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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Galileo Inn. | GAI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 30/4/2007 09:48 by inv3ntor Lord Satafe and Topvest, do either of you have a prospectus stating how your money was to be spent? do either of you have any documents showing that GAI had an investment in Sense-Sonic Ltd. I have found £1,450,000 which Addleshaw Booth & Co. helped on its way out of the system. It is quite possible that some GAI shareholders got your cash on day one through a similar scam and the sought documents will help me trace any such cash withdrawals. I have a case going through (with more to follow) and intend (and fully expect)to nail a few individuals in the criminal and civil courts. Your money has not been traced because GAI's auditors pulled of a solvent liquidation using cash derived from a sham sale of third party assets (mine) (i.e. assets which GAI did not have the right to sell). Without the £425,000 from that sham sale, there would have been no solvent liquidation for GAI and an investigation would have followed into where your money had gone.Warburton stated in a linked thread that he could account for every GAI penny (I will chase him for that account in due course). He also states that there were no loans to directors. However, another thread states that Sense-Sonic Ltd bought Leaf Techologies Ltd's assets for £1.09M from Stephen Conn (administrator friend of Davidson and Warburton) - not so - Conn sold Leaf's assets to Davidson for £640,000 (the money came from GAI and may never have been paid back)and Davidson sold them on to SSL for £1.09M. When Sense-Sonic Ltd was put into Administration on 30-07-03 with...Stephen Conn.. there was no mention of the shareholding which GAI had elsewhere claimed to have in SSL. Furthermore, Warburton had been trying to sell - and was entertaining offers for - Sense-Sonic Group plc (not Sense-Sonic Ltd), claiming, that it owned my hearing aid invention. It is possible that you received or were directed to falsified reports (like those in the threads) in order to keep you at bay whilst Warburton engineered a solvent liquidation. Any help in finding a prospectus or any further evidence that GAI had acquired shares in SSL or SSGplc would be very much appreciated. |
Posted at 04/2/2006 23:29 by heidigynne grrrrrrr.,yup, I still have GAI on my watchlist [an empty row of course] as a reminder. Tis so easy on AIM, to 'bow out'; Simply; Don't present accounts, Get suspended, Limbo for years. Wonder how Lord Lamont feels about all this? H |
Posted at 04/2/2006 22:53 by chopsy Just checked on the latest "shares of negligible value" list on the IR website. Guess what, GAI isn't on it. How do I crystallise a loss here for CGT purposes? Can I sell them to my dog for 0.0001p each? |
Posted at 27/9/2005 13:11 by furiousgeorge Accountants fail to recover funds from the Plumber Jill Treanor Tuesday September 27, 2005 The Guardian Accountants appointed to sift through the affairs of Paul Davidson, the bankrupt entrepreneur known as the Plumber, have failed to recover any funds from his estate nine months after being appointed. They are still pursuing three separate lines of inquiry, which they hope may yet prove to be fruitful, but are facing a possible race against time. Under new bankruptcy laws, Mr Davidson could be released from bankruptcy on December 23 - exactly a year after the then trade and industry secretary Patricia Hewitt appointed accountancy firm PKF to investigate his business affairs and personal dealings. While this does not prevent the accountants looking for funds, it could lead to a situation where Mr Davidson is once again able to resume his business life while creditors, who are estimated to be owed more than £20m, are still looking for his assets. The accountants have yet to convene a creditors' meeting. Article continues -------------------- -------------------- The Cheshire-based businessman, who came to prominence in the City when he placed a spread bet during the flotation of Cyprotex, a company he was involved in, was declared bankrupt after firms to which he owed money petitioned the courts. His appeal against a £750,000 fine levied by the Financial Services Authority for his part in the spread bet in Cyprotex in 2002 is yet to be resolved. A spokesman for PKF said that if any of the current lines of investigation did lead to funds, creditors would be asked to decide whether they wanted to pay themselves a dividend or use the funds to continue with other lines of inquiry. The PKF spokesman refused to give any details of where the inquiries were taking place but said "they are coming along". Under new laws, Mr Davidson will be released from bankruptcy a year after going into it unless there is an application to the courts to extend the period in bankruptcy. There is no suggestion that this will happen in Mr Davidson's case. |
Posted at 22/6/2005 08:35 by one for the money It was nice knowing you guys - see you on other threads.Signing off GAI... Cheers john |
