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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gne Grp | GNE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 175.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 175.00 |
| Top Posts |
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Posted at 16/3/2009 17:17 by chrismez lol - succint as ever S.Interesting report in the Torygraph this morning on GNE and Port (there's even a photo of Port included - albeit wearing the obligatory hard hat!!) which ends: "Keith Moss, the private investor who led the action group and lobbied for management to abide by its special dividend plan, said the board had done "a very poor job" given that the 190p offer remained substantially below GNE's net asset value of 240p to 250p a share. But it was preferable to the initial plan pursued by Mr. Ratcliffe, Mr Moss said, and attested to the power of private investors who took their shareholder vote seriously." Elsewhere in the article there is talk of "fierce resistance from activist private shareholders" - has a certain ring to it don't you think? |
Posted at 14/3/2009 10:21 by kooba FT.GNE recommends share cash offer By Neil Hume and Bryce Elder Published: March 14 2009 02:00 | Last updated: March 14 2009 02:00 Cash shell GNE was in focus yesterday after recommending a 190p a share cash offer. The bid came from two of its biggest shareholders: Martyn Ratcliffe, the chairman of software group Microgen, and JO Hambro and is backed by several large investors. As they hold 54 per cent of the company, the investors will have enough votes to force the deal through. This will be a blow to a group of rebel shareholders who have been fighting a plan by Mr Ratcliffe to transform GNE into an investment trust and use its cash to make investments in the technology sector. Traders reckon GNE has cash balances equivalent to 230p a share. Shares in GNE closed 22 per cent higher at 190p |
Posted at 02/3/2009 09:51 by kooba there you go!City: Aim Market: Shareholders revolt over planