ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

AGT Avi Global Trust Plc

231.50
1.00 (0.43%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Avi Global Trust Plc LSE:AGT London Ordinary Share GB00BLH3CY60 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 0.43% 231.50 231.50 232.00 232.00 229.50 229.50 737,995 16:29:54
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 147.05M 134.14M 0.2914 7.94 1.07B
Avi Global Trust Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker AGT. The last closing price for Avi Global was 230.50p. Over the last year, Avi Global shares have traded in a share price range of 182.40p to 232.50p.

Avi Global currently has 460,276,385 shares in issue. The market capitalisation of Avi Global is £1.07 billion. Avi Global has a price to earnings ratio (PE ratio) of 7.94.

Avi Global Share Discussion Threads

Showing 9451 to 9473 of 9925 messages
Chat Pages: Latest  385  384  383  382  381  380  379  378  377  376  375  374  Older
DateSubjectAuthorDiscuss
23/2/2005
15:13
Gazza can you ofset this against Income Tax or just CGT ?

Andy

rawli
23/2/2005
15:11
hi jacko its all over ---a bad experience --a bad investment --bad advisers like crilly,beesons etc could have prevented this situation ---it didnt happen --so move on just myself and fast freddy were there at the funeral and the last rites --not even coffee and biscuites -tight gits lol ---what i learn't that argonauts did try raising finance at the end and san was prepared to put up one million to keep the show on the road
harry punter
23/2/2005
15:07
Oh well, another share write off. At least the revenue should agree it as being of "negligable value" and allow me to offset against income tax-that way i get back more than a couple of pence anyway!
gazzastrip
23/2/2005
14:55
its over gazza ---a bad experience --a bad investment --bad advisers like crilly,beesons etc could have prevented this situation ---it didnt happen --so move on just myself and fast freddy were there at the funeral and the last rites --not even coffee and biscuites -tight gits lol ---what i learn't that argonauts did try raising finance at the end and san was prepared to put up one million to keep the show on the road
harry punter
23/2/2005
14:54
You are joking Harry, please tell me?

I didn't go because I'm not a shareholder (and Jez knows this, and probably would have asked me to leave). But I was kinda hoping someone could tell us what happened, and what was discussed.

Did you go Harry? What came of it?

bigjacko
23/2/2005
14:48
Did you attend Harry? if so please let us know what went on,was either Sans there?

I did intend to go,but i am busy at work and the venue wasnt exactly accesible for me. I am also coming to the conclusion that there is little to be gained from spending more time on this,unless Lawyers are appointed and/or the action group really have unearthed something to go with?

gazzastrip
20/2/2005
20:16
Dani14, it was Roger Lawson's help, having given us affiliation to UKSA (not something they do "willy nilly"), that helped us make the press release which lead to the magazine new items I refer to. The quote was one of Roger's direct statements with regard to our group, made for the article in Investors' Chronicle. It's not in UKSA's best interest to publically be affiliated with groups that are without any true foundation.

If you are a shareholder in AGT and you don't feel we have a case, then fine, move on, best of luck to you.

rdpounder
20/2/2005
19:41
RdP - your post number 78 - " "We support action groups that we feel have a good case", so we have their support. "

That doesn't follow. What makes you think that they feel we have a good case ? Have they reviewed our evidence ? What actual evidence do we have ? All they say is they support those they feel have a good case. They don't say they support us. Pretty non-committal I would say.

dani14
19/2/2005
13:03
(Duplicate deleted)
rdpounder
19/2/2005
13:02
dell314, weren't the articles/news items in Shares Magazine and the Investors' Chronicle public enough for you? We have put considerable effort into writing individually to over 600 private shareholders in AGT, not to mention many more contacted via their brokers after we contacted 16 brokers to get them to write to nominee holders on our behalf. This has all been personally financed and implemented. Through gaining an affiliation with the UK Shareholders' Association we were able to make a press release that went to about 60 press contacts. Roger Lawson of UKSA has publically stated with regard to AGSAG that "We support action groups that we feel have a good case", so we have their support. We are currently working on a detailed update which will go to all our members, currently about 170, and rising by the day.

If you have any suggestions/contributions then please let us know....
agsag_2004@yahoo.co.uk

rdpounder
19/2/2005
12:49
Can anyone explain to me the point of an "invisible" action group??
It would appear to fall into the same category as chocolate teapots, and ashtrays on motorcycles...

I'm all in favour of any group that aims to prevents directors lining their own pockets at the expense of shareholders, but I fail to see how it can achieve much without rallying public support. The AZH/RSV mob were continuously making waves and getting coverage...

