Adams Share Discussion Threads

[eenmakkie] 05/3/2007 11:27

IT IS STARTED!!!!!!!!

Zone-IP Ltd
("Zone-IP" or the "Company")

Directorate change

The Company announces that Naamit Salomon has resigned as a director of the
Company, with immediate effect, due to conflicts of interest with other
directorships that she holds. The Company intends to appoint a new independent
non-executive director as soon as practicable.


Naamit Salomon has been the vice president, Finance of Formula Systems Ltd. since august 1997. Also serves as a director of Magic Software Enterprises Ltd.


There will be some reverse takeover, takeover, or other between Zone-ip and Formula Systems or Magic Software. I think it will go from one of them to Zone-ip because Emblaze and Co. are holders of almost 90% in zone-ip and much less at Formula Systems. But Magic is as well a candidate. Remember the appointment of Eli to its board. And some Non-Executive Directors of Zone-ip are as well in Magic.

NEW TRICKS ARE COMING.

[the crypt] 02/3/2007 16:01

oh put ye head in deee sand and drink that sea water - yer daft twit!!!!!

These will be 29p by March 12th.

[par12] 02/3/2007 14:39

Thats a lot of sells today !!!

[hugepants] 02/3/2007 11:59

Tell them in no uncertain terms you dont want ADA to create more shareholder value Israeli style

Thats very funny

I think they should have about 35p cash after sale of assets and even if you include the liabilites. They had quite a lot of intangibles and I assume that some/all of these are included in the sold assets. In fact at end June 2006 ADA had 32.5p cash and at Nov 2007 had 31p so over an 8 month period the company was almost cash flow neutral. And it has a very healthy order book so I dont understand the argument about needing significant further investment. Anyway isnt that the cash is for. Seems odd they are giving up at this stage. Mobixell arent

[eenmakkie] 02/3/2007 11:53

Scburbs
I took notice of the Liabilities but as I previous mentioned:
the 21,6 mil$ is now included with the Long-term held-to-maturity marketable securities.
ADA lost 1,7mil$ from sept to dec (last update of cash before this 21,6m$ of February07)
probably the have colected the Trade receivables of 984,000$ and that makes the increase from 20,8m$ to now 21,6m$.

So 21m$ is the cash we have to deal with and the LIABILITIES still to pay.

Please take in mind the Sensastream deal, it can lower the cash per share a lot.

Vote on all the propositions NO.
Maybe if we have luck, an other 3rd party will offer us a cash price for our shares. and done with it!


Very good done from nickcduk in calling up Bridgewell.
We need the atention from all the institutions that they gonne loose more money from there clients if they let ADA spend the money on (investments)

[2lb] 02/3/2007 11:02

Trading over the past 3 days is all soaked up sells and no share price movement so you could be right.

[supernumerary] 02/3/2007 11:01

"I am wondering why Bridgewell is buying ?"

I have the impression that there's a buyer soaking up whatever he can get of these...

[nickcduk] 02/3/2007 10:13

Orna still hasnt got back to me. Obviously that nose is embedded in that trough still. Ive rang up Bridgwell today and had a chat about where to voice opinions on the deal. They suggested ringing Corfin and letting them know. So as a means to express that we want our cash returned to us and not squandered on propping up the Israeli economy, I call on you all to ring up Corfin on 02079298989 and ask to speak to either Neil Thapar or Harry Chathli. Tell them in no uncertain terms you dont want ADA to create more shareholder value Israeli style. Id be grateful if once you have done this you report back on what was said so we can get some feedback on how other shareholders might be feeling.

[gobbyash] 02/3/2007 09:38

I received the notice of EGM in the post, yesterday.

[par12] 02/3/2007 08:53

I am wondering why Bridgewell is buying ?

[scburbs] 01/3/2007 21:40

eenmakie, thanks for the clarification. Here is my calculation.

21,600,000$ cash exivalents
5,500,000$ coming in from the deal
-1,700,000$ in liabilities: Being interim liab of $3.358m less receivables of $1.67m (these numbers are out of debt, but the assumption is that net working capital is constant)
---------------
25,400,000$
-1,000,000$ in bonuses to Orna Berry and the other ex.CEO for "good" performances and termination costs
-1,000,000$ of expences over 12 month period, trading AIM and finaly delisting..
+1,086,550$ 5% intrest over a year.
-----------------
24,486,550$

Over 35.5m shares is 35p per share. Current discount to cash 29%. Surely a nobrainer for a share buy back.

Obviously I would love for Philips to step up and say this is worth more than the sales proceeds, but if they don't then the answer is that it probably isn't!!

[eenmakkie] 01/3/2007 21:15

Guys, we are loosing this!!!!

If the price stays low and the gonne pay Sensastream with shares at a value of 23p for 1,000,000$ there will be much more shares in issue.

And come on, an investment company, for crying out LOUD, they are steeling our money!
WE HAVE TO STOP THIS!!!!

How many shares they have in favor of this deal?????
Phillips
And I reccon that the shares to Sensastream will be calculated as well.
How more the price drops, how more shares Sensastream will get and vote in favor of the deal at the EGM.


