Galileo Inn. Share Discussion Threads

[knopfler] 20/9/2003 11:15

it is my obsevation that most rns announcements (regardless of the company) tend to be vague and ambiguous.

somthing the regulators should clamp down on, in my view.

announcements should be clear and precise and aim to eliminate ambiguity.

[simonevans] 20/9/2003 11:10

Mr K - the rns referred to "asset" and not "tangible asset". I personally think you are being optimistic - I think that the cash position is a maximum of £400k. In fact, I would say that without this £400k there is possibly unpaid creditors. I think that their rns was very poor on detail and potentially misleading...NO CHANGE THERE THEN!!

[swiftnick] 20/9/2003 11:02

I think we can be justifiably angry at the company's failure to communicate with its shareholders. Over five months have passed since the previous announcement and then suddenly we are told that the company has sold its "last remaining asset".

There is no reference to what happened to the other assets and no reference to cash holdings. I assume that what happened was that the bank balance disappeared when the bank called in its guarantees, which then forced the company to announce that it would (i.e. could) no longer support the investee companies. So the most we can hope for is our share of the £400,000 (minus debts, relisting costs, audit fees, etc. etc.).

sreddy: as a large holder in GAI you must be delighted that the rest of your portfolio has done well. I am pleased for you. At least this will give you some tax losses to offset the other gains. Care to share any gems with us?

[knopfler] 20/9/2003 11:00

with people a gulible as mr k around, companies like this will thrive for many years to come.

pure speculation on my part but...

...i bet somtime in the future (if gai becomes a cash shell) there will be a cash call to shareholders and mr k will be the first to dip in his pocket and rally support for the cause. followed by leaks that associates connected to gai were fortunate enough to have snapped up sence-sonic for a snip. some sort of merger or reverse takeover will occour with some obscure company that will reduce the already savaged value of your gai investment by a further 60-80% and you'll thank them for a job well done stating how amazed you are that it only took them 3 years. good move, not.

let's face it, mr w. may be a nice chap but he cannot run a plc, his decision making skills are clearly suspect as are the company's communication procedures.

i'm not saying it was a mistake to invest in gai, as we all did it for our own reasons, but for goodness sake - call it for what it is -

may i finally add my thanks to mr w. for relieving me of my wealth. if ever you're short of a few quid please don't hesitate to ask. nothing would give me more pleasure than putting in some overtime so that i may line your pockets with my hard earned - cheers mate.

[jubjee] 20/9/2003 10:57

Mr K,

many thanks for the answer,

Mark has always been polite when ive called the office too, is hes been working for free then all credit to him.

[mrkournikova] 20/9/2003 10:51

Hi sreddy,

Many thanks. Mark Warburton has always been polite to me and I'm sure would be exactly the same to any other investor who telephones him. Yes, I think the 1 fact that I do cling to is that not all of the cash has been accounted for with investments.

When I last spoke to Mark on the telephone, about a month ago, he made clear that getting rid of Sense-Sonic through one means or another was his utmost priority. He obviously wasn't going to give me figures for how much cash was left but I got the impression that it is not a significant amount. Our last interim results back in March 2002(?) showed just over £5m. If we are left with £1,500,000 then brilliant, but I suspect it will not be as high as this.

jubjee...Mark told me personally that he cut off all directors salaries back in March 2003 when the company realised it was in the situation it was. Mark has since been working day in day out for free...basically Paul Davidson left Mark Warburton in charge of Galileo while he has gone out to Spain to continue with his property business. That is not insider information but just how events have turned out. If directors were taking salaries from Galileo then this really would be shafting us shareholders, they are not and instead have been working to salvage something from the wreck since April.

Fozdad...LOL! No I am most certainly not Mark Warburton, I've never even met him and doubt I will. I've just spoken to him on the telephone...partly to ensure that shareholders are aware that we do want something at the end of the day.

Everyone is of the opinion that the directors have squandered our money because the business model of floating/trade sale of investee companies failed. We have not had a single announcement of the cash position since March 2002 so it's all unsubstantiated gossip.

Fozdad...although cash is an asset...and a big asset at that...in terms of the way it was phrased in the RNS, Galileo was treating Sense-Sonic as its last remaining tangible asset. Cash, debtors, raw materials, short term investments are treated as current assets which will not be disposed of.

What would you rather have?
(a) Nothing to show from your investment in Galileo. Investment lost!
(b) The chance to sell your holding and get something back?

To me the answer is obvious. Let's get behind the management for once and look forward to getting the accounts out and allowing Galileo to start afresh!

Regards

Mr K

[jubjee] 20/9/2003 10:17

Interseting posts all points acknowledged.

GAI now have 10 days to release results which will tell their side of the story.

