Galleon Share Discussion Threads

[captain crash] 07/10/2013 19:09

Hamilton

On Friday you questioned my post which suggested a drop in revenue in the online part of the business, and you claimed "it's certainly not my reading of the accounts".

Previous experience tells us that your reading of the accounts is, at best, a little bit shaky, and probably best ignored, however, I gave you the benefit of the doubt and asked you to clarify your position with the use of figures but your lack of response suggests you were unable to do so.

Allow me to assist, with the revenue for the last 2 years, and the percentage drop from the prior period:

Sep 11 £4,307k
Mar 12 £3,407k 21%
Sep 12 £2,655k 22%
Mar 13 £2,267k 15%

The overall drop in like for like sales for the 6 months ended Mar 11 and Mar 13 is 47%

The drop from Mar 12 to Mar 13 was 33%

I'd be interested to hear your views, or perhaps an apology (if you're man enough).

I'd also be interested to hear which other factors you'd need to see "in order to really assess on-line entertainment's current position".

[janekane] 07/10/2013 15:33

5p very soon q

[janekane] 07/10/2013 15:32

Who will buy these shares then Jim?

[captain crash] 07/10/2013 08:50

The time when it was high risk has passed Jimmy. Investing here was high risk, continuing to hold was high risk. We don't have any option now.

[jimmyloser] 07/10/2013 08:09

True, but they had severe financial constraints caused by numerous mistakes - we will have the chance to finish and export our tanks. Last throw of the dice

HIGH RISK

[captain crash] 07/10/2013 07:23

Morning JimmyAs my post suggested, I agree that the biggest risk is not knowing what's going on and getting a share if things go well. Even as a listed company, the provision of information to investors was very poor. The problem remains however, that the games on offer have failed to make an impact, the company have been unable to capitalise on the 10m+ users they managed to attract with SoH and its hard to imagine them making a decent fist of it any time soon

[jimmyloser] 06/10/2013 19:01

Captain,
My sentiments in a nutshell. Funds are NOT the main issue, knowing what is going on and then getting our share if we succeed, will be our major concern based on what we know now. But that is based only, on what we know now!

dyor

[captain crash] 06/10/2013 17:40

Hi JimmyWhen you refer to an AGM, do you mean for G3 Interactive or Galleon?Whilst I'd love to be proved wrong, I'm not sure how the online operation can be expected to succeed. Given that it's an organisation born out of the administration of its founding company, finance will be hard to come by without diluting existing holdings further, yet without funds they'll struggle to develop or market new and existing products. The above problems are, of course, fairly small beer compared to the problem of how holders can expect to be part of any distribution of funds IF the company manages to make any money

[jimmyloser] 06/10/2013 15:47

Yes, I am pleased for you on SYM and have it in my monitor - Good Luck

You are not in my hands, but whose hands you are in, will be clearer soon.

All to play for now, but don't bank on it. I don't!

[bbd2] 06/10/2013 15:12

I am in your hands Jimmy ! In the mean time SYM looking very interesting with possible contract news looming.

[captain crash] 05/10/2013 10:46

It's not often I agree with JK but the posts of yesterday prove (if proof was needed) that Hamilton has no comprehension of what the financial statements mean. There is, of course, an argument that he's partway correct in suggesting that having no assets to depreciate is good for short term profitability (I assume that's what he's suggesting) but he also seems to be saying the company is worth more because they don't have any fixed assets, which is just plain stupid.

[janekane] 05/10/2013 09:40

Hami your a bigger fool than I had you down for
You were warned but unfortunately it's impossible to teach an idiot the fundamentals of balance sheets and what they actually mean

[jimmyloser] 05/10/2013 08:06

bbd2,
There is more to come and a notice of an AGM should be posted soon where we are expected to get a better understanding.

There are indeed very high risks with this private company. We (major shareholders) are doing what we are able to try and mitigate them for UK shareholders and much work has been done by the former FD and others to this end. It appears that Yu Peng remains optimistic and hopes are high on the completion of HT and its transfer to USA, Turkey and across Europe.

I don't want to burst any bubbles or score cheap points (I leave that to the bb's ace bubble burster)but revenues have been falling in the gaming division.

Changes and more information are said to be afoot and hopefully by the end of October all should be clearer.
impo.

[captain crash] 05/10/2013 07:17

HamiltonAs you've had significant difficulty reading financial statements in the past, why don't you try explaining to me how revenues in online division aren't falling? Feel free to quote actual numbers!

[hamilton] 04/10/2013 22:40

Q Holdings 70%
Mojito Holdings 6.2%
Imagination Holdings 4.1%

On the first point,. let's hope so..

[bbd2] 04/10/2013 22:25

With the consolidation now complete, should a new holdings notice now be issued via RNS ? Would be interesting to see the names left ?

[bbd2] 04/10/2013 22:23

Hi Hamilton, Yes I know but what would the mechanism be to share any profit or gain any value or increase the value of my investment in them ? Indeed has anyone been asked or had confirmed who and what each former GON holder physically holds in the venture. If I wanted to sell my investment in the venture how would I or anyone else do this or prove they had any claim over the venture ? My view is the crown jewels have been stolen ( or perhaps potential crown jewels) and are now hidden from public gaze and scrutiny in a far away land. Perhaps those who run the new venture/entity will get something out of it ( or pay themselves masses of salary) but you and I won't even get a fortune cookie, or at least one that has anything positive in it.

Would love to be proved wrong on this but...

[hamilton] 04/10/2013 21:55

c'est la vie

[jimmyloser] 04/10/2013 21:52

Cie la vie

[hamilton] 04/10/2013 21:47

monte1,

I don't need it mate... I'm just pointing out that all is not lost here. All shareholders still own shares in G3 in addition to this shell !!

What is G3 worth without Croco, without debt and without goodwill held on accounts for Lushy and Xaimen? A fair bit more that you seem to be suggesting

[monte1] 04/10/2013 21:43

Hamilton

Do yourself a favour, expect to receive nothing and then anything will be a bonus.

[monte1] 04/10/2013 21:31

It was down to 2.2m in the last half year, dropping rapidly, and turned a loss of 336k.

[hamilton] 04/10/2013 21:25

Read the segmental analysis in the accounts. See page 22, remove Croco (Product) and you get the historic revenue for what is now G3 Interactive.

I will explain it for you. When a company impairs/amortises non current assets, it's results are adversely impacted. In the case of the 2012 accounts over £4M was impaired/amortised. G3 still has all of these non current assets, however, they have deemed them worthless in this set of accounts.

[monte1] 04/10/2013 21:21

A non current asset is still an asset.

ie it is a very good thing to have.

Historic revenues of £6 - £7m? It is a newly created company holding the assets of a listed company that was unable to make a profit, or indeed remain solvent.