Zattikka Share Discussion Threads

[swizz] 02/10/2013 11:11

Well what do you know, are Mark and Rob about to do a Houdini act?..........GL S

RNS Number : 5297P

Zattikka PLC

02 October 2013


For immediate release 2 October 2013

ZATTIKKA PLC

('Zattikka' or the 'Company')

The Joint Administrators of Zattikka plc confirm that their proposals for the conduct of the administration have now been sent to all known creditors. The Joint Administrators are currently exploring the possibility of an exit from administration via a Company Voluntary Arrangement (CVA). In the event that this is not possible, administration will be exited via a Creditors' Voluntary Liquidation (CVL). Further announcements will be made by the Company as and when appropriate.

The Company also confirms the resignation of five of its directors on the following dates:

Richard Adam on 9 August 2013

Anil Hansjee on 9 August 2013

Greg Bestick on 8 August 2013

Harald Ludwig on 8 August 2013

Andrew Kanter on 8 August 2013

Mark Opzoomer and Rob Gorle remain as directors

[the stinger] 17/8/2013 13:42

How they have got away with this beggars belief, for me the founders should be paying II's & PI's with some of the multi millions they received during IPO. Its only the FSA who can impose fines etc.

[swizz] 17/8/2013 12:12

duxy786 - Yes the email has been sent over to the administrator and I also spoke to them yesterday, there is an initial update due to be issued by the administrator at some point in the days ahead, I will forward it on as and when it arrives.......GL S

[duxy786] 17/8/2013 12:02

Swizz. Tatally agree. Have you sent this already? Could you PM me a copy? Or email it to duxy786 at hot mail dot com. Thanks

[swizz] 07/8/2013 06:38

duxy786_2 - It is a shocker and to see ex non exec directors at the front line of the fire sale beggars belief, I am in the process of putting together an overview of events and it will be heading of to the administrators and the FCA in the next 24 hours, I will keep you posted if I get any response...........GL S

[loverat] 06/8/2013 23:35

Have to agree. Looks like a disgrace in what must be in a record time too.

It would be interesting to know the value of the assets and who, if anyone is benefiting and by how much. Seen these types of situations so many times - assets sold off for a song and shareholders left out in the cold.

[duxy786_2] 06/8/2013 23:14

Swizz...its a pure scam and I have reported it to the FSA. Would love if more people wrote to them for a full investigation.The directors have taken back their companies and left investors high and dry all in 14 months. Its a complete sham. Cant believe their publishing the RNS's with 'who's taking what' on their way out! Absolutely disgusting...i am appalled!Duxy786

[blackbear] 06/8/2013 09:34

14 months is that a new record..

[the stinger] 05/8/2013 15:16

Jeeez, what a scam....and they got away with it ..lol

[the stinger] 05/8/2013 09:36

swizz, the way things are in this market (i.e. look at cpp) it would not surprise me to see zatt trade again..

[swizz] 05/8/2013 09:28

Common sense kicking in?........GL S


RNS Number : 9384K

Zattikka PLC

05 August 2013


For immediate release 5 August 2013

ZATTIKKA PLC

('Zattikka' or the 'Group')

Update

Zattikka, the online games entertainment group, makes the following update.

Further to its announcement on 22 July 2013, the Company announces that it has agreed with the Hattrick Loan Note holders a time extension in respect of the demand by the Hattrick loan note holders for the payment of certain loan note interest, in an amount of GBP0.275m, until the close of business (London time) today Monday 5 August 2013.

A further announcement will be made by the Company in due course.

[stegrego] 04/8/2013 20:12

They over paid massively for all the businesses so the fact the vendors may lose out on the shares is neither here nor there.

[the stinger] 04/8/2013 16:29

swizz - your probably correct. i.e. Hattrick's previous owners (now co owners of Zatt!!) sold their coy for £21.5m during IPO receiving £9m cash.. now,, in effect they could get their coy back for free (or it seems they are trying to?), thus banking that £9m cash at the same time!! all for nothing...shocking.. How was this IPO deal ever allowed?.

By appointing administrators (probably this week) this would answer all these questions and stop anyone trying to fleece zatt. Thing is,,,all the going's on seem to be from within?. Up to the big II's now to obtain answers. Cant really see the IP being worth much following a lengthy administration process either, therefore Hattrick may well have shot themselves in the foot here..

[swizz] 04/8/2013 15:56

stinger - spot on, it just beggars belief this is unravelling the way it is, but sometimes the ones who appear to be loosing the most, can somehow end up being the ones that gain!, I just hope the major backers of the IPO, are looking through this with a fine tooth comb!........GL S

[the stinger] 04/8/2013 15:13

swizz, as per your post 163 - 'They paid approx £21.5M for Hattrick (circa £8.7m cash, £8.5m loan notes, £2.6m shares), approx £13.5M for Concept Art House (circa £4.4m cash, £2.4m loan notes and £7m shares) and approx £5.6M for Sneeky (circa £1.6m cash, £1m loan notes and £2.9m shares'

As above - A lot of the major share holders are the Hattrick/CAH/Sneeky founders...therefore they stand to lose there as well. Silly really, but hey who knows, this may have been a scam from the start with II's suckered to.

£10m or so was raised at IPO at £1 PS, it seems they overpaid for Hattrick by £10mil alone at least. Maybe they got Hattricks future earning figures totally wrong?, however more likely something else!, as its such a short space of time since positive updates were issued re Hattrick. Something not right?.

