Game Share Discussion Threads

[dballantyne] 14/4/2012 18:30

Was in Braehead in Glasgow today and see the shop is still trading as normal.

This is the news from the Herald:

Game Group's Spanish arm exits administration
THE Spanish operation of Game Group has been bought out of administration by investment firm OpCapita.

The private equity firm, owner of British electrical goods retailer Comet, has already bought the larger British operations of Game out of administration.

Game – which has struggled against a tough consumer environment as well as intense competition from online sellers and supermarkets – went into administration last month, resulting in the immediate closure of 277 British and Irish stores with the loss of more than 2000 jobs.

Within that, 132 out of 402 Scottish employees were made redundant with 17 of the 52 stores being shut.

OpCapita said there were no plans to close stores across the profitable Game Iberia business, which employs 1000 people in 290 stores across Spain and Portugal.

It confirmed it was evaluating a potential sale of Game Iberia, while focusing on the operational turnaround of the British operations.

[graham2405] 14/4/2012 12:55

First overseas assets sold.....

Spanish business sold to OpCapita for a nominal sum.

Source Daily Telegraph (page 29), and Herald Scotland, below:

[justthemoney] 13/4/2012 23:44

Blue Shore are waiting for the official closing report from PwC before taking any legal action. It may take months for PwC to sort out overseas assets that are believed to be debt free. Wait and see what happens, although UK administration process is equivalent to legalised robbery, so best not to expect anything.

£372 + £10, you must be joking. Only this week I took just over £10k on forex trading GBPCHF. 100pips range for the whole week, long-short-long...couldn't get enough of it (averaged 7 trades per day). At the end of the week the pair hardly changed, but gave countless range trading opportunities throughout the week. Love it...

[jotoha2] 12/4/2012 18:39

jtm, dont let the scum of this world talk you into selling your shares certs so they can benefit!!

[vision88] 12/4/2012 18:17

well you have an offer on the table for £372 for your 80k gmg shares thats a generious offer, how ever i will match that offer and add another £10 to it £382 unless im out bidded you now have 2 bids

[justthemoney] 06/4/2012 21:06

Not a drop in the ocean, it is 30% of my stock market portfolio.
A large dent that would take 2-3 years to fill up.

[shareho1der] 06/4/2012 17:22

may be that is a drop from the ocean for him.

[wipo1] 05/4/2012 23:34

justthemoney - 80k in game, wtf are you serious, why did you not have a stop loss?

[justthemoney] 05/4/2012 07:33

ldrcvm thanks for your advice and an offer.
I've already made a decision that should anything come back it'll go to a charity.
This c£80k has been written off about 2 months ago.
Already moved on...

[shareho1der] 04/4/2012 18:58

don't hold your breath .... better to write down your loss here and move on.

[justthemoney] 04/4/2012 13:56

Update: UK assets have been sold to OpCapita with all banking debt rolled over to the new UK Game company. Overseas assets are yet to be sold and have no debt. The only hope for shareholders is that PwC realises enough money from the sale of overseas assets to cover their fees and the rest for shareholders. Unless they are crooks as well, there should be some money left, but it may take months.

[justthemoney] 04/4/2012 07:28

372k shares @ 21p.

[wipo1] 03/4/2012 21:38

Spot on Isis - I remember that guy Hugh Henry on CNBC talking about RBS and HBOS that was before the crash, crazy lending. They two banks also underwrote crazy valuations for houses in the boom.

[ldrcvm] 03/4/2012 19:44

Justthemoney

How many shares have you got if you dont mind me asking?

[isis] 03/4/2012 18:08

Not a fan of RBS but it was risky lending like this that got them into trouble.

How many Companies have gone bust owing RBS billions??

Blaming the Bank is like blaming the Bartender for YOUR hangover.

[potpit] 03/4/2012 18:06

I wasn't a holder in Game, sorry to anybody here who lost out. RBS seem quite happy to pull the plug on lots of companies these days, but when they were in trouble a few years back the whole country had to dip their hands in pockets for a massive bailout. Typical banking shysters one rule for them and another for everybody else.

[wipo1] 03/4/2012 17:46

justthemoney - I can't see Game Group flourishing at all, Opcapita will have to get some new tech items from their comet shops into game,set up amazonmarketplace,ebay and playtrade outlet stores, get Game's staff working that bit harder cut down in staff numbers in shops.

With a gaming price war it is very hard to see how Game can operate in the high street with high fixed costs, opcapita have said they want to focus online, it is the only way forward for game, probably another 100 stores+ will close in the next year.

[loganair] 03/4/2012 15:34

Tesco Goes For GAME's Throat

Tesco stores, the self-named 'home of gaming', obviously doesn't mind kicking an enemy while it's down.

With GAME having been bought and it's remaining 333 stores now staying open Tesco has slashed it's gaming prices across the board.

Mass Effect 3 and SSX come in at only £24.91, a price that GAME will never be able to match and Tesco know this. It doesn't stop there with Saints Row: The Third and Street Fighter X Tekken both selling for just £21.91.

Mario and Sonic at the Olympics for the Wii is just £19.91, just in time for the British Olympic Games. You can also pre-order Max Payne 3 and Prototype 2 for just £37.91.

After the news last week of GAME's financial troubles, Tesco slyly hit the flailing company with a cheap shot by saying that they have "the largest number of game stores in the UK".

Sainsburys and Asda are also getting on in the action slashing countless video game prices.

It's like a pride of Lions settling down to a recently killed Zebra. Can GAME revive itself with such cut-throat competition, or is it just putting off the inevitable?

[justthemoney] 03/4/2012 15:11

Shares with my broker have -- -- instead of value.
loganair, any links to substantiate your post #4130?
The only hope of getting anything back is a concerted legal action by major shareholders.

[loganair] 03/4/2012 09:53

libertine - not forgetting the huge fees the administrators will be charging.

PwC has been approached for an official statement on the likelihood of investors seeing any returns and when stock may be reissued for listing.

[justthemoney] 03/4/2012 08:15

Greater things are yet to come...what you fail to realise is that GAME as the business continues and will most likely flourish. You predictions came true only because people in control of the company wanted the business on cheap at the expense of shareholders (aka financial trickery). Made any money shorting it?