Good luck, anyhow..

Rgds
dell

dell314
19/2/2005
12:10
So Harry, how will you be voting at the EGM? (assuming you're a shareholder of course) And what about your "boys in dark glasses"?
rdpounder
17/2/2005
13:47
still leaves the listing ?
harry punter
17/2/2005
07:45
Looks to me as there were quite a few ways that the business could have been saved and that Jez was so afraid of this happening the subs were rushed in to administration before it could happen!!!
trojan
16/2/2005
21:20
"In addition to the lack of signed games, it became apparent that an anticipated payment of approximately £500,000 from the Inland Revenue would not be forthcoming in the time scale envisaged, if at all"

wtf?

darrens
16/2/2005
19:57
"The Company currently has a deficiency of assets and, based on the information received from the Administrator, this position is unlikely to change in the near future, if at all. It is extremely unlikely that, after payments to creditors, there will be any surplus available for shareholders."

Store this part in your brains folks. As you'll soon see, they seem to have money set aside for certain "extra-curricular" activities, whilst maintaining that there's nothing left for us loyal shareholders! All I can say at the moment I'm afraid.

rdpounder
16/2/2005
17:23
This came with the notice of meeting.

"Dear Shareholder


As stated in the 2003/2004 interim accounts, the completion of all the Group's (Argonaut Games PLC ("the Company") and its subsidiaries) major development projects in autumn 2003 meant that, in addition to continuing the development of the major Catwoman project, the Group needed to enter into new development agreements in the second half of the financial year. We further stated that market conditions were very difficult and in particular commissioning of new games by publishers remained subdued. It was notable that the decision time taken by publishers to progress from the showing of a demo to final commitment to contract had lengthened dramatically thus obliging the Group to fund increasingly larger sums on work in progress on unsigned games.

During this period the Group prepared demos and pitched for no fewer than 13 different projects. It is a credit to our development teams that all of the Group's pitches were very well received. However due to the subdued nature of the market, by July 2004 these 13 projects had been whittled down to three major projects in an advanced stage of negotiation and four in the early phase of discussions with publishers. Throughout the year the Group retained its very tight cost control procedures, reduced its headcount and closed its development studio in Oxford.

During July the Group agreed all principal terms with its publishers for three new games; Heavenly Sword, which was being developed by Just Add Monsters Limited ("JAM"), Roll Call, which was being developed by the Edgware studio of Argonaut Software Limited ("ASL") and Zorro which was being developed by the Sheffield studio of ASL.

At the end of July, just prior to signing a development agreement, the publisher for Heavenly Sword informed the Group that on instructions from its US headquarters it was no longer willing to proceed with the transaction.

On 2 August the Company issued a statement that, in view of the delay in signing development contracts, the results for the year ended 31 July 2004 would show a loss in the region of £6m.

Whilst trying to resurrect the original Heavenly Sword deal on revised terms the project was introduced to a second major publisher which expressed serious interest and moved quickly to carry out due diligence. By the end of September principal terms were agreed but unfortunately, on 15 October, when the development agreement was almost ready to be signed, the transaction was overtaken by the suspension of the listing and the publisher withdrew.

The Roll Call development agreement was signed with SCI on 4th August and work was progressing on this game in accordance with the contractual terms when ASL went into Administration.

The Zorro game had been under discussion with a publisher for a very considerable period. However by the end of July, when pushed for the contract to be signed, the publisher informed ASL that it had been unable to raise the financing it had anticipated and therefore had to withdraw from the proposed deal. ASL, in conjunction with the owner of the intellectual property in Zorro, sought a new publisher and serious discussions continued through August, September and October. By 22 October it became clear that the chances of signing a development agreement in an acceptable time scale, if at all, had disappeared.

During this period the Group continued negotiations on other projects but publishers withdrew interest in all but one game. In the case of the remaining game, negotiations were continuing when the listing was suspended.

In addition the publishers of Malice and Powerdrome for the PAL regions did not comply with their contractual obligations to provide royalty statements and payments.

During this period the board explored options relating to realising value from the remaining subsidiary, Morpheme Limited ("Morpheme"), a developer of mobile phone games but these discussions were protracted and proved inconclusive.

At the time of the suspension all subsidiaries, including Morpheme, were trading at a loss and cash negative.

During the year, the Company had been contacted by a group of US investors who were attempting to put together a group of US and UK games developers to eventually float on NASDAQ. By the beginning of October it became clear that, even if this proposed transaction could be concluded, it could not be concluded in a time scale which could rescue the Group.