How many shares can we put together for a vote?
Can someone try to phone up some institutions, and explean thinks.
I am almost sure that some of them know little of this company and will vote in favor of the deal what so ever Adamind is promising them now. (It's not there money they invest)


nickcduk is trying to contact Orna for several days! She is to bussy now with contacting the institutions to persuade them for voting in favor of the deal.

INVESTMENT COMPANY????!!!!
How in the world can they be good investors if they now sell a business that is going up again for lousy 5m$.
"The disposal will generate substantial cash proceeds," WHAT?

"Whilst these measures and the improving market conditions have resulted in a
significant improvement in the Company's financial performance in H2 2006, the
directors of Adamind believe that, due to continuing uncertainty in timing the
growth of the messaging market, significant investment is still required in
order to achieve profitability. "


Significant investment is still required; Ada has 21,8 million $ on the bank, is that not enough for some years of investing in the business???????


VOTE AGAINST if you have more shares long than short.
VOTE IN FAVOR if you have more shares short than long.

[eenmakkie] 01/3/2007 20:55

If I want intrest on my money I want to put it myself on my bank account and not on that from Adamind.

Scburbs, the 3,8m$ in liabilities came from the half year results at sept06.
Didn't made the debt myself.


21,600,000$ cash exivalents
5,500,000$ coming in from the deal
-550,000$ in escrow
-3,819,000$ in liabilities: Employees and payroll accruals,SEVERANCE PAY LIABILITY , Accrued expenses and other liabilities
---------------
22,731,000$
-1,000,000$ in bonuses to Orna Berry and the other ex.CEO for "good" performances
-1,000,000$ of expences over 12 month period, trading AIM and finaly delisting..
+1,086,550$ 5% intrest over a year.
-----------------
21,817,550$

over 35,546,636 outstanding shares makes 0,313£ per share(exchange rate 1,96$/£)
Hope that the spread will be 0,28-0,31£ in April
Sensastream 1mil$ in shares makes 1,759,324 new shares + some more options we gave to Orna on the EGM of 19 January07 makes 2,5 mil newly isued shares.

total 38046636 shares outstanding makes 0,2925£ cash per share
It still makes a 11% premium if you can buy at 26p BUT very lousy with all the uncertainty of the FSA investigation and (the new investment of the money)

But selling at 23p makes 21% difference and very SPUPID to sell at these prices.

[par12] 01/3/2007 18:54

Phillips could still take over the company with assets, paying holders 50p a share; would only cost them a few million to do this, maybe some one should suggest this to th Phillips guy

[scburbs] 01/3/2007 17:08

All new director contracts? By this do you mean one new non-exec? A non-exec shouldn't be on much more than $50k p.a.

As to the existing directors they are on a maximum of six months notice. I would like to see some of these contract being terminated as 7 directors (4 non-exec, 3 exec) seems excessive for a shell. I would expect these announcements if the sale goes through at the EGM. Compensation should be limited to a max of 6 months salary so should be limited, i.e. not millions but still expensive.

[the crypt] 01/3/2007 16:55

okee dokey

[par12] 01/3/2007 11:10

They will need to settle all new director contracts in full; that will cost millions of dollars alone. We need another buyer and quick

[scburbs] 01/3/2007 10:29

eenmakkie, Exactly! If they start buying the price will go up! I am happy with that. Once the discount to NAV is narrowed they can stop buying and return the cash to shareholders. If the share price drops significantly below NAV before the return the cash they start buying again.

I am not suggesting they buy above NAV, but then the share price will never rise above NAV.

Can't say I agree with your calculation of 31p. They will be getting a lot of interest on their cash and if they can't run a shell company for an amount equal to the interest they are even more incompetent than I thought. Please can you expand on the below from your calculation as it looks high to me given the vast majority of employees are transferring.

"-3,819,000$ in liabilities: Employees and payroll accruals,SEVERANCE PAY LIABILITY , Accrued expenses and other liabilities"

[eenmakkie] 01/3/2007 10:24

scburbs - 28 Feb'07 - 22:09 - 444 of 453

Best buy investment ADA at say 26p. Buy 15.5m shares cost $7.9m

Good Idea, but if they do not delete the shares they bought back in it will be a reverse afect.

Shares 35.5m
Cash $27.1m or 39p per share (including escrow)I already did presented my calculation, there is not 39p cash per share, it would me more closer to 34p and after payments to employers it will be closer to 31p.

Revised shares 35,5m if they do not delete the shares they bought
Cash $19.2m or 27,6p per share (Increase in value of company 25%).
investments or 7,9m that can decrease if the share price drops more.

anyway if they announce that they will start buying the share price will go up and if they buy it will go up more. (at the end they will pay between 31p and 38p
After they stoped buying, the price will drop back to 25p, So they have lost value in total


The best is they offer a price per share and buy all the shares that will be offered by the market. And after what they will do with the shares they bought? They can put all the shares where the sun dusn't shine....

[2lb] 01/3/2007 08:56

Yes - could well happen in the big institutional holders block it.

[par12] 01/3/2007 08:38

It even looks as if we could reject the sale of assets ?? is that correct

[scburbs] 01/3/2007 08:29

LOL! Yes that might be a good strategy. Looks like Philips director has primarily worked in the Netherlands as his CV includes Dutch NV's and BV's.

[par12] 01/3/2007 08:04

They could short sell any new BLZ floatations and make a killing out of people with rose tinted sunglasses like me