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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Orchid Dev | OCH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.875 | 1.875 |
| Top Posts |
|---|
Posted at 22/3/2015 17:53 by smithie6 From WRNand BBC article "Four men have already appeared in court charged with fraudulent activity following the investigation into the sale of Rangers. David Grier, 53, Paul Clark, 50, and David Whitehouse, 49, worked for Duff and Phelps - Rangers' administrators." if my memory is correct were Duff and Phelps the administrators for OCH ? were the same people involved ?! if Duff & Phelps are being processed by court system for their part in Rangers....should their role in Orchid administration also be checked to see that nothing illegal there ?? |
Posted at 28/3/2014 12:49 by smithie6 btwinteresting to see that at MET the new bod took the previous bod and advisors to court, in the IoM and won ! receiving almost 3M pnds ! Lessons 1) imo avoid all companies listed in IoM...and Cayman Islands etc etc (since much harder and more expensive for UK PIs to try to get the law enforced on the bod....and UK regulations/law will generally not apply, of course and some dirs. will intentionally register the company there for that reason !!) 2) distrust all directors ....and then only put companies and directors onto an 'OK list' after inspecting 5 years of past accounts and all RNSs....to check that dirs. have acted with integrity....and not 1 example of acting for excessive self benefit (the OCH dirs. awarding themselves a bonus for 2009 when imo no bonus was due, since no actual profit was in fact made, should have acted as a DONT TOUCH signal to all PIs) (by avoiding company shares with doubtful or dubious directors or bods then ones overall portfolio performance over time can be improved imo in last year or two could have avoided large % losses from - Orchid - Mobile Streams - Globo - Cupid etc |
Posted at 04/3/2014 14:40 by smithie6 "accepting the offer from Bellport"so they thought it was worth having 1) Was the action group 'active' ? eg. did they approach possible buyers ? did they lodge a request with the court to cancel the 2009 dirs. bonus payment as false/illegal ? 2) Why did the action group act so secretly and not post any updates on this message board (the most popular one for UK investors in OCH) ? 3) What did the dirs. buy and how much did they pay ? 4) No interest in lodging allegations vs the dirs. for illegal conduct ? ...conducting the co. for their own benefit and not for shareholders, as reqd. by the law ? ===== Repeated reminder to myself - avoid any company involved with Shore Capital - avoid any company where the dirs. are overpaid - avoid any IPO where the issuing broker is selling in the IPO ! (Shore cap.) - that London markets are a bit like roulette !.....honesty and integrity of dirs. ...often is lacking. |
Posted at 23/1/2014 18:08 by smithie6 Here are contact details for the London administrator.Is anyone willing to pick up the phone and make a call ? (they have not replied to an e-mail enquiry asking for some basic info) Imo shareholders have a basic right to be given occasional basic summary information about what is happening to the company while in administration either via an RNS (which never happens, I assume since no longer paying to AIM market) or from the administrator (I understand there are 2, the other one being in Bulgaria noting they are acting under orders from the High Court in Cayman Islands... which uses laws based on UK law...and the UK Company Act ) Michael Norejko Zolfo Cooper | 10 Fleet Place, London EC4M 7RB t: +44 (0)20 7332 5128 | f: +44(0)20 7332 5001 www.zolfocooper.com mnorejko@zolfocooper ------ I note that an administrator will try to save the on-going business if he can...and the jobs involved in it....or a reduced part of it. I think there is an administration stage...before a liquidation stage might happen. In administration stage, I think the company is protected from creditors while the administrator tries to save any saveable parts of the business. In some cases a company can come back to normal operation from administration....ho so, whatever happens will I assume depend on whether those banks want all their money back now, if loan conditions have been broken, or can delay... and whether anything can be sold...to provide cash to the bank...and whether any such sales can be at higher amount than the corresponding loans. According to the accounts, some parts of the co. have no loans on them....and are assets for the shareholders.... however, if so, the dirs. debt would have to be paid from that first.... before shareholders I understand they were claiming around 3.6ME...and now about .6ME higher if still employed. 4.2ME |
