Formjet(See LSE:TQC) Share Discussion Threads

[davidosh] 19/6/2009 10:59

He likes to change the name of a company to reflect his happy days at University ?? Blue Oar lost rather a lot of money under his leadership. Mmmm

[refusenish] 19/6/2009 10:38

Hi Goggin

It's me, Refusenish, you know, the really miserable one you had a go at yesterday. What a difference 24 hrs makes. I did promise not to badmouth FMJ again and look what happens. Exactly (well not absolutely exactly but near as dam it). Firstly, a change in leadership. Secondly, a change in leadership with someone who puts money where their mouth is. OK, capital has been raised by selling an income stream but I do believe that this is a shrewd move as my fear was that they would simply run out of cash with no hope of raising any from the market. My hope is that this move has been made at the right time as they also have an eye on an acquisition. Not some spurious no mark company with a backlog of dodgy product but one that addressed my real fear which was their last comment on having to take action to continue with their AIM listing.

This could be the start of something very big.

[still waiting] 19/6/2009 10:06

just WINS at .5p then upto .6p offer.

[goggin] 19/6/2009 10:05

The man has put in 200k of his own cash, why does he want to loose 200k? Would you? Therefor he must have a plan and who knows, it might work.
FMJ have got serious contacts which caused me to invest in the first place - sorry gamble - this is a pure gamble, not an investment, hence if he can pull something off and I personally feel if I was able to get on the board at this time, this is the ideal opportunity if one has some money. Technology will lead us out of recession, of that I am confident and this guy has put money where his faith is so lets give him the opportunity to grow this business. After all, its his 200k. A month ago, we all could have bought stock at sub .25p.
Lets look forward to the next few years with someone at the helm that has new energy to drive this forward. The whole board will go eventually and there will be rights issues but that is par for the course.

[garth] 19/6/2009 09:30

Goggin,

good deals for what? Panda was their lead product.....

G.

[still waiting] 19/6/2009 09:21

L2 3vs1

another push and we go up.

[goggin] 19/6/2009 08:51

Ladies and Gentlemen
3 weeks ago, we had written this horse off completely, at-least the horse is still running. 1 or 2 good deals and who knows, these could be 3 - 5 p in 2 years time. the guy putting in 200k will hope for a 5x times return and they might even make a profit.

[argy2] 19/6/2009 08:22

What are their borrowings prior to disposal?

[scburbs] 19/6/2009 08:14

LOL! Not sure that cash size relative to the size of the market cap is the key at all! They are clearly looking to spend that cash on acquisitions and this is not an area in which their recent track record is very good! The last attempt cost around £0.4m in exceptional losses.

[double6] 19/6/2009 08:04

Current MC (after Share Issue) is around the Cash the Company will have after the disposal and share issue.

No reason for any further increase IMHO!

[still waiting] 19/6/2009 08:03

cash size relative to the size of the market cap. is the key.

looking cheap now?

[scburbs] 19/6/2009 07:59

Panda generated around £1.67m in 2008 so disposal consideration is just under 1 times turnover.

[scburbs] 19/6/2009 07:44

Another bizarre announcement by FMJ. Great disposal at £1.4m to get the share price moving back upwards (albeit reducing the ultimate upside). However, just to check the upwards momentum they have given away 25% of the company at 0.25p because the new guy has a great vision of which no details are given other than acquisitions.

The implication is sort of given that his remuneration package is low and he is demonstrating is confidence through taking these shares and the share options. However, again no details on the remuneration package.

Hopefully the circular will contain rather more details and be available on the website for nominee shareholders.

[kfp] 19/6/2009 07:16

RNS Number : 1599U
Formjet PLC
19 June 2009

?
Formjet plc
('Formjet' or 'the Company')


Disposal of Panda Software (UK) Limited
Placing to raise GBP200,000
Proposed directorate changes


Highlights:


* Agreement signed for the disposal of Panda Software (UK) Limited for a cash
consideration of up to GBP1.4 million subject to shareholder approval.
* Andrew Monk, former founder and joint CEO of Oriel Securities and latterly CEO
of Blue Oar Plc will join the board as CEO subject to the resolutions being
passed at the Annual General Meeting.
* Andrew Monk will acquire 80,000,000 new shares at 0.25p per share, also subject
to the passing of the resolutions at the Annual General Meeting.
* Andrew Monk will be granted share options exercisable at 0.50p per share
equivalent to 5% of the enlarged share capital.
* Tony Lee to step down from his role of CEO and will continue as Group Finance
Director.
* David Hennell to step down from the board of Formjet plc and to be appointed a
director of Formjet Innovations Ltd, a subsidiary company.
* General meeting convened for 11:30 on 8th July 2009.



