Avi Global Share Discussion Threads

[harry punter] 08/2/2005 18:32

off topic but worth a look imo

all the news does look very exciting for cenes -- its surprising that we are not seeing more buying this is because few brokers produce research on smaller company's like cenes to date --CeNeS still has over £11ml.cash and is now on the brink of completing a five year programe with its new pain relief drug developments --that should soon enable CEN to earn millions of $£'s over the next few years ----the city will eventually wake up to CEN or watch them get taken over by glaxo/smith kline or a u.s. major -its only a question of time before these shares go through the roof -- eventually having taken all the risks and costs in developing this latest drug --it now seems far to tempting a morsel for the major players not to act soon --as we are talking a billion plus world wide market for this pain relief drug thats an alternative to morphine and CeNeS is way way ahead of everyone else in the world -----the stakes are not very high at 8p a share --oh and the company is run by former glaxo executives so they are capable and know what they are doing --well worth a look in my humble opinion

yes i am bullish and i am a buyer --and i am talking my book because the shares are going one way -UP

regards harry and the boys in dark glasses

[gazzastrip] 08/2/2005 15:49

Just to confirm one point. I dont think the FSA will become involved unless there was misleading information released,or information withheld that should have been released etc.

Having been stitched up twice in the past 12 months by greedy directors of listed companies i think there is a massive gap in the regulatory protection that applies across many other financial products. The LSE arent interested and the only potential official complaint body as i see it is the DTI,but even then that wont correct the wrong and get us our shares/value back-only legal action will do that!

[jiggle] 08/2/2005 15:48

BigJacko - thanks for the post.

There are not many people that would see this as just an unfortunate series of events.

We'll see what happens - as for this man deserving or having respect in future? I seriously doubt it.

[bigjacko] 08/2/2005 14:29

Jiggle - sorry - I wasn't trying to imply that the accusations are without foundation. I guess I'm just shocked at what Jez has done, insofar as there is suspicion it might've all be a ploy, rather than a genuine buyback. I mean, Jez was capable of a lot of things, but I didn't quite have him down to do a rip-off on this scale (if that's what the FSA ultimately decide it was).

I guess I really want to find out whether he DID do anything 'dodgy', and whether the company's demise was in any way deliberately engineered so that he could buy it back on the cheap, or whether this was just an unfortunate and unavoidable event which he then took advantage of to 'rescue' his company back from the ashes. He was VERY attached to it, when I was there - and deeply proud of the fact that Argonaut was the sole survivor and only independent devco remaining from the 1980s heydays. But another 10 years have passed since then, and I have no idea what Jez's views might've been lately.

Dunno what to think, really. No agenda here, other than I'd like to know what opinion to have of him, in future, once all the facts are out.

[bigjacko] 08/2/2005 10:16

Daisy - thanks for the update. Interesting stuff.

Regarding the 1998 dissolution - do check that this wasn't just the 'overhaul' that was necessary to turn Argonaut Software Limited (the company I used to work for until 1996, I think) into Argonaut Games PLC. They will have had to do something of that kind, in order to be allowed to float on the exchange, I'm guessing.

Mind you, I have no idea what the 2002 thing would be about.

Anyway, don't forget to keep us all posted. I haven't joined the Action Group (because unlike most of the Argonaut staff, I never got any shares, despite being instrumental in setting the damn Employee Options scheme up for the benefit of the staff). But I'd still like to know how this pans out.

I still can't quite believe it all ended like this, frankly. I always considered AGT a risky play, but more because of the market it was in, and knowing what that was like. I'm quite shocked to hear these accusations being levelled at Jez, frankly - but I have no opinion on whether it's true or not. I simply don't know. But it would be good to find out.

Good luck in your quest.

[gazzastrip] 08/2/2005 07:56

Thanks Daisy

I sent the reply slip back for the action group a while ago and await further info.

Like you i have not received an invite or details of the EGM yet and will need to follow this up.

Did you decide against legal action or pursuing the legal route at this stage?

[daisy777] 08/2/2005 00:43

Gazza, the action group has been busy since early November 2004. If you'd like to join please send your details via the reply slip.

Companies House records show that the CEO is familiar with reconstructing companies, forming new ones, moving assets and interests for the value of £1, liquidation/dissolving etc - particularly between 1998 and 2002.

11 Feb 2005, Addendum to post:

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.

[gazzastrip] 07/2/2005 22:28

We dont appear to be making any progress and i see no sign of action. Has everyone given in?

