Glen Group Share Discussion Threads

[pre] 09/5/2008 14:37

interesting rns;-)

[knowing] 09/5/2008 14:12

Result of AGM & Board Changes




RNS Number:1077U
Glen Group PLC
09 May 2008


9 May 2008
Glen Group plc
("Glen" or "the Company")

Result of AGM and Board Changes

Result of Annual General Meeting

At the annual general meeting of the Company held today, all resolutions
proposed were duly passed.

Board changes

Glen announces today a number of forthcoming changes to the composition of its
Board, each of which will become effective on 1 June 2008.

* Alan J Bonner, a co-founder and the Managing Director of Pinnacle Group
Limited acquired by the Company in June 2007, will join the Board as Chief
Executive Officer. Mr Bonner is the registered and beneficial owner of
122,727,273 ordinary shares of 0.10p in the Company, representing
approximately 10.28% of the issued share capital.

* Graham J Duncan, the current CEO, will take on the role of Non-Executive
Chairman.


* Eric M Hagman CBE, who has been Non-Executive Chairman of the Company
since it was first admitted to AIM in December 2004, is stepping down to
pursue his other business interests.

Following the sale of Eclectic Group Limited ("Eclectic") and I G Software
Limited ("inGroup") in early January 2008 for a net consideration of #2.7m, the
Board has considered a range of options for the Company. Given the skill set of
the management team, and recognising market conditions, the Board believes that
it remains appropriate to follow our defined telecommunications integration
strategy where we continue to see opportunities, particularly in the development
of new technologies such as voice over broadband ("VoIP").

In respect of his role as Non-Executive Chairman, Mr Duncan has entered into a
letter of appointment which is for an initial period of one year with a
three-month rolling notice period thereafter. Separately, he has entered into a
consulting contract to provide a package of services to Glen over a period of
three years, covering certain financial and M&A work. In order to assist in
lowering the costs of the business given its reduced size, Mr Duncan has agreed
to bring his existing executive service contract to an end on 31 May 2008,
without compensation, notwithstanding that it has a one year notice period.
These changes are designed to substantially reduce the annual operating costs of
the Group without losing the services and considerable experience of Mr Duncan.

Memorandum of Understanding

The Company has been informed that Mr Duncan, Mr Bonner and five other
shareholders (who together own or control approximately 26.8 per cent. of the
issued shares of the Company) have entered into a memorandum of understanding
("MOU") for the purposes of promoting the development of the Company and its
business and regulating certain matters thereto.

The memorandum contains certain provisions relating to the purchase or sale of
shares in the Company by the parties to the MOU. The MOU also confirms the
telecom-centric strategy set out in the Company's circular dated 19 December
2007. The MOU provides that any proposed material change to the strategy or
certain issues of new shares in the Company should receive the prior approval of
a specified majority of the holders of the shares in the Company held by the
parties to the MOU, but subject thereto the parties to the MOU will vote in
favour of any shareholder resulution proposed by the directors.

The MOU confirms that, subject to the terms of the MOU, the directors shall
retain complete discretion regarding the management and operations of the
Company.
Commenting on the board changes, Mr Duncan stated:

"I should firstly like to pay tribute to Eric Hagman, our outgoing Chairman who
has served us well. His experience and wise counsel have been invaluable as we
built the business. Following the sale of Eclectic and inGroup at the beginning
of 2008, the size of Glen has been materially downscaled and Eric felt that his
contribution was, inevitably, going to be diluted given the size of the
continuing business. From all members of the Board, past and present, I wish
Eric well.

I would also like to warmly welcome Alan Bonner to the Board as CEO. Alan has a
deep knowledge of the telecom industry and I am sure he will work tirelessly to
build a telecom-centric solutions business which can deliver shareholder value
over time.

I am also pleased to be able to step into the role of Non-Executive Chairman
which will allow me to fully support Alan as he seeks to bring the group to
profitability with a strategy which can bring sustainable growth to the business
over time. This role will also allow me to spend more time identifying and
appraising opportunities which have the capability of enhancing shareholder
value.

These changes will give us a reduced annual operating cost base and will provide
the focussed expertise needed to re-build the business following the major
changes that we have made to it this year and last."

Enquiries:

Glen Group plc
Graham J Duncan, Chief Executive Officer Tel: [phone]

Seymour Pierce
Jonathan Wright Tel: [phone]

Pelham PR
Alex Walters Tel: [phone]


Notes:

Alan John Bonner, age 42, is currently a director of the following companies:

Explore IT Limited
Glen Communications Limited
Pinnacle ICT Limited
Pinnacle Data Limited
Pinnacle Group Limited
Pinnacle Mobile Limited
Pinnacle Telecom PLC
Sports Club Telecom Limited
Windrush Motorsport Limited

[ljsquash] 22/4/2008 13:38

1.25 million through at mid price and still no change in sp?

