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DGT Dowgate

7.125
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dowgate LSE:DGT London Ordinary Share GB00B1VYT114 ORD 7.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 7.125 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 7.125 GBX

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Date Time Title Posts
21/10/201512:49Dowgate Capital - Charts - Charts - Charts3
26/5/201015:45Dowgate Capital - Exciting times ahead7,286
23/7/200717:34dowgate capital1
23/6/200706:55dowgate capital-
08/3/200714:20Dowgate Capital - Significant profits on the way from the AIM experts6,033

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Posted at 06/7/2009 22:05 by gengulphus
WhiteWestie,

selftrade want the answer by 8th @5pm, its a difficult one to answer but i have worked it both ways and in my case i think it will be Option 1 for me as with more shares left there MAY be a possibility in the future of the share price of Astaire rising enough to make the losses much smaller or even break even.

Option 2 only gives you a third of the shares and the share price would have to rise a great deal to have any chance of break even and i cannot see that happening.

Except that with option 2, you have twice as much cash to put into whatever share you buy with the proceeds, and so can potentially make twice as much on it... Which option does better at recouping your losses and getting you back to break-even is really a question of which of Astaire and that share does better.

mentoruk,

I suspect there could be an over-hang on the Astaire share price as (former) Dowgate Shareholders seek to unload their Astaire shares, especially those who accept the Alterrnative Offer who wish to convert their residual holding into cash. This could represent a buying opportunity in the short term.

And oddly enough, anyone who wants to play it that way should also go for the Alternative Offer. E.g. if such an overhang drives the Astaire shares down to 3p to buy, then each 10 Dowgate shares become 9 Astaire shares plus 10 more bought with the 30p cash under the Basic Offer, but 3 plus 20 more bought with the 60p cash under the Alternative Offer...

Gengulphus
Posted at 04/7/2009 11:19 by serratia
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.
Posted at 28/6/2009 11:36 by lr4850
I am very surprised that more debate has not been generated about ASTAIRE hostile takeover. Gengulplus has produced a very informative and thought provoking post and after reading the offer document I am inclined to accept either one of the Astaire offers; especially if it ousts the DGT board rawlinson et al-

I expect that DGT will try something underhand to scupper this takeover. On initial reading the case is more convincing to go with Astaire and i am even contemplating using this opportunity to average down with the further purchase of DGT shares initially and then more astaire shares with the cash received. Things here could get very interesting, but it seems like most shareholders here have been beaten down by the poor performance and antics of DGT (where is the cash from those warrants and options in firms they act/acted for?????)

What are other shareholders contemplating??/thoughts/feelings??
Posted at 27/6/2009 20:30 by davidosh
When is the AGM ....It should have been by 3rd July as needs to be within 15 months of the last one by law I thought ?? DGT are nomads and advisors so surely they would know and abide by rules ? Shareholders must want the chance to ask a few questions ?

Why have certain key staff members and shareholders gone with Blue Oar (oooops Astaire !) if the true value is suggested by the board as follows...

"Based on the current carrying value of DCS ("Dowgate Capital Stockbrokers
Ltd") of £2.9m and the proposed buy out price of DCA ("Dowgate Capital Advisers
Ltd") of £1.5m, the value of the Group's subsidiaries, ignoring any sale
premium in the case of DCS, is £4.4m equating to just over 11p per share. This
compares with the Company's share price of 6p.

Why can the company not be broken up and bid for to extract value that way ? Look how much was paid out for DCS ? The business is not worth only a million now surely ??
Posted at 27/6/2009 12:56 by gengulphus
Looksalike Astaire going hostile and pleading to DGT pi's in their offer document. Will rawlinson survive this? What do holders think? Is it worth going with a different bunch of shiezters? ...

If that's your view of them, you presumably just want to get out and it's just a matter of which route out is better - accepting the Basic Offer and then selling the Astaire shares, accepting the Alternative Offer and then selling the Astaire shares it produces, or just selling the Dowgate shares.

