Galileo Inn. Share Discussion Threads

[swiftnick] 29/9/2003 20:16

The sad thing is that a lot of the cash probably wasn't invested. Much of it seems to have disappeared when the bank called in its guarantees.

Either way, the directors made a serious error of judgement in assessing the business plan.

Er, there was a business plan I take it...

[hugepants] 29/9/2003 19:31

With regards to this 'investors only having themselves to blame nonsense'. Surely any investor assumes a certain level of competence by a company management. How can this lot have got themselves into a situation whereby the company is suspended under going concern issues? They had 5M a mere 12 months ago and their job was simply to invest that money for the benefit of their shareholders. The going concern issue suggests they invested it ALL thereby leaving themselves with no cash to cover on-going running costs. Its not easy grasping the fact that the management hadn't even enough discipline to leave themselves with say 750K-1M just in case things didn't turn out right. Who operates like this?

[cappagh] 29/9/2003 10:03

Why don't they tell us the results?
It will not hurt the share price
because there isn't one.
What have they got to lose, by letting
people know whats happening.

[sreddy] 28/9/2003 21:53

fozdad,

Posts 86 and 89 - LOL!

[simonevans] 28/9/2003 16:07

Well let's wait until Wednesday and see if they have delivered. I think that the best thing that the directors can do is to get the accounts out, get the listing restored and then to pass the company as a shell to a new management team. There may be some, albeit small, value restored if this happens.

[fozdad] 28/9/2003 11:52

Apparently, they are heroes and we should be grateful to them

[jubjee] 28/9/2003 10:34

GAI now have just two days to release the results (if we believe their RNS)!

heros or villans?

[pigal] 28/9/2003 00:23

" after all there were plenty of people on this board saying it would all end in tears but you chose to ignore them - didn't you realise that can happen to any share."
yes! But unless it was inside information, it was only opinion! Mr "W" Is supposed to give us facts!

[swiftnick] 27/9/2003 16:27

The directors have also failed to convene an Annual General Meeting in defiance of company law.

[fozdad] 27/9/2003 15:12

Sreddy, I don't know how many times I have to say this before you can get it through your skull, of course I knew this could happen, of course I knew it was a risk, of course I should have recognised the signals and it's my own fault that I didn't.

But that does not alter the fact that these people were covering up by not releasing information.That is what galls me most, they must have known things were going badly, but they refused to let us know and even now that it looks like it's all over, we still haven't seen any accounts.

You say they didn't get their hands on our cash, well excuse me, but are you telling me that they weren't being paid to mis-manage our funds?

Of course, I wouldn't know if they were or not because I haven't seen any accounts...have you?

[sreddy] 26/9/2003 20:04

fozdad,

Did you invest new money onto the company on flotation? If not, you are talking a load of rubbish about the directors getting their paws on your money. They didn't get any of your cash. You bought shares in the aftermarket because you thought it was easy money and they would go up. You are now looking at others to blame because you made a decision that turned out to be wrong (so far). Yes, they may have been incompetent, but they could have just been over-enthusiastic and unlucky about floating their investments - you don't know.

The over-enthusiastic and unlucky could also apply to you, after all there were plenty of people on this board saying it would all end in tears but you chose to ignore them - didn't you realise that can happen to any share.

[fozdad] 26/9/2003 11:51

I know how you feel Cappagh.

We put our money in because we were led to believe it was a good investment.

Then, having got their paws on our hard earned cash, the directors refused to let us know what was going on, so we had no data to make a decision.

On reflection, this should have been a signal to bail out and I know that many (wiser?) investors did. Like you, I've won and lost in this market, but I've never felt so annoyed after taking a loss as I do now.

Let's hope they finally have the guts to issue some accounts and let us know what happened to our money.

[cappagh] 26/9/2003 11:38

ps
Yes I have lost money on other
companies, but I donn't feel
bitter apart from this one.

[cappagh] 26/9/2003 11:36

No, I never lost it.
I was conned or gave it away,
which ever way you want to look
at it.
People invest on what the company says
its going to do.
If they have no intentions in doing
something, they should not announce it.
Why do you invest?

[sreddy] 25/9/2003 20:20

cappagh,

You lost your money, not anyone else. You put it in GAI because you were greedy. If you had kept it in the bank, you would not have lost it (that's if it is all lost).

