|World Television Group
||EPS - Basic
||Market Cap (m)
Real-Time news about World Tele. (London Stock Exchange): 0 recent articles
|2trying: Prowling around - as we do -
I copy and paste -
I make no comment .
Hibu investors may sue board over debt deal
Shareholders in Hibu, the former Yellow Pages business, are considering mounting legal action against the board if they are frozen out of a restructuring deal due to be announced later this week.
Around 300 shareholders, who claim to account for an estimated 20pc of the group equity, have joined forces to salvage something from a debt for equity package that will leave creditors in control and investors with nothing. They have seen the share price plunge from more than 600p to less than 0.3p as the one time directory company entered a series of disastrous deals and struggled against online competitors.
A spokesman for the action group said: "We have a committed group of individuals and professionals who will not simply give up on this investment. We will be looking at the restructuring extremely closely to ensure our best interests have been served. If it turns out that this is not the case, we will look at taking legal action."
Shareholders are subscribing to a legal fund to support their case, but analysts say they face an uphill task in trying to influence changes in the survival package.
The shareholders claim that directors had not acted in the best interest of investors over the past two years and "in our opinion many statements made have been misleading".|
|bluprince: Hi CT
So if they try to bump off the private investors in the next 12 months, what do we think the current share price/valuation would be based on the published results. I understand under the rules they should make us reasonable offer based on the valuation
Thanks in advance
|2trying: Well , I've just been having a little prowl around their (CLS) web site .
Now , I bought CLS shares , way back in 2006 , just a quick taste - £2.226 .
Sold them less than a month later for £2,935 . Nice .
But I haven't really kept an eye on them since .
Anyway , what do I find ?
Again check out their web site good people .
1 / - current customers include Aviva , B.P. (oooh read that again , roll
it round your tongue , B.P.) , H.M. Revenue and Customs , Tesco Direct .
2 / - They have rafts of awards .
3 / - Latest work - B.P. Global conference films , Rolls-Royce Apprenticeships ,B.A.A Security .
4 / - Hmmm , shareholdings , Peter Litten has 56.1% . Oh .
And someone else has 10.2% . Who is that I hear you ask ?
Well it's a company called Reverse Takeover Investments PLC .
Never heard of Peter L , nor Reverse etc .
I am probably getting far too enthusiastic here !
But it strikes me as a match made in Heaven .
Clocktower - Boss , need your input and opinions please .
If you think this is cr*p don't hesitate to say so .
If you think there may just be a hint of a good plan , are
you willing to contact WTV ?
If posters on this thread are of the opinion that anything that have said may be construed as an attempt to influence the share price of CLS (which I do not hold),
then I will remove my comments immediately .
Please note I am asking for opinions, not financial advice .
|clocktower: Just a reminder to minority holders that all documents that come to light are still being reviewed surrounding the history of WTV/ Virtue and all those connected in any way: Just a few snips from other threads and a reminder of others that have been published before:
A few interesting snips from other threads:
S - 7 Jun'10 - 22:04 - 176 of 196
And the good news for Astaire goes on and on!
Where were the lawyers to put up a vigorous defence against the FSA accusations?
And I wonder if Izodia will be prepared to offer a 30% discount for an early settlement?
Published today in ShareCast
Astaire share price slumps after fine
Astaire share price slumps after fine LONDON (SHARECAST) - It has been a bad day for AIM broker Astaire. First its subsidiary Rowan Dartington is fined £511,000 for administrative breaches then its shares return from suspension and lose nearly two-thirds of their value.
The shares returned from suspension and fell 1.88p to 1.12p each, which values Astaire at £2.33m. at one stage the share price slumped to 0.62p. The shares were suspended on 13 April when Rowan Dartington's accounting problems came to light.
The FSA has fined Rowan Dartington £511,000 for administrative breaches between May 2007 and September 2009. The private client broker was given a 30% discount on the original fine of £730,000 because it cooperated with the FSA. (http://www.fsa.gov.uk/pubs/final/rowan_dartington.pdf)
Firms are required to keep client money separate from the firm's money in segregated accounts with trust status in order to protect them from the insolvency of the firm.
Astaire paid £13.4m for Rowan Dartington in February 2006. A new software system installed in May 2007 caused the problems. The software was not tested properly and the company's controls broke down. The fine relates to the handling of client money. However, no client lost any money because of these problems.
Astaire initially said that it had up to £1.4m of unreconciled debtor balances but this has been reduced to £1.04m and this figure is provided for in the 2009 accounts along with the fine. Rowan Dartington will still try to recover this cash.
Astaire has also reported its 2009 figures. Astaire reported an increase in its underlying loss from £2.3m to £3.7m. This excludes intangible write downs and £897,000 of restructuring costs. Overall, turnover rose from £11.9m to £13.7m.
The net asset value of the business was £14.3m at the end of 2009 and there was still net cash of £7.81m.
Astaire has been hit by a claim from lawyers for Izodia for £4m plus interest. This relates to a dormant subsidiary which was involved in a concert party that built up a stake in Izodia in 2002. The former AIM-quoted software company was the subject of fraud after its cash was transferred out of the business and subsequently disappeared. There is a separate claim of £25,000 against Astaire itself.