Posted at 17/5/2004 07:42 by cappagh mrkNo hard fealings, I hope, from some of our exchanges. None from me. Good luck with future ventures. This bit is not ment as a knock but if pleased that you have accepted that GAI was a dud. I'm into mxc at the moment and hoping that it does not go the same way. After the GAI experience my eyes are open wider. Once again, Good luck to you and to other ex-gai holders. |
Posted at 08/5/2004 14:16 by cappagh Heard from Barclays about the meetingand the offer to go. Lost ennough without spending good money going to a pointless meeting. IMHO Fload them with E-mails, phone calls,letters or anything to get their backs up and to show them how much they let us down and wasted our money. ps What has happened to the companies GAI invested in? If the Co, gai was going to float are still going, have we still got an interest in them? |
Posted at 17/3/2004 08:20 by jubjee spoke with the Inland Revenue last week as GAI is not listed as a share of neglegable value, so previous posters who claimed that their losses could be written of against tax are to date incorrect.can't believe they got away with it, what a well planned scam! The BBC are asking people to write in with ideas about con tricks for their 'Hustle' programme on BBC1 on Tuesday night's, maybe PD can earn some cash by explaining how they pulled this one off. |
Posted at 03/3/2004 10:54 by one for the money Thank, jubjee...I feel a teeny-weeny bit better about GAI - but not much! LOL Is there just a tiny chance of some legal comeback for GAI shareholders in all this? Cheers john |
Posted at 21/2/2003 10:25 by sreddy HugePants,Your calculation assumes that the £5m raised is new money. If so, Sense-Sonic would no longer have an overdraft and there would be no need for an overdraft guarantee. SS would have £3.5m in the bank. GAI's deposit money would be released back to itself from the Barclay's account. GAI's investment in SS would be worth £0.5m, giving a profit of £0.5m in the accounts before any tax provision. That profit alone would be 0.6p per share. A float is, however, likely to be a mixture of sales by existing shareholders plus new money to repay debt to on-going levels and/or provide funds for the future development of SS. Your analysis works if GAI want to end up with 5% of the floated company, which is an OK assumption. It is the £5m needing to be raised which is the unknown, but let's stick with that assumption. If we take FCS at a valuation of £7m and assume it raises £3m for development and working capital purposes (this is a complete guess) and we assume FCS end up with 10% of the floated company, then we have the following situation: GAI would sell 43% of FCS for £3m, which I think would be virtually all profit. This is a pre-tax 3.4p per share. GAI would be left with 10% of FCS worth £1m or a pre-tax 1.1p per share. FCS would have sufficient funding and any GAI security would be released (I'm not sure whether there is an FCS security deposit). So if we take these two hypothetical situations together, GAI has it's full money available to it again (5.5p per share) and has made a pre-tax profit/revaluation of 5.1p (0.6+3.4+1.1). Being pessimistic on the tax planning opportunities available to GAI and assuming tax at 1.6p per share, leaves net assets at 5.5+5.1-1.6 = 9p per share. This includes 5.5p of cash, Astek and Scientific Detectors in for virtually nothing, but with the hidden value in GAI proved and the ability to realise that value proved in difficult markets generating large profits, and therefore in a normal world justifying a significant premium to net assets. That is why GAI could be worth 12p to 15p on flotation of one or two of its investee companies, particularly FCS, and why it was worth 20p just 12months ago. Even in a depressed, sceptical market applying a discount of 10% to net assets we have the potential of a share price of 8p per share. I would be quite happy for that to be applied to my 2,400,000 shares. Even happier at 12p - 15p. LOL. I still think that if I were trying to buy 2.4m shares now, I would push the price up significantly and wouldn't do much better than my 2.79p average (including costs). HP you must be Scottish if you need to see more of a discount before thinking it's a bargain! Admittedly this is, however, a relatively low price high spread share in a nervous market and therefore will be subject to large fluctuations as mm's shift stock. However, even if there are no floats before the accounts are published, the accounts will clarify the existence of the cash, and if there are float(s), the hidden value will be confirmed. My analysis above does not change much if GAI has to exit by way of trade sale instead of flotation, although this may take a bit longer. PS: Sometimes, HP, the best bargains are to be found when there is confusion and uncertainty and not enough information in the market. If the market is assuming the worst, or even worse than the worst, then the only way is up. |
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