Posted at 11/12/2013 21:23 by neilyb675 ????OCH action group came to nothing ?? |
Posted at 15/12/2012 19:47 by markt Accountsimo it is quite straightforward (great crystal ball I have here !)....although my opinion could of course be wrong OK, here goes the dirs wanted to raise the money to benefit themselves ....but also to try to put the money into the accounts and then declare that the co. was a going concern I understand that if a company is not a going concern...then I guess it must talk to its creditors if it has any...and the creditors decide what happens next.... so, since OCH is now in winding up mode ..of some sort....imo I would assume that the accounts can now be issued...but will state - that the co. is not a going concern...and has debts...and has to call in an administrator and seek agreements with creditors etc etc - that a request for X euros has been received from the dirs. (imo this could be for 1.5M-2.5ME, depending on whether it asks for the money from the capitalisation shares awarded in Feb) - that including that debt that the overall debt at OCH Plc level is Z and that a list of creditors will be given, including workers salaries, AIM, auditor,.....and the administrator ! etc ---- and that soon a name will be published for who the administrator will be ..then I would guess that we have to wait X weeks for the administrator to look at the papers and talk to creditors ...and make a few calls to see if anyone wants to buy any OCH assets....and talk to IIs and that based on that info/status that the administrator will decide his plan... --- If the PIs achieve to form a solid group, with a resolution/charter that each person commits their shares to support, then I think that we can communicate to/from the administrator.....as can the IIs. And in any communication with the A. we can try to influence his decision(s) by making specific points or suggestions. Whereas the administ. would probably refuse to talk to one small PI. --- If a group of all PIs or just a few PIs wanted to make cash offers for any OCH assets, to the A. then I think they could. But unlikely to happen in my opinion since would involve legal papers...and travelling out to Varna, and most people would not be willing to devote that much time or new cash. But who knows, there may be 1 or 2 big fish in the PIs with spare cash. --- If anyone wants an apartment in Varna hills, Sofia Hills or Orchid Gdns.... I would assume that the administrator may well accept low price offers at present if there is quick 100% hard cash to back it up. --- Note, imo the ring fenced divisions are ring fenced with respect to each other...and if they went bust then they can not make OCH go bust... BUT a creditor at OCH level can access any assets in a ring fenced division company, since OCH owns them, in that direction there is no fence ! ..so the dirs. have a call on the hotel value etc if there is no cash in OCH plc to pay them. |
Posted at 05/12/2012 15:02 by markt R & TAs far as I can see 1) the dirs. propose to tranfer OCH assets from shareholders to themselves in return for their exorbitant salaries these assets include assets in 100% owned subsidiaries with NO DEBTS *1 What arguments can you put forward to say that that is a good thing for shareholders to vote for ? I have given my arguments and reasons. ---- I note that in FEb. you said that people should vote YES to approve the bonus scheme and capitalisation rules. (5.5M shares. if OCH sold for 2p/share then those shares are paid at 20p- 2p. (20p will be changed if more shares issued) There are many many new capitalisation shares to be issued if people vote yes. imo NO SHAREHOLDER, NONE, except me and perhaps 1 or 2 IIs, is aware that the new capitalisation shares (and those to be issued in future) will also be subject to the Feb. rule ref. 20p-2p approx. 30M shares for 2012 salary approx. 30M shares for remaining part of 2009 bonus of 0.6M approx. 30M shares for 2013 salary imho it is a trick and dirs. can perhaps buy the remaining part of OCH and via the 20p-2p rule ...it may be that it costs them nothing. The benefits schemes are all so complicated.....it looks like a pre-planned scam imo. but if shareholders vote yes for it, then it will be very very difficult to take legal action later on. ---- R & T imho you should either - wake up and see the reality ! or admit - you are part of the circle of directors friends and that you know you are not telling the truth....because you will benefit if the decision goes a certain way ---- imho R & T you are arguing that shareholders should take a particular action because you are an insider....and that you may personally benefit from PIs taking that action, which imho is breaking the