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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Dowgate | DGT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 7.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 7.125 | 7.125 |
| Top Posts |
|---|
Posted at 16/7/2009 08:57 by gengulphus Interesting - Astaire have got acceptances that take them up to 73.81% of the shares, but have not lowered their acceptance condition (which they reserved the right to do in the offer) and so have not declared the offer unconditional. A common tactic in these circumstances is to lower the acceptance condition to say 70%, declare the offer unconditional, and so (a) actually acquire the shares that they have had acceptances for and so be able to vote them; (b) prompt acceptances from those who wait and see while an offer remains conditional, but accept when it becomes unconditional. That's a fairly common tactic among small shareholders, I believe, and I'm also fairly certain I've seen nominee broker terms & conditions that basically say it's their default action unless the investor instructs them otherwise.They've also extended the offer until July 22nd. I think they're pretty certain to go over 75% then and be able to start pushing things through by declaring the offer unconditional and starting the delisting process - but I'm a bit surprised they're not already pushing things through! Gengulphus |
Posted at 09/7/2009 15:58 by gengulphus An AGM has to have rules for obvious reasons but ethically and morally a shareholder until very recently should be able to attend.....certainly not vote. If I want to attend any AGM I go.....I even attend before I invest and check out management and ask awkward questions. If directors do not wish to have me there as a guest then I do not wish to invest at all ...full stop. What are they trying to hide ??In that situation, there is quite a bit of potential value for you and for the directors in you attending - you because you learn something about a company you're considering investing in; the directors because they're dealing with a potential investor in the company. If the offer has gone unconditional, neither of those bits of value exist. The only value remaining for me is the opportunity to ask awkward questions, the answers to which are not going to affect my future investment, and the directors can very easily deny me that opportunity and have no incentive not to do so. I simply don't rate that opportunity highly enough for it to be worth the travel time and cost... I do if there is still a reasonable chance that it might affect future decisions of mine about the investment and I'm still a shareholder and cannot legitimately be excluded from the meeting, but that ceases to be the case when the offer goes unconditional. Gengulphus |
Posted at 28/6/2009 18:52 by davidosh I do hope some of you are attending the AGM to put your questions personally. There were only four private investors at the Agm last year and one was certainly me. The drain on cash has been staggering here and this really is an example of a business where the directors and key staff have not visibly suffered but shareholders have seen their investment destroyed.I shall be at the Agm on the 20th. The directors already know my views as I gave them clearly and honestly at the meeting last year and for those who do not think Agms are worth attending ....they certainly reduced my considerable losses as I sold 95% of my holding with weeks. They dropped almost 70% from that point at the low. |
Posted at 22/6/2009 14:49 by propane Might have to delay dgt's purchase due to an unexpected expenditure!!.......Blue Oar publicly censured and fined £225,000 over Worthington Nicholls role 22 June 2009 Blue Oar Securities, the AIM Nominated Advisor that last week changed its name to Astaire Securities, has been fined £225,000 and publicly censured by the London Stock Exchange over its conduct. These sanctions were imposed after Blue Oar was found to have breached the AIM rules in relation to its conduct as Nomad to an AIM company, Worthington Nicholls Group plc - now Managed Support Services plc between June 6, 2006 and June 29, 2007. The fine and public censure were imposed because Blue Oar was found to have failed to adequately assess the company's appropriateness for AIM prior to admission. It was also found to have failed to carry out appropriate due diligence and to advise the company properly regarding certain disclosures at admission. In addition, the London Stock Exchange, said the firm had failed to advise the company properly in respect of certain announcements after admission and failed to liaise properly with the Exchange. Nick Bayley, Head of Trading Services at the London Stock Exchange, said: "Nomads have key responsibilities to assess a company's suitability for AIM and to provide ongoing advice and guidance to their AIM company clients. "It is essential for maintaining investor confidence that these responsibilities are properly fulfilled before and after an admission to AIM. The Exchange will therefore not hesitate to take disciplinary action against a Nomad that fails to fulfil these responsibilities." In reaching today's public censure and financial penalty, the Exchange said it acknowledged Blue Oar's co-operation during the investigation. |
