Financial Payment Systems Share Discussion Threads

[tiredoldbroker] 20/6/2008 08:46

The most dishonest or deluded recent statement by Cancer6 is "if listing is cancelled then the cash imo of around 1.50p will have to be distributed to all shareholders" - either reveals a complete lack of knowledge of how companies operate, or a deliberate attempt to mislead others - either way, quite shameful.

Nothing at all to stop a company delisting, continuing to hold its cash, and then (out of the public spotlight) spend all the money on directors' salaries, "consultancy" fees to companies the directors own, or "abortive" merger talks; the real bad news is that the auditors can;t get in to audit the joint venture company, so you can wave that money goodbye.

Cancer6, you're like some hideous infectious disease, everything you touch seems to turn to maggot-ridden decay.

[woracle] 19/6/2008 23:18

So u can write off the JV as expected.. The auditors can't find the money or any software ! LOL.. A nomad in 10 days...ummm, they can see a desperate bunch coming. big fees galore is the only way..500K ?. Auditors, accountants and lawyers working over time too. Not a lot left for Chancer..boo hoo.

[chancer6] 19/6/2008 16:21

Yep and 2.10p minus 500K cash burn (for Feb-end of June, Sept Interims expected around 100K a month cash burn continuing) is 1.60p net balance. I think the only great uncertainty is Ogg Lay Ann and his intentions with his very large holding. The NOMAD and auditing bits should be ok. If Ogg Lay Ann doesn't want anything to do here anymore then the option of a third party acquiring his holding with reverse takeover intentions will follow imo. The third party could even acquire that holding at say 1p when cash will be nearer to 2p and would have thought they will be some good interest because of that. For whats its worth I think he will coporate knowing he could get a hell of a lot more (4-5p prices) over the summer months for his holding. Holding of minimum 40 million shares. At 2p against the closing price of 0.40p he would get 750K more etc.

[hugepants] 19/6/2008 16:10

Still a few uncertainties then!

NB. As at 1st Feb there was just under £2M cash with approx £0.7M in the Chinese joint venture. That works out as 1.3p in the company and another 0.8p in the JV.

[8trader] 19/6/2008 16:04

Dont bother looking up deluded in the dictionary !

Just read chancers posts :-))

[chancer6] 19/6/2008 16:00

As expected and finals coming out before suspension is lifted is even better as cash position imo of minimum 1.50p will be seen and would expect straight mark up to that price upon lifting of suspension.

It would be in the best interests of Ogg Lay Ann to corporate as he has a 44% or 47% holding through Weststar and very likely get alot more for his holding through reverse takeover of another company or he may imo just put a bid of around 1p for the company. Or even if listing is cancelled then the cash imo of around 1.50p will have to be distributed to all shareholders. Was always a WIN-WIN situation imo.

[chancer6] 19/6/2008 15:57

Suspension Update (Financial Paymentsys)

RNS Number : 1252X
Financial Payment Systems Limited
19 June 2008


19 June 2008

FINANCIAL PAYMENT SYSTEMS LIMITED
("the Company")

Suspension Update

On 19 May 2008, trading in the Company's AIM Securities (Ordinary Shares of 5p each) was
suspended due to the uncertainty surrounding
the composition of the Board and the resignation of the Company's Nominated Adviser.

The Company is in the closing stages of finalising the Annual Accounts for the year ending
31 December 2007 and intends to publish these
before 30 June, in accordance with the AIM Rules. However, the Company's auditors are yet to
conclude their audit of the Company's Joint
Venture in China as access to certain items of audit evidence has proven problematical.

Accordingly, the Company's shares will remain suspended from trading on AIM and the Board
will keep shareholders advised of future
developments as they arise.

The Company is also in the process of seeking reassurances from certain shareholders that
the Company's Board will remain stable in the
event that the suspension from trading on AIM can be lifted.

If by 30 June no reassurances have been given with respect to the stability of the Board
composition and the Company has failed to
appoint a Nominated Adviser, the Admission of its AIM securities will be cancelled.

Contact:
Financial Payment Systems Limited
Malcolm Williams
Tel: [phone]

This information is provided by RNS
The company news service from the London Stock Exchange

END

[double6] 19/6/2008 15:46

Smiler

On the other hand ....

shares may be cancelled from AIM!

