Bartercard Share Discussion Threads

[davidlloyd] 09/7/2007 09:50

For information, received my paper £10 consolodated shares certificate this Weekend.

DL

[knowing] 05/7/2007 22:43

Shame they shat on shareholders.

[knowing] 04/7/2007 23:30

Possibly this may help but I have not done any research as not a holder

[edmondj] 04/7/2007 17:01

Remarkable, how he is suing the Nomad for getting him in this 'unwanted dilemma'!

[indexwhacker] 04/7/2007 16:34

I assume that those having their shares bought out at 4.5 each do not have to elect for this or claim or anything - ie Mr SharpePractice will be sending me my £9 without further ado?

(My 200 shares have been whittled down from several zillion Medi@ shares by a series of consolidations aka opportunities to confiscate money by witholding the fractional leftovers after the consolidations "for the benefit of the company").

IW

[davidlloyd] 03/7/2007 08:46

Morr,

the £10 is the nominal value of the share, just as, say, a 1000 shares you originally had had a nominal value of 1p each (though at the time of delisting were at 4.5p). The suggestion would be, though a new share has a nominal value of £10, it should be worth (if you could sell it) something around £45. Of course, we all hope it will be worth a lot more than that in the future.

DL

[morr21] 02/7/2007 14:57

Thanks Ngen Yap.

How do they get away with turning 1000 shares into £10, at 4.5p 1000 shares is worth £45, so how did they come up with £10, and does this really devalue the company?

[ngen yap] 02/7/2007 13:41

Morr, as I understand it, your 800 shares will be bought by Wayne Sharpe at 4.5p, the trading price prior to delisting. You will continue to hold 29 shares in a private company - which entitles you to future dividends and voting rights (altho probably not effective given the majority held by close members). Also, of course, if and when the company decides to list again, get bought up etc, you will get your share.

The 800 shares worth £36 should be credited to your trading account - at least that's what I think will happen with mine held with TDW.

Hope that helps.

[morr21] 02/7/2007 12:41

Thanks aporterman for your answer above, I am a small shareholder. with 29800 shares, I presume thats now worth £290 or 29 new shares.

Two questions I hope can be answered:

1) what about the 800 shares above the 29000?
2) Im with Barclays stockbrokers who have written to me, saying they will automatically transfer the shares. but what now, are bartercard going to buy my shares, if not how can i sell them.

Thanks in advance for your help.

[aporterman] 02/7/2007 12:10

If you had 5000 shares - you will now have 5 x £10 shares etc.

[quotes_4_u] 02/7/2007 11:50

What about other shareholders holding between 1k and 100k ?

[johnnyad] 02/7/2007 11:49

Date : 02/07/2007 @ 11:35
Source : RNS Non-Regulatory


Bartercard EGM recommends going private


RNS Number:4362Z
Bartercard plc
02 July 2007

2 July 2007


Bartercard turns back the clock

EGM approves resolution to go private, micro share purchase and capital
reorganisation of Bartercard Plc


At an Extraordinary General Meeting of Bartercard Plc on Friday, 29 June,
shareholders unanimously approved the Board's recommendation to take the company
private and to undertake a capital reorganisation.


The decision to take the company - the world's largest trade exchange with
operations across Australasia, Asia, the UK and the Middle East - back to
private ownership, follows last year's delisting from the Alternative Investment
Market of the London Stock Exchange.


"Having been de-listed it makes no sense to retain the pre-existing capital
structure, so it is vital we have a different, more manageable structure," said
Bartercard founder and Executive Chairman Wayne Sharpe. "After all, we were a
private company for most of our 16 years in business and became global."


"Going private will remove the huge costs and administrative burden associated
with being a Plc and listed company when we were unable to gain the anticipated
benefits of a listing, largely due to the action of our former Nominated
Adviser, Nabarro Wells. Legal proceedings are still in progress to recover
damages for that action."


The company is unable to buy its own shares, so under a Transfer Entitlement
Agreement; the directors invited Mr Sharpe, as the major shareholder, to
purchase the fractional entitlements, in a process designed by the Bartercard
Board to deliver a quick and cost-effective outcome for 'micro' shareholders
(those with holdings between 112 and 999 shares). With approval from the UK
Takeover Panel, Mr Sharpe will buy out micro shareholders at the company's last
trading price of 4.5 pence (approx A$0.11 cents) per share; the value of the
shares at the time of delisting.


"Reducing the number of shareholders from over 4,000 as public company to just
over 700 as a private company will significantly reduce costs associated with
communicating with shareholders," said Mr Sharpe. "Communication will
increasingly be via the bartercard.com website."