Accepting the Basic Offer and selling the Astaire shares is currently worth a bit under 7.5p per share, with 3p of that subject to uncertainty about whether the offer succeeds and the rest subject to that uncertainty and also quite a lot of uncertainty about what the Astaire share price will be by the time you get them.

Accepting the Alternative Offer and selling the Astaire shares is currently worth a smaller amount under 7.5p per share, with 6p of that subject to uncertainty about whether the offer succeeds and the rest subject to that uncertainty and also quite a lot of uncertainty about what the Astaire share price will be by the time you get them (but with only 1/3rd as much of the return subject to that extra uncertainty compared with the Basic Offer).

Just selling the Dowgate shares is worth about 5.75p at present, but has the benefit of certainty about it going through once the sale has been agreed.

Personally, I reckon that accepting the Alternative Offer and selling the Astaire shares is the best of those three routes - but that decision does depend on how highly you rate certainty about getting out.

If you do decide to accept one of the offers, there is also the question of when you accept it. In general, individual shareholders probably want to wait until the offer goes unconditional or at least gets up to more than 50% acceptances, the reason being that when you accept, your shares go into escrow and you're likely to have problems about withdrawing your acceptance, as you might wish to if e.g. a better offer came along. The main exceptions to that general rule are:

* If you want to accept to increase the number of acceptances and so increase the chances of the offer going through. This is not usually at all significant for individual shareholders, as their shareholdings are such small percentages of the shares - but in this case the company is small enough that it might be an important consideration for some of the larger individual shareholders.

* Cases where waiting and watching is too much hassle and you value getting the acceptance out of the way more highly than the risk of missing out on a better offer. E.g. with the first closing date of this offer being July 15th, someone who was going on holiday for the second half of July might well reckon it was better just to accept now.

... DGT in one RNS were saying offer excluded the private broking arm. Is this correct?

No. The offer document describes a standard takeover offer, which if it succeeds fully and ends up with Astaire acquiring the remaining shares by compulsory acquisition will mean that Astaire owns all the shares and so owns the entire company.

I don't remember the RNS you describe and haven't found it in a quick look - which doesn't mean that I'm saying it doesn't exist (I haven't looked for it very hard), just that I can't confirm its existence or comment on exactly what it said. But I'm pretty certain that if it does exist, it must be about a different possible offer or be about a tentative idea that got expanded into an offer for the entire company.

Gengulphus
Posted at 16/4/2009 13:36 by propane
lol, have a look at this post from the Blue Oar bb............sound familiar?........lol........more of the same for you guys if you accept their shares instead of cash!!!

What's happened to all the warrants dgt held?


Blue Oar bb.........
----------------------------------------------------------------------------------------------------------------
I've just had a look at the 2007 report and accounts to see how much the board has taken in remuneration. Monk took £298k and Roberts £359k. In total this board cost us £1.6 in remuneration, plus many millions in shares and share options, which are effectively diluting shareholders at a discount to cash and net asset value. And they have been responsible for a 75% fall in the share price.

In response to the board's claims of what a great job they are doing: "It's all about the share price, stupid!"
Posted at 14/4/2009 18:11 by propane
RNS out.........

Looks like you're all gonna be put out of your misery!....someones gonna snap up dgt's clients for 5p or 6p per share imo.............wouldnt be surprised if you get stuffed on the sale price.



14 April 2009

Dowgate Capital plc ("Dowgate" or the "Company")

Share price movement

The Board of Dowgate notes the recent movement in the Company's share price.
Since last Autumn, the Board has received a number of tentative approaches from
third parties, none of which has resulted in an offer being made for the
Company.

The Board received a further approach last week regarding a possible offer for
the Company and has noted the third party's interest and agreed to provide key
information on Dowgate subject to a suitable confidentiality agreement being
signed which has not yet happened.

If any further developments arise in relation to the above a further
announcement will be made.


