|Fraid not - they got our cash instead. I was never over-impressed by the Management here and knew it was risky. But two factors influenced me (a) that they might inadvertantly stumble across the next Slumdog Millionaire, and (b) they owned a valuable film library, the value of which was not reflected on the Balance Sheet. I comforted myself that if the Company folded there was sufficient value there for someone to buy that asset and pay-off shareholders.
How nieve can you get? The enemy within has shafted us.|
|What a disgraceful robbery! Have these people no shame whatsoever?|
|THE WORKS MEDIA GROUP PLC
APPOINTMENT OF ADMINISTRATORS
Trading in the Company's shares on AIM was suspended on 1 October 2010 as a
result of the Company's interim results, for the 6 month period ended 30 June
2009, not being released within the required timeframe.
The Company now announces that, following the Board's unsuccessful efforts to
raise further funding for the Group, Milcoz Films Limited, as the holder of a
Qualifying Floating Charge over the Group's assets, appointed Peter Kubik and
Andrew Andronikou of UHY Hacker Young LLP of 4 Thomas More Square, London E1W
1YW as Joint Administrators on 11 November 2010.
The Company's subsidiaries, The Works International Limited, The Works UK
Distribution Limited and the Film Consortium Limited, which are not the subject of the administration proceedings, continue to trade and are in the process of being acquired by the Company's major secured creditor.
For more information please contact:
UHY Hacker Young LLP
Peter Kubik/ Andrew Andronikou +44 020 7216 4600
Northland Capital Partners Limited
Gavin Burnell/Rod Venables +44 020 7492 4750
PIs mugged of their shares again!|
|Latest on the company brokers Astaire
Andrew Monk, the former chief executive of Astaire Securities, was fuming today after he was turfed out of the stockbroker's annual meeting.
Security guards ensured Monk, who is the fourth-largest shareholder in the troubled broker, did not get into the meeting at Hanover Square.
Astaire employed a technicality - Monk's shares are held in a nominee account - to avoid facing questions from the former boss.
Monk said he had intended to ask directors about their strategy for returning cash to investors.
The shares have slumped from 13p to 1p.
"It is pretty pathetic," said Monk. "They are being disgraceful and they know it."
Astaire bought Blue Oar Securities this year and then tried to buy Hoodless Brennan.
It later uncovered a hole in the accounts of a subsidiary.
Monk said: "The directors have been totally irresponsible and mismanaged the business."
Astraire said the meeting is only for direct shareholders.
A spokesman said: "It's just a shame from his point of view that he has not got his paper work together in time."|
|lol - another stonking set of results!|
|Results out. Could have been worse; on the other hand, they are right on the edge of extinction. They are running out of cash fast but they still have hope, they say. I pray.|
|RNS available via the header. Perhaps this investment has not been a complete write-off!|
|Yes sorry. That's the one I meant. I've got WKS on my monitor list.|
|No I bought 200K at .3p It's showing on Plus: http://www.plusmarketsgroup.com/details.shtml?ISIN=GB0009611962/GBX/PLUS-exn|
|Was the 300k buy yours? I assume it was a buy.|
|This now has to be one of the cheapest shares on the market today.
Ok - lets get the downside out of the way: They have been perennial losers - I have held them long enough now to know that to my cost.
But consider the upside, particularly the Trading Update of 1st Feb.
1) Annual cost saving of £500k
2) Additional capital subscribed of £400k
3) The Cove won Oscar for best Documentary
4) Interesting slate of new films in the pipeline.
The market value is now £520k !! - And that includes the £400k recently subscribed, although some of that may already be spent as it's working capital.
But take out the £400k and the rest of the business is valued at £120,000. Cheap or what??
Included in their assets is a film library - it's detailed on their website. I don't have a clue how to value a film library but I have a shrewd idea that " Bend it like Beckham" alone is worth more than £120k.
It looks to me as if, finally, after years of waiting, WKS's time has arrived.|
|"The Cove" wins an Oscar . Must be good news for us.
|Nice to see them sort things out. Not prohibitively dilutive either. Should be able to make a profit with a lower cost base here. Good company imo, just need to get their business model working better. Anyway pleased not to be wiped out!|
|Found this, might be of interest to some...
The Works acquires international distribution rights "Dossier K"
|Cant see a reason to relist though, 150k is a lot of money for a
company like Wks, better off delisting and using that money to better
effect, then if they do have a miracle and start making money then
relist, i'm sure all shareholders would agree when the bid is so
close to 0p, they must have written off their investment a long
|They have not been dumped by their NOMAD. Dowgate, their nominated adviser, were acquired and several AIMs found themselves without a Nomad before Xmas. This was inevitable in the short term. PPA and MTV also had similar challenges. PPA sorted out another Nomad, MTV did not and you will see they were suspended. Don't read too much into it, at present. Dowgate repsented approx 50 companies and all have needed to seek an alternative.|
|Decided to sell half after all. I think their abysmal failure to find any value for shareholderss over many years outweighed my suspicions of manipulation. A few hundred quid is better than nothing at the end of the day, despite being at a massive loss.|
|Works Media (WKS, 0.42p, £0.63m), nominated advisor, Dowgate Capital Advisers, has de-registered. The recent resignation of the non-executive director and the NOMAD, combined the lack of news on the fundraising, encourages us to reduce our Hold recommendation to a SELL.
Taken from the following...
|Yes, it doesn't. I fear the company's been unceremoniously dumped by its adviser and can't get a ready replacement - which is very ominous. But I've lost so much on these that I won't sell now...Indeed, I trust this lot so little that I question whether they have engineered the situation to get shares dumped cheap.|
|Hmm - todays news doesn't bode well.|
|"it takes time for the money to filter through just shows the progress being made by the compnay I am pleased to report the transformation of The Works International continues apace. The new managing director of the subsidiary, Carl Clifton, has scaled up the division's sales performance, selling in excess of $1,000,000 worth of rights at the Cannes Film Festival in May, the benefit of which should be experienced over the next eighteen months. This result is considerably better than the company's sales activity at the Cannes Film Festival of 2008. Carl has also begun the difficult task of altering the brand's perception in the marketplace and the company is beginning to be perceived as a purveyor of commercial art films and documentaries such as The Cove, as opposed to strictly art house. I expect in the next six months, Carl will progress this transformation further so that The Works International is perceived as a sales company of quality, commercial films"|
|received a record-tying seven Cinema Eye Honors nominations
|Interesting article betty - thanks.
It highlights the important imput that James Atherton has made - his resignation has just been announced. I wonder what effect that will have|
|Worth a read
Sales agents show the money
Market changes push sellers to fill financing gaps