Jessops Share Discussion Threads

[25babies] 21/1/2010 11:50

All remaining shareholders should watch the Dead Parrot Sketch

[tonysss13] 21/1/2010 11:43

Jessops plc
21 January 2010


JESSOPS PLC
Registered in England and Wales, Registration No. 4487170


ANNOUNCEMENT OF EXTRAORDINARY GENERAL MEETING RESULTS
AND CANCELLATION OF SHARES


Following the Extraordinary General Meeting held earlier today, Jessops plc (the
"Company") announces that the following resolutions were duly passed.
Extraordinary General Meeting resolutions as per notice of Extraordinary General
Meeting:
+----+------------------------------------------------------------------------+
| 1 | Special Resolution: That the Company be wound up voluntarily. |
+----+------------------------------------------------------------------------+
| 2 | Ordinary Resolution: That Mark Jeremy Orton and Jeremy Simon Spratt of |
| | KPMG LLP, One Snowhill, Snowhill Queensway, Birmingham, B4 6GH, be |
| | appointed as joint liquidators of the Company (the "Joint |
| | Liquidators") for the purpose of such winding up and that any power |
| | conferred on them by law or by the Company be exercisable, or any act |
| | required or authorised under any enactment to be done by them may be |
| | done, by both of them jointly or by either of them alone. |
+----+------------------------------------------------------------------------+
| 3 | Ordinary Resolution: That the remuneration of the Joint Liquidators be |
| | fixed at their normal charging rates according to the time properly |
| | spent by them and the members of their staff in attending to matters |
| | arising prior to and during the winding up of the Company (including |
| | those falling outside their statutory duties). |
+----+------------------------------------------------------------------------+
| 4 | Special Resolution: That the Joint Liquidators be authorised under the |
| | provisions of section 165 of the Insolvency Act 1986 to exercise the |
| | powers laid down in Part 1 Schedule 4 of the Insolvency Act 1986. |
+----+------------------------------------------------------------------------+


As a result of the passing of the first resolution above, the Company announces
that the listing on the Official List of the UK Listing Authority of the
ordinary shares of 2.5 pence in the capital of the Company will be cancelled
with effect from 8.00 a.m. on 22 January 2010.


For further information please contact:
Brunswick GroupTel: 020 7404 5959
David Litterick

[typo56] 20/1/2010 15:34

Do nominees bother voting? Don't they just let the board decide? Eg I can't see Selftrade going out of their way to do any more than minimum paperwork. Anything for a quiet life.

[spectoacc] 20/1/2010 14:32

He'll very obviously be short, no one with even a rudimentary knowledge of the markets would be long JSP.

However - with so many shares in the hands of nominees, it's going to be interesting to see which way the vote goes. Do turkeys vote for Christmas?

[brando69] 20/1/2010 11:48

How many shares are you holding Mr Cawkwell?

Are you still in NXS and FRR btw?

[simon cawkwell] 20/1/2010 09:05

Gentlemen,

I wonder if some public-spirited individual could get hold of David Litterick of Brunswick, JSP's PR man, and ask him for the date of the 0.097p payout. I expect it should be very soon since this MVL is absolutely clean.

I have just tried but he is not at his desk. The number is 020 7404 5959.

Simon Cawkwell

[typo56] 19/1/2010 16:06

The shops aren't anything to do with Jessops PLC.

I really think Jessops PLC should have changed their name to:

Only_100k_in_the_bank Plc

or some such. Save the confusion.

[knitcraft] 19/1/2010 16:04

The shops are now in a private co and will carry on .......for time being.

[spennysimmo] 19/1/2010 16:03

Quick question. No more trading in Jessops and delisting but are the shops closing down. Is the business a gonner?

[dilly4] 19/1/2010 16:00

who know's!!

[envirovision] 19/1/2010 15:56

NOT LONG NOW

[spennysimmo] 19/1/2010 15:56

dilly4 - 19 Jan'10 - 15:46 - 3488 of 3492

some people can't read.some clown just bought in for 702k .. Now he has 45 mins to sell or...

Are you sure that wasn't covering a short position and taking huge profits?

[dilly4] 19/1/2010 15:52

40 mins to leave the ship or keep on playing the music.702k at 0.4 ,must be 80k down already.

[brando69] 19/1/2010 15:49

It's known as the Nero Option :-)

[spennysimmo] 19/1/2010 15:48

This reminds me of the scene in Titanic where the musicians in first class decide to carry on playing while the ship is sinking. Know what I mean?

[knitcraft] 19/1/2010 15:47

Old GM shares make unlikely resurgence
By Bernard Simon in Toronto

Published: January 18 2010 18:02 | Last updated: January 18 2010 18:02

The old General Motors died in a US bankruptcy court last summer. But its shares remain very much alive.

So alive that as the rest of Wall Street took its biggest tumble of the year on Friday, shares of the old GM, now known as Motors Liquidation Company, gained another 3 per cent, giving the legacy company a market value of close to $500m.

EDITOR'S CHOICE
GM pumps $930m more into Opel - Jan-15GM gears up for overhaul in Europe - Jan-13Interactive: Revamping GM - Dec-02In spite of repeated warnings from the restructured GM, the Securities and Exchange Commission and others that the shares are worthless, Motors Liquidation has surged from 47 cents at the start of the year to 77 cents on Friday. Someone has made a tidy killing.

Motors Liquidation, which remains in Chapter 11 bankruptcy protection, holds about 200 properties and more than 500,000 contracts abandoned by GM during its court-supervised restructuring.

The winding-down is expected to take several years, and liabilities are sure to dwarf whatever is raised from asset sales.

"It's been a challenge to get through to people that these are not shares in the new company," GM said.

The Motors Liquidation name was adopted as part of the effort to distinguish the old and new GMs.

The new GM is a private company, with almost three-quarters of its equity held by the US and Canadian governments, and the rest by a union healthcare fund and old GM bondholders.

A public share offering is possible later this year, if all goes well.

Cromwell Coulson, chief executive of the Pink Sheets over-the-counter market where the Motors Liquidation shares trade, identifies three groups that have kept the pot boiling.

With 611m shares outstanding, Motors Liquidation is an obvious target for day traders, who aim to make a quick profit from heavily traded, volatile counters. More than 10m Motors Liquidation shares changed hands on Friday.

Mr Coulson also singles out investors who sold short as GM headed for bankruptcy last year and must now cover their positions.

Finally, some investors, it seems, have yet to get the message that the shares are worth nothing.

"[Motors Liquidation] could discover oil on one of their properties, weird things can happen," Mr Coulson says sardonically.

"A market can't regulate the intelligence of investors."

[dilly4] 19/1/2010 15:46

some people can't read.some clown just bought in for 702k .. Now he has 45 mins to sell or...

[homeboy35] 19/1/2010 15:43

last one out switch the lights off

[brando69] 19/1/2010 15:41

how this has remained 'in play' for the last few months, with people buying shares, will forever remain a mystery to me, when the writing on the wall was writ large in luminous marker pen for all to see.

[dilly4] 19/1/2010 15:36

And yet 2.4 million pounds of trades...Can't see where the money was to be made being the selling price has remained virtually the same for 2 days.

[typo56] 19/1/2010 13:41

Last chance to sell. Suspended at 07:30 tomorrow and delists on Friday. Then receive 0.097p per share, perhaps.