Berkeley Scott Share Discussion Threads

[bensoni] 24/2/2002 19:23

This is grasping at straws a bit but I'll take anything that I can from this farce.
If it is true, how could something like this be proved? What can we the shareholders do? (probably nothing as usual!)

[hls4me] 24/2/2002 19:16

read this on iii
it true somebody has breached corporate governance and is liable for damages

Rumours, and at this time it must be stated that this is only rumours, are now saying that the banks and Andersens may have colluded before Bioglan was forced into administration.
This would benefit the banks as they would not have to pay the shareholders any money. Andersens would profit twice, first by doing the due dillicence work and then by getting themselves appointed administrators. Presently, due to Enron, Andersens have lost some business and ...
any comments ?

[hls4me] 24/2/2002 19:14

read this on iii
if true we will all be liable to compensation

Rumours, and at this time it must be stated that this is only rumours, are now saying that the banks and Andersens may have colluded before Bioglan was forced into administration.
This would benefit the banks as they would not have to pay the shareholders any money. Andersens would profit twice, first by doing the due dillicence work and then by getting themselves appointed administrators. Presently, due to Enron, Andersens have lost some business and ...
any comments ?

[mali7] 23/2/2002 00:07

lost £12,000 , what life!
Any support what to do know?

[stampcoverman] 22/2/2002 23:43

Yes Alsfar, Energis look doomed, I think it all started when Freeserve moved away on to a different communicaations network. Looking at shares prices lately there seems to be so many low prices and nothing worth backing. On top of that, the Money makers don't know what they are doing and company accounts are proving to be a pack of lies. As was Enron and Bioglan.

[custardpie] 22/2/2002 21:50

I agree alsfar ,maybe my comment about Aim was to general,but with what has happend over the past few months with enron ,just,even the accounts if read with a fine tooth comb can hide a few nasty suprises.

[alsfar] 22/2/2002 21:31

custardpie -

AIM or FTSE is not the point. Look at the balance sheet and understand the fundamentals. In many cases (at the present time) AIM shares are more transparant (simple accounts) and the most undervalued. Read the accounts, look at cash, debt and NAV. Check out as much info as you can find. Before you invest, understand what the likely downside is. Never assume a company can't go bust. Note, the next casualty is likely to be EGS.

[custardpie] 22/2/2002 21:20

It is never easy when you make a loss, to go back to the markets,I,ve made a few these last 12months bgp,jus whm to name a few.So what i,ve done is gone back to basics,forget the risky but high reward ones on AIM and look at the good solid companys ,and thought where is the money being spent,Rail road and health all need spending on and the government is paying.So i,ve bought into bby and am looking at tox hopefully these might help me recoup some of my loss.BBy is already up 20% for me .Please don,t take this as a ramp it is just my own ramblings on how I am trying to handle my loss. Good luck to all and DYOR CP.

[devil20] 22/2/2002 20:30

Carlos(Rio). The whole share market is in turmoil. Barclay Capital believes many investors will move their money out of shares and into corporate bonds over the next few years and Bunny Snack(Warren Buffet!) said a year or 2 ago that he saw nothing but doom & gloom for the share market for the next 5-10 years. Practically everything has gone down over the past year or so. Its a very dodgy time to invest. Having said that many believe now is a good time to buy some shares. Can I give you a bit of advice? Never take advice from anyone else to buy a share. Do your own thing. Of course hear/read and take in opinions
but in the end its you who has to make the decision and live with the results.
This is NOT advice but check out Alldays. So low at the moment and as much chance of surviving as many others.
But do read many back-posts. It will give you an insight to the way things are going.
Regards(Y SALUDOS!) Mike.

[stampcoverman] 22/2/2002 18:11

Andersen takes on Bioglan breakup
The Guardian - United Kingdom; Feb 22, 2002
BY ANDREW CLARK



Accountancy firm Andersen is to be appointed administrator to Bioglan, the skincare company which collapsed on Wednesday when bankers demanded repayment of pounds 110m.

The announcement is expected this morning.

Andersen will seek offers for Bioglan's remaining businesses - which include a large dermatology drugs operation and a research centre dedicated to developing controlled delivery syringes.

The Hertfordshire company has more than 500 staff, who were told yesterday that they should continue with business as usual despite a warning on Wednesday that the firm could cease trading. A spokeswoman said: "The main thing is to keep it trading, doing business. Otherwise it's worthless."

Bioglan's lenders, led by Royal Bank of Scotland and Barclays, had given it nearly six months to sort itself out after it defaulted on a loan last summer.

The banks ran out of pa tience when bid talks with Californian drugs company ICN ended on Monday.

There was irritation at Bioglan that the banks gave up while talks were under way for a refinancing by Quintiles, another US company.

The banks are believed to have concluded that pounds 50m, the amount Quintiles had offered to invest, would not be enough to make Bioglan a going concern.

Sources close to Bioglan suggested that the role of the company's auditor, KPMG, and former financial adviser, ABN Amro, were likely to face close scrutiny. In April last year, Bioglan reported an annual profit of pounds 31.5m but this was flattered by one-off licensing deals and was later restated down to pounds 2.37m.

