Resources In Insurance Group Share Discussion Threads

[soggy] 10/7/2014 17:29

Isn't it always the way... That's AIM. I still don't understand how the assets got stripped before declaring us bust...

[sirraman] 02/7/2014 09:22

well...the end now...liquidation notice out. The BoD made money out of this debacle at the expense of PIs. Suppose the BoD will now move onto some other AIM company and repeat the exercise...!

[4selwyn6] 07/2/2014 10:40

This should be a "class" transaction and should need shareholder approval.
This is because it is a related party transaction.
The administrators should write to all shareholders and there should be a vote.

[soggy] 05/2/2014 13:58

Can anyone explain to be, because I'm not very bright (clearly, I invested in this!) how it can be legal to transfer the assets to another legal entity without proper valuation and payment and the agreement of the shareholders and then close us down?

[wayneb] 05/2/2014 08:52

So, they are getting busy, so another stitch up for us investors


RiiG Limited Implant Teams Called to Assist Over Christmas and New Year Weather Surge

London, UK. January 23, 2014 – RiiG Limited (RiiG), a leading provider of claims management and consultancy solutions to the UK insurance profession and financial services sector today announced that its insourced claims handling operation, iteam, has seen property specialists deployed to a number of client sites to assist with weather related claims.

RiiG Limited teams were deployed to client locations across the UK within days of notification for assistance with projects including assistance with FNOL and back office technical support.


"RiiG Limited's iteam reacted extremely well in what was a busy period for us" commented Gordon Vater, RiiG Limited CEO. He added, "We are pleased that we have been able to assist a number of existing and new clients at a time of need".

Additionally, RiiG Limited's field investigation service, verify, experienced an increase of 250 percent over the Christmas and New Year period. Field visits were largely carried out within SLA, with resources deployed right across New Year.

Gordon Vater, CEO, RiiG Limited commented "It has been a busy time for the industry. The recent weather event, whilst devastating for many individuals, was not a huge weather event for the general insurance industry. It has, however been a wake-up call for the industry and we will wait to see in the coming weeks how the industry as a whole has performed. I suspect some will have performed well, but others may have some work still to come"

[sirraman] 27/1/2014 17:27

more a free take-away...with shareholders who believed his RNSs left with Zilch...???

[verulamium] 27/1/2014 17:14

Far from RIP RIIG, just RIP shareholders. From their new website:

In 2013, Chairman, John French and CEO, Gordon Vater, led a management buyout and all operations were transferred to a new company, RiiG Limited, which continues all trading activities.

"Management buyout" is one way of putting it...

[verulamium] 24/1/2014 18:38

...I bet Bob Morton comes out of it OK though.

[soggy] 24/1/2014 17:00

RIP RIIG...

[sirraman] 24/1/2014 10:16

that's it guys ...the END. !!

[4selwyn6] 01/1/2014 11:20

Any transaction of this nature will probably require shareholder approval. I think you should wait for official correspondence.
DYOR

[soggy] 23/12/2013 13:05

I guess that's the undertakers arrived then... Does the resignation of the NOMAD mean anything? Is it just what happens when a co. calls in the administrators, or does it signify that they know something terrible that we're going to find out???

[ukmassy] 10/12/2013 18:35

Awwwww. Poor little lovey ratty.

[loverat] 10/12/2013 18:31

Has to be one of the nastiest stitch ups for a while. The one I remember most is the Colliers one. The share price was 20p at the beginning of Jan 2012 (I think) and over the year just drifted and drifted. The company announced that it was expanding its operations and taking on new staff etc. There was some debt but not unmanagable. They surpressed positive news about the company. Anyway the biggest shareholder came along at Christmas and placed it into a pre pack arrangement and shareholders got nothing. Probably saved the company having to pay much of its debts and a clean start again. The theory was that the biggest shareholder was shorting the shares in the months leading up to the takeover.

Colliers management are carpetbaggers and I feel that this today is another greedy stitch up. I think the line to take from a legal and regulatory viewpoint is that the statements leading up to this were possibly misleading. Possibly a breach of market conduct rules in which no doubt some shareholders were investing money on the basis that the company was doing well and no real issues were flagged up to be overly concerned. I'd be interested in other viewpoints but this one is going in my case study list to be published at some point in the future when more has been collated.

The directors of this company are to be avoided at costs in the future. A shabby bunch of toe-rags.

[davidlloyd] 10/12/2013 17:47

I am assuming that there was no need to confirm the following statement was 'in the interests of the shareholders'......

'As a consequence of this trading improvement and increased business opportunities the Group has decided to review its corporate structure and move all its trading activities currently undertaken through the PLC into a wholly owned subsidiary, RiIG Limited. The Board believes that there will be benefits in having a trading entity separate from the PLC including having trading relationships undertaken through an entity with the same name as the Brand Name of the Company and allowing the senior operational management team to drive cost efficiencies and to be appropriately incentivised'

It seems remarkable that you can take the WHOLE trading element of a plc and chuck it into a subsiduary and, as it would seem (and please anyone enlighten me if otherwise), effectively ring fence the shareholders from any value thus attached....

Words fail me.


DL

[charmer1_23] 10/12/2013 16:53

Yep, another right royal AIM stitch up though it could be argued enough hints were dropped in the "going concern" qualification from the recent set of numbers published. Another AIM minow bites the dust R.I.P

[whereareallthemugpuntersyachts] 10/12/2013 11:22

Rat lover by name, Rat lover by nature

PMSL

[whereareallthemugpuntersyachts] 10/12/2013 11:22

Funny how you seem to be attracted to such dross LOL

[loverat] 10/12/2013 11:09

David Lloyd

Looks like shareholders and taxpayers may have taken a hit. Meanwhile it seems that already well paid management have protected their own interests. Its not only AIM it is the attitude common in society based on take, selfishness and greed. You see it in post 572.

As you say, you see this happen every day on this market. However I will take up the misleading statements issue with the regulator for what it is worth. If you have any observations yourself let me know and I will pass it on. In future probably best to avoid any company which involves John French and Bob Morton. Another couple for the Rogues Gallery.