Galileo Inn. Share Discussion Threads

[knopfler] 17/4/2003 22:25

i've just re-read it, it does come accross a bit abrupt - my apologies

i must remember to add a LOL in my posts to indicate my humour.

still, we're on the same wavelenth now.

[knitcraft] 17/4/2003 22:16

I think you took my comments in completely the wrong way.
Read the first part again, I assure you I agree 100% with your remarks.It IS finished gone etc.I agree!!!
The optomistic comment was only my way of saying its amazing they didn`t ask shareholders to pay for the directors farewell conference in the West Indies over the next three weeks and the subsequent flights to South America.

[knopfler] 17/4/2003 22:01

knitcraft

i believe we'll get nothing back - if that's 'a little optimistic' are you suggesting they'll want more money of us, to top up their performance bonus or something.

maybe it's the shareholders fault, if we bought more shares these last three years then the markets wouldn't be so dire and the companies could float on schedule.

i feel so sorry for them now, i mean, they worked so hard and we let them down.

we should all be ashamed of ourselves.

(smack on wrist and a fiver in the post) (cheque ok?)

[knitcraft] 17/4/2003 21:48

Knopfler
What a fantastic precis, if a little optimistic!!!!!!!!!.
This sreddy character is living in a dreamworld.
I live in the area where GAI, cyprotex,oystertech and The plumber lives.The only things I could reveal on here would land me in trouble but suffice to say I WOULD NOT have anything to do with any of them.
Many people in the area have been taken in by the cars and flash lifestyles but have lived to regret the associations.It appears its now the turn of the shareholders.I may be wrong but I don`t think so.

[knitcraft] 17/4/2003 21:38

JQ699108
I`ll add £2000
sreddy is a nasty invective piece of work who has an unpleasantly high opinion of him/herself.

There is more chance of The Good Lord arising this weekend than anyone getting a schekel out of GAI.

This sreddy character will never admit they are wrong but will continue to suck investors into small, illiquid, badly run companies and dump his/her earlier purchases as they scramble to buy.

He/she says he/she always posts what he/shes doing.Of course the internet is only used by honest people,so she MUST NOT be posting porkies.
sreddy calls me a prat,but with respect to all who have blindly followed his/her advice they are more worthy of the title.

Buyer beware of sreddy comments, they should carry a gov.health warning.

[knopfler] 17/4/2003 21:37

shreddy,

'The Directors of Galileo regret to announce that, owing to recent adverse market conditions, all efforts to list or trade sale the Company's investments have been unsuccessful. The Directors have therefore decided to stop supporting the Company's investments and to settle its liabilities.'

what makes you so optimistic? how can you possibly come to the conclusion that shareholders will be recompenced?

after paying the banks, the lawyers and the creditors (feel free to add to that list)they will pay their own wages to the end of their contract first(assuming it does not go into administration) followed by their contracted bonuses, followed by some sort of 'performance' related bonuses (for trying their best - don't laugh, they'll get it) followed by some sort of recompence for their options, or lack thereof, followed by whatever else is in their contracts of employment.

any which way they can they will bleed the company of all its funds.

now i'm not a legal person in any way shape or form and i don't feel the need to qualify my assumptions above, but i am certain when they have finished there will be nothing left.

but let me argue your view that there is something left - how much?

well the 1.25p offer has obviously been pulled, so it must have been too much. maybe a revised lower offer of say 1p was tabled (imho) not accepted and the bidder walks away. a trade sale has failed, so lets assume 0.5p is also far too expensive.

no accounts from the company to give a nav - end of story.

there is or will be nothing left. the board will not devote any time or effort into finding a way to return anything to the shareholders.

it's done, it's finished, it's gone, (as am i i've waffeled far too much)

[sreddy] 17/4/2003 21:04

Where's it all gone, Lady Lucy? Please answer and we will compare notes after all becomes clearer. I say it is not bust - not great, but not bust.

[sreddy] 17/4/2003 18:56

£2,000 not worth getting out of bed for.