law. ---- *1 In the past I have said many times that there are no debts for some of the subsidiaries. This is not fully correct in some circumstances. The subsidiaries are assets owned by OCH PLC. Hence if OCH PLC (not its subsidiaries) has any debts or expected debts (such as salaries of workers, office rent, dirs. salarie) then OCH PLC would probably refuse to demerge these assets until after their own wages etc were paid. --- If OCH is bust because it has mega debts and can not pay suppliers (ref. offer doc.) ...and court orders are seizing apartments (ref. offer doc.) to pay 1 constructor who was not paid... and the dirs. "state" that the "assumptions" for OCH to continue as a going concern "even" if the share offer happens !!!! "include" that - OCH will NOT pay its suppliers/contractor - OCH will NOT pay cash to its dirs - OCH will NOT pay its loan installments for the GM - OCH will NOT pay its loan installments for Orchid Gdns - the share offer will transfer control of the co. to the 2 dirs. - the share offer will transfer assets from shareholders to the 2 dirs. - the share offer doc. is factually FALSE imo. (eg. 64% should be 73%) - resolutions are blackmail/extorsion - the record of the dirs. at OCH has been a disaster - the claimed profit of 30M in 2009 did not imo ever happen - the claimed NAV numbers are NOT true imo. especially for the GM (stating a NAV of 137ME is imo illegal, misrepresentation of the truth) then there is no way that I want to put in more cash. It appears that if any one of the assumptions in the offer doc., and given above, is not met "at any time " then it appears that OCH goes into administration. Or even that AIM may not allow OCH to be re-admitted due to major doubt about its financial position, eg. offer doc. that OCH can not and will not pay suppliers/contractor But each person has to investigate and decide for themselves. Some people who paid 100p/share or 40p may want to average down. Who knows. (my apologies to everyone for my posts often being so long !.....I cant help it !) |
Posted at 02/12/2012 19:22 by markt My views on investing more money or not into OCH.(in case anyone is interested, since I have been posting so much about OCH...and reading the paperwork etc) 1) At this moment I dont plan to put 1 more penny into OCH. Largely because I do not trust the dirs. (an important point if you want to invest) Also I think an organised scam is going on, to divert the assets of OCH into the hands of the 2 exec. dirs. imo a high risk that OCH will not be re-admitted to AIM. Up to AIM, not OCH. high risk that OCH would be suspended again, or go into administration or all or of division(s) at 1kE/working day to each exec. dir. I think that the assets of OCH will continue to go to the dirs. from the shareholders the dirs. may/will control the co. in practice...and I see that as especially negative imo one should invest more in one's winners and cut one's losers OCH keeps absorbing/taking more money from shareholders and returning none ! the GM is worth zero imo to shareholders the offer doc. says that it expects Orchid Gdns to be taken by the banks 2) I repeat this point. Largely because I do not trust the dirs. 3) I can understand that different people may have different views. Someone that paid say 100p/share may want to take up the offer at 2.25p in order to bring down their average price/share. Perhaps partly as a 'punt'. If they bt. 100k shares at 100p = 100k pnds then they could spend 2250 pnds to double their holding, ie. peanuts relative to their original 100p/share. 4) Some people may hope that the dirs. will be able to sell a lot of apartments and offices in Orchid Gdns and make a profit relative to 20ME debt on it...and that PIs may get some cash. On other hand, they appear to have been able to sell almost no apartments/offices so far. And the share price of 2p would indicate that the mkt does not expect it to happen. There is no information in the offer document to say they have any sale contracts in place. They have had 18 months to make sales and nothing has happened. 5) OCH could of course pull a rabbit out of a hat. But at present there is no information which infers that. (the offer doc. even says that they cant pay their suppliers...and that it is assumed that for OCH to continue as going concern....it is assumed that OCH will CONTINUE NOT to pay their suppliers !! 6) THe offer doc. makes mention of payments to staff and managers. It looks imo like preparing a thank you payment to staff....before closing up. 7) If there is ever any pay out to share holders....imo ..it looks like the dirs. are preparing so that they own as much as possible of OCH...and have 1st mortgages over OCH assets like land....to minimise what goes to shareholders and maximise what goes to them ! That does not encourage me to put in 1 more penny. 