Terry Sadler, the company's founder, has seen the value of his 30% stake fall from pounds 200m in 2000 to virtually nothing. Colleagues blame him for not listening to advice about how acquisitions should be financed and the treatment of licensing deals in the accounts.

[mali7] 22/2/2002 16:36

Anybody is their any hope?
Is their anything we all shareholders can do?
The bank extension was until 28th so why so early?
Can the Terry Sadler be "sacked", and we or maybe elan sort something else out?
I have got to many questions, because how will I recover from this loss?

[saturn5] 22/2/2002 13:49

After paying SKP it should hang on to the Soloraze right. They could be worth a bomb. If Elan came forward with some cash the company could be kept up and running. because the future is good. In this day and age companies should be kept going. Even the government could put in support to keep all the jobs going worldwide.The banks can carry some debt--thats what banks are for. If a big drug firm took an interest the banks would be more confident.
It is stupid for this company to go into liquidation because of debt. A lot of US companies carry debt. However I think BGP were too rapid in selling back the generics .I dont know whether that was a good deal because it did not encourage the bank support that was required.

[magicm] 22/2/2002 13:09

Is our investment lost for fact! or is their any hope.

[laugh987] 22/2/2002 10:18

the fat lady has sung.......good bye everyone..!!!!

[bakerdoz] 22/2/2002 01:26

Elan tipped as potential Bioglan buyer
Thursday, February 21 12:53:55

(Bus & Fin)

Irish drug giant Elan has been named a potential buyer of collapsed drug group Bioglan Pharma, which has operations in the Republic.


Yesterday, Bioglan shares were suspended in London after the group failed to renegotiate its debt structure with its banks. In a bid to cut the UK£105m debt mountain, the group has previously opted to pare down its operations and focus on its dermatology and drug delivery systems.


Elan is a possibility, given that it is on the lookout for further acquisitions, and has named dermatology as one if its five key therapeutic areas. London analysts also put forward the possibility of marketing partners SkyePharma hiring Bioglan's European salesforce and marketing its product directly.


"There have been a lot of people looking at the company over the past couple of months," a Bioglan spokesperson told Business & Finance Online today.


She confirmed that the courts will appoint an administrator within the next 24 hours, who will work with the company to maximise the business's value. Bioglan will continue to trade during this period as it works to evaluate potential offers.




Several commentators said the most likely future for the group is another company stepping in to break it up and sell it off. They added that the company still has a good range of products, which could see it going into liquidation followed by a takeover and the re-employment of its 550 staff, as happened to Roscrea-based Antigen late last year.


Last year, the group reported turnover of UK£1.06m, which was forecast to rise to £113m for the year to end-January 2002.


Observers told Business & Finance Online that Bioglan made a poor choice in rejecting a takeover offer from US group ICN Pharmaceuticals. Earlier this week, the Californian-based firm confirmed that it had been investigating an offer for the entire issued capital of Bioglan, but that talks had ended with no agreement being reached.


The company employs 20 people in its Dublin tablet manufacture operation that manufactures five of its generic products, and another 15 in Clonmel in its regulatory affairs department.

[stampcoverman] 21/2/2002 22:32

I think a big lesson learned here is don't have anything to do with Royal Bank Of Scotland. Walking away seems too short sighted to me, from reading in between the lines it sounds more like they didn't like Terry Sadler at the helm. He should have sold some of his shares laast year and slipped out quietly.

He must be feeling like 'twit of the 21st century' after being voted 'entrepeneur of 2000'.

[custardpie] 21/2/2002 21:13

Yeah riolea don,t give up ,it,s bad luck you lost on your first venture into shares,i,ve lost £1500 0n this mismanaged co.But look to the future and remember the lessons learned with bgp.

[devil20] 21/2/2002 20:35

RioleaTapas. Bad luck on your first investment. But dont despair. At least you've learned a very valuable lesson from the start. Although I think it must be said you got bloody unlucky here. Most of us thought BGP would make it. I bought more at 18p. Anyway, looking at your nick-name: buena suerte la proxima ves! (I think I've spelt that right!).
Regards Mike.

[alsfar] 21/2/2002 16:46

Tough luck guys, BGP took a long time to die. Now pick yourselves up and dust yourselves off. It is only money, better luck next time.



"...the Royal Bank of Scotland, rejected its final attempts to restructure its debt..."

RBS really should now change it's name to 'The Grim Reaper'.
The UK's number one company busting bank!

[sholcroft] 21/2/2002 12:50

Ok. So they are trying to sort out an adminstator. What exactly does this imply. Just wondering if there is any possiblity of share holders getting anything. Or is that it. Nothing for anyone.

Well. At least certain people in charge will have lost a lot more than me. I am full of sympathy for them. Such levels of incompetence and mismangement and yet they have nothing to show for it. What a shame.

[catapuss] 21/2/2002 11:57

Hi to all fellow BGP losers. No surprises here. Nominal value of BGP shares is 5p I believe. Don't think any of that will be coming back. Bought these in October at 10p when heavily debted i.e. knackered companies (MONI was the biggest riser) were temporarily in vogue. I was hoping that the big anthrax scare was going to help 'cos they make (made) something for treating that. Hedged a bit by selling some, but ended up losing £600, my biggest ever loss. Oh, well, I could have bought EGS at 14p this morning, would have been really stupid!