Share Name Share Symbol Market Type Share ISIN Share Description
Gfinity LSE:GFIN London Ordinary Share GB00BT9QD572 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 13.25p 13.00p 13.50p 13.25p 13.25p 13.25p 4,652.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 1.4 -3.1 -0.0 - 20.86

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Trade Time Trade Price Trade Size Trade Value Trade Type
11:10:1113.504,652628.02O
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DateSubject
07/12/2016
08:20
Gfinity Daily Update: Gfinity is listed in the Media sector of the London Stock Exchange with ticker GFIN. The last closing price for Gfinity was 13.25p.
Gfinity has a 4 week average price of 11.59p and a 12 week average price of 11.10p.
The 1 year high share price is 20p while the 1 year low share price is currently 6p.
There are currently 157,413,570 shares in issue and the average daily traded volume is 359,905 shares. The market capitalisation of Gfinity is £20,857,298.03.
20/7/2016
23:45
timbo003: The Gfinity general meeting to approve the placing of 74,000,000 new ordinary shares at a price of 5p per placing share to raise £3.7m was held today (July 20th) at the offices of Fladgate LLP at 16 Great Queen Street, London. There were around 10 attendees which included the BOD (Chairman Tony Collyer, CEO Neville Upton and CFO Jonathan Hall) and representatives from the broker (Allenby) and the PR firm (Walbrook). Not surprisingly I was the only ordinary PI present. The Chairman kicked of the meeting with the normal formalities before coming to the resolutions and then invited comments and questions. I started off by stating that I had invested in both the IPO and the placing at the end of last year and I was extremely disappointed with the huge discount of the current placing. I acknowledged that in this case that it may have been difficult to conduct an accompanying open offer for existing shareholders but questioned why I was not given the opportunity to participate in this placing at 5p when my money had been readily accepted for the IPO at 17p and the previous placing at 20p, I added that I now want to apportion blame, was it the fault of my broker, the BOD or Allenby, so needed answers to some direct questions to help me with that. Q: Why the huge discount? A: We wouldn’t have got Charles Street on board without it, they dictated terms, they wanted 29.9% and they were the cornerstone investor, we wanted their expertise and contacts (as well as the cash). They are in regular contact and they will be a bit like unpaid non-execs. We did discuss ways of getting current shareholders involved, but we couldn’t find a way to make it work. [They then commented that the share price was now doing well indicating that the market regarded the placing as good news and that I could have got in at a good price immediately after the placing announcement (8p). In response I pointed out that 8p was 60% higher than 5p so that was irrelevant]. Q: You are issuing 74M shares, the offer document identifies where around 63 million shares issued have gone, what about the other 11 million shares, who has taken them? A: There were 4 other placees (7 in total), two of these were smaller institutions and two were uber high net worth individuals who were invited to apply as we wanted them on board for their expertise. The directors deliberately excluded themselves from the placing so they have suffered the same dilution as other shareholders. Q: So to clarify the remaining placing shares were not offered around the so called bucket shops. A: That is correct. Q: Are any time restrictions on the 7 placees for disposing of their shares? A: No, but they are not the types who flip, besides you can’t flip several millions of shares. The Q&As probably went on for about 20 minutes, and in their expanded answers the BOD did seem very upbeat about the recently announced deals and future prospects. I told them that I was somewhat placated following the Q&A session, but I still intended to vote against both resolutions even though the outcome was a forgone conclusion but at least it would ensure they couldn’t use the word unanimous in the resulting RNS. I reminded them that there was a requirement to read out the proxies after each resolution and it was considered best practice to publish the proxy votes in the resulting AGM RNS. Each resolution received around 14.5m shares in favour and just over 4,000 shares against (I hadn’t submitted my proxies otherwise it would have been more) and I was the only dissenter present at the meeting on the show of hands. After the meeting I had a good natured chat with the BOD and with the representatives from Allenby and Walbrook. When discussing the possibility of any future fund raisings we touched on the subject of the new onerous EIS rules regarding qualifying investors which came in to effect last November, these disqualify an investor receiving EIS tax relief in placings and open offers if they already hold shares in the company which were purchased without EIS relief. We all seemed to agree it was a ridiculous rule. I mentioned that Neville should now do it bit more on the PR with some recorded interviews and investor presentations, he agreed that he had been a bit light on those activities recently and should now do more. During the post-meeting chatter, I overheard one of the directors saying that they should now be out of a closed period, so they should be free to buy shares. It didn’t really sound like a statement of intent to buy shares though, so make of it what you will.
20/7/2016
10:00
theblackswan: Anyone know why the share price has risen so much, given the announcement made earlier this month? Happy that is has though but don't understand why. What am I missing?
Gfinity share price data is direct from the London Stock Exchange
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