[double6] 27/3/2008 12:51

harki - cashed in your losses here too ??

[double6] 20/3/2008 11:51

Reality strikes - the RNS didn't fool people then!

[rokkie] 20/3/2008 08:17

"The gross sale price of £3.00m represents a value per issued Ordinary Share
of 0.251p. This equates to a premium of 195.3% compared to the closing middle
market price on 18 March 2008 of 0.085p, which valued the entire Glen group,
including the businesses not sold, at £1,014,985."

This does look like a good punt but i also would like to know the potentail worth of the remaining business. i've bought back in after making a small loss late last year on the fact that they have now got the cash to continue and concentrate on there core.

these are traded on Plus:

[double6] 19/3/2008 16:59

How much business do they have going forward - profitable ??

[seanmiller] 19/3/2008 16:57

from the rns I see they have already allowed for costs in this sale figure of a quarter of a million, so assume the 0.251p is after that and is what they walk away with.

[double6] 19/3/2008 16:54

"The gross sale price of £3.00m represents a value per issued Ordinary Share
of 0.251p."

The GROSS Sale Price.

What NET proceeds do they end up with - how does this compare with ACTUAL asset value as at today ??

Are they trying to mis-lead when they are quoting 0.251p ????

Just a question - not de-ramping.

[pre] 19/3/2008 16:43

well what we do know is that this stock is valued at atleast a share price of 0.251p per the late RNS issued just before market close...could be an interesting day tomorrow when this news is digested.

[harki] 19/3/2008 16:32

cash is king.just the start late rns could double again 2morrow and assets not included just pure cash.

[pre] 19/3/2008 16:29

certainly looks a good punt here....plenty of cash in the bank.....

[seanmiller] 19/3/2008 16:22

the sale was worth 0.251p per share, that doesn't include the rest of what the company has in the bank, assets etc.

looks like a fun punt to me...................

wait and see...

[seanmiller] 19/3/2008 16:21

RNS Number:5055Q
Glen Group PLC
19 March 2008


19 March 2008
Glen Group plc
("Glen" or "the Company")

Further Sale Consideration

On 7 January 2008, the Company announced the completion of the sale of the
business and assets of each of Eclectic Group Limited and I G Software Limited
to Maxima Information Group Limited, a wholly owned subsidiary of Maxima
Holdings plc, and the receipt by the Company of the initial sale proceeds of
£2.25m. The Company has today received the second and final payment of the
sale consideration being the maximum additional consideration receivable of
£750,000, less an adjustment in the sum of £278,342 in respect of deferred
income, prepaid and accrued costs as at 31st December 2007, the date of
transfer of the trade and assets of the two businesses. The net sum received
has been calculated in accordance with the terms of the sale and purchase
agreement.

The gross sale price of £3.00m represents a value per issued Ordinary Share
of 0.251p. This equates to a premium of 195.3% compared to the closing middle
market price on 18 March 2008 of 0.085p, which valued the entire Glen group,
including the businesses not sold, at £1,014,985.

Commenting today Graham J Duncan, Chief Executive Officer stated:

"I am delighted that the maximum additional sale consideration has been achieved
which is a direct reflection of both the quality of the customer base and the
skill set of the consulting team. These additional funds will be applied towards
the continuing development of the Company."

Enquiries:

Glen Group plc
Graham J Duncan, Chief Executive Officer Tel: [phone]

Jonathan Wright
Seymour Pierce Tel: [phone]

Pelham PR
Alex Walters
Tel: [phone]

[harki] 19/3/2008 16:13

up 70% on plus and valued at .251.yes double current share price

[tonytravel] 07/3/2008 16:45

It would be interesting for shareholders to meet Mr Duncan !!!

[stuart14] 07/3/2008 12:43

Trades going through at 0.02p. Doesn't bode well.

[double6] 07/3/2008 12:26

MC £1m.

Net Current Liabilities (£500k)

Cash Received on Disposal (upto) £3m.

Is this a dead duck, or are they really going to be sitting on £2.5m cash compared to current MC ?

[ljsquash] 28/2/2008 14:25

I having spoken to Graham twice and he was aware that times were hard in the markets. Hence my surprise at the new expense?

[ljsquash] 28/2/2008 12:55

Seems strange new Director RNS unless something about to happen at last?

[safman] 17/1/2008 12:52

no.. around 1.2 bill share in issue .. mid price 0.175 * 1.2bill gives a mkt cap of around 2 mill @ todays spread.. slight discount to cash (3mill before expenses)..

v. poor management..

saffy..