For further information contact:

Dowgate Capital plc
Tony Rawlinson, Chairman Tel: +44 (0) 20 7492 4777
Neil Badger, Director Tel: +44 (0) 1293 517744

Grant Thornton UK LLP
Nominated Adviser
Philip Secrett Tel: +44(0) 20 7383 5100
Colin Aaronson Tel: +44(0) 20 7383 5100


Rule 2.10 of the City Code on Takeovers and Mergers

Pursuant to Rule 2.10 of the City Code on Takeovers and Mergers, Dowgate would
like to confirm that, as at the close of business on 9 April 2009, the issued
share capital consisted of 41,437,923 ordinary shares of 7.5p each, of which
1,950,833 shares are held in treasury. Accordingly, the number of shares
carrying voting rights is 39,487,090. The ISIN reference number for these
securities is GB00B1VYT114.
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 11/2/2009 10:25 by rawli
Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure

11 February 2009

Pantheon Leisure plc ('Pantheon' or 'the Company')

Acquisition of Shares & Notice of General Meeting




Pantheon Leisure plc, the AIM quoted company formed to acquire businesses in the leisure sector, has agreed to acquire 22,540,000 ordinary shares of 0.5 pence each in the share capital of AIM listed ADDleisure Plc ('the Sale Shares') together with its entire holding of 2,820,000 warrants to subscribe for 2,820,000 new ordinary shares of 0.5 pence each in ADDleisure Plc ('the Sale Warrants') ('the Acquisition') from Reverse Take-Over Investments Plc ('RTI'), a wholly owned subsidiary of Westside Acquisitions Plc ('the Agreement').




Under the terms of the Agreement, the acquisition of the Sale Shares and the Sale Warrants is conditional (inter alia) on the approval by Shareholders being given at the General Meeting ('the GM') as such purchase is a substantial property transaction within the meaning of the Companies Act 2006 (the 'Act'). The GM is to be held at Finers Stephens Innocent LLP, 179 Great Portland Street, London W1W 5LS on 2 March 2009 at 10.30am. The notice of the GM, along with a document detailing additional information regarding the Agreement is being posted to shareholders today, 11 February 2009.




Under the terms of the Agreement, the Company has agreed, subject (inter alia) to the approval of Shareholders, to acquire the Sale Shares and the Sale Warrants for the aggregate amount of £500,000. The Sale Shares represent approximately 10.75% of the issued share capital of ADDleisure Plc, being RTI's entire holding of shares of ADDleisure Plc.




The consideration payable under the Agreement will be satisfied by the issue of £500,000 7.5% unsecured convertible loan notes by the Company to RTI ('the Loan Notes'). The Loan Notes are convertible by RTI in whole or part at any time prior to their redemption, into new Ordinary Shares of 0.5 pence in the capital of the Company ('Ordinary Shares') at a conversion price of 1 pence per new Ordinary Share. Accordingly, if RTI exercises its rights to convert all the Loan Notes into Ordinary Shares, RTI will be issued with 50 million fully paid Ordinary Shares which represents approximately 29.4% of the then enlarged share capital of the Company. The Loan Notes will be redeemable at any time by the Company on or after the first anniversary of the date of issue and to the extent not redeemed or converted, will be repayable on 2 March 2014.




Pursuant to the terms of the Agreement, the Company is acquiring a non-cash asset from RTI, which is a wholly owned subsidiary of Westside Acquisitions Plc ('Westside'). Westside is an AIM listed company, which through its subsidiary Westside Sports Limited owns 62.5% of the issued share capital of the Company and of which both Richard Owen and Geoffrey Simmonds are directors, shareholders, warrantholders and the holders of options and in respect of which Bill Weston is a substantial shareholder.




Accordingly, due to the nature of their relationship and the holdings of Richard Owen and Geoffrey Simmonds, together with the other directors of Westside, the Acquisition is a substantial property transaction within the meaning of the Act and therefore requires the approval of Shareholders at a general meeting. The Agreement is also conditional on the approval of the shareholders of Westside being obtained at a general meeting which has been convened for the same day at the GM.




