|Any news anyone? What happened? i see that Ideagen presented at mello the other evening.
I don't know if this is up to date, but I thought it interesting that David Hornsby appears to still have 'affiliations' with infonic, if it is (scroll down).
Does infonic geo-Replicator still trade anyone, and is there any link with Mckinley Software of Guildford?|
|Hope all are well who were here. Yes, pre-pack administration is still perfectly legal. And cash is king, there's no doubt. Still, if we see the directors here try to refloat, then we can give it the yoomedia treatment!|
|If whats gone on here is not illegal then that is simply ridiculous. For the company to be still trading angers me. I'm entitled to whatever profits it makes. I hope the FSA wakes up and sorts this out (or whatever financial monitoring body the current government puts in).
|Well I think you were unlucky since one would have hoped that a share quoted on AIM would have had some protection from such activities. Appears that no regulation worth talking about exists.|
|Well I've had two shares go really bad on me: Infonic and Bioprogress (aka Meldex).
Between them I lost approaching £100K. In both cases the management were the cause of the company failure IMHO. My own failure was being new at investing on AIM, trusting management, going for blue-sky promises and not having a diversified portfolio.
I'm lucky in that I am slowly recouping the losses but many people got wiped out by Bioprogress/Meldex.
Unfortunately the greatest failure of all was the regulatory authorities, who still do not protect the small investor.|
|Thanks H101. Certainly makes me very wary about AIM shares in general.|
|I doubt anything is being done due to the difficulty of proving anything. There was a web site but I don't know if anything came of it.|
|Any further news regarding the legal action? I lost my total investment.|
|You may wish to read this web site:
There's some discussion about the legality etc.|
|Hmmm, I started trading in May 2007 adnd bought 3 AIM listed companies that have done a similar "trick" - delist, assets aquired by another company, shareholders left out in the cold. Surely this must be illegal?|
|You'd better ask the MD - we no longer own the company.|
|Apologies if this has been posted and answered before but... Is INFC still a going concern with a possibility (albeit very small) that they could relist?|
|Yes and after all that he (Griggs) is still licensed to work as an investment salesman!!!|
|Anyone following the Pac Con angle might be interested in this (scroll down a little to 'Misconduct Details'):
|Through a new, in the literal sense of the word, PR Company and one person described as a writer at Infonic who put out 5 or 6 messages on 10 February 2009 alone, this company is still actively promoting itself mostly on 'free' websites.
If and when I come across any favourable media input of any kind for this company, I won't be freely posting it on here.
For the moment suffice it to say that there have been recent articles which lead to the conclusion that James Adie and Grady Tucker are two of the 'new owners' of Infonic.
|A different company, ATCG, but this shows that if people do feel they have a case, then contacting the LSE might be an option in my opinion.
'The London Stock Exchange has launched an investigation into the collapsed AT Communications following disclosure of multi-million pound accounting discrepancies. A former director of the AIM-listed telecoms group is understood to have written a letter to the exchange raising questions about a number of book-keeping practices. The letter has also been sent to the accountancy watchdog. The move follows the collapse of ATC into administration this month with debts of about £20m. The company was bankrolled by the corporate lending arm of HBOS.
According to the former director's dossier, ATC booked £6m of revenues from BT Group in its last set of full-year accounts, but received only £180,000 and blamed the shortfall on a delay to a key project. ATC is also said to have capitalised the value of credit notes with BT as goodwill on its balance sheet - a practice frowned on by some accountants. Although the group told shareholders it expected to receive £12m in cash from the sale of its Rocom subsidiary, the figure turned out to be £7.5m. In addition, Nimans Holdings, the buyer of Rocom, has lodged a £3.6m claim against ATC under a warranty agreement attached to the deal, and made allegations of fraudulent misrepresentation.
The revelations have angered ATC's shareholders, who have been questioning the cash position for many months. Christopher Mills at JO Hambro, which owned 4.3% of the company, said: "They have either been fools or knaves. Either way, we hope the stock exchange conducts a thorough investigation."
