Dowgate Capital Share Discussion Threads

[lr4850] 06/7/2009 20:21

I think i'm going for the 9 shares for 10 plus 30p cash and using cash to average down. More cash is tempting, but the hit on my current losses isn't. Perhaps better chances with new bigger company??

[mentoruk] 06/7/2009 20:12

The 3 options are:

1. Do nothing.

2. Accept the Offer.

3. Accept the Alternative Offer.

If all shareholders did nothing we are left with the status quo, which in my view is the worst case scenario as the 'gang of 3' have all but destroyed the value of DCA as it will no longer qualify as an AIM Nomad (its core business) unless it becomes part of Astaire or new Qualfying Executives are recruited in very short order. Furthermore, to date we have received no guidance or response from the current Board which gives me no confidence that they have a way forward if the Astaire deal does not go through.

The Alternative Offer provides more cash and less risk/reward than option 2.

I suspect that most shareholders are sitting on a loss and the decision to accept either the Offer or its Alternative depends on their own circumstances and appetite for risk. I have decided to accept the Alternative Offer.

[lr4850] 06/7/2009 19:14

The time is nearing having to make a decsion( or not) regarding the offer, Halifax want the papers in for 9th. What is the consensus as to what to do? I'm worried that by not accepting the shares I have will be left virtually worthless? I see Astaire share price dropped a bit today; id that some sort of indicator?

[lr4850] 04/7/2009 12:06

I also have questioned where the various shares, options and warrants DGT had in different companies have disappeared to? IMHO something untoward has gone on here.

Rawlinson in deep doo doo perhaps? I have made certain people aware of my concerns.

[serratia] 04/7/2009 12:02

I also wonder what happened to the shares Dowgate received.I'll try to find out but a bit of gardening prior to the Lions match beckons.

[davidosh] 04/7/2009 11:30

Do you know what salary DE received during his few months in office and whether he received a golden goodbye or not ?

Dowgate had an investment here..



Significant Shareholders
Number of ordinary shares
Percentage of the Issued Share Capital

Mark Horrocks (1)
20,692,300
22.5%

The C4E Group Plc
20,000,000
21.7%

Earley Enterprises Limited (2)
20,000,000
21.7%

Michael Henebery
10,000,000
10.9%

Dowgate Capital plc
3,550,000
3.9%

Mr David Massie
3,333,333
3.6%

Dewscope Limited
3,318,300
3.6%

Selcouth Limited
2.868.333
3.1%


What happened to those ??

[serratia] 04/7/2009 11:19

In the 2008 accounts it says the highest paid director earned £220k and was given pension a contribution of £396k,total £616k.It also gives the figure for 2007 as earnings £326k,pension £15k,total £341k.
In the 2007 accounts note 7 says Rawlinson received a total package of £341k so he was the highest paid director in 2007.
I assumed he was the highest paid director in 2008 as Edmunson arrived in July 2008 and would only have received half a years pay.He was granted 1536000 shares which he placed in his SIPP.I'm not sure whether this would show as him being granted shares which he chose to put in his SIPP or whether it shows as DGT contributing to his pension?
When I look back at the max/min share price from July to December 2008 his 1536000 shares were worth between £69k and £168k so I can't easily see the £396k.It looks like it was Rawlinson who was the highest paid director in 2008 and was given the big pension boost.

[davidosh] 04/7/2009 01:07

I very much doubt this payment was approved by shareholders but I also doubt very much that it was to TR.

This is where I think the payments went if the final paragraph can be construed as a pension payment. Is that legal and what are the tax implications ?



Following the issue of the New Ordinary Shares the Company has been informed
that Dru Edmonstone is interested in 1,536,000 ordinary shares, 3.9% of the
Company's total voting rights. All the shares are held in Mr Edmonstone's SIPP.

[lr4850] 03/7/2009 20:11

good research serratia.

Is that legal? No wonder rawlinson won't be around to answer questions's at agm.
A "bit unsavoury" - diabolical liberty more like? Would the FSA get involved in this? Surely this should have been approved by shareholders.

[serratia] 03/7/2009 20:07

davidosh,

Re an earlier comment - why the talk about pensions.From the annual reports Rawlinson's pension contribution paid by the company.

2004 - £15000
2005 - £15000
2006 - £15000
2008 - £396000

It seems a bit unsavoury giving him that money just before he goes.

[mentoruk] 02/7/2009 18:02

DavidDosh

I plan to be there but I would note that given Astaire's Offer time-table, their take-over could go unconditional before the AGM in which case it may become an academic exercise.

