby. Imo 99% probablity they wont do anything very useful or helpful for shareholders..based on AIM history
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The bod seems to be taking steps such as warrants to keep 51% from taking ctrl.
Issuing rns in jan saying warrants issued in dec.
imho that is illegal.
- if blatant lies about dates
- acting to give co. assets and ctrl to bond hldrs or bond hldr puppets ( Tapaas?) ...from shareholders...and block EGM requisition by 51% hldrs....when the bod is selected/fired by shareholders

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By law ..imho...if 51% holders call a meeting to vote the sacking of MD & FD
then that should take place
Otherwise you may as well rip up the shareholder register and say it doesnt exist.
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My feeling is law breaking by current bod.
But with use of IOM. Ireland. Mauritius above operating co. in India
It might take time and money to see the law applied.

One of the reasons why bods use such distant places and such a company structure
And normally a massive red flag. There's a lot to be said for uk registered cos. , with directors houses in uk, workers in uk......under uk law......lower risk of dir. fraud imo but still happens.