RCG Share Discussion Threads

[boadicea] 23/4/2012 16:06

Still at it, I see -



... and what if the shareholders vote against the Conversion issue at the SGM - as has happened with earlier company initiatives?

[hugepants] 22/4/2012 19:17

That photo should be in page 1 of the annual report :)

[mister md] 18/4/2012 13:33

7 of them are doing the w*nker gesture. Reassuringly one of them is giving a 'thumbs up'. Though thats his visible hand, with the other he's probably doing the same as the rest :)

[verulamium] 11/4/2012 22:28

Perhaps they've been using the ticket printing machines they bought for £100M to print lots of nice HK$s?

[boros10] 02/4/2012 22:34

and these acquisition were never reported to shareholders. Why spend their fast reducing cash balances on small stakes in other often unrelated businesses. Just another opportunity to strip more cash out of the Company.

and the first mention of the disposals of Vast Base and Best Chance. Those two acquisitions of shell companies costs investors ove £100m.

[hugepants] 02/4/2012 21:11

Some of the acquistions mentioned in the results look a bit iffy.


"..On 17 June 2011, the Group invested in 6.0% of the ordinary shares of Hero View Limited for a cash consideration of HK$19,200,000. Hero View is a manufacturer of fructose in PRC..."

Fructose?

[typo56] 02/4/2012 20:57

Sadly the SCAM ticker is already taken. I assume the guys at Scottish and American were having a laugh!

[hugepants] 02/4/2012 19:28

Verulamium - 30 Mar'12 - 10:36 - 45287 of 45292

...You get the feeling that they could release an RNS stating "we are an out-and out fraud" and they'd still retain their listing...

Absolutely.

[melton john] 31/3/2012 10:58

I think they were meant to do this but as usual got it all wrong.

I did notice one positive in the results, they reduced the income tax by 75%, I bet they thought that was a result.

[dreggspicker] 31/3/2012 08:55

Are they doing masturbation signs, or going to have a punch-up with shareholders ??

[stegrego] 31/3/2012 08:04

I'm thinking of starting up an AIM company.

It's going to be 'A company for carrying on an undertaking of great advantage, but no one to know what it is'

Anyone wanting to invest in SouthSea.com, please let me know. If it goes well, I intend to float in HK within a year.

I'm only intending to pay myself a modest £500,000 a year with an annual bonus of stock options if the company manages to still be listed each year.

[elban] 30/3/2012 14:09

zangdook

Do you still not believe that the money went back to Mr Chan?
[Or as you would call him - Mr Tony.]

[verulamium] 30/3/2012 10:36

Indeed taffee. You get the feeling that they could release an RNS stating "we are an out-and out fraud" and they'd still retain their listing, and there'd still be someone coming on here with an investment case.

Anyway, for old time's sake - here's Mr Zeng celebrating with a few mates at Eramen(including Alan Carr)

[taffee] 30/3/2012 09:43

the fact this company still exists on an exchange gives me no confidence in stockmarket anywhere in the world

[zangdook] 30/3/2012 03:45

He isn't still wittering on about the non-existent 'Mr Zeng' is he?

[arthurly] 30/3/2012 01:31

I think we all know who 'Mr Zeng' must have been, ELBAN !

[elban] 29/3/2012 23:16

Those companies were bought at a cost of about £100m - and contained nothing but the contracts to supply RFID devices and support.

Obviously these contracts either never existed, or were never honoured.
Several tens of millions went to a Mr. Zeng - apparently for two or 3 introductions.
The clearest fraud you are ever likely to see.

The Statements in the accounts are comical.

[stewjames] 29/3/2012 22:28

If those companies were truly dormant, why did they get *any* consideration for them?

Or is this another case of screwing shareholders in both directions as looks possible with some of their other dealings by first grossly overinflating the purchase price then giving the business away for next to nothing years later?

[scburbs] 29/3/2012 08:32

Quite impressive (even for RCG) to achieve losses larger than turnover and to have an increase in trade receivables (they have risen if you add back what has been written off) off the back of a 54% fall in revenue!

If the company were a real business performing according to its financial accounts then it should have been generating lots and lots of cash as the business shrunk. Instead all of those previously reported profits are now all being written off (probably with more to write off next year!).

[verulamium] 29/3/2012 08:22

Sithuk - you sound surprised. Did you ever think Vast Base and Chance Best were genuine investments? Their final sentence should read "the two companies were virtually dormant at the time of acquisition, for all the time RCG owned them and at the time of the disposal".

[sithuk] 29/3/2012 07:19

Didn't they pay a significant sum for Vast Base? Where did the money go? What was the shareholder's return?

"On 30 November 2011, the Group disposed it indirectly 80% owned subsidiary, Vase Base Technology and indirectly wholly owned subsidiary, Chance Best Technology for an aggregate consideration of HK$50,000 and HK$3,000, respectively. The two companies were dormant at the time of the disposal."

[typo56] 29/3/2012 07:17

Loss of about £125m. Now that's what a call a kitchen sink job!

As far as I can see, no mention of funding. If they can't issue more shares, how are they going to raise funds?

[monty9] 28/3/2012 15:36

Nice metaphor Boadicea - recognising the more modest potential from the days we wrote of a bath! Unless it is just short covering there might be something going on. Think I'll wait a bit before plunging in again.