8) The offer process seems imo to use the money just to pay the dirs. (via cash or via shares) I am not interested in putting in any money to do that ! 9) the dirs. have woven a web of bonuses and conditions for themselves.....which are the most intricate and complicated that I have ever seen .... that puts me off investing 1 more penny 10) Personally I think the voting will be NO...so I dont think the share issue will proceed. (I hope it wont, I hope that OCH will replace the bod, do bonus issue to shareholders of shares in the hotel and the land companies (no debts), and whether OCH survives or not is just in the hands of the banks) 11) OCH and its shares are now tarred/marked imo...and with these 2 dirs......it is possible imo that the mkt will not touch OCH shares unless there is an RNS that says " in 2 weeks we will send each shareholder x p for each share" or some other wonder RNS. ---- Everyone has to make their won decisions...and officially, perhaps seek advice from professional adviser. Of course I dont know what will actually happen at OCH in the future. NAG DYOR |
Posted at 30/11/2012 18:53 by markt R & Thow the dirs. receive their 73% of shares if other shareholders do not take up any is quite simple imo, if you do some research and I have explained it 3 or 4 times already I think hmmmmm I explain it ....again ! ------ 20% in the IPO, imo for free. 20% of IPO value of approx. 60M. Hence 12M pnds. 8-10% as free shares as a bonus for claimed 30M profit in 2009, imo no 30M profit was made so 30% so far, without imo paying any cash 43% in this offer, in return for salary etc (from 64% to 73% can be rthe day after the EGM or within a few days, dirs. can issue the new shares to who they want , when they want.....and OCH needs money....so can issue to themselves & no one can complain) = 73% 0.6ME 2012 salary 0.6ME 2013 salary 0.6ME debt for cash not yet paid from 2009 bonus (see offer doc.) 0.6ME 12 months notice on employment. liability/debt. 0.1-0.2 loan to OCH = 2.6ME, in return for 43% of OCH = 24ME of NAV if you believe the accounts 2.6ME of salary in return for 24ME of NAV. Just in the hotel and land, 43% equals 8ME of assets with NO DEBT. 2.6ME mostly from salary in return for 8ME of assets with NO DEBT AND 43% of the GM and 43% of Orchid Gdns and 43% of Varna Hills and 43% of Sofia Hills..... If the dirs. do NOT get 43% of the shares...then they could if they want ....produce a 1 or 2 RNS that OCH is having hard time and marginal as to whether OCH can continue to operate and stay listed, or that considering to cancel listing on AIM. If so, NO ONE, NO ONE !, would touch the shares and the share price would fall/crash imo. Then do a new share issue in Jan/Feb at 0.5p per share or 0.2p, 250M shares; and only the dirs. would want to take part !! (eg. in return for the debt of 0.6ME from the bonus or maybe 50 quid would be enough at 0.2p/share !) And then have around 90% of the company... and then do a demerger of the hotel company and the land assets ....and they would own 90% of those assets...and of the GM and Orchid Gdns. If the dirs. want.....they can get ownership of most or all of OCH. They are doing quite well in owning large part of OCH, and about to increase that. I dont expect it to stop !! if they were dedicated to the benefit of shareholders...then the resolutions would not appear like blackmail, "you will allow the dirs. to buy large amount of OCH just for their salaries or we will put the co. into administration" !! imo if shareholders get anything out of it, X years in the future, it will imo be crumbs...while the dirs eat the cake on the table above us. (the cake could just be the hotel and the land assets; whether the GM and Orchid Gdns etc will get taken by the banks, we dont know, an accountant + Varna estate agent perhaps could work it out !) The offer would/could raise approx. the same amount of money. Hence imo the offer is a waste of time for OCH, it does not generate DECENT amount of cash that will make much difference to OCH. (I also wrote this months ago, in my example calculations of share issues for OCH, arguing that any share issue would be a waste of time since impossible to raise any money that would be worthwhile/significa ---- BTW if Bellport, or anyone else sold the shares of OCH short from the time of the IPO, knowing it was over valued by a long way.... sell at 90p and buy back at 20p say..... you would make 70p/share. if done from a tax haven, such as Cayman Islands, (where Bellport and OCH are registered)......the ---- R & T please also read my post about Inland Homes. INL shareholders there are not happy apparently some similarities to the situation at OCH. note, it is not a case from 7 years ago it is now, AGM was on 27th Nov. dubious goings on are quite common on AIM and the LSE |