Posted at 12/4/2009 19:45 by propane Yohoho,'who was hailed as a saviour?' Tony Rawlinson, the current chairman of dgt, he took over from the previous crook, 'Stephen Barclay'........ Also, This is an old article (pre share price consolidation) I dont know if it is still relevent re: the 73m shares exercisable at prices of between 0.26p and 1.25p up to mid-April 2014...... maybe someone here can confirm one way or the other? DOWGATE CAPITAL (DGT). Article from:Investors Chronicle Article date:June 24, 2005 The parting of the ways of Dowgate's (formerly CFA) founders Stephen Barclay (this March) and John Shaw (last July) may have been friendly, but the news of their departures - and the sale of all their 94m shares (15 per cent of the share capital) in December - has not been good news for investors. In April 2004, the share price was 1.5p - it's now less than a third of that and will struggle to rise. This is because there are still options over nearly 73m shares exercisable at prices of between 0.26p and 1.25p up to mid-April 2014, plus warrants exercisable over 15 per cent of the shares in issue and exercisable at 1p until mid-June 2006. |
Posted at 29/12/2008 22:16 by davidosh Can you honestly see 2009 being a good year for Dowgate ? The stockbroking revenues will be falling and unlikely that new investors will be signing up with them until there are signs the stockmarket is a safer place to invest. There will be very few new placings for the same reason.The company does not really attract the longer term NOMAD work and now seems to be losing more client than it is gaining. My worry is that having failed to deliver for shareholders in the boom years the tough ones will see it struggling and probably fall to a lowball bid or get MBO attention right at the bottom. That was how Seymour Pierce was taken away from the market in the last downturn so there is history repeats !! |
Posted at 04/12/2008 17:22 by lr4850 Looks like there won't be an "Restructuring" going on with Dowgate. :-0 They, "Restructuring Investors" must have been aggressively selling as they had a very considerable holding; I thought around 10 p.c; they've obviously been oissed off by Dowgates performance and antics of Directors. |
Posted at 14/11/2008 15:37 by whiterussians By Claudia Assis Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--As Russian stocks sink deeper into the red, fund managers specializing in the country's stocks are still keeping their cool. Russia's massive natural resources and huge cash reserves should keep the economy afloat near term. But the sailing will be extremely rough. The dives in crude oil and metals prices, along with renewed concerns about state intervention in private companies, have sent Russian equities plumbing the depths. Russia's two stock exchanges shut down Wednesday following share prices plunges. The bourses reopened Thursday, but in fits and starts. The largest stock exchange, the MICEX, was reopened on the regulator's orders. The stock sales intensified following hefty central bank currency market intervention, a slightly devalued ruble, and an interest rate increase. Rather than reassuring them, the actions spooked investors further. The RTS stock index has fallen 24% this week. The country's stocks are down 19% in dollar terms this month, and down 72% so far this year, according to the MSCI Barra Russia index. Despite the losses, dedicated Russia investors are sticking to their guns, focusing mainly on companies benefitting from Russia's growing middle class. "Russia is being punished right now," but will still grow 3% to 5% next year, said John T. Connor, manager of the Third Millennium Russia Fund, which has about $100 million in mostly Russian equities. "I'm happy with the hand I'm holding now," he said. "Consumer demand is still pretty good in Russia." The economy should still grow about 7% this year. Connor's hand largely consists of domestic-oriented companies such as cell phone companies Mobile TeleSystems (MBT) and Vimpel Communications (VIP), and Russia's largest food retailer, X5 Retail Group NV (FIVE.LN). In addition to focusing on domestic-oriented stocks, managers at Los Angeles' Metzler/Payden, a $180 million fund dedicated mainly to Russian equities, have been concentrating their resources on large-capitalization companies. "(They) are less likely to run into liquidity issues," analyst Vladimir Milev said. Third Millennium's Connor returned Monday from a trip to Moscow and Ukraine's capital, Kiev. In Moscow, people didn't seem afraid for their jobs and were not in a "panic mode," he said. "I didn't get a sense it was 1998 all over again," Connor added, referring to Russia's currency crisis and debt default a decade ago. "Stocks have been punished, but it doesn't mean the economy itself will collapse." Russian authorities are moving aggressively to prevent just that. The central bank said Thursday its foreign reserves fell $9.2 billion to $475.4 billion in the week to Nov. 7, down from almost $$600 billion in early August. The government can also draw on a Reserve Fund worth an estimated $130 billion to sustain public spending now that oil prices have fallen way below the budget assumptions. "They still have quite a treasure chest there, which they can use to protect themselves," said Citi emerging Europe, Middle East and Africa analyst Andrew Howell. "But still, fear has set in." Russia has been dipping into its savings at a break-neck pace that concerns investors, but the central bank said capital outflows peaked in September and October, so the need to use reserves to support the ruble is likely to decrease significantly in the coming weeks. Perhaps, but investors also worry about the country's bloated banking sector and foreign currency debts weighing on many companies' balance sheets. Political risk remains an issue as well, which has been demonstrated by government threats against firms and their owners. Earlier this year, Prime Minister Vladimir Putin issued veiled warnings against coal and steel giant OAO Mechel (MTL), reviving fears of another