Under the capital reorganisation that won shareholder approval at the EGM, each
1,000 Existing Ordinary Shares with a par value of 1p (valued at 4.5p each at
the time of delisting) will be consolidated into one #10 New Consolidated Share.


Under UK law the company is entitled to retain any dividends payments with a
value of less than #5.This means the thousands of micro shareholders holding at
least 112 shares who were locked into non-marketable parcels and could not
receive dividends are now provided with a last chance to liquidate them for
cash.


Last year Bartercard announced the sale of its Australian headquarters building
for A$13.5 million, which paid out all its long-term debts. "As a result of the
building sale and the recent restructure of the group operationally, Bartercard
expects to report improved results overall, with operating profits expected in
both Australia and the UK for the financial year to 30 June 2007.


Bartercard International operates in 12 countries and has more than 55,000
members worldwide, and hopes to open operations in four more countries in the
next 12 months.


ENDS


For further information, contact:

Wayne Sharpe

Executive Chairman, Bartercard International


Lee Lochab

Group Finance Director, Bartercard PLC


0870 920 1000




This information is provided by RNS
The company news service from the London Stock Exchange
END

[davidlloyd] 29/6/2007 09:51

Aporterman,

I dont think there was much misinterpretation involved!!
Word for word is the response I received below......and bearing in mind my shares were in CREST

'Dear XXXX,

The proxy form was only sent to those shareholders who are eligible to vote.

You are currently listed as a deferred shareholder and as such are not entitled to vote.

Many thanks.

Kind regards,'



Anyway, its all clear now!! I suppose the one good thing here is that at least we get some response from the company which is a better than many out there.
DL

[aporterman] 28/6/2007 10:12

Yes David, after reading your post I rang Lee Lochab and told him somebody had quoted him re. deferred in Crest ... he said they must have misinterpreted him.

[davidlloyd] 28/6/2007 09:48

Aporterman,

I agree, but I was concerned that Lee Lochab in response to my email referred to my CREST holding as 'deferred' . I am sure/hope it was a genuine error. Otherwise their calculations may be up the spout......

DL

[aporterman] 27/6/2007 23:05

Referring back to an earlier post - 1437 by David - my understanding is that shares held in Crest are not classed as deferred shares and will be treated as full ordinary shares for the consolidation.

[liam22] 22/6/2007 14:27

David I have no link as it is not yet released publicly, I think, but Investor Relations in Bartercard will confirm it I'm sure, as it does not need RNS now.

[davidlloyd] 22/6/2007 11:29

Liam,

Interesting - can you point me to where there is any info on the Australia MBO out of interest?

DL

[liam22] 22/6/2007 08:45

Another shareholder believes that this means that Bartercard Australia will not be making any contributions at all to BRTR International - will they still be part of the BRTR trading network? How will this work?

[liam22] 21/6/2007 18:20

So it seems Bartercard Australia MBO deal is done - about 25 million Aus dollars - does this mean it will be making no contribution at all to BRTR in future? - or will there be some commissions on deals with other countries?

[edmondj] 15/6/2007 13:02

It's the standard spiv entrepreneur's strong-arm tactic of whinging about the City as a smokescreen to de-list and wipe out as many private shareholders as possible.

[wiganer] 15/6/2007 12:35

I also got letter from TDW yesterday.

Indicates that the consolidated shares will be certificated, implication being this will happen automatically* (normally TDW charge a fee if you want to get shares certificated).

* though I'll be liaising with TDW to make sure that does happen!

[thedustyone] 14/6/2007 16:05

Guys

Just received my letter today from TDW about my holding. It is being transfered as per the earlier anouncement on this board. Concidentally, I rang up earlier this week giving them some stick for not keeping peeps updated since the Nomads debacle/delisting. At the time, I did not know about the consolidation until I received the letter today and I came here to post only to find that it was old news!.

[veg man] 13/6/2007 08:32

Thanks DavidLloyd that as helped me also.It may sound daft but I do not know how I come to own these shares,must be through one of my other share companies.

[davidlloyd] 12/6/2007 14:41

Morr

As I see it you'll get one new £10 share for every 1000 1p Ordinary share you currently own. if in certificate format you need do nothing and you should receive through the post a new certificate for the requisite number of new shares....i.e. if you had 2200 shares you would get 2 new shares, 82001 shares you would get 82 etc..... At this point the old share certs become pieces of paper (worthless) and new ones are valid.

They are going to pay out 4.5p on every share that is left over (less than 1000 required for a new share) provided the amount is greater than £5. i.e. if your remainder is less than 111 you get nothing.

Hope this helps,

DL