[jq699108] 17/4/2003 18:50

I guarantee you won't get anything. If you fancy a bet I'll wager 2,000. You set up a solicitor to hold the money. On for that??

[sreddy] 17/4/2003 18:14

knitcraft,

Care to take a bet on this. You say everything lost, I say not. Let's see who the unresearched idiot is. I think you should stick to your knitting.

Ps. Made £120k on PRM in the last month (66%), made £10k profit on LID in December (63%), made £9k profit on ASM in October (50%), showing £10k profit on THC with only £7k investment (125%). Reasons always given. I bet you don't have that record, prat.

[sreddy] 17/4/2003 18:09

knitcraft,

Care to take a bet on this. You say everything lost, I say not. Let's see who the unresearched idiot is. I think you should stick to your knitting.

Ps. Made £120k on PRM in the last month (66%), made £10k profit on LID in December (63%), made £9k profit on ASM in October (50%), showing £10k profit on THC with only £7k investment (125%). Reasons always given. I bet you don't have that record, prat.

[efficient trader] 17/4/2003 16:48

As am aware Gai as a clean cash shell will be worth in £500,000 give or take. let hope they still have capital left, big ? on this. I am waiting on a call from, mark warbuton.
we have just floated a shell in the states, already had interest in that region.

[sreddy] 17/4/2003 16:41

Efficient trader,

It all depends on what happens to the investee companies. None have yet called in the receivers, and who knows, maybe they all won't need to. Even if they do we might not lose all our lodged deposits. Remember they are our cash until called on, and are only called on if the investees' bankers suffer a shortfall. The liabilities of GAI are relatively small and they have a listing. We will end up with a cash shell (which may or may not have any value in its investments) which has a listing. The only uncertainty is how much cash it will have.

One thing this statement should allow is the completion of the accounts, because with the exposure to the investees now limited the accounts should be able to be finalised. It will be interesting to see if they are on a going concern basis or a realisation basis. I suspect the statement allows the former.

I invested in GAI on the basis that the cash, share price discount to cash and the ability to limit exposure to investees limited the downside. I have not given up hope that this part of my investment rationale will hold up.

I await future announcements with some hope.

[efficient trader] 17/4/2003 16:32

sreddy
I agree, but how secure were the contracts, all 3 companies were owned (part owned) by our own directors. I bet you will find that contacts are worthless, that's why a split appeared with the board of GAI.

[sreddy] 17/4/2003 16:08

cubes101,

If an investee like Sensonic now goes bust, and their banker suffers a shortfall, then the GAI deposits are at risk because the bankers will call on them as security to cover any shortfall. GAI have a second charge, which presumably means that they can then get at the assets or IP of the investees to obtain some recovery. If the investees are not insolvent on a wind up then GAI might not lose all/some of the deposit. This cash would then be released back to GAI and be available to satisfy GAI's own liabilities or be available for return to shareholders. The £1.5m backing up Sensonic, if not lost, is worth nearly 2p per share to GAI. This was always a limit to the downside of GAI, and one of the reasons I invested. I am still hopeful of some recovery. The next announcement should give some more clues.

[knopfler] 17/4/2003 16:03

the shareholder will get nothing - period

[efficient trader] 17/4/2003 16:01

I hope they can prove floatation's were in the last stages or they had even submitted docks. If not they are for the high jump. They cant tell us that the markets changed I have just floated in the states, the markets out look is the same now as it was in November.

[grebo] 17/4/2003 15:59

Sreddy,

I agree that the fat lady hasn't actually sung yet. But I still think the chances of getting anything back are remote, and, as per the above, I still think all of the directors are utterly incompetent to say the least.

[cubes101] 17/4/2003 15:57

Why losing the deposits these were given for equity and represent refundable deposits on floatation.

No further funding just crystalises the funds - they may get funding elsewhere but that too is for equity or return of funds at a later date.

The Directors must have cotracts with these companies - if they haven't then there's a prblem