Galleon Share Discussion Threads

[bbd2] 13/5/2014 18:14

£85K and possibly a few pennies from Skunk FU, what a disaster. Nice to see Wong and Co still took their salaries and wheeled and dealed loans through their so called charitable trusts in the IOM. They probably only kept GON going so long so Wong's son could park his car in the company space ! Lol

Next announcement will be a change of company name if the new owner has any sense.

[captain crash] 13/5/2014 13:59

Well, that just about sums it up. For all the claims on here of the value of the games/portals etc it turns out that the most valuable asset they owned was a single car park space in Hong Kong.

On a bright note, the new management are clearly more willing to produce detailed accounts. It's just a shame that they're an investment company with nothing to invest!

[totally banjo] 13/5/2014 08:04

NOTICE

13/05/2014 7:30am

RESTORATION OF TRADING ON AIM

GALLEON HOLDINGS PLC

The trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 13/05/2014 7:30am, an announcement having been made.

Ordinary shares of 5p each, fully paid (BCFKLN8) (GB00BCFKLN82)

If you have any queries relating to the above, please contact the Company's nominated adviser on 020 7148 7900.

[totally banjo] 13/5/2014 08:01

Final Results

The board of Galleon announces its final results for the year ended 30 September 2013.

CHAIRMAN'S STATEMENT & STRATEGIC REPORT

The Company has undertaken a restructuring following the approval by shareholders at the general meeting (GM) and creditors at a creditors' meeting on 30 September 2013 of the Company Voluntary Arrangement ('CVA') and is currently an investing company as defined in the AIM Rules. The Directors have decided to publish the accounts of the Company alone and not prepare or publish consolidated accounts for the Group as at the year ending 30 September 2013 as they consider this basis of preparation more accurately represents to shareholders the Company as an investing company going forward. Further detail is set out below.

Section 414C of the Companies Act 2006 (the "Act") requires the Company to inform members as to how the directors have performed their duty to promote the success of the Company, by way of a Strategic Report.

Set out below are the applicable reporting requirements under the Act for the purposes of the Strategic Report.

Fair review of the business (Section 414C (2) (a) of the Act)

The Company has gone through a restructuring following the approval by shareholders at the General Meeting ("GM") on the 30 September 2013 of the Company Voluntary Arrangement ('CVA'), the disposal of Phoenix Investment Global Limited ('the Disposal'), the share capital reorganisation, the sale of 3.9 million new Ordinary Shares to Q Holdings Limited ('the Placing'), the adoption of a new policy to invest principally, but not exclusively, in the resources and energy sectors ('the Investing Policy') and a waiver under Rule 9 of the Takeover Code.

The Group's principal activity during the year under review was that of a publisher of digital games and content across online and mobile platforms primarily in China which was supported by activities in the development and exploitation of multiplatform entertainment, intellectual property rights and premiums and promotions.

On 30 September 2013 all resolutions in the circular to shareholders were passed at the GM meaning a fundamental change of business of the Company resulting in it being classified as an investing company (as defined in the AIM Rules). The Company's investing policy is to invest principally, but not exclusively, in the resources and energy sectors.

On 12 November 2013, the Company announced that it had reached agreement in principle with a consortium of sellers represented by Iron Extraction Corporation Hungary KFT ("the Seller") regarding the potential acquisition of at least 85% of the issued share capital of Aktobe Steel Production LLP which, if consummated, would represent a reverse takeover under the AIM Rules. The Company entered into a loan agreement with the Seller, whereby the Seller agreed to extend a loan of up to GBP400,000 to the Company for the sole purpose of funding transaction costs relating to the proposed transaction.

Due to the use of funds to be drawn from the loan being tied to the proposed transaction, the Company requested the suspension of trading in its ordinary shares on AIM in accordance with AIM Rule 14, until such time as the Company publishes an admission document relating to the proposed transaction or otherwise ceases discussion with the Seller. Trading in the Company's ordinary shares on AIM was suspended on 12 November 2013.

On 12 May 2014 the Company announced that it had terminated discussions regarding this potential transaction and terminated the loan agreement with the Seller. The suspension to trading is therefore expected to be lifted pending publication of this annual report. The Company will continue to explore investment opportunities over the coming months.