Astaire talks about retaining staff through offering them ownership participation in the business. There has also been talk about parts of the company being sold.
Astaire's majority shareholder Evolve Capital also returned from suspension. The share price fell 1.5p to 1.75p, which values the investment company at £3.12m.|
Thank you for your support. Yes, I am only suggesting that the Government should make renewal of the BSN contract conditional upon WTV shareholders being treated in a more ethical way. Hardly an extreme position after all we have suffered.
I stand corrected on the WTV share price, however the point about poor liquidity remains valid. Your trade was probably the largest last year.|
|rascalhardin: Just had a look at the JPJenkins website in an attempt to look up the WTV share price. Couldn't log in to that part of the site, so had a look at the rest. What a shambles!
Numerous errors, too many to mention. Have a look at the "News" section and you will see some of them. Whilst you cannot judge a company only on it's website, I would hazard a guess that the rest of the business is as shambolic as it's website. An ideal match for WTV. Rubbish client. Rubbish broker.
If I were 2t, I would sell my investment in IAF/JPJ. If I could.|
|rascalhardin: The board do not deserve our support. They have deliberately reduced the value of our investment to virtually zero in order to fund their own pay rises. They have also refused to answer reasonable questions about the disposal of Kamera.
It is Director's greed and reckless decision making that has brought the global economy to this state of crisis. It is also Director's greed and reckless decision making that has brought the WTV share price to an all time low.
Directors do not need support. They need greater regulation and some accountability. Directors need investigating and those who have been found guilty need to go to prison as an example to the others.
One good thing about the current crisis is that investigative reporters are now much more interested in looking into little companies that treat their shareholders very badly.|
|rascalhardin: 1372, LMAO! Based on the evidence so far, in 18 months time, the shares will be even further diluted in favour of the Concert Party and Directors. What a cheek, asking to be allowed to get on with it. That is what they have been doing for the past 18 months and look where it has got us.
Directors clearly think that their own shareholders should not be seen or heard. Unlike the shareholders of their client companies who deserve much better treatment.
The people who have done most to damage the interests of investors here are WTV Directors past and present and the Concert Party. It was them who issued hundreds of millions of new shares to line their pockets and them who delisted from AIM. It was them who sold off Kamera to a bunch of anonymous greedy people who sold it three years later at a massive profit. That is what has done the damage to the WTV share price, not anything posted on this bulletin board.
What a cheek! Looks like we may have hit a raw nerve with our talk about looking into the role of the auditors/accountants. Let's hope the regulators are up to the job. If not, perhaps the SFO could look into it.
Particularly when firms have Government contracts, it is vital that those forms should behave in a way which is open and accountable. The disposal of Kamera leaves a number of questions unanswered:
How did the auditors/accountants arrive at such a low value at the time of the disposal?
Who are the beneficiaries of the deal?
Why does Garvey refuse to answer reasonable questions about the deal?|
|nicknamesrsilly: You have gone all quiet, ct. Hope I haven't given you a heart attack!
They claim that the AGM letters were posted on the 27 June, although nobody appears to have received them yet. And by a strange coincidence, the notice of the AGM did not appear on the company website until today, 30 June!
It will be interesting to see whether the WTV share price improves on JPJ in anticipation of a sale of the business for at least £10 million.|
|nicknamesrsilly: Perhaps the Concert Party have invested in Kamera, ct? WTV have also not told us who the parties to the (preliminary?) takeover talks are or whether any progress has been made.
Brewin Dolphin, WTV's house broker, have recommended in their broker's note of 27/04/07 that shareholders should "REDUCE" their holding in WTV, however Brewin Dolphin have failed to mention that the company is in a closed period due to takeover talks.
If successful, these talks could result in a bid at a substantial premium to the current share price. Quite an omission and one that could prove costly to WTV shareholders who followed BD's advice and sold. Brewin Dolphin seem to be making a habit of omitting to mention important information in their broker's notes. It was of course Brewin Dolphin who failed to mention a 900 million share dilution which they carried out!
This advice could prove costly to those who followed their earlier "BUY" recommendation. It was also Brewin Dolphin who in 2004 provided information criticised as incorrect by the Takeover Panel.
The functions of dealing in shares and making share recommendations should clearly be kept separate. How could Brewin Dolphin, having omitted to mention extremely important information, and who currently recommend that WTV shareholders should "REDUCE" their holding, be entrusted with the role of providing an alternative dealing service should WTV delist from AIM?
There would always be the suspicion that BD were recommending that private shareholders in WTV should sell their shares on the cheap (BD would set the price under delisting) in order to further the process of accumulation of shares by the Concert Party which BD have facilitated, at massive cost to private shareholders, by the dilution earlier this year.
WTV, with Brewin Dolphin's help, have kept their own shareholders in the dark whilst advising much larger concerns how to improve their investor relations.They have also taken action (dilution, proposed delisting) which has massively reduced the WTV share price. What hypocrisy! What a shower!|
World Television share price data is direct from the London Stock Exchange