[seanmiller] 19/6/2008 12:27

that's typical chancer style.

AIM have given extension because FPS cannot get a NOMAD to work with them. And that's a good thing rofl.

What a novice!!

[chancer6] 19/6/2008 12:03

Good News! Just spoken to Malcolm Williams and AIM have given an extension until end of the next week for a new NOMAD. I'm sure that's a first in such a scenario. Even more confident now that with finals also having to be out by end of next week which will clearly show cash at minimum 1.50p. Appointment of a new NOMAD and business strategy and completion of disposal of china joint venture should imo will be announced by end of next week. With finals are also out on the same day potentially a massive correction upon resumption of trading should see the price quickly imo get to around 1.50p. I don't think AIM would have given an extension just like that. Can wait for a few more days for my 400% profit and alot more as with cash and AIM listing the price should be 2.25p. Reverse takeover interest and a hell of alot more imo around 4-5p in the medium term. There will be very few shares in free float when the suspension is lifted.

[seanmiller] 19/6/2008 11:35

Not long now lol

what on earth are they doing?

They don't have long. Chancer, put some spin on it and explain why it is a good thing that they havn't released a ststement yet.

Maybe they have so much cash they can't reach the computer ??

[seanmiller] 19/6/2008 10:30

"That is a serious accusation Lord Santafe and would they risk prosecution?"

what a true novice you really are lol.

[chancer6] 19/6/2008 10:26

That is a serious accusation Lord Santafe and would they risk prosecution? I don't think so. Should go and read Mr Williams and Mr Last background on the website. Its really just those two and have been for quite some time.

[lord santafe] 19/6/2008 10:24

well you got to consider that another Langbar is always quite possible. If the directors want long term saleries then they will do a GGT.

[seanmiller] 19/6/2008 10:20

"unless the feb RNS where they have stated that cash was just under 2 million is not true which is unlikely."

rofl ;)

[chancer6] 19/6/2008 10:04

1.50p-2.00p as absolute minimum here unless the feb RNS where they have stated that cash was just under 2 million is not true which is unlikely.

[lord santafe] 19/6/2008 09:52

had a dream last night about this share, and sadly they came back to the market at just 0.06 to 0.07p. Just hope the dream is not a bad indication to what will happen today.

[seanmiller] 19/6/2008 09:14

wow!!

they are really taking this to the wire.

[seanmiller] 19/6/2008 08:18

by 3:17pm you will know lol.

[chancer6] 18/6/2008 21:54

Hopefully back from suspension tomorrow with a new NOMAD and business strategy. Feb 2008 RNS stated that cash was just under 2 million and with 400K in cash burn now, the amount in the pot should be around 1.60 million. With 92 million shares in issue and 600K value on AIM listing should put the price to around 2.25p. Will be a very rich cash shell so third party interest will come along quickly as already seen by the millions purchases by Mr Gourlay and Mr FitzSimmons during May where they have picked up shares at such a discount. So much money in the cash shell should also bring about reverse takeover opportunities quickly imo and I wouldn't be surprise to see the price get to 4-5 pence on that.

[seanmiller] 17/6/2008 16:16

The company has until 3:17pm on Thursday to notify you a new NOMAD.

Chancer has until 3:18pm to admit he is, indeed, a GONAD.

[chancer6] 17/6/2008 16:10

Just spoken to Malcolm Williams and the company actually has until Thursday this week (by 7.30am on Thursday I think) to appoint a new NOMAD. The cash is there which i was led to believe in earlier conversations so a 1.50p or thereabouts should come one way or another.

[seanmiller] 17/6/2008 11:40

You got till tomorrow, within a month of announcement it said.

That would ve 19th May - 18th June.

Mug.....watch out for option three, all the cash is gone and the directors walk away without a scratch, leaving shareholders with nowt :)

lol

[chancer6] 17/6/2008 11:10

When I spoke to Malcolm Williams last week he only mentioned that they were still pursuing and hopeful of the suspension being lifted with a appointment of a new NOMAD. And seeking a new business after. I'm sure its only the directors who have all the say and what they decide to do now. Ogg Lay Ann is only the biggest shareholder.