Avi Global Share Discussion Threads

[daisy777] 16/11/2004 13:49

1. Have major assets, including contracts/potential contracts such as Harry Potter (3rd game), Heavenly Sword & Roll Call, been denied or removed from subsidiary companies and from providing necessary income to Argonaut Games PLC, without which, the company would be unable to survive?

3. When does a 'rescue plan' become a plan for self-benefit?

2. Is it legal for a company's (ex)-management to benefit from the profits/sales/resales of a company's main assets, at the expense of a company and its shareholders?

4. Have the Board of Directors of Argonaut Games PLC been fulfilling all legal requirements in informing/warning the company's shareholders in a timely manner, of matters which may affect the performance of the company?

[dell314] 16/11/2004 13:23

Charles7 - I think this case should interest all those that invest in the market, regardless of whether they are AGT investors, as if Jez is allowed to get away with it, it suggests that there is nothing wrong with directors benefitting from allowing their companies to fail.

I have seen it happen a few times with AIM-listed companies(that are acknowledged as being less regulated). However, I am unaware of many fully listed companies, without significant debt, being asset stripped in this manner.

I usually have over 50% of my assets invested in the stock market and do not want any directors to be able to financially benefit from their companies failing. Why would anyone want to invest in any company, if they think that it is acceptable for company directors to be working against them..

Rgds
dell

ALL IMO, DYOR

[tinmanor] 16/11/2004 13:03

harry, friend of the jellyfish.

[harry punter] 16/11/2004 12:32

now when i meet harry punter brokers they have a strange idea that i should do a deal with the creditors and offer to buy the listing and reverse morpheme into a cleaned up shell ---i might just do that of course that is one direction alternatively i might just develope the business and float it off on nasdaq in a year or so

regards jez

[targatarga] 16/11/2004 12:22

harry - your personal friends will be joining the group then?
regards

[ldmachin] 16/11/2004 03:07

You gotta love Jez's style.



Cheers.

[athena] 16/11/2004 00:23

In a statement to GameSpot, Ninja Theory chief designer Tameem Antoniades explained, "There have been lots of rumors, so I'd like the chance to put some perspective back into the matter. Jez helped finance the purchase of the business (assets, employee liabilities, & IP) with Nina Kristensen, chief developer; Mike Ball, chief technology; and myself so that we could set up a new company called Ninja Theory and continue working on Heavenly Sword.

"We are all joint owners at this point, with Nina, Mike and I running the business as directors, and Jez acting as an investor in a nonexecutive role.

"It was a dire situation, and our priority was to secure the jobs of our team and not let the work done so far go to waste."






Next-generation game developers, Just Add Monsters, saved by Ninja Theory
Cambridge, England, 16 November 2004.

Just Add Monsters Ltd (JAM), creators of Kung Fu Chaos and one of the first developers to tackle next-generation development has been rescued to become Ninja Theory Ltd.

Last month, all of the Argonaut Games PLC subsidiaries were forced into administration including JAM. Together with Jez San OBE, the former directors of JAM have bought back the business including all next-generation technologies; the Heavenly Sword intellectual property; and the entire JAM team. The UK's newest independent developer has been christened Ninja Theory Ltd. It is run by its original founders with no debts, fresh capital and a next-generation game that continues to wow all who see it in action. Jez San has joined the board as Non-executive Director.

[targatarga] 16/11/2004 00:16

1ton50 - please join our action group. Time is still on our side to beat the evil sans. regards

[1ton50] 16/11/2004 00:09

So people, is it certain that us shareholders are left with nothing. has it actually been confirmed or is it what most people are assuming will happen, i im not actually up to date with the current situation.

[rdpounder] 15/11/2004 22:08

Charles7, just because you've seen countless PLCs get away with this kind of thing before, it doesn't mean that we should just say "oh well, it's one of those things". It's very possible we will achieve nothing with our efforts, but your approach is certain to achieve nothing. All the best with your future investments though.

[bleddry] 15/11/2004 21:05

Thanks Charles7. The law's hammered directors before for profiting at their ex-plc's expense and failing to account to the plc for that profit. I've heard it touted that he bought the subsidiaries on a future-profit-sharing basis which seems the most likely scenario. It would certainly be a bit risky for him to buy one of the plc's subsidiaries at a rock bottom price, without including a profit-sharing provision, then have the industry press banging on a couple of weeks later about what a gem of an asset that company owns!

[charles7] 15/11/2004 19:50

bleddry

good link - just proves they are 'crooks' but untouchable. Just remember their names!

[charles7] 15/11/2004 19:48

rdpounder

2 or three posts over several weeks is hardly being 'very interested', having said that, you are right in that I am facinated by the self deluding nature of the posts. I have been investing for many years and cannot believe how many times I have read the same load of tosh.

I said it before, we have been totally stuffed by this lot and using Msn messanger ain't going to take the pain away.

They hold all the trump cards, having said that, if you folks achieve something I will be the first to say well done x 10.

Good luck, but don't hold your breath!!

:-(

[bleddry] 15/11/2004 19:19

At the risk of inciting further fury...

[rdpounder] 15/11/2004 18:53

Charles7, for someone who's "moved on" you seem very interested in this thread. If a load of people being knowingly ripped off is your idea of panto then your life is missing something.

[skintvestor] 15/11/2004 18:50

Lots of clutching at straws, I reckon!!!

[charles7] 15/11/2004 18:37

As the panto goes on!

'he's behind you' LOL

Just move on, life is tooooooooooo short!

:-)

[rdpounder] 15/11/2004 16:46

I agree, let's get something a bit more private sorted

[iviighty_iviike] 15/11/2004 16:28

ladies & gents,

stop posting on here, get yourselves onto messenger and talk there. At least that way they cant read or delete anything ;-)

[ldmachin] 15/11/2004 16:13

It's amazing how quickly the administrators wanted to push throught the JAM and Morpheme sale, and yet, even though they have stated that there are a number of interested parties in Edgware HQ they seem to be taking their time, a nice little earner for them. PLC Directors also stay quiet even though they haven't had the decency to resigned and are still on the payroll of our company.

Cheers.

[chef] 15/11/2004 16:05

Perhaps someone should censor Jez san for that disgusting comment in Developer mag about a nasty publisher causing AGT to fail. The only disgusting person is the one he sees in his own mirror

[rdpounder] 15/11/2004 16:03

Make a bunch of angry shareholders even angrier by censoring them on a bulletin board. Like a red rag to bull, not very clever San & Co!