Galileo Inn. Share Discussion Threads

[chaz99] 13/6/2003 11:35

Cyprotex up 125% today and 100% yesterday! I hope PD feels a chump for getting rid of that spread bet.

[he who does venture] 11/6/2003 18:50

canihackit: -
tick tock..........another month gone!

[cappagh] 11/6/2003 10:23

jubjee
This is the web home pages.

[jubjee] 10/6/2003 18:26

By Philip Coggan FT.com, 10:01 BST Jun 3, 2003

The nagging questions remain

If in trouble, find a fall guy. It is a natural tendency of all institutions. So does Paul "the Plumber" Davidson have a point when he says he has been unfairly treated over the Cyprotex flotation affair?

It certainly seems a little odd that Mr Davidson, an outsider, is set to be fined more by the Financial Services Authority than either Nigel Howe of broker Gilbert Elliot or Ashley Tatham of spread betting firm City Index, both of whom act for regulated institutions. Surely the insiders should be held more responsible for ensuring the rules are followed?

FSA rules make it clear that the authority takes a number of factors into consideration before setting the level of the fine, including whether the offence was deliberate, its seriousness and the degree of co-operation from the individual or firm concerned. The FSA won't comment on an individual case, of course, but it is a fair bet that it is unhappy with Mr Davidson on these three counts. And, given his spread betting record and involvement in flotations, Mr Davidson can hardly be classed in the "Aunt Agatha" category of naive amateur.

But if sympathy for Mr Davidson will be limited, what about the other players in the story? Another factor cited by the FSA in fine setting is the issue of remedial action. Here both Gilbert Elliot, which has parted company with Mr Howe, and City Index, which has demoted Mr Tatham and instituted new procedures to regulate bets worth more than 1 per cent of a company's capital, may have done themselves some favours in the FSA's eyes.

Nevertheless, some nagging questions remain. To what extent should Gilbert Elliot (since acquired by Bridgewell Securities), the company which was adviser to Cyprotex, be held responsible for the actions of Mr Howe? Who is to blame for the fact that the bet, which made all the difference to the success of the flotation, was not revealed in the Cyprotex prospectus? Shouldn't alarm bells have rung at Dresdner Kleinwort Wasserstein, when it agreed to hedge City Index's position, thereby taking a 16 per cent stake in a tiny company?

There are also some questions about the timing of the deal which, in the nature of the FSA investigation process (the FSA will not comment on the details, the other parties are inclined to disagree), are difficult to settle in a way that can satisfy the dispassionate observer.

It is tempting to hope that Mr Davidson goes through with his threat to appeal the decision to the Lord Chancellor's tribunal, a previously untried procedure. Such a process would be public and, given the current state of Mr Davidson's rhetoric, the atmosphere might be hot enough to strip off some of Lord Irvine's expensive wallpaper. Occasionally, for the good of the City's reputation, it is necessary for justice to be seen to be done

[jubjee] 10/6/2003 18:18

Could someone post the details of where to e-mail the following with enquires:

FSA
DTi
London Stock Exchange

I shall then forward my comments to each.

Thanks and good luck all holding.

[knopfler] 10/6/2003 17:32

cappagh,

you may be right :-)

i feel a 'shawshank' moment coming on!

[fozdad] 10/6/2003 17:14

I see their web site isn't working again....not a good sign!

Has anyone tried calling?

[grebo] 10/6/2003 16:50

That's the worst thing about this whole affair - GAI directors have elected to treat all the shareholders like dirt and tell them nothing. The FSA seem to have no intention of doing anything at all (no change there), not even reply to any emails, so they are just as bad as GAI.

There seems to be no way for us poor shareholders to get any info.

Even a mobhanded descent on GAI hq would probably be useless as PD is still probably in Spain with his new venture.

Does anyone have any contact details for Lamont - maybe hassling him would be worthwhile.

[cappagh] 10/6/2003 14:51

knopfler
I don't think they understand the word
"courtesy".

