Galileo Inn. Share Discussion Threads

[cubes101] 31/3/2003 14:23

nav mike - your a shrewd and wise owl - well spotted.

For all the worry on this BB can anyone tell me why I'm wrong? Erm No - derampers ye all sell and I'll carry on buying at the 1/5 NAV price!

p.s It's not my £90 purchase but credit for the humour !!

[nav_mike] 31/3/2003 13:55

grebo

I initially thought the results would be easy like you, but then I read that Sense Sonic is over 50% owned and therefore a subsidiary that needs consolidating into the numbers. If others are 50%+ owned then they will too.

Stand to be corrected if Im wrong - dont be shy!

[grebo] 31/3/2003 13:53

Cubes,

Since you seem to be accusing the rest of us of being naive I'd be interested to hear why you think the results have not yet been released ?

You seem to have arrived at the same conclusion as they rest of us regarding floats, ie they're not imminent and may not happen for some time due, largely, to the sorry state of the market right now.

So then why have they not released any results. They can't exactly be hard to work out with just some admin costs, salaries and overdrafts to pay for.

So where are they ?

[jubjee] 31/3/2003 13:03

No news yet today, suspension tomorrow?

APRIL FOOLS DAY how fitting!

[nav_mike] 31/3/2003 11:08

I havent sold coz Ive made up my losses elsewhere as other people know.... BUT

whatever happens, we have a management team that treats its shareholders with contempt, does not communicate and seems content to let its listing drift into suspension.

I thought directors were supposed to act in the best interest of its shareholders or else be held accountable? fat chance IMHO

[cubes101] 31/3/2003 11:07

p.s an overdraft facility by bank to us for 1 million wolg keep GAI alive 18 months on burn rat at last years interims - TIME ENOUGH TO FLOAT THE CO@S IN A FRIENDLIER CLIMATE!

Some time the big gains are made by the silent but deadly shares.

[cubes101] 31/3/2003 10:50

I fail to see any experience in investing in the comments above.

This is a co that many of you fast buck merchants bought for 3 4th quater floats to t trade a result.

If you bought on a 12 month basis you may not be as worried.

The gulf war was always a risk to floating co's.

Why give sensonic away - if you look at est value it is now 8 mil rather than 12mil mkt cap as prev stated on iii new issue section. This is a 50% reduction.

There will post July -Sept period be a better market - hopefully gulf war uncertainty cleared.

The co cannot be sold via MBO below the true net asset value prepered by independent audit. To do so would infringe minority shareholders rights + be illegal under merger & takeover rules.

Sit tight stop winging and wait for news.

I may lose 5k if wrong but I would not expect the Board tofail us.

Also ir results are annouced then Directors can buy more stock as they will be outside the closed period.

GAI have a duty to us and to the investee co's - you cannot just sell Sensonic down the river force them to float just because it will make our accounts look better. Sensonic are a co with a future in their own right.

Paul Davidson holds 15% (when floated this was £3mill) at 1.25p per share this is £1.1million x 0.15 = £165,000. NO CHANCE OF A SALE BELOW 3-5p.
At 5p co is valued at 4.4 million and Davidson's share s = £660k
At 7p """"""""""""""" 6.1622222222222222222222222222222222=£920K

He will not sell out below 650-1 million for his 15% shareholding to do so would be crazy. He will take co over himself at les than 5p - you will see.

The Banks can fund Gai in the interim with cross Director and security over investee co's.

Don't forget GAI had no debt but £5 million CASH in SEPT 02!

[minuteman] 31/3/2003 10:47

No letter, Schwab nominee

[grebo] 31/3/2003 09:42

cheers folks. I'm also with tdw, i'll ring them again later.

[he who does venture] 31/3/2003 09:36

No letter - nominee account (Selftrade).

[bluemerle] 31/3/2003 09:29

No letter - nominee account

[guy martin] 31/3/2003 09:02

No letter - nominee account TDW

[spike_1] 31/3/2003 09:00

No letter - nominee account with Sharepeople (American Express)

[jubjee] 31/3/2003 08:44

got the letter,nominee account.

[moneypit23] 31/3/2003 08:33

No letter - nominee account.

[grebo] 31/3/2003 07:41

Did anyone get the letter in the end? I didn't get it so I'd be interested to know how many did or didn't before I phone my broker. In any replies can you tell me if you hold the cert, or have them in a nominee account.

I want to get this sorted to make sure I get any future letters aboout any offer etc.

Thanks

[tom2468] 30/3/2003 20:40

like i said lads I would take my losses and walk away with something because "something" stinks. I could tell by hi tone and no Im not Mystic Meg!