MrK, one question which ive asked you before,..... just how do you know that the directors havent been taking any pay?

Im not sure where your loyality to Mark Warburton comes from, you clearly must be getting a different perspective to other share holders, I hope your right.

Time wil tell.

Good luck to all holding.

[sreddy] 20/9/2003 10:17

Mr K,

I agree with your analysis, but can only guess at what the shell accounts will look like. Of course it would be very nice if there were £1m left (and it wouldn't surprise me because they started out with a lot which hasn't all been accounted for by announcements).

Anyway, fingers crossed, and well done for having the courage to post when you must have known the moaning minnies would round on you.

PS. Mark Warburton has always been polite, forthcoming and seemingly keen to get things sorted out as much as he was able, although I haven't spoken to him for over 6 months now. I only wish he has managed to rescue something significant from the situation, so that actions speak louder than words.

PPS. I have written my large investment in GAI down to £nil in my portfolio, but still my portfolio is up 3x since March.

[fozdad] 20/9/2003 09:49

Mr K

"Galileo now has an extra £400,000 to add to the cash pile so hopefully we will be left with a cash shell with around £1,000,000 in the bank."

How did you arrive at that? According to the RNS (ie the ONLY official statement in months from the company) "This investment in Sensesonic
Limited represented the Company's last remaining asset."

And I'm sorry, but if you are happy with this situation then you must give me the name of your optician because I need a pair of your rose tinted specs.

These directors have squandered millions of our money, they have deprived us of information, missed key milestones without explanation, totally misled us and to make matters worse, PD sits there in his Spanish luxury villa, telling us all what a great businessman he is. The guy is rubbing our nooses in it.

It's less than a year since he appeared on BBC North West, spouting about how he made millions and millions with one invention and how he was going to make even more millions through Galileo. The article was supposed to be about the company, but he turned it into the Paul Davidson show. I recall thinking at the time that I was on dodgy ground investing in a company "run" (for want of a better word) by such a clearly egotistical self publicist, but there you go.

The one thing I agree with you about is that we all learn from our mistakes and I certainly won't be swayed by BB posters like you who claim to be "in the know" again. I'm angry at the directors of this company, but more angry at myself for allowing myself to be led down the garden path by a wave of hype and rumour.

One last question....be honest....are you Mark Warburton?

[simonevans] 20/9/2003 08:50

Just noticed the RNS - this was good news as I guess that we all really felt that there was NOTHING left.

Who thinks they will reach the 30 September deadline though? YES/NO. I say NO.

I must admit that I read the RNS announcement that all the cash had gone. Surely, if this was not the case then they would have been able to issue their accounts well in advance of now. I am guessing that they supported Sense Sonic and lost everything when it went down. I wonder who bought Sense Sonic from the administrators then? Anyone know?

However, if this one comes back to life, we should all get some value returned, albeit small. That has to be good news. What I would like to see, is the management team getting the accounts out and then resigning once a new management team can be found.

[knitcraft] 19/9/2003 21:58

"Mr-k".....ournikova

Or is it Mark Warburton by any chance???????

[steveib] 19/9/2003 19:26

anyone got any contacte details for these lovely fellows

[knopfler] 19/9/2003 17:13

...probably

'is that 400k mine? i have a great business idea i could use it for. it'll make you all rich - honest'

[jubjee] 19/9/2003 16:57

what will poor old PD have to say about this, from his spanish villa, looking out over his yacht, ferraris etc.

[fozdad] 19/9/2003 16:18

Wow, a whole 400K - should keep the directors in wine for a few months longer

[jubjee] 19/9/2003 16:17

will we see where all the money went by 30 september?

[jubjee] 19/9/2003 16:05

RNS Number:9818P
Galileo Innovation PLC
19 September 2003


GALILEO INNOVATION PLC

Further to its announcements earlier this year, the Directors announce:

1. The approach made to acquire the entire issued share capital of the Company
was withdrawn.

2. The Company has, on 15 September 2003, received approximately #400,000 for
it's investment in Sensesonic Limited following the sale of various assets of
that company by it's administrative receiver. This investment in Sensesonic
Limited represented the Company's last remaining asset.

3. All possible efforts are being made to finalise the Company's outstanding
accounts and interim results before 30 September 2003.

19 September 2003



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

[smartypants] 19/9/2003 15:59

was using this as a space in my watch list
when up poped an A
don,t know why I am laughing
lost a grand on these
but is this news a suprise ?

[simonevans] 15/9/2003 21:08

It seems to me the FSA only ever investigate the high profile cases. They will never get round to the likes of a small company like this imo.

[he who does venture] 14/9/2003 11:50

Well these directors names will not be forgotten in a hurry.