In addition, the Acquisition is also a related party transaction within the meaning of the AIM Rules. Where a company whose shares are admitted to trading on AIM enters into such a transaction, the requirement is for those directors of the company who are independent of the transaction to consider, after consultation with the company's Nominated Adviser, whether the terms of the transaction are fair and reasonable as far as the company's shareholders are concerned.




The Independent Directors (Irvin Fishman and Barbara Moss), having consulted with the Company's Nominated Adviser, Dowgate Capital Advisers Limited, consider that the terms of the Acquisition are fair and reasonable insofar as the Shareholders are concerned.




The Independent Directors believe that ADDleisure Plc has considerable growth potential and welcomes the opportunity to become a substantial shareholder and in turn, expanding the Company's interests in a complimentary area of the leisure sector.




Geoffrey Simmonds is the legal and beneficial holder of 100,000 ordinary shares of 0.5 pence each in ADDleisure Plc and 50,000 warrants to subscribe for 50,000 ordinary shares of 0.5 pence each in ADDleisure Plc. Richard Owen is the beneficial holder of 750,000 ordinary shares of 0.5 pence each in ADDleisure Plc and 50,000 warrants to subscribe for 50,000 ordinary shares of 0.5 pence each in ADDleisure Plc. Bill Weston is the legal and beneficial holder of 2,200,000 ordinary shares of 0.5 pence each in ADDleisure Plc and 1,000,000 warrants to subscribe for 1,000,000 ordinary shares of 0.5 pence each in ADDleisure Plc. Neither Irvin Fishman nor Barbara Moss hold any ordinary shares or warrants in ADDleisure Plc.




Richard Owen, Geoffrey Simmonds, Barbara Moss and Bill Weston have given an irrevocable undertaking to vote in favour of the Resolution being proposed at the GM.




Further information on ADDleisure can be found on its website at www.addleisure.com.




* * ENDS * *




For further information please visit www.pantheonleisure.com or contact:




Geoffrey Simmonds
Pantheon Leisure plc
Tel: 020 7935 0823

Liam Murray
Dowgate Capital Advisers Limited
Tel: 020 7492 4777

Susie Callear
St Brides Media & Finance Limited
Tel: 020 7236 1177
Posted at 19/12/2008 00:16 by davidosh
In just nine months I am afraid there has been awful destruction of shareholder value and reduction of the asset base. In March the highlights were as follows;


* Strong balance sheet with tangible net asset value of £2.65m


* Proposing 0.6 pence per share final dividend for 2007 making a total of 1p
for the year, a yield of 7.4%

* Share buy-back programme initiated to improve earnings per share

Now at the year end...

* Weakened balance sheet with just £1.8m of net current assets.

* Almost certain loss of dividend

* Share gift to new hires of 15% of the company.

At the start of the year the share price was 15p and there were only 36.7m shares in issue. At this year end the share price looks set to be a quarter of that price and with 41.4m shares issued and the net assets per share have nearly halved. There is a new shareholder buying up the stock at these low levels and another has departed the company with a key holding mainly gifted as follows

Mr Edmonstone's beneficial holding in the Company
now amounts to 4,424,333 ordinary shares of 7.5 pence per share, representing
11.2% of the issued share capital.

I have seen my shareholding lose very nearly six figures in just two years and I really do feel shareholders have been let down badly. I shall not be investing in any people business like this again as Imprint and now Dowgate have been very bad investing experiences for me. The assets seem to walk out of the door every night and some seem to think they are worth far more than they really are in this market.....some never come back the following morning !!

Shocking stuff and if there were any morals and fairness in the world of Dowgate then one party should hand back their gifted shares and the other their bonus payments gained in the past year. That way shareholders who have lost nearly everything might just have a chance of salvaging something. Just my thoughts and honest opinion of the whole saga and in fairness I did make my views known to all the directors from the outset at my first knowledge of this golden employment package.
Dowgate Capital share price data is direct from the London Stock Exchange

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