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Vision Media Share Discussion Threads
Showing 151 to 175 of 175 messages
|has anyone else had a call from usa about screen tech plc,want to buy my shares,,,has scam written all over it|
|sold for 25K to this crowd - will we ever see a penny?
Report reveals sorry state of Vision Media Group's affairs
Monday, 21 September 2009
A report from administrators Tenon has revealed that the collapse of Vision Media Group in the summer was brought about by soaring debts, a lack of profit and an inability to raise additional funding for the ailing business.
VMG's shopping centre screens
It is now clear that the Cheshire-based firm went into administration in July with debts amounting to £4m.
Over the six months preceding that its losses ranged from £96,000 in January to £86,000 in June. April was the firm's best performance out of that period, with losses pared back to £51,000.
VMG - a shopping centre media owner that developed its own technology, such as the Iconic Pod system - ultimately failed to record a profit during its lifetime.
Set up in 2003 it recorded a series of seven figure losses, peaking at £7.1m in the year ending 31 December 2008.
Trafalgar Capital was reported to the firm's largest single creditor and was owed £2.75m.
A lack of advertising revenue, as a result of the financial downturn, and an inability to raise the funds needed to keep the business afloat eventually heralded its demise.
The assets of the firm have now been sold to VMG Global, which is run by former Vision Media chairman Mike Cottman and chief executive Dominic Brookman.
VMG global paid £25,000 for the assets, as well as a mixture of shares and a proportion of future profits from the enterprise.|
|Forrest, I'm tired now, momma has to go to sleep.|
|What a disaster for all involved (shareholders, employees, Cottman, Trafalgar, the companies that were acquired or merged with SFX etc etc).
Still, what do you expect when a company of this size loses £15m in 2 years. £15m. You couldn't do it if you tried.|
|They lost even more money in 08 than they did in the disastrous 07. Unbelievable. If it's any consolation I think Cottman got wiped out as well.|
|No posts today, what a surprise !|
Overseas business too.|
|No idea but the small buys have actually moved up the online buy price. Hopefully see some action shortly.|
|True - but why?|
|They don't want to play.|
|What a shame that the market widened the spread so much following the news and thus curtailing trading in this stock. For those patient enough rewards should be forthcoming.|
|Hopefully they will start to close the spread.|
|Still the same as post 103. Surely they cannot leave the spread like this! It's criminal.|
What is the on line trading doing?|
|Yep wonder why?|
|MMs have killed the trading with a 44% spread.|
|Buy 25K @ 2.14
Sell 250K @ 1.41|
|Something like that I suppose.|
|A few buyers but would be interesting to see how high they will let it go if buyers descend in droves.|
|Max buy 25K online !!!!!|
|Puts a different perspective on the stock.|
|Well hopefully that has saved VMG from administration long enough to actually bring in some money?|
Loan Agreement (Vision Media)
RNS Number : 4883U
Vision Media Group (Intl) PLC
25 June 2009
| Press Release | 25 June 2009 |
Vision Media Group (International) plc
("VMG" or "the Company")
Vision Media Group (International) plc (AIM:VMG), the outdoor media contractor,
announces that it has agreed a new debt facility of GBP250,000 from a recent new
investor in VMG. The loan will have a five year term with an interest rate of
1.5% over LIBOR paid annually in arrears. The loan will have a fixed and
floating charge over the Company and will be subordinated to Trafalgar Capital
LLP and rank pari passu to the Mike Cottman and Eric Anstee charges.
By way of additional security and as an incentive to agree to the new facility,
board member Mike Cottman has agreed to provide the investor with shares in VMG
Global Limited ("VMG Global"), a business which has been established to develop
the non-UK VMG product and service offering under licence from the Company as
announced on 28 May 2008. The new investor will provide free of charge
consultative resources to both the Company and VMG Global, which should assist
the Company in developing income via the licence agreement with VMG Global.
VMG retains an ongoing royalty payment from VMG Global which is currently 10% of
the net income to be derived from the international business. This royalty
payment will move to 5% of net income for the period May 2010 to April 2011 and
then 2% from May 2011 up until May 2033 when the licence ends.
Mike Cottman, Executive Chairman of VMG, said: "We are extremely pleased to have
secured an agreement from a new investor for this loan facility. The extra
financing will contribute to the Company's working capital and ongoing liquidity
issues which continue to remain extremely challenging."
- Ends -|