Global Natural Energy Share Discussion Threads

[steve36] 19/2/2009 22:12

Dell boy it is, nice one kooba

[kooba] 19/2/2009 22:02

every vote will count here due to the makeup of the share register so every p.i. voting against all resolutions could make a big difference and result in shareholders getting back close to the asset value rather then being locked into a value trap that is the ratcliffe high income [for him!] investment trust.ratcliffe..trust me i know what i'm doing because i've managed to convince the nomad [that i'm making big fees for] and the old board [who i'm giving generous loss of office settlements to] just because i have zero evidence of any ability in the field that i am proposing should not put anyone off giving me a second highly paid job just to find out!

his main claim to fame is that some ten years ago he had a job with dell...his actions within this company make him look like a real chancer...bit like dell boy??

[topvest] 19/2/2009 21:38

I agree as well. Thanks forsharing the letter. I've already voted no. What we need though are some large shareholders behind this. Do we know what the larger holders are intending?

[longshanks] 19/2/2009 21:37

An open letter to shareholders is the only way to get adequate publicity.

Having said that, it would potentially be a nice little news item for the press bearing in mind that "Greedy Directors" are almost as hated at the moment as "Greedy Bankers". A story like this could run quite well and bad press might see JO Hambro/Stewart Pierce running for the hills faster than you can say "FSA scapegoat".

Whilst I'm now out - I'm tempted to buy back just so as I can join the fun.

[chrismez] 19/2/2009 18:26

Yep - very good indeed Simon. Thank you.

Edit: May sound naive but is there any way we can require the board to place Moss's letter on the GNE website - it would after all be exactly the same as if the letter was sent to all of GNE's shareholders and considerably cheaper?

[giovannina] 19/2/2009 16:59

Thanks Simon I couldn't have put it better myself....:0)

[model635] 19/2/2009 16:58

The battle begins!

[model635] 19/2/2009 15:44

Screen working OK again - price unchanged!

[model635] 19/2/2009 14:21

screen wonky looks like GNE went up - modern technology!!

[privileged] 19/2/2009 12:37

Spoken with TDWaterhouse. They are going to send me the relevant information they have received to enable me to either attend the meeting or vote.


I would urge all other investors to do the same if held in nominee accounts to enable them to vote as they wish.

[giovannina] 18/2/2009 19:21

All done for me guys, my broker at 0800shares said she's going to deal with the matter although she has not received any communication from GNE yet but I pointed out to her the download on the website and she reassured me my vote of no confidence to all four resolutions will be represented. Spoke to a nice lady at Seymour Pierce and she reassured me that Sarah Jacobs (not in the office today) will answer all emails and even come back to you if you leave your phone number. [e-mail]

[nod] 18/2/2009 19:04

The AIM rules cover what GNE is going through but does not state that 75% of votes are required. 75% of votes are required only for takeovers and cancellations. It looks like a majority is all that is required for other items.

Disposals resulting in a fundamental change of business

15. Any disposal by an AIM company which, when aggregated with any other disposal or disposals over the previous twelve months, exceeds 75% in any of the class tests, is deemed to be a disposal resulting in a fundamental change of business and must be:
♦ conditional on the consent of its shareholders being given in general meeting;
♦ notified without delay disclosing the information specified by Schedule Four and insofar as it is with a related party, the additional information required by rule 13; and
♦ accompanied by the publication of a circular containing the information specified above and convening the general meeting.

Where the effect of the proposed disposal is to divest the AIM company of all, or substantially all, of its trading business activities the AIM company will, upon disposal, be treated as an investing company. The notification and circular containing the information specified by Schedule Four convening the general meeting must also state its investing strategy going forward.

The AIM company will then have to make an acquisition or acquisitions which constitute a reverse takeover under rule 14 or otherwise implement the investing strategy approved at the general meeting to the satisfaction of the Exchange within twelve months of having received the consent of its shareholders.

[nod] 18/2/2009 18:56

As an IT consultant, I've never understood that excuse for Microgen's strategic failure. The Internet doesn't impede the hosting of large corporate databases. The Internet is just the protocol to connect A to B. Large corporate databases are accessed via direct connections or via secure Internet connections and the large corporate databases are stored in Oracle, SQL, etc. not on the Internet.

In fact, I would say the opposite has ocurred... the Internet has enabled more oustourcing of applications and databases rather than less. I think the failure was that Microgen didn't know how to offer this service.

[model635] 18/2/2009 17:39

Imagine what he could do as an investment manager!!

by Real Business - Thursday, 30th August 2007

Microgen..... It's run by Martyn Ratcliffe, a Brit who climbed to the highest ranks of Dell before leaving in 1998 to buy a big stake in Microgen and become its chairman and chief executive. His big plan back then was to provide outsourced hosting of large corporate databases, to succeed Microgen's traditional business of microfiching. But the plan was washed away by the emergence of the internet. Between Ratcliffe's arrival and 2001, withdrawal from and shrinkage in the microfiche business reduced sales from £60m to £20m. It's the start of a new beginning.
Adviser: UBS

[kooba] 18/2/2009 16:38

steve36 great spot am doing some checking.

[guru] 18/2/2009 16:03

For information to anyone who uses Halifax Share Account. I asked them how I can vote at the meeting.

I have just had notification from Halifax that they have registered me to vote and I will receiving the papers directly to vote.

It took about 3 days for them to process my request.

Regards

[model635] 18/2/2009 15:14

kooba - did you get my text?

[goml] 18/2/2009 15:07

steve36, that's interetsing. kooba, any thoughts on steve's point?

[model635] 18/2/2009 15:06

steve36 - That's a point that has been bothering me. How can Resolution 1 only be a general resolution when it means a radical change of direction and structure of the company.Of course Ratcliffe knows he wouldn't stand a chance if it was.

[kooba] 18/2/2009 14:59

anyone with concerns over the actions of the board or nomad can always make their thoughts known to the aim team or copy them in for any letters to seymour pierce.

[e-mail]
tel [phone]

they are there to ensure fairplay i would have thought and i can't help feeling the dice have been loaded here.

[steve36] 18/2/2009 14:27

I am not a lawyer but I am wondering if the resolutions proposed for the general meeting should in fact be special resolutions requiring 75% of the votes rather than 50%. Morally, there is no doubt that a complete change in strategy of the company should require a greater voting threshold than a change of name but under Company Law, the latter requires a special resolution but the former I believe does not.

However, it is open to a company to prescribe additional requirements in its articles and Article 18.1 of GNE's Articles of Association state:

"All business that is transacted at an annual general meeting or at a General
Meeting shall be deemed special, with the exception of declaring a dividend, the
consideration and adoption of the accounts and balance sheet, and the reports of
the Directors and the auditors and any other documents accompanying or annexed
to the balance sheet, the election of Directors and the auditors and the fixing of the remuneration of the Directors and the auditors."

The articles themselves can only be changed by special resolution and therefore if 18.1 does mean what it appears to say then 75% would be needed to pass any of the four proposed resolutions. Any views? Another question for share price or one for the company?

[model635] 18/2/2009 13:53

Perhaps I should ring British Airways and say I've secured nore than 50% of the votes so I'm taking over.I'm sure they won't ask for proof!