[cappagh] 25/9/2003 19:49

It was GAI who gave our money.
It was GAI who told us about the flotaions
It was GAI who lost our money.
So how comes you say that the directors are doing a good job?

[va va voom] 25/9/2003 09:47

The FSA should look at GAI and seriously investigate the good Mr W and PD.

[hugepants] 25/9/2003 09:30

Look as though they duped themselves!

[jubjee] 25/9/2003 08:40

Thanks HugePants,

Mr K,

Im confused, "were galileo duped into parting with the money?" if GAI directors where so heavily involved in SS, then duped by whom?

cheers

JJ

[hugepants] 25/9/2003 08:33

This is from one of the GAI/Sense-Sonic news releases:

"Paul Davidson, a director of Galileo and a substantial shareholder of the
Company, is also a substantial shareholder of Sense-Sonic. In addition, Robert
Long and Mark Warburton, (directors of the Company), and Angus Monro and Martin
Varley (past directors of the Company), each currently own approximately 4 per
cent. of the issued share capital of Sense-Sonic."

This was the basis of my 'bunch of crooks' reference which caused sreddy to completely lose the plot.

Clearly a conflict of interests.

And remember GAI invested their cash post-tech bubble. For them to lose the lot in 12 months beggars belief. Even a semi-competent management team could surely have doubled this stake. Look at how much small techs have risen the last 6 months.

And Mr K , I have nothing to learn from sreddy. I can hardly believe she is an experienced investor after reading the nonsense she has been posting on this thread for 12 months.

[jubjee] 25/9/2003 08:19

Isnt there a connection with directors/major shareholders of GAI and Sense sonic, were GAI directors not involved in this Co. from its formation,being either directors or major shareholders in SS?

If so, why did they not know about the "...very wrong" situation?

4 working days left!

[knopfler] 25/9/2003 07:35

we're having a similar discussion over on the jus thread re: chatting with directors, so i'll say the same here as i have there.

if a director of a company is providing certain individuals with 'material' information that cannot be disclosed by that individual, then we are talking 'selective disclosure'

if mr w. has passed on information to mr k. which mr k. cannot repeat then i would question mr w. integrity.

were we not in suspension, would mr k. also be privvy to such information, and be able to act upon it, thus falling within the realms of 'insider dealing'.

selective disclosure is a dangerous card to play.

...and to come on here and admit you have 'insider knowledge' is incredibly naive. you'll get mr w. into all sorts of trouble.

[eurofox] 25/9/2003 07:14

is sreddy Mark's wife then?

[va va voom] 25/9/2003 01:07

Mr K,

So what you are saying is that the good Mr W and PD were utterly incompetent when it came to overseeing the due diligence aspect in investing in SS in the first place? Oh I see, that makes this sham feel much better - not!

Your post above suggests that the directors are so incompetent that they should be barred from ever holding an executive office ever again! Oh but they were duped??? What about the thousands that they subsequently duped due to their blatant incompetence????

Fortunately, I put no dosh in GAI but know a few mug punters who trusted the good Mr W and PD. I'm sure that they will be over the moon with your inside knowledge that the directors were not liars just incompetent bozos.

Please pass on my fondest regards to your good friend/relative Mr W.

Nuff said! W@nkers

[mrkournikova] 24/9/2003 23:20

Hi,

Mark Warburton is by no means a hero but he is far from the villain that you all think he is. I am forbidden from giving the full details about what happened with Sense-Sonic but am privy to the knowledge.

Let me explain...

Who was it who mentioned that Sense-Sonic were late in submitting their accounts? Take a guess at why they were late. Why are accounts late? Something not right maybe? So Sense-Sonics accounts are late, very very late!

At the same time Galileo were looking to float Sense-Sonic weren't they...but how can you float a company that has no recent figures, no rock solid figures that fundamentalists rely upon to assess the true state of a company. You begin to realise that something is wrong, and as it turned out to be...very wrong!!

Why were the management of Sense-Sonic dismissed? Why did Sense-Sonic need Galileo's money in the first place, were Galileo duped into parting with the money?

Some of you will see what went wrong. When you know what went wrong you will realise just how good Mark Warburton has been in giving this company a second chance.

You are all investors so please stop giving Sreddy a hard time and listen to what she has to say. She knows far more than me and can teach many of you so much, ignorance is far from bliss!

Mr K