Financial year ended 30 September 2013

During the year the Company has completed the disposal of Phoenix Investment Global Limited, a share capital reorganisation and a placing of 3,906,250 new ordinary shares. In addition on 3 July 2013 the Company announced that it had filed a Notice of Appointment of Administrators in the Royal Courts of Justice in London and on 29 July 2013 the Directors filed a Notice of Administrators Appointment in the High Court of Justice in Northern Ireland. The CVA was approved on 30 September 2013 along with the restructuring and new investing policy for the Company as noted above. Subsequent to the year end, the Company has divested its interest in the Croco Worldwide (Asia) Limited for consideration of HK$1.

As a result of the disposals completed during and subsequent to the year end the Company no longer has access to the financial books and records for the entities disposed of. The lack of access to such records would lead to the Company's auditors including a limitation of scope in their audit opinion. Further, as a result of the CVA, the Company's administrators have sought to realise the value of any assets held by the Company during their administration. Therefore, the financial statements of the Company going forward and the statement of financial position at year end reflects that of an investing company rather than that of a trading Group.

Accordingly the Directors have decided to publish the accounts of the Company alone and not prepare or publish consolidated accounts for the Group as at the year ending 30 September 2013 as they consider this basis of preparation more accurately represents to shareholders the Company as an investing company going forward. As such, the auditor's opinion on the financial statements is qualified only in respect of the lack of preparation of Group accounts as required by the provisions of IAS 27 and Companies Act 2006. The auditors' opinion on the "Company only" financial statements is however, unqualified. We do believe the presentation we have adopted in this annual report for the Company does provide a clearer representation of the accounts to shareholders showing what they have invested in going forward.

more from link below:

[buywell2] 13/5/2014 07:28

IT's a Croc jimmy you lost this hands down

[jimmyloser] 13/5/2014 07:24

A ray of hope flickers all around....

[captain crash] 07/5/2014 19:05

When you were guessing that they were profitable and cash positive they were making massive losses and losing money hand over fist so I guess I'll take your claim that they're doing enough to survive with a pinch if salt. If previous history is anything to go by, hoping that a game belongs to them is probably a bit wide of the mark too

[captain crash] 01/5/2014 10:06

HamiltonIs your research that proves they're on going the same research that was showing that they were cash flow positive, just before they announced that they'd been haemorrhaging cash and went into administration?If so, it's probably for the best if you continue to keep it to yourself because, quite frankly, you make a bit of an idiot if yourself when you do post it (as proved by at least 10 years of being totally and utterly wrong in all if your predictions)10 years of posting absolute nonsense, sounds like troll tactics to me. You ought to be ashamed of yourself.

[jimmyloser] 01/5/2014 06:24

Captain Hamilton,
On going they may be but the word is that they have just asked for another large injection of cash

On going you say, are they increasing or declining.

I know the answer but it would be nice for you to share your findings

[jimmyloser] 30/4/2014 11:13

Captain Hamilton
Where on earth do you get that I said GOOD NEWS

Do you make things up to suit your mood?

This is what I said.


The new GON has not Gone. News expected very soon.
The old GON was Gone before it started.

dyor/impo

[captain crash] 30/4/2014 07:27

So when you said news expected soon you just meant that under AIM rules they have to report something?

[jimmyloser] 29/4/2014 19:55

12/11/2013 + 6 MONTHS!!!!

[captain crash] 27/4/2014 17:45

You're right Banjo, it is odd that as soon as I posted Hamilton popped up with his weird stalking. It's also odd that you care, given that you (like someone else we know) were so put out by anyone questioning your "research" that you ran off to set up a private thread.

[marksp2011] 27/4/2014 10:41

riggers

I hope you were fully invested in QPP

[totally banjo] 26/4/2014 17:08

Made me laugh:

-1 posts in 90 days under that name

-2 posts in 90 days under that name

[captain crash] 22/4/2014 08:43

Just by the law of averages Jimmy, if you spend 10 years posting that you expect news soon you're sure to hit the jackpot eventually. Whether or not it's good news though, well that's a different matter!

[jimmyloser] 20/4/2014 14:46

The new GON has not Gone. News expected very soon.
The old GON was Gone before it started.

dyor/impo

[south_london] 15/4/2014 11:22

LOL the same has yours

[buywell2] 14/4/2014 17:21

Bloody hell you guys still at it


Give it a rest and get invested in something making profits

It's sunk its GON

Let BuyGONs be BuyGONs