[swizz] 02/8/2013 20:54

Well at least the business units are active, both Sneeky and CAH fully engaged with lot's of stuff........GL S

For info......

Red Bull feature on Arena for Heroes, what wonders a bit of product placement could or would do within some of the companies games?

Link.......

[the stinger] 02/8/2013 14:57

Seems as though 1 or 2 parties are cutting there nose off to spite their face here. If they could have negotiated then it could have been a going concern with prospects.

Seems as though administrators will be appointed with all parties losing out....absolute madness!

[swizz] 02/8/2013 10:01

Duxy - I have just sent a note over to you.......GL S

[swizz] 02/8/2013 08:09

the stinger - Thats what also rattles me, even in June the news flow was leaning towards a framework of a deal with the loan note holders, something certainly smells around this........GL S

Snapshot from June update..........

"Zattikka, the online games entertainment group, is pleased to provide an update on a new secured working capital facility and the Group's unsecured loan notes.

As part of the acquisition of Hattrick Holdings Limited, Concept Art House Inc. and Sneaky Games Inc., the Group issued certain unsecured loan notes, totalling $11.9m in aggregate, to the vendors of each of the acquired entities (the "Hattrick Loan Notes", "Concept Loan Notes" and "Sneaky Loan Notes", respectively, and together the "Original Loan Notes"), the terms of which are set out in the Company's Admission Document dated 16 April 2012. The Original Loan Notes were re-payable on 16 April 2013, with a one year extension at the option of the Group to 16 April 2014, which was exercised in March 2013. The Original Loan Notes also contained certain consent rights relating to, inter alia, the incurrence of additional indebtedness by the Group. The Hattrick Loan Notes, in addition, contained certain consent rights relating to the acquisition or disposal of shares or material assets, and the issuance by the Company of further equity.

The Group is pleased to announce that the holders of the Original Loan Notes have agreed to extend the final maturity date of each of the Original Loan Notes to 16 October 2014, permit the establishment of a secured working capital facility (as described more fully below) and provide certain conditional consents to the completion of further acquisitions and to the Company raising further financing. The Company is not currently in active in further financing (other than in relation to the new working capital facility outlined below), nor proposing the completion of any further acquisition at this time.

In addition, the Group has agreed with the holders of the Original Loan Notes that the Group shall have the right to refinance and restructure the Original Loan Notes prior to 30 November 2013. With respect to the Hattrick Loan Notes and Concept Loan Notes, if the Group redeems 50 per cent of the relevant Original Loan Notes, then 25 per cent of the relevant Original Loan Notes will convert into ordinary shares and the remaining 25 per cent of the relevant Original Loan Notes will convert into a new convertible unsecured loan note due in April 2016 with a floating annual interest rate of 9.5 per cent over the base rate. Similarly, with respect to the Sneaky Loan Notes, if the Group redeems 20 per cent of the Sneaky Loan Notes, then 80 per cent of the Sneaky Loan Notes will convert into ordinary shares.

The new loan note instruments (the "New Loan Notes") to be issued on conversion of the Hattrick Loan Notes and Concept Loan Notes will be on terms similar to the Original Loan Notes but will not contain any consent rights in favour of the holders of the New Loan Notes."

[the stinger] 02/8/2013 08:02

Makes you wonder?? just a few months ago all was fine..according to their updates. Seems like some kind of con here. Who knows, however £10 mil raised only a year or so ago...someone has made a lot.

[swizz] 02/8/2013 08:00

Cheers duxy.......GL S

A snap shot of my most recent email, still no response either!......

"I read with further dismay the update provided to the market today,

Can I also ask for the courtesy of a reply from at least someone in Zattikka!

Could I also ask the following......

1) Have you reviewed the option of a placing to raise with funds with new and existing shareholders?

2) Have you reviewed the option of a debt for equity swap with the loan note holders?

3) Have you requested an extension to the credit line facility with Barclays?

4) Has the relationship with the loan note holders deterioated to such a point, that you can no longer have an adult conversation with each other?

It just beggars belief that other than what would appear to be the towel been thrown in, that not more can be done to try and salvage this business, or is the lack of activity an acknowledgement that the business was fundamentally flawed from the beginning?

Surely just over one year more can be done with the backing and support of your shareholders both institutionaly and private,"

[duxy786] 02/8/2013 07:55

Thank you Swizz.Am on it like a car bonnet, this lot cant just escape in to the ether.Hope your reading the RNS's this lot are pushing out. I raised the questions:1. that they have cash, so why not just pay some and get deferred terms on the rest.2. Offload Hattrick to original owners for free and some debt. Sell rest on open market?3. Raise equity from investors for the rest?That's just the start....I have also advised that an official complaint will be going to the FSA to investigate the shorting practices on ZATT shares prior to going in to Administration, should my questions go unanswered. It goes on....No point taking it lying backwards.All the best...Duxy

[duxy786] 02/8/2013 02:56

Can't pay????? They had 900k in cash????

[woodcutter] 29/7/2013 13:29

ZATT

first day of dealings AIM 16th April 2012

suspension of dealings on AIM 29th July 2013

An eventful 15 months.

Having read the history briefly you have to wonder how something likes this can ever be allowed to come to market.

Good luck to those who've invested here.

Woody