ATC was forced to suspend its shares in June following concerns over its financial position. Cenkos, its broker, resigned prior to its collapse. The group was brought to the market by Daniel Stewart, which also handled subsequent fundraisings. ATC's operating businesses were sold to Daisy Group for £7m the day after it went into administration.'
|egoi - yup v everything postive until 'boom' then oh lets do a management buyout.
there were no warnings etc etc. how were shareholders to know. whole thing doesnt feel good imho.|
|So, they lost £14.4 million in 2008 - have I read that right?
Worth setting agains the £4.9 million interim loss imho.
£9.5 million in six months represents a loss of about an average of £50,000 a day. (Not far off 60p a second!).
Every day, including Sundays!
This despite saying in interims:
'.....We are well placed for continued growth. We took the decision to invest in our sales infrastructure and whilst we did not expect to see this bear fruit in the first half we have seen very positive signs that the strategy is starting to yield.
We are conscious that as we go into a period of economic uncertainty it will be essential not only to grow sales but also to consolidate costs. Plans are already in place to balance the two competing challenges of growth and cost control and we are confident we can achieve this.
Trading in all divisions remains strong and we are currently seeing no decline in customer enquiries. We are hopeful that this trend will continue....'
In the second half there was no profit warning unless I have missed it.
Incidentally, what are the rules about Directors' duties, and dereliction of same, anyone?|
|true but we will not see penny here - basically we have been led up teh garden path by infonic. i hope they are being investigated. it would be nice to see confirmation of this.
no-one seems willing to clear up how they completed an acquisition in 2008, announced quite a few orders and then went bust in jan 08 to be taken out by management one day later. please let me know if my understangin of events is incorrect.
|Interesting news on the 2008 accounts - see infonicplc.com|
|Nice one broomsticks|
|Cops and robbers has never imo been more appropriate than when discussing Corpora/Infonic . Bring on the Keystone Cops to sort out the robbers.
Back to David Hornsby, logic says, no resignation announcement means that David Hornsby still has connections with Infonic, perhaps as one of the 'new partners', in which case the speculations are endless. Perhaps the same pertains to John Butler, haven't heard anything about him for a while.
Someone at Datum International is trying to tell us something. They either have a wicked sense of humour or a very large ego.
Humour or ego, you decide about the motive behind the dates of the two private placings.
1) April 1- April Fool's Day, when £71,000 was raised
2) April 16 - the date of Sir Charles Spenser Chaplin's birth in 1889 this placing raised £230.500 less expenses of approx £13.000
Get the Keystone Cops to locate Lake House Capital Limited or read my post 1333 made on 11 February.
The information is on the Alberta Securities website click on Enforcement Orders. The Keystone Enforcement Order is dated, 22 July 2008.
I would have to guess at the reason behind the conversion of loans into shares by Jonathan Wearing, Chairman,and Les Paul, CEO, of £22,000 into 880,000 shares and £26,056 into 1,042,240 respectively.
Are we being led up the garden path again? Why do I get the feeling that this is a deliberate trail? Who wants the Chaplin restorations?
Has MT got his fingers in this pie? He was a senior manager at Getty Images & Accenture and CFO at Eyestorm Media. And the modus operandi at Datum is reminiscent of the rise and fall of Infonic.
There are more twists and turns in this story than in Miss Piggy's tail.
|Second thoughts on the subject,
If Hornsby does manage to turn Datum International Limited around it could hurt Infonic as it has an emailing archiving software module. I wonder if Hornsby is using his knowledge of this module for Datum International's KnowledgeWorker. I presume that it would not be breaking any Patent Laws if the module was not copied in its entirety but altered in some way, if only slightly.
Let's face it David Hornsby is, imo, a first class salesman and I don't believe him to be too happy with Infonic.
As to whether he was still a Director when Infonic went into administration, I can't find out but I wouldn't think that he was.. I base that opinion on what I consider to be some sort of co-operation between Hornsby and J.M. Finn as both are now with Datum International Limited.
Please correct me if I am wrong.