STRONG SELL

ps thats if you get the chance

[mrkournikova] 30/3/2003 20:13

Hi Simon,

Ahh ok thanks for this. I was under the impression that Friday was results deadline but obviously it is indeed tomorrow. I think we would have received an announcement of some sort to say that the companys shares are being suspended and we haven't received anything yet...so we trade another day.

Absolutley no point in selling now...although if you can buy for under 1p then there is always the faint chance of a 25% profit if the approach price of 1.25p stands. Not me sir!

But 1.25p is useless for someone like me who paid a great deal higher.

Shareholder value...heh!

MrK

[mrkournikova] 30/3/2003 20:07

Hi knopfler,

Yes, completely agree with you. No publication will name and shame those concerned...let's hope they don't have to. However I can't see them being too kind toward them. And any future directorships are unlikely after this situation.

Of course there is the slim possibility that all might turn out in the end.

Perhaps we might get an announcement tomorrow?

Please sir I want some....more

MrK

[simonevans] 30/3/2003 20:04

Results must be tomorrow or suspension on Tuesday. Could be interesting!

[mrkournikova] 30/3/2003 19:59

Hi grebo,

Yes I completely agree. It simply does not add up. The market appears to believe that Galileo is in serious trouble and us investors know nothing to the contrary. Valued at £700,000, say it again man! Absolutely crazy!!

Why on earth Galileo have not yet released their results absolutely beggar belief.

31st March 2003 This brings to a close the first half of Galieo's financial year, so we can expect figures for these interim results in the next 6 months, dream on baby!

When will we get the results...indeed if we will get the results is anyones guess. However Mark Warburton has stated that an announcement regarding the situation will be put out shortly.

All I can say about the approach is that it is SUSTAINABLE not my word that of Mark Warburton! I don't know much about it all. But suspect due to the large holding of the directors that it is an MBO by Paul Davidson. As I repeatedly say...I hope I'm wrong.

Regards

MrK

[knopfler] 30/3/2003 19:58

mr. k. - i don't think any 'publication' is going to name or shame anyone without proof or they'll be sued for libel.

things started stinking in this company way back before christmas (someone mentioned the pathfinders needed to be distributed at least 14 days before a float)so while we have been speculating for the last 3 1/2 months gai have been obtaining (at our expence) legal and broker advice on how to proceed.

they will be well versed in their excuses by now and we're still on the starting blocks.

i'll be staying in these 'for the ride' but not wasting any more effort following it.

[grebo] 30/3/2003 18:00

MrK

Even though the plumber reputedly denied it I would be suprised if it wasn't some form of MBO. If it is, then it definitely appears that they're holding back results so that everyone panics and the price falls, then they get the company cheaply.

Surely there must/should be some kind of law against this.

[mrkournikova] 29/3/2003 13:51

An idea.

If Galileo is in financial trouble then it might be possible that Sense-Sonic is to blame!!

Sense-Sonic being connected to Galileo is the worst possible thing for this company. You all know the Galileo business model, lets think about it again...for a cash backed over draft of between £0.5 - £1 million Galileo receives a majority stake in a decent technology business. So Galileo lend Sense-Sonic £1.5 million and receive 10% of Sense-Sonic, beginning to stink? I think so! Would it appear that Sense-Sonic is in need of money? YES!.

Now consider this...Sense-Sonic has moved its offices to the same offices as Galileo. Ok, you're getting the picture. If, as it would appear Sense-Sonic is in need of cash then Galileo could effectively pay the bills for Sense-Sonic. Not a sensible idea though, shareholders might begin to suspect something. BUT! If Galileo float Sense-Sonic then Sense-Sonic might be able to finance itself...can Galileo float Sense-Sonic? It would appear not!!

Consider This Do you think it will be a MBO? With such a large percentage of the shares owned by the directors a hostile bid is going to be unlikely. I hope it is a hostile bid as everyone is beginning to see that if we are subject to a MBO then Galileo will truly stink. The directors are financially secure for life anyhow.

Notice how Cyprotex has tried to distance itself from Paul Davidson and his cronies. If only Galileo would have nothing to do with Sense-Sonic then we would have a company in far better state.

Didn't Angus Munro recently accuse Sense-Sonic of improper loans from Galileo? Has Galileo 'loaned' Sense-Sonic any further monies? I sincerely hope not but I'm not going to bet my bottom dollar on it. I really believe that Galileo does not have a strong bank balance any more simply because of this stinking connection with Sense-Sonic.

Happy Families?! YOU KNOW IT!

We have to wait for details to emerge but if this is bad as I'm thinking it could well be then there will be quite a few publications that I know that will be only too happy to name and shame all those concerned with this company's downfall.

But if I fear the worst then I might be in for a pleasant surprise. I hope so. But if the directors do recommend the offer then we might be powerless to stop it. So some of you going to visit the directors then?

MrK