I offered to arrange a meeting for disgruntled shareholders back in November/December and there was either too little interest or another person was pursuing the legal angle (daisy i think). For my part i have written to and discussed the case with the FSA and written to the DTI who have confirmed they are investigating.

I wrote on 12 November to Crilly,Perlin,Paul and Ellis and received no reply or even an acknowledgement. I also wrote to the compliance officer at Evololution,again to no avail and received no reply.

Please can someone advise if we are collectively still trying,or have we all given up and accepted we have been robbed?

[gazzastrip] 07/2/2005 22:28

We dont appear to be making any progress and i see no sign of action. Has everyone given in?

I offered to arrange a meeting for disgruntled shareholders back in November/December and there was either too little interest or another person was pursuing the legal angle (daisy i think). For my part i have written to and discussed the case with the FSA and written to the DTI who have confirmed they are investigating.

I wrote on 12 November to Crilly,Perlin,Paul and Ellis and received no reply or even an acknowledgement. I also wrote to the compliance officer at Evololution,again to no avail and received no reply.

Please can someone advise if we are collectively still trying,or have we all given up and accepted we have been robbed?

[blue tooth] 06/2/2005 22:15

LOL RD - well done...

[rdpounder] 05/2/2005 19:26

Well said Harry!

It's the postman I feel sorry for, a lot of letters to be delivered!

[harry punter] 05/2/2005 09:57

the listing has limited value for a shell --but san is too greedy on his 43%--he would rather see the listing cancelled than accept a nominal bid for his holding that will allow shareholders of agt a better chance to recoup some losses --he should be stripped of his obe for his behaviour these last 12 months imo

[harry punter] 05/2/2005 09:56

the listing has limited value for a shell --but san is too greedy on his 43%--he would rather see the listing cancelled than accept a nominal bid for his holding that will allow shareholders of agt a better chance to recoup some losses --he should be stripped of his obe for his behaviour these last 12 months imo

[jiggle] 04/2/2005 22:38

Fitbod - all the good equipment etc. was also bought by San when he bought the subsids - there's nothing left at Edgeware, a few empty server casings....

Cleaned out, but somebody did leave the lights on - burning the last bits of money before liquidation.

[fitbod] 04/2/2005 18:40

I wonder if they'll hold an auction at the Edgware offices to get rid of some of their remaining assets at knockdown prices? Furniture, games, PCs and what have you. If they do I'll probably go along, seeing as it's all of a 200 metre walk from my main office.

steve111: "He acquired the other 51% for sod all!"

I think you'll find he was personally paid many millions for that 51% when it floated as well. He didn't do too badly out of AGT and then taking the cream of the crop for knockdown prices... well, one might call it rather shrewd business. Or something else slightly less complimentary.

[idgt] 04/2/2005 14:00

EGM held on 23 February 2005 at 10:30am

The Studio Theatre
Artsdepot
5 Nether Street
North Finchley
London
N12 0GA

[stevi111] 04/2/2005 13:42

Cheers anyway BigJacko......"" I hope they're surviving OK through all this.""

It seems the only person that never lost anything was Jez almighty himself. He did'nt lose his 49% share in AGT.....He acquired the other 51% for sod all!

Jez the 'saviour' indeed eh?

[rdpounder] 04/2/2005 11:07

Anyone know when/where this EGM is? I have not received any notification of it, no suprise there then!

[jiggle] 04/2/2005 11:04

Ubisoft, the French computer games developer which once looked at making a bid for Lara Croft creator Eidos, yesterday signalled a pick-up in the gaming market by investing £300m in new programmers, games designers and computer animation specialists.

The decision to invest heavily in new talent is a signal that the cyclical gaming market is headed for an upswing. Ubisoft said yesterday that it expects the global digital entertainment market to double over the next seven years.

[bigjacko] 04/2/2005 02:22

It was 10 years ago, Stevi111... I've not had contact with Jez since I left, really - apart from maybe a couple of family-event type emails of congratulation or condolence type thing, as and when I've heard stuff. I think I might have complimented him on his OBE at the time - you might recall he has one!

As for the questions, I really don't think I'm in a position to comment. I simply have no knowledge of recent events (other than what I've read here, and what one fellow ex-Argonaut told me after the closure), or how the company was run after I left it. Sadly, I didn't keep in contact with many of the crew when I moved out of London. I hope they're surviving OK through all this.