Several months prior to October the board had identified the need for a cash injection and, in conjunction with its professional advisors, had been at an advanced stage of finalising arrangements for a bank bridging loan to be followed by a Rights Issue. During the period immediately prior to 15 October, as indicated above, the Group suffered further delays in the signing of games as well as the withdrawal of interest in other games. In addition to the lack of signed games, it became apparent that an anticipated payment of approximately £500,000 from the Inland Revenue would not be forthcoming in the time scale envisaged, if at all. The combination of these factors meant that the bridging loan/rights issue proceeds would have to be used to fund past obligations and would not be available for working capital. It therefore became clear that it was not possible to proceed with the cash raising arrangements, as the Group would still have insufficient funds to trade. As soon as this became known, the board issued the release of 15 October announcing the request to the London Stock Exchange for the listing to be suspended.

Simultaneously, the board consulted two firms of insolvency practitioners for advice. As a result, the boards of the Company's three trading subsidiaries entered into discussions with one of the insolvency practitioner firms, which led those boards to appoint Administrators to the three companies on 22 October. On 22 October, Mr Jez San and Mr Ronnie San resigned as directors of the Company to enable them to attempt to rescue the subsidiary businesses. The Administrators of JAM and Morpheme announced on 29 October that, after approaching over fifty prospective purchasers, they had sold the businesses to purchasers associated with Mr Jez San. On 22 October, the staff at Sheffield were made redundant as a result of the collapse of the Zorro deal, and at close of business on 29 October the Administrator made the staff at Edgware redundant due to the lack of funds to continue paying them whilst a buyer for ASL's business as a going concern was sought.

Argonaut Games PLC was not in Administration although it had no funds to meet any new obligations. It was therefore dependent upon the goodwill of its professional advisors to enable it to receive ongoing advice. The remaining executive and non-executive directors have not been paid since September but have continued in place for the time being to enable the Company to assess its future prospects. Apart from its shareholdings in its subsidiaries, which have no value, the Company has a substantial debt due from ASL . The Company has no tax losses, as all trading losses were incurred in the subsidiaries. Any future royalties arising from past games are due to the companies in Administration.

The Company is the principal creditor of ASL, which in turn is the principal creditor of JAM and Morpheme. The board of the Company has been awaiting an indication from the Administrator of ASL as to whether or not, after the payment of preferential creditors, there may be a dividend receivable from ASL.

The board now understands from the Administrator of ASL that the likelihood of a dividend is slim and if a dividend was forthcoming it would not be material. The Company currently has a deficiency of assets and, based on the information received from the Administrator, this position is unlikely to change in the near future, if at all. It is extremely unlikely that, after payments to creditors, there will be any surplus available for shareholders.

In the circumstances, the board has been advised that it should now move to protect its creditors and seek to have the Company enter into a Creditors Voluntary Liquidation. This requires the approval of both shareholders and creditors. The relevant notice is attached.

Yours faithfully

The Board of Directors."

stephen4
16/2/2005
09:18
ok, i will be attending the EGM and it would be nice to see as many disgruntled shareholders there as possible-although they have called it in a venue that is not exactly user friendly!

So can we have a quick show of hands as to who will be there,cheers

gazzastrip
15/2/2005
15:08
Thanks Daisy for your post number 66 with the aerial photo - I'll know where to park my helicopter !!!
dani14
15/2/2005
11:36
many of you punters going to the meeting ?
harry punter
11/2/2005
19:13
Addendum to post no 41 of 8 Feb'05 - 00:43:

A letter from my stockbrokers arrived today, but without a voting slip.

It turns out my shares are held with others in a block holding and if I want to use my voting rights and go to the EGM, I need to apply in writing (and time is limited), otherwise the rights aren't used. Arrangements probably differ between Nominee Accounts/Stockbrokers.

In the letter, it doesn't mention whether Argonaut Games PLC is 'in administration' - this term is applied to Argonaut Software Limited. I couldn't get confirmation and Companies House hadn't received anything. Around the 18 Oct 2004, the 50 sales packs that were being sent out to potential purchasers were sent by administrators, this must have been a prior arrangement as administrators hadn't actually been appointed to the subsidiaries, until 22 Oct 2004, and that wasn't announced until RNS 4361E of 25 Oct 2004.

daisy777
11/2/2005
02:58
ArtsDepot - Getting There:



Multimap - Map:



Multimap - Aerial Photo:

daisy777
10/2/2005
12:09
just past the 2nd synagogue on the left punters
harry punter
Chat Pages: Latest  385  384  383  382  381  380  379  378  377  376  375  374  Older

Your Recent History

Delayed Upgrade Clock