Garner Share Discussion Threads

[sniffer333] 19/3/2008 08:25

time will tell if these creditors are ever regarded as prefs again - my bet is that they will not.

[4screws] 18/3/2008 19:27

shaunjhp, I am still here, if it goes lower than 6p as said before I will be buying more...des has taken a breather but it aseems that you are doing well...Good luck mate,

[sem3] 18/3/2008 11:53

Sound a touch pompous to me JakNife.

[buggy] 18/3/2008 10:22

Sniffer,
Not sure which school of accounting you went to. Then again I have not come across many pump and dump exponents that have a clear understanding of accounts. They usually buy on a whim or momentum and then think that blowing hot or cold air at it will either move the share price up or down.

The prefs are owed money which should have been paid hence they are accounted under current liability, (debt maturing within the year).

No mention of prefs in GAR because the maturity date for the preferential shares has passed , ( may however get some explaination from the Notes to the accounts). In short GAR should have redeemed these years ago.>>>> And this is the source of the disagreement with the pref holders: Since the prefs has not been redeemed, the holders are demanding that it should still be accruing the yearly interest until paid. GAR is arguing that since the redemtion date for the prefs has passed, they do not have to pay any further interest except the previously acrued interest and the redemption value for the prefs. [Hence for the past few years according to GAR the prefs are no longer accruing interests, pref holders disagree ...this may eventually be settled in court when there is enough money to attempt to redeem the prefs]

[sniffer333] 18/3/2008 09:35

"Reclassification of preference shares to creditors 2005 £0, £2006 (£1,228)" - from last years accounts on Garners website.

Just so that anyone who still thinks they are a pref holder - you are now a creditor. The money owed to ex-pref holders is shown in the accounts as an amount falling due within 1 year.

As with all creditors you are in the same queue as any other creditor - you have no preferential claim.

Therefore, any improvement in trading, that will shortly be announced, will go straight to the bottom line. Debt will be reduced, but expect bank borrowing to be the priority.

With the expected good results will come a significant surge in the share price

[shaunjph] 15/3/2008 13:49

Hi 4screws....how are you...?....I'll have another look at this one....some spare cash to invest.....however the falkland are rockin.........are you still into des...?

[michaeld] 15/3/2008 13:11

I am a preference share holder in Upton & Southern, mostly at around 80p/pref share in my SIPP. It seemed to me that it was in the best interests of fellow shareholders to accept the reverse takeover by Mr Garner in the light of his claims to reinvigorate the business via his own, hugely successful, international recruiting/consultancy business ( according to the reverse takeover screed). I believed Mr Garner because as an ex Jaguar apprentice, I knew that he raced Jaguars and in consequence thought that he was a decent chap. However, he then proceeded to issue himself hundreds of millions of shares in the company (pre consolidation) in respect of the reversal that has yet to be proven, to the likes of me, was beneficial? Now I know that Mr Garner has had tragic family problems since the reverse takeover and that this may have distracted his management of the company for a period of time. However, things do seem to be improving now and as soon as the company is able to afford it, then I would like repayment of the £1/share preference obligation together with the interest commitment of I think 5%/annum for the unpaid years. Please Mr Garner.

[elscalderes] 14/3/2008 22:27

The pref holders are creditors.The only change is that for 2 years dividends on them have not been accruing.This is why they are shown as above -a liability
The Company took counsel on this although it is a sore point with some pref holders who believe dividends should still be added on

[sniffer333] 14/3/2008 13:09

18. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2006
£000
2005
£000
Profit for the financial period 298 46
298 46
Issue of share capital 147 -
Premium on issue of new shares 358 -
Costs of share issues (56) -
Reclassification of preference shares to creditors - (1,228)
Net addition to shareholders' funds 747 (1,182)
Opening shareholders' deficit (2,517) (1,335)
Closing shareholders' deficit (1,770) (2,517)

--therefore, there are in effect no longer any prefs - only creditors. what you see in the accounts is what there is - there isn't any additional debt.

[sniffer333] 14/3/2008 09:02

elscalderes,

You should write to ADVfn and let them know that their financial information for GAR disagrees with yours.

Tell them to check their website by clicking on 'financials' for GAR and scrolling down to "EQUITY" (near the bottom of the page). Ask them why they are not showing any prefs for GAR for the last 2 years.

I'm sure everyone would benefit if you did this as it might improve the standard of posts on this thread.

[barbra2] 13/3/2008 13:21

There is a stark contrast between those present factual information on this company and those (allegedly rich!) who pluck figures out of the air (oh, this share could reach a new high of 20p) Pump-and-Dumpers appear on every board, but being the only one on this board makes you stand out like a very sore thumb.

[elscalderes] 12/3/2008 18:18

Sniffer
you will find there are prefs to be sorted out first.The liability is in excess of 1 million

[sniffer333] 12/3/2008 15:03

elscalderes, what prefs?

The Financials for GAR as shown by ADVfn are:

EQUITY

31Dec03(GBP) 31Dec04(GBP) 31Dec05(GBP) 31Dec06(GBP)
ord cap,
reserves -2.20 -177.32% -2.10 -169.50% -2.52 -198.82% -1.77 -112.10% m

prefs,
minorities 0.71 57.30% 0.76 61.49% - -% - -% m

TOTAL -1.49 -120.02% -1.34 -108.01% -2.52 -198.82% -1.77 -112.10% m

[elscalderes] 12/3/2008 12:41

Sniffer,
what do you think will happen with the prefs ?

[sniffer333] 12/3/2008 11:21

LOL - unlike a certain sad individual I will not be trawling through thousands of posts to prove that I have repeatedly called the highs and lows on this stock. I'll just check my bank balance from time to time :o)

Back to the business in hand (which some seem to have forgotten)- 13 days to go and then we see the next set of results. All indications are that these will be very good (you heard it here first). Any improvement in GAR's trading goes straight to the bottom line.

Director buying.

No pref shares.

Improved trading.

Bullish Board.

If you prefer to listen to derampers then sell and go elsewhere.

My prediction is that we will see a very strong peak once the figures are released.

[barbra2] 11/3/2008 18:15

well done! Buggy... I love naming and shaming

[4screws] 11/3/2008 15:14

hey shaunjph...the director buying at 6.25 must be positive that this is going to move upwards I personally and have said before that this will range between 6-9p, and the next set of results could establish a new trading range. sniffer if they seel and it goes below 6p, I'm back in for more.

[sniffer333] 11/3/2008 08:55

LOL - in that case SELL SELL :)