DISPOSAL


The board of Formjet plc, the AIM quoted alternative software vendor, is pleased
to announce that, on 18 June 2009, it signed a conditional agreement to dispose
of the entire issued share capital of its subsidiary Panda Software (UK) Limited
to Panda Security S.L. for a consideration of up to GBP1.4million, which
includes an earn-out payment of up to GBP200,000.


Although the Company will continue with the same business model, the size of the
transaction constitutes a fundamental change of business, pursuant to Rule 15 of
the AIM Rules. As such, shareholder approval for the disposal is being sought
and the board is posting a circular to shareholders convening a general meeting
of the Company at 11:30 on 8th July 2009.


PLACING


The board also announces that it has agreed with Andrew Monk to place 80,000,000
new ordinary shares, at a price of 0.25 pence per share, conditional on the
passing of the resolution to empower the directors to issue shares for cash at
the Company's Annual General Meeting to be held on 29th June 2009. The placing
will represent 24.23 per cent. of the so enlarged issued share capital of the
Company and raise a total of GBP200,000. The money raised will provide the
Company with additional working capital resources.


DIRECTORATE CHANGES


To develop the planned future strategy of the Company, the composition of the
board will change.


Conditional on the placing detailed above, Antony Lee will relinquish his
responsibilities as Chief Executive Officer and remain with the Board as Finance
Director. Mr Monk will join the board of the Company as Chief Executive Officer,
replacing Mr Lee.


David Hennell will step down from the board to focus his attention on sales and
development of marketing strategies for the Company's subsidiaries Formjet
Innovations Limited and ASI Ability. Mr Hennell will join the board of Formjet
Innovations Limited.


Lyndon Chapman Formjet Chairman explained:


"It became obvious that the intention of Panda Security S.L. was to take direct
ownership of the business of Panda in the UK once the existing contract had
expired in 2010. It is therefore an appropriate time to realise value from the
business by disposing of it now".


Chapman added, "independent of these developments, the board was approached by
Andrew Monk with a view to investing in Formjet plc and leading its strategy as
CEO into the next phase of its development. With the future emphasis on growth
through acquisition and investment, different skills are necessary and this has
resulted in the board changes. We hope to welcome Andrew onto the board and are
impressed with his vision and confidence of success. His investment and initial
remuneration package reflects that confidence. I also thank Tony Lee and David
Hennell for embracing these changes."


A copy of the circular to shareholders will be available on the Company's
website, www.formjet.co.uk


ENQUIRIES:


Formjet plc Tel: [phone]
Lyndon Chapman, Executive Chairman
www.formjetplc.com


Dowgate Capital Advisers Ltd Tel: [phone]
Liam Murray or Jo Turner
www.dowgatecapitaladvisers.co.uk


Dowgate Capital Stockbrokers LtdTel: 01293 517744
Neil Badger
www.dowgatecapitalstockbrokers.co.uk

[davidosh] 18/6/2009 16:48

When and where is it ?

[refusenish] 18/6/2009 16:45

Agreed. Look forward to it

[davidosh] 18/6/2009 16:27

Sadly they will continue to murder you by 1000 cuts if nobody questions them.

[refusenish] 18/6/2009 16:25

I would but I fear I may commit murder

[davidosh] 18/6/2009 15:24

Why not attend the AGM to ask a few questions ?

When is it btw ?

[refusenish] 18/6/2009 15:21

You make a good point Goggin

I am ashamed to tell you how many of these shares I own and how much they owe me. Whilst I am the biggest moaner on this site I only blame myself for bad and stupid investment practices. I have bored everyone on here about that before.

I shall now stop it.

I would like to hear the upside though as I see very little evidence of one.

Teso buy this????

Please God.