Themutual.Net Share Discussion Threads

[davidosh] 12/5/2009 11:44

Appalling really but sadly the AGM and interims that followed suggested we would be in for a rough time as shareholders. Danson has never once returned my calls either.

[stemis] 12/5/2009 11:31

Now nearly 12 weeks. I can't believe there is any deal which can't be put together in 12 weeks.

[acquisitor] 12/5/2009 10:50

Wrote to the CEO last Tuesday. No reply. Not even an acknowledgement. I think the shares should be worth 10-20p, based on the rally in similar stocks and a sound balance sheet. Somehow, I fear we will never see that price.

[hirschnathan] 08/5/2009 10:17

The takeover panel can instruct tmn to abolish its attempt of the suggested reverse takeover, because of its length in time wasted.

I imagine if we contatct the takeover panel it will bring it to their attention.

I am not suggesting we do, I am not sure what they are trying to purchase and whether it will be of any benefit to us or not, but that is the situation

Keep smiling

[love it] 08/5/2009 08:45

Well out of order not an Fing word from the so called caretaker for the share holders.


How long do we have to wait the full 6 months.


I for one will vote them out if I get a chance.

[warrhead] 08/5/2009 08:33

These shares would be 15-20p in my opinion if they weren't suspended. The suspension is clearly not in shareholders interests. I've been told the AIM regulator really doesn't like suspsensions I think a written complaint to the AIM team expressing investor concern over the way the shares were suspended and over lack of subsequent information is probably long overdue.

[smelgy] 07/5/2009 20:48

...........a sad end to a once excellent company. I bought these years and years ago, when they were the cheapest stock on the market, even cheaper than Millwall Holdings on a per share basis, now I fear the private investor here will be either wiped out, or at best conned.

[8trader] 07/5/2009 20:39

Not a thing, no email from the Ceo this time, probably because i
was a bit lairy this time, i dont like being lied to on the phone
with the promise of news within a fortnight which was around a
month ago, helps that the penny market has shot up recently so
i'm not desperate for the money but nonetheless it would be nice
to have some kind of update, looks like everybody is in the dark !

One day that RNS flag will be alight, each morning i check just
in cash, approaching 3 months now !!!

[acquisitor] 07/5/2009 17:33

Still no news?

[8trader] 25/4/2009 13:26

lol

I have and i'll probably short it at some point Monday morning :-))

[pelleeds1980] 25/4/2009 13:17

8trader check out ICX set to multibag RNS out Friday

[8trader] 25/4/2009 13:06

Do i fire off another email then or am i wasting my time ?

I was tempted to take 5.25p just moments before the supension, at the
time i wasnt that bothered but what i could have done with that money
in this soaring market in the meantime of course.....

Think i'm the only one that sees a profitable outcome with this one
having bought at 3.85p and 4p, shame they take so long to sort these
things out eh !

[love it] 23/4/2009 20:40

Thanks Ashleigh

Lets ope next week then.



I tell you something though they better make sure they do everything by the book and not one letter out of line as I feel the FSA no longer want to seem toothless.

[davidosh] 23/4/2009 17:53

Ashleigh,

The AGM was at the crack of dawn...still dark when I left home !

The directors were ill prepared, there were no copies of the annual reports and directors would not talk about current trading as the interims were due out two weeks later so they used the closed period to hide behind.

They said the results were in line then announced absolutely shocking figures and the share price ended about a quarter of the price even before the AGM and 90% down on the alleged MBO attempts that came to nothing but distracted all and sundry.

We asked about parts of the business that were sold and told nothing but later find out that they were sold to Maz. The chairman in the meeting practically told a shareholder to 'shut up'. I asked the FD a question regarding the historic accounts and he said he could not tell me the answer.


We have waited months for no further information and the 2009 finacial year ends in seven days.

Are you sure you have faith in the management team !?


I have to say I have been totally disappointed by everything I saw at the AGM and my general experience of being a shareholder in TMN. Thankfully I sold half after the AGM and should have given up completely on them if I had any real logic to my decision. Selling in size can be a problem and certainly was then in my defence.

I put the money in LOQ which was the presentation I arranged after the AGM if you remember. The LOQ management are class and very shareholder aware. They appreciate our investment and interest. They have a great product and profits were up 235% in 2008. I know where my money will continue to go ....

[valustar1] 23/4/2009 17:52

I have also spoken to Ben at Investec.

He basically said what Ashleigh p says.