[knopfler] 10/6/2003 13:46

i've tried galileo twice - no reply as yet.



dear sirs,

below is a copy of an e-mail i sent you on 23/5/03, would you be so kind as to extend me the courtesy of replying to my question/concern by return. many thanks.

yours sincerly



-----------------------------------------------------------------------------------------------------------------------------------


dear sirs,

as a shareholder in galileo i was disappointed to learn that the company has found itself in somewhat of a dilema. being unable to release your results on time due to going concern issues and the shares being subsequently suspended.

i did, through choice decide to hold on to my shares in the hope that you will be able to resolve these issues and seek a lifting of the suspension at some point in the future.

however, in the continued absence of any 'material' news from yourselves i feel it necessary to activly seek an update from you now.

to this end i would very much appreciate it if you could find time in your schedule to provide me with a detailed explanation of the progress you have made to date in relation to resolving the companies dilema.

i look forward to recieving your reply

yours sincerly

[cappagh] 10/6/2003 13:42

I'm now pestering GAI.
Copy of an E-mail sent to them.

Dear sir or Madam

Have the directors of Galileo decided what is going to happen to
the company?
And when are the shareholders going to be notified of any news
or results?
How much money have Galileo got left?
If its not alot, Where has it gone?

[peea01] 10/6/2003 10:12

anyone tried ringing these "people" lately?

[cappagh] 10/6/2003 09:21

I'm just a small invester, but I'm
not going to let this rest, unlike
some rampers and so called big holders
that have posted on here in the past.
Funny how they have just disappeared,
even though one of them claims to a
big % of shares.
I've sent another E-mail to the FSA
this morning.

[cappagh] 09/6/2003 20:17

And we fell for it!!!!!!!

[cappagh] 09/6/2003 20:16

This a copy from an annoucement 24/07/2002
And what a differance a year makes!!!!!!!!

LONDON (AFX) - Galileo Innovation PLC, the Cheshire-based business
accelerator, said its investment pipeline is healthy, the group is in "good
shape" and it will meet investors' expectations.
The group announced today that it is to become the first UK PLC to pay its
dividend as 'in specie' shares in investee companies that go forward to an IPO.
Galileo has already identified five investee companies for which an IPO is a
possible exit strategy. In such cases, a percentage of shares in the newly
listed company will be distributed to Galileo shareholders.
The advantages for Galileo's existing shareholders is that Capital Gains Tax
taper relief may be available if these shares are kept for one year or more, and
also shareholders retain ownership of equity in growth companies, it said. At
the time of IPO, Galileo's cash backed guarantee will be released allowing it to
use its funds for further guarantees to seek and develop suitable businesses and
technologies.
Following the IPO of an investee company, Galileo will retain a 5 pct
holding in that company.
Galileo also said it is now proceeding with further funding in five
businesses out of a potential sixty-seven companies that the company has
reviewed in detail since its Admission to AIM in February 2002.
It continues to carry out due diligence on the remaining 62 in its pipeline.

The five currently selected for further development will receive cash-backed
overdraft guarantees of between 0.5 and 1.0 mln stg. Galileo's cash at bank
stood at 5.27 mln stg as at March 31 2002.
[e-mail]
slm/

[cappagh] 09/6/2003 20:10

Thanks for that, Bluemerie.

[bluemerle] 09/6/2003 17:22

According to Growth Company Investor, Sense-Sonic is still in the Aim hopefuls for June 25th. Market cap £8m. Contact name, Gilbert Elliott 020 7369 0300.

[fozdad] 09/6/2003 13:21

Couldn't agree more Nav, PD is laughing at them and us (from an exclusive villa in Spain, no doubt).

[nav_mike] 09/6/2003 13:12

cappagh

Not a sausage.....


The conduct of these PLC directors is mind boggling - if the DTI dont look to impose bans for this sort of contempt, whats the point of regulatory bodies?

[cappagh] 09/6/2003 13:10

NAV_Mike
Have you had a reply,yet?
I'm still waiting.

[croasdalelfc] 06/6/2003 09:29

Thanks Cappagh

[cappagh] 06/6/2003 00:44

No not yet.
I thought it would be a waste of time.
The thing is if you don't try, you will
never get anywhere.
Can we have a few more E-mails to the FSA
then they might think about doing something.
Thanks to those who follow this up.

[eurofox] 06/6/2003 00:40

Cap,
Have FSA acknowledged your email?