Brightside Group Share Discussion Threads

[woodcutter] 29/1/2013 14:54

a further point....Banks and Hughes own enough shares to cause a distraction for some time to come. And whilst the existing management are trying to grow the business i can't help but think this is going to cause a diversion from the main thrust of what they should be doing.

GHF bought some ANP on the dip today. You know i've been an admirer for some time.

Woody

[this_is_me] 29/1/2013 13:27

The buy back authority for 10% of the shares will not be enough to take out his entire holding if he decides he wants to dump the lot.

[woodcutter] 29/1/2013 09:59

Well that was a short and sweet holding. Sold my small holding this morning for a small loss. Don't like the management issues surrounding Banks it's all to woolley and the share price action since the recent announcement is not what i would have expected so i'm out.

Sad really as it looks a very good business and may well be taken out. When i bought i had reservations about the Banks issue, you live and learn.

Big thanks to Mas and Davidosh for following up the Banks holding.

Good luck with it.

Woody

Post Note
Leslie Hughes is another big shareholder/director that left the business mid last year, not sure why but as i noted something whiffy about it all imv. Is there any correlation between Hughes and Banks leaving? All seemed to happen very close together.

it's on my watch list now pending resolution of Banks and Hughes positions.

[davidosh] 29/1/2013 09:22

Indeed....Well done all. For investors throughout the market and particularly in small caps it cannot be understated that ShareSoc is adding much needed strength to any debate, concerns and issues that shareholders have raised with companies and their advisors. The chairman of ShareSoc has a daily blog that is read by thousands and Brightside were mentioned yesterday. ShareSoc's prior contact with the company followed by calls to the advisors certainly added weight to that which individual investors had rallied

Investors should help and support ShareSoc by joining as a member. www.sharesoc.org

[glasshalfull] 29/1/2013 08:27

Well done Mas, Traffic Cop & davidosh :-)

Regards
GHF

[masurenguy] 29/1/2013 08:15

Cheers G2/GHF but I won't take all the credit for that since I know that both Roger Lawson (Share Soc) and Davidosh also spoke to the nomad about this issue yesterday. With at least three shareholders independently making contact over this issue, it may have focused some minds on the share buyback proposal, which requires shareholder support, that had just been distributed last Friday.

[glasshalfull] 29/1/2013 08:01

Well done Mas.

Regards
GHF

[masurenguy] 29/1/2013 07:58

What is interesting is that he appears to have disposed of a further 500,000 shares over the past 8 weeks. His shareholding was last shown as 59,372,936 on December 1st and 58,872,936 as at yesterday. During that period there have been only three trading days - Dec 6, 27 & Jan 15 where over 500,000 shares were traded in a single day so it would appear likely that his latest disposal was on one of those dates.

I'm glad that the company has now formally made the necessary disclosure of his changing shareholding and I hope that they will continue to do so going forward as soon as they "become aware" of any further transactions by him. This will be particularly important if shareholders subsequently vote to support the buyback authority that the board are seeking to obtain since this could obviously provide Aaron Banks with an accelerated opportunity to make further significant share disposals. If this subsequently proved to be the case then all shareholders are entitled to be informed about it for as long as his shareholding remains above 3% and crosses each percentage point threshold.

[this_is_me] 29/1/2013 07:32

Now we know for sure that there has been a seller:

On 12 July 2012, Mr Banks (then a director of the Company) announced he owned 69,547,936 ordinary shares of 1 pence each ("Ordinary Shares"), representing 15.2 per cent. of the total issued share capital of the Company. As of 28 January 2013, the Company believes Mr Banks holds 58,872,936 Ordinary Shares of 1 pence each, representing 12.90 per cent. of the total issued share capital of the Company.

[gargoyle2] 29/1/2013 07:22

RNS'd at last. Nice work, Mas.

[davidosh] 28/1/2013 23:10

If he has sold shares to take his holding to 59m shares as per the website then he has definately crossed a percentage threshold and there should have been an RNS to signify a reduction in his holding. It is the responsibility of the shareholder to notify the company however. The reduction in his holding and when the shares were sold does not sit well with the comments attributed to him in the media though.

[trytotakeiteasy] 28/1/2013 22:49

I too think it is crazy.. but as a non director he can sell shares without disclosure as long as his holding doesn't cross a % threshold... i..e from 10.1% to 9.9% crosses the 10% threshold so I think you have to report it..

[masurenguy] 28/1/2013 17:17

Very good question ! I spoke to the company today and they have confirmed his current shareholding as 59,372,936 as at 1/12/12. However they say that they cannot RNS this because they have not been formally notified of the actual transactions by the shareholder (Banks), as required by AIM regulations.

This is ridiculous in my opinion so I've subsequently spoken to the AIM regulator and the nomad about it. They will both "look into it" !

[woodcutter] 28/1/2013 10:24

thx mas, wonder why no rns on investegate?

[davidosh] 28/1/2013 10:11

Rather than buying back the stock if this is mainly to allow Banks to exit would it not be better to get the broker to place it with three or four institutions and therefore increase liquidity rather reduce it ?

[masurenguy] 28/1/2013 09:52

Brightside website shows Arron Banks shareholding as 59,372,936 as at the begining of last month.

[this_is_me] 28/1/2013 09:17

It looks like the seller is back now that the price has edged up.

[woodcutter] 28/1/2013 08:42

well the best i could find is



and



which suggest he still has 69m shares. If he's sold down to 59.4m as noted by mas then there must be a further rns but i can't lay my hands on it, will keep looking.

Woody

[trytotakeiteasy] 27/1/2013 20:50

BrianGeeee - sorry do you have the links for those... i.e. where did you get his current holding from if there have been no sale transactions announced to the market...

[briangeeee] 26/1/2013 20:37

All you have to do is look at his current holding and compare it with his last announced sale. It's easy if you can be bothered.

[trytotakeiteasy] 26/1/2013 19:53

If it hasn't been disclosed that the former CEO is selling his shares then we have no way of knowing that he has!!!!

[briangeeee] 26/1/2013 19:34

It does seem pretty appalling that the former CEO should be able to dispose of such large quantities of shares without notification. Since the company and the Nomad are obviously aware of these disposals, how can they continue to state that Banks is considering a takeover of the company. To even say that he said it is highly disingenuous, and looks like an attempt to manipulate the share price.

[woodcutter] 26/1/2013 18:45

mas,

yep i was aware of his position (although not the reduction in holding, thanks) and the history of the bid too. I thought quite hard about it before buying the other morning, even after the research i'd done i saw Banks as the biggest negative. I half intimated to GHF in mail that it could be a share that might have to be held for some time before there's an appreciable move in the share price due to his position/shareholding.

Always awkward when you've got this kind of distraction going on in the business, just hope it not taking away management time in growing the business.

We'll see.

Out to dinner now with mrs WC

WC