Yukos - the once-giant oil company destroyed by allegations it owed back taxes. OAO Uralkali (URKA.RS), Russia's second-largest potash producer, also fell earlier this month when the government reopened a two-year old environmental case against the company, which also re-ignited investors fears over a Kremlin move against a company. To calm worries, Russian President Dmitry Medvedev said Thursday the government has no intention to nationalize companies. Despite all the negatives, redemptions from Connor's fund have been "moderate," as most of its investors understand they'll have to weather the storm, he said. Most clients of Harold Warren, head of sales trading at Russian brokerage Uralsib in New York, are sidelined, waiting for the dust to settle. "Things are quite difficult," he said, "but Russia is going to survive. It's not going to stop operating." Others agree. While energy and commodities prices have fallen hard, Russia remains a top producer by volume of oil, natural gas and metals, global consumption of which won't disappear altogether. That means Russia's commodities will continue to generate income, albeit at lower levels. The market is already pricing in much of that decline in earnings, Citi's Howell said. Valuations are now cheap - the average Russian company is trading at price-to-book ratios around seven times, versus their peak in 2006 P/E ratios stood at 16 times. The market swoons and political risk concerns may have made Russia a tougher sale, but Warren sees stabilization in the first quarter of next year. By most accounts, the country still has enough money saved and coming in to get from here to there. -By Claudia Assis, Dow Jones Newswires; 201 938 4385; claudia.assis@dowjon |
Posted at 30/10/2008 19:04 by rawli RNS Number : 0263FCSS Stellar PLC 03 October 2008 CSS Stellar Plc Disposal of interest in subsidiary The Directors of CSS Stellar plc ('CSS' or the 'Company') are pleased to announce that CSS has agreed to dispose of its wholly owned subsidiary, Icon Display Limited ('Icon') to Maidstone Road Holdings Limited (the 'Purchaser'),a newly formed company backed by a consortium of investors which includes two of Icon's directors: John Francis and Keith Goodwin. John and Keith, as directors of Icon, are considered to be related parties of CSS for the purpose of the AIM Rules. Icon is one of Europe's leading providers of the design, production, supply and branding solutions, and the installation of signage, with offices in the UK, Europe, Middle East and Africa. Following the review of the business announced with our 2007 Annual Results, the Board decided it is in the best interests of CSS shareholders to focus on the core business of Sports Marketing. The total consideration receivable by the Company for the Transaction is £4,300,000, of which £4,000,000 is payable in cash on completion. This includes a payment of £841,000 in respect of a freehold property occupied by Icon, the assumption of £348,072 of third party debt owed by Icon which the Purchaser has agreed to discharge, and the settlement of £1,114,592 inter-company debt owed by Icon to the Company. The balance of £300,000 is deferred consideration payable in cash and will be paid by the Purchaser within twelve months of the date of completion. CSS has given various warranties and indemnities to the Purchaser in relation to the disposal. The Purchaser has undertaken to CSS that if a future sale occurs within 12 months of completion then the buyer will pay to CSS a sum equal to 15% of any future sale proceeds or during the period commencing on the first anniversary of completion and ending 6 months thereafter then the buyer shall pay to CSS a sum equal to 5% of any future sale proceeds. John Francis and Keith Goodwin and Andrew Hodson own 198,516, 113,663 and 81,029 CSS ordinary shares respectively. Under the terms of the sale agreement, they have each entered into an orderly market agreement governing any future sale of their shares. Icon's operating profit for the year ended 31 December 2007 was £0.3 million (2006: £0.9 million) on turnover of £8.6 million (2006: £11.6 million), with net assets at 31 December 2007 of £1.4 million (2006: £1.2 million). The disposal is expected to generate a profit of £2.1 million before write off of goodwill of £2.1 million. Due to the size of Icon relative to the CSS Group, the sale is conditional on the approval of the CSS shareholders at an Extraordinary General Meeting ('EGM') to be held on Friday 24 October 2008. A circular containing further details of the transaction and formally convening the EGM is expected to be posted to shareholders on Friday 3 October 2008. Subject to the approval of CSS shareholders, it is expected that completion will take place following the EGM. The proceeds from the disposal of Icon will initially be used to repay both the outstanding overdraft of the Company and the mortgage outstanding on the property which was part of the disposal. Once this has taken place, all debt within the Company will be eliminated, and the Company will consider making investments in sports marketing businesses, predominantly in North America and Europe, which show considerable potential for growth and which will optimise shareholder value. The Directors of CSS Stellar plc consider, having consulted with Dowgate Capital Advisers Limited, the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. - ends - Enquiries Julian Jakobi, Chairman, CSS Stellar Plc Telephone: 020 7078 1400 Tony Rawlinson, Chairman, Dowgate Capital Advisers Limited Nominated Adviser to the Company Telephone: 020 7492 4777 |
