Global Marine Energy Share Discussion Threads

[elephants drunk] 17/3/2008 13:04

I think that the 13p refers to the old share issue, present holders get the full monty

[brad1] 17/3/2008 11:35

wasn't the offer supposed to be 16p per share or is the 13p in the rns a typo? If not they are ripping us off!

[chestnuts] 16/3/2008 22:25

Evening all
I heard on the grape vine that company founder is going to have a high position in the new gme/emer listing, company founder is this true?

[cerrito] 04/3/2008 13:25

steve36
your 5549
That is a question I am looking into
Speaking an an amateur, the receipt of cash is not the crucial issue ie you can sell a share on the last day of the trading year and that is still a sale for tax purposes even though the deal has not been settled.
I guess that if you accept the offer on March 21 that will not be a sale because it is conditional on getting the 75% plus other conditions.

I am assuming they will make an announcement this tax year that they have got the 75% which will be the main condition but that there will be other technical conditions to satisfy; the question is if by taking up the offer which has passed the 75% test but which is still not a firm legally binding commitment(ie because there are other technical conditions to satisfy) can be classified as a sale for tax purposes.
I guess I will need to get professional advise but would appreciate hearing from others eager to take tax losses this rather than next year.

[steves2] 29/2/2008 13:23

Does anyone know if we can keep shares or are they looking to purchase all GME shares?

[steve36] 29/2/2008 11:01

Does anyone know when cash would be paid under the offer? I could do with the CGT loss this year!!

[cyberpost] 29/2/2008 09:53

deal done and dusted i would think

[murtceps7] 25/2/2008 20:40

Board readers will be aware of the links between Global Marine (then called MOS International) and Langbar International, the company which claimed to have £365 million in the bank, but did not. As well as Langbar looking to use some of its (non-existent) money to fund MOS, Stuart Pearson and Philip Wood were both directors of Langbar and MOS, Pearson retiring when he took the helm at Langbar.

There is now a civil case before the High Court, whcih is being reported in great detail by the Langbar Action Group on its website. A good read for anyone who invests in AIM companies.

For four days Pearson was cross-examined about his part in the proceedings as he was CEO at the time, though not of course involved in the loss of the money.

However the proceedings of 31st January had an interesting little snippet. The barrister asked Pearson about a proposal for a mr Arad to buy £750,000 of MOS shares and make a gift to Wood of £750,000.

Pearson was asked "Do you recall the money was paid ?" to which he replied "I think it was".

The barrister subsequently said to him "It is a lot of money to give" to which Pearson replied "It was in his capacity as Chairman of MOS and did not have any impact on Langbar"

So it would appear that Pearson, under oath, told the Court that Wood acting as chairman of MOS received a gift of £750,000.

Surely that money should be returned to the Company.

Come on Mr Fitzpatrick, consult lawyers and get our money back.

Copied from another board

[pomp circumstance] 14/2/2008 08:13

Interesting insight as to what Pearson and Wood had planned for the old MOS

Search for MOS on this page on the link

[steves2] 05/2/2008 15:32

Owl - I thought EMER are looking to keep GME listed in London...would there be an opportunity to keep your shares in the new company?

[pomp circumstance] 05/2/2008 12:51

touche!

HK is a formality as major shareholders have already agreed it!

[pomp circumstance] 05/2/2008 12:51

Gartmore left ages ago Owl!

EMER already have bought 29.9% of shares including all of garmores if memoery serves me right!

[pbracken] 05/2/2008 12:49

Interims will have no impact on the deal, owl - take over regs don't allow it. As for Gartmore, it has already sold its shares to, err, EMER.

[the_owl] 05/2/2008 12:46

ssur, agreed.

However the flip side risks are:

1) EGM is pretty near the interims (we know working capital will make delivery difficult) - postponement by even a week would incur risk that interims disappoint, and who knows what schemes may be cooked up behind closed doors to get shares cheap. No wonder Fairfax want to get the deal away fast.

2) Waivers may not be obtained from HK

3) Buying now might find investors left with a 14p-17p/18p spread .i.e. difficult to sell.

4) Buying now with long-term in mind could leave investors with HK listed shares - not sure what EMER's plan is here though?

Be alright for Gartmore et al who probably have a buyer for their shares, but risk profile means on this IMO better be out wishing I was in if/when the action happens, than in wishing I was out.

Difficult to call, but therein lies the punt, the risk & the fun of GME ...
Good luck all.

[ssur] 05/2/2008 11:45

Have spoken to Fairfax who seem to be pulling out all the stops to get this deal through on time.Probably will go unconditional end March early April. Seems bizarre that the shares are at a 15% discount to the offer!

[pbracken] 05/2/2008 08:51

EMER has just confirmed that the deal is going ahead.

[pbracken] 05/2/2008 08:19

GME is a very strong one-way bet in a difficult market - too good a gift horse to look in the mouth, as volvo and pomp suggest.

[volvo] 05/2/2008 07:48

Pomp it was totally OT.Just was showing how the MOS shareholders were just a play thing of Snowy.

On GME and EMER this deal will happen I have no doubt.

I have bought back like yourself and got more recently.In difficult markets a couple 100k gives a 5200 profit in a 6 week period.

[pomp circumstance] 05/2/2008 05:42

Volvo: Agree abot woods. But this is nothing to do with Woods, Pearson, Findlay, Gibson or MOS, GME or Langbar.
This is EMER, they have already bought 29.9%, the majority of their shareholders have given irrevocable undertakings and it should be a formality.
Theyve aldeady spent 3million quid on shares.

my last lot were 13.1p thats as close to 20% as you can get!
My overal position isnt far off break even as i pinched a load of these sub 10p.

[volvo] 04/2/2008 20:13

Pomp you been following Woods through MOS and connection with Pearson and Langbar in the current court case.Lets just say old Snowy was as shifty as it comes.

[pomp circumstance] 04/2/2008 18:26

the documents are nothing to do with the company, they are to do with EMER so dont worry your little head!!

Buy now, 20% profit in 2 months!!! The muppets and impatient are selling, smart investors are soaking it up!!

[murtceps7] 04/2/2008 17:00

LOL... I wouldn't argue the toss over any documents with even the remotest links to this company :-)

[pbracken] 04/2/2008 14:34

steves - the offer document was not 'due today'; it's due on or shortly after 4 February.

brownson - read the announcements before you post; is that too much to ask? I might add that GME - amazingly - has outperformed the market this past 6 months. If that's your definition of foolish trading, more fool you.

[the_owl] 04/2/2008 13:43

Guys,give 'em a chance. There are blizzards in the far east.
Offer docs will be snowed in a post-box somewhere.