Posted at 30/11/2012 18:26 by markt BTWImho the situation at OCH is not uncommon for listed property companies !! It looks to me like the situation at Inland Homes (INL) is very similar to OCH. - Excessive or very high director salaries -excessive bonuses - excessive IPO valuation - excessive value apportioned in the IPO to the existing assets of the company (well, that is largely the investors fault, unless the IPO doc. is misleading, sadly 90-100% of IPO documents are misleading imo, and give a very optimistic image of the company and its future. The regulators belong to the brokers, dont forget !) - annual accounts with little or no information in the important parts, keeping shareholders in the dark There is a recent critical article from Investors Champion. Hopefully they dont mind me copying some snippets here. Investors Champion, great website, you really should visit it ! www.investorschampio (I get articles, pdf files from them at no cost. much appreciated, thanks.) here is are snippets from their excellent article about Inland Homes, many similarities to the continual demise/fall of OCH since its IPO "We have learned that shareholders at Inland Homes are preparing to question the trading performance and Directors remuneration at the forthcoming AGM. We have taken a closer look at Inland and have unearthed some interesting facts about the value of its shares and their apparent "loss of value"." "In addition to this they were also entitled to a number of very generous benefits and an annual discretionary bonus, up to a maximum of 100% of basic salary. While one can be critical of the generosity of the remuneration package, especially for a business so small, it was there in black and white for all to read right from the outset. This also pails into insignificance compared with the equity stake that had been engineered from private company to listed status for a relatively small cash outlay and for little of true value being added". "This suggests a 'real' loss in value in net asset terms of only 20% which compares with the share price fall of over 60%. The 'gap' in value is effectively largely represented by that premium uplift on IPO - the shares were simply too expensive in the first place!" SAME AT OCH imho. "- Pre-ipo valuation Prior to the AIM flotation the value per share of this small untested business rose swiftly from 10p to 35p and then to 50p over 18 months. It's hard to justify the 42% uplift from 35p to 50p when clearly so much was still in progress. One wonders what questions new shareholders asked of management before investing" same at OCH imo "Despite this business being all about the future 'potential' and with only a limited trading history a pre-ipo value of £33.58m was achieved when the net assets were only £14m, an uplift of over £20m." Same, well worse, at OCH imo. (OCH IPO valued 5M of NAV (16M assets and 11M debt) at 40M ! and raised 18M, to have cap of approx.60M) (there's a fool born every minute imho !, many of them bought into the OCH IPO !) --- "only 6 lines of narrative can be linked to this £43.8m; by comparison one whole page is devoted to 'charity work'. Until investors are provided with the composition of this figure it's surely very difficult to value this business with any accuracy!" same at OCH imo. "In addition to this they were also entitled to a number of very generous benefits and an annual discretionary bonus, up to a maximum of 100% of basic salary. While one can be critical of the generosity of the remuneration package, especially for a business so small, it was there in black and white for all to read right from the outset. This also pails into insignificance compared with the equity stake that had been engineered from private company to listed status for a relatively small cash outlay and for little of true value being added." same at OCH imo. "We appreciate that in the heady days of 2007 many IPO's attracted rich valuations, however, these were largely in respect of businesses that had a longer trading history and had achieved more. In the instance of Inland a great deal of value was attributed to the 'reputation' of the senior management before very little had been achieved with the current business. In management's defence, although funds had been secured before the financial crisis took hold, the market environment obviously then deteriorated substantially and commitments had already been made for land purchases." "Hopefully more will be revealed to those attending the (Inland Homes) AGM on 27th November, it's likely to be eventful!" |
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