Posted at 10/2/2008 21:11 by davidosh This is an interesting article about the Aim market and the general small caps malaise.....the number of flotations coming to market is probably the bit that affects DGT from first sight but the targetting of the advisory work is of interest too...Aim misses significant target By David Blackwell February 9 2008 When the FTSE Aim All-Share index last month fell below the 1,000 mark at which it started in 1995, the sound was lost among the louder market crashes elsewhere. Yet the breach, on January 21, was significant. It was the first time the main index of London's junior market had dropped below 1,000 since the bursting of the dotcom bubble. It also looks like marking the beginning of the third period of the index remaining below 1,000 for a significant time. The first came in 1998, just before it soared to its all-time high of 2924 in the dotcom boom. The rapid increase of that dizzying era was matched by an almost equally precipitous fall. It passed back below 1,000 in September 2001, touching its nadir of 542 in the spring of 2003. It took until January 2005 before it climbed back above 1,000 and any gains since have been short-lived. Does this mean that as Aim approaches its teenage years, its best days are already behind it and senescence beckons? Certainly, taken as a whole, Aim appears far from vibrant. Not only has its main index generated little capital growth but, as a market for small and often young companies, it does not generate much cash either. The Aim All-Share yields just 0.64 per cent only a minority of Aim companies pay a dividend at all against 3.66 per cent for the FTSE 100 index or 2.51 per cent for the FTSE SmallCap index. The problem is that in more than 12 years the market has changed out of all recognition. Having begun with just 10 companies, none of which would stir the memories of today's investors, it now consists of 1,700 companies all performing very differently. Almost 60 per cent of stocks listed on Aim in 2003 have since underperformed the market, some of them real horrors in which investors lost everything. Yet, there have also been stars. Since Aim's 2003 low-point, these have included Asos, the online fashion group (up more than 5,000 per cent); Indigovision, the digital signage company (up 2,400 per cent); and Camec, the mining company run by ex-cricketer Phil Edmonds (up 1,600 per cent). Moreover, the amount of money raised in primary and secondary issues on Aim has soared from just £2bn in 2003 to more than £16bn last year in primary and secondary issues. If it is the case that Aim is a stock-picker's market, some people are clearly prepared to hunt and place some bets. Aim's coming of age was in the year 2000, when the number of new technology companies seeking a listing forced the institutions which initially refused to invest in the junior market to revise their opinions. By the time of Aim's 10th birthday in June 2005 it had grown to list more than 1,200 companies. It had survived the dotcom crash by offering a broad spread of companies that gave fund managers somewhere else to turn apart from new technology. Over the past three or four years Aim has proved its adaptability again by attracting an increasing number of companies from overseas. About 500 of the companies now listed on Aim, or almost a third, are based abroad in 70 different countries. In fact it can almost be regarded as two separate markets. The London Stock Exchange, which owns Aim, tacitly admitted as much when it launched in May 2005 two new indices the Aim 50, which takes in the top 50 UK companies, and the Aim 100, which comprises the top 100 companies, including those from overseas. Neither has proved particularly useful although last year's figures did show that the UK-only index did not hold up as well as the bigger Aim 100. Dawnay Day, the broker, has come up with an Aim Overseas 100 index and an Aim UK 100 index, which show more clearly how the overseas companies which have a bigger market capitalisation have been outperforming the UK companies. However, the underperformance of UK small caps has not been confined to Aim. The Hoare Govett Smaller Companies Index, which covers the bottom 10 per cent of the full list by value and is rebalanced at the end of every year, last month showed that after outperfoming the large caps for four years, the small caps fell behind in 2007. Rubbing salt in the wound, Professor Elroy Dimson of London Business School, and one of the compilers of the index, also said the start of this year had been the worst in the 21-year history of the HGSC index. Andy Crossley, fund manager at Invesco Perpetual, believes there is a crisis of funding for small-cap companies in the UK. Until 2000 the amount of money going into small cap investment trusts had been steadily increasing for 20 years. Since then every quarter has seen more money taken out than invested. At the same time changes in the UK pensions and life assurance industries have led to a much reduced pool of money available for investing in smaller companies. Other fund managers agree. "Fund raising for UK micro-caps has become extremely difficult and has every prospect of remaining so," says Henrietta Marsh of Isis. But the upside is that the prices for some Aim shares "are daft they are so low". Bob Morton, a serial backer of Aim companies, says all investors are very wary of small caps at the moment wherever they are listed. Poor sentiment, the expectation of a recession and further fall-out from the credit crunch will all take some time to go through the system, he believes. But while he is predicting a poor year for equities, "for anyone who is a long-term investor, it's a cracking time to invest". (continues....lots more ) |
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