Voting against the re-election of a director is one of the few ways that minority shareholders can express their discontent with the Board - in this case, the director subject to rotation is Neil Badger.

Assuming that the deal has not gone unconditional and my shares are still vested in my name, I propose to vote against him for the above reason.

If other shareholders wish to do the same but are unable to attend, they should complete their proxy and mark their X accordingly. They can appoint the Chair of the meeting as their proxy but must mark their voting preference otherwise the Chair will vote in favour and not against the resolutions. Proxies must be lodged with the Registrar at least 2 days before the AGM on the 20th July to be effective.

Thanks for the above links - very interesting.

[davidosh] 02/7/2009 15:35

mentoruk....Thanks and good to have you on board here to help us. As a former City Code adviser and AIM Nomad you can probably guide us through some of the mess that is piling up here and as a shareholder you are aligned with us.

I sold my holding when Dru Edmonstone or should that be 'Drop Like a Stone' joined the company as the deal looked awful to me but my wife gave him the benefit of the doubt.

Will you be coming to the AGM ?

[davidosh] 02/7/2009 14:09

Did you guys see this in the FT ?



and this one on Dr Death

[lr4850] 02/7/2009 12:59

Schroeders see something in Astaire. Two very recent RNS announcing purchases.Option 1 seeming to be a lot more compelling.

[davidosh] 02/7/2009 11:41

dionis - 30 Jun'09 - 23:24 - 7190 of 7197

Finally. Rawlinson has been removed from office. The FSA should never allow him to work in the City again. Shareholders should now vote to remove Badger.

-------


Was he actually removed or Is he still planning an MBO so needed to distance himself from the Board to do it ?

Why are you suggesting the need to 'remove' Badger ? What has he done and what will we be left with ? Are you a Blue Oar man I wonder ??

[davidosh] 02/7/2009 11:37

Does TR not have a nomad licence already then ? I thought he was a fee earner rather than just a director of the company ?

[mentoruk] 02/7/2009 11:14

DavidDosh

I plan to be at the AGM. I bought shares some time ago(now sitting on my biggest loss to date).

My comments are gleaned from a comparison of the 2008 and 2007 accounts, a review of the FSA Register and my knowledge and experience as a former City Code adviser and AIM Nomad. The City is a small world and paths tend to cross
frequently, especially in the smaller companies sector.

The gossip on the street is that Rawlinson is trying to apply for a Nomad Licence and that Caithie/Murray are off to Alexander David Securities (a Dowgate client). So much for loyalty to shareholders!

[davidosh] 02/7/2009 09:53

mentoruk....I have not seen you posting before. Have you only recently bought shares ? You seem to know a lot about the characters involved and the voting scenarios ?

I have been here years and was at the AGM last year so will attend again this time. Are any of you going ?

[lr4850] 01/7/2009 17:32

There's some irony there whereby Rawlinson advises us not to take any action in respect of the offer?? :-)

[lr4850] 01/7/2009 11:17

The remaining board haven't got long to come up with an alternative though and I don't think they will/are capable of doing that?? Got my acceptance form come through and I don't have that many days to decide.

[mentoruk] 01/7/2009 10:53

Astaire can reduce their 90% conditionality. They only need 50.1% for control,
75% to consolidate etc and 90% to buy out minorities. They could use their existing stake to call an EGM and oust the plc directors.

Dowgate have now made themselves a hostage to fortune as they would appear to have no where else to go. Perhaps we will now see a Recommended Offer from the remaining plc Directors (Clive Mattock has already pledged his shares to Astaire).

I will be voting against Badger's re-election at the AGM. It should be interesting to see who turns up.

[davidosh] 01/7/2009 00:01

What is all this talk of pension entitlements ? If TR has resigned then I doubt he will be at the Agm and the Board looks woefully short of everything now. What a mess and Astaire tap dancing in the wings !!

[dionis] 30/6/2009 23:24

Finally. Rawlinson has been removed from office. The FSA should never allow him to work in the City again. Shareholders should now vote to remove Badger.

[serratia] 30/6/2009 23:01

So Rawlinson gets a pension enhancement before he leaves.Looks similar to Fred Goodwin at relative sizes.

[lr4850] 30/6/2009 22:05

mentoruk

Is 90% acceptance of the offer is going to be hard to achieve?

* The Offer will be conditional, inter alia, on Astaire receiving valid
acceptances for 90 per cent. of the Dowgate Shares to which the Offer relates
(or such lesser number as Astaire shall decide).