However I dont have faith in the management team!, their past record is bad in my eyes

[ashleighp] 23/4/2009 17:37

David

It all seems to hinge around the fact that this transaction would constitute a reverse takeover, which places more restrictions on them than a conventional takeover approach in terms of communication with the market and needless to say the requirement to suspend the shares. I don't believe this is causing an undue distraction to the executive management team, so i'm reassured that the distraction that the Tangent approach and possible MBO caused is not being repeated. I suggest leaving another message for Peter Harkness or Ben Poynter at Investec - these are the two names i've been given as contacts, so its probably not worth trying Mike Danson, who I guess is a non-exec by virtue of the size of his shareholding as much as anything else (and I guess he's pretty busy with other things judging by recent news that was posted). Peter Harkness sounded like he was quite involved in whats going on - he just couldn't tell me about it!

The AGM was not great, but i'd prefer to look forward not back, and I do have faith in the management team to do the right thing by shareholders.

[davidosh] 23/4/2009 17:35

The directors took their eye off the ball and the business suffered in 2008 so why are they doing exactly the same in 2009 ? What is wrong with doing exactly what is needed and making shareholders some money having seen the share price drop from 90p down to about 3.5p. Why is a reverse takeover that has already taken three months in our interests as surely a further distraction ? They can explain that one !!!

[ashleighp] 23/4/2009 17:30

Love it

With reverse takeovers the rules are apparently really tight, so they can say virtually nothing. I was given a timescale in which they hoped to be able to provide an update to shareholders, which is weeks rather than months.

[davidosh] 23/4/2009 17:14

Ashleigh,

I called both Mr Danson and Mr Harkness but have not received replies from my messages yet. None of us can trade the shares so there should be no reason for feeling that information is price sensitive even if only to say that the 5p rumour is rubbish !! Why were the shares suspended anyway as hundreds of companies still remain tradeable whilst talks are ongoing. Is there a problem that we have not been made aware of ??

Mr Danson was not at the AGM but sadly quite a few of us were and it was a complete embarrassment. This situation is not repairing the damage.

[love it] 23/4/2009 16:38

They can say why it was suspended when not needed. Who the offer is from! Oh and some sort of update on time scale. We have been told nothing st all. Not happy. A simple update would do it is not as if any one can sell or buy at the moment.

Ashleigh,

Thanks for the comments but I am sure that if they spoke to you they would not mind you sharing it save half a dozen calls.

[ashleighp] 23/4/2009 16:23

To all those who have complained that they have not spoken to the company - then I suggest calling Peter Harkness, whose number can be found in previous RNS messages. He couldn't tell me a lot (as per the market rules), but at least it proves that you have someone you can speak to about this, and we're not being ignored. When you speak to him then i'm sure you can find out exactly what I know (i.e. that there's not a lot they can say).

[stemis] 23/4/2009 15:51

Yes, I still have a holding although its not as large as it used to be ;-\

[the analyst] 23/4/2009 15:04

I was forced to sell my holding, OBR.

My big investment in IBG was certainly the worst decision of my investing history to date. Actually, it has been my ONLY really bad decision thus far. Thought it was reasonably safe, being profitable, low PE, fast-growing revenues, with plenty of cash in the bank, but alas it was far from safe.

Still, many lessons learned along the way. As a result, when I assess a company now, there are a few things I pay extra attention to, which will surely help me keep improving. Got to look at the positives and learning from mistakes is always a good thing.

Glad to be out, but hoping for a recovery for those still holding...

[old boy returns] 23/4/2009 14:44

I think it would be useful if all PI's with a decent size who are concerned about the situation stick their hand up. I know a lot of usernames from the past who had large holdings but not whther they still hold. For example:

kenatbabken
paulipilot
marben100
littleredrooster
stemis
niggle
the analyst

[davidosh] 23/4/2009 12:26

This was in the results last year...

Offer period

The Board and the executive team were inevitably distracted and their achievements overshadowed from February for five months by an unsolicited proposal which the Board viewed as unacceptable. However, the initial approach triggered interest from the private equity sector. The Board decided to allow the Group's two principal executives, Mark Smith and Craig Dixon, to co-operate with one private equity house to see if an acceptable MBO offer could be put together. That process fell victim to the severe contraction in the debt market.

We all believe the Group has a strong and exciting future and shareholders can be assured that the entire Board and management are working closely together to realise the Company's potential.




Nothing much learned from that experience then and clearly only minority shareholders in the dark and left to suffer!!