Time Finance Share Discussion Threads

[gogoneko] 18/3/2010 10:12

bozzy_s,

It's not a shock RNS, a couple of us had highlighted the need for new funds as the contracts weren't appearing fast enough to cover the cash burn and that they were looking to be skint by year-end.

It's not illegal for directors to put a company into administration and then buy it up straight away - it's happened many times before. That may not happen though, and I hope that it doesn't. IMHO the best solution would be for the current lot to be removed and replaced with a new BoD - because I'm sure that the IP can be made into a profitable revenue stream by the right people.

[bozzy_s] 18/3/2010 09:44

Looking at the balance sheet @ 30-6-09 (last available results) there are virtually no creditors, and current assets easily cover all the owings.

What on earth has happened since then to warrant such a shock RNS today?

Like others on here I smell a rat. Is it illegal for directors to deliberately run a company into the ground, earning a salary, and then buying the best assets from the administrator at a knock-down price? Is there any way of tracking their activities if they do?

[pre] 18/3/2010 09:42

wonder if someone is hoovering up shares as share price moved up...ummmm??

[pre] 18/3/2010 09:38

...can only by 10k now online....heading up from here by the looks of things...

[jotoha2] 18/3/2010 09:37

Oh yes gogog , you sold out yesterday...one smart cookie , that about sums you up.

[gogoneko] 18/3/2010 09:24

Not surprised (or pleased either!) at what's happened here - today's news has confirmed my original instincts that the shambles at the helm shouldn't have been trusted so it was better to only invest a small amount in the first instance. I'm absolutely disgusted at the conduct of the directors - a truly pathetic performance in many respects from those left at the helm, and from those who ran for the hills beforehand! What a comfortable gravy train this has turned out to be.

My only comfort was that I bailed here just yesterday (at a loss of course) with my last 50k to invest somewhere else because I finally became sick of waiting for contracts to arrive.

I wouldn't be surprised if this lot are planning to take the company into receivership with nothing for shareholders and then they try to buy it privately.

[gdasinv2] 18/3/2010 09:10

Will fall to 0.15p sure

[paul augustus] 18/3/2010 08:40

Probably looking for dead cat bounce - at the end of the day, the cat's still dead! Risky, especially on this one. GWP and DES is where my takings are going.

[algorithmicx] 18/3/2010 08:34

Game Over. Full Stop.

[rkhl] 18/3/2010 08:30

Some real optimists buying in at the moment.

[rkhl] 18/3/2010 08:28

Glad I chose to wait for their results before investing here.

[pre] 18/3/2010 08:27

looks like mm's have robbed a few who panicked and sold....they'll want more when they give us the stock back!

[paul augustus] 18/3/2010 08:27

Game over for me, thanks to all for a healthy debate over the years.

[pre] 18/3/2010 08:24

..why are people buying....could still get a decent amount raised from disposal?

[boldtrader] 18/3/2010 08:19

Dummy trade (for a dummy!!)with Barclays at 8.16am 0.026p to sell. Afraid not worth the bother. I think we've gone. Cheers

[sagem] 18/3/2010 08:17

O' DEAR A FIRE SALE COMING....BAIL OUT

[still waiting] 18/3/2010 08:11

looks like one for the management at nominal £1.00 off liquidators, then bang big ££££ deal.

rescue what you can from this as it's gone.

[dnfa1975] 18/3/2010 08:08

.55 maybe get down to 0.25p as cant see mms wanting nowt

[dnfa1975] 18/3/2010 08:00

opening price anyone?

[boldtrader] 18/3/2010 07:59

Oh well Looks like another one bites the dust. Such promise.I await news with baited breath!!Good luck to all fellow long term holders. Cheers

[someuwin] 18/3/2010 07:51

Not unusual in these situations for 'no buyer to be found', company goes into receivership then surprise surprise one or more directors buy up the assets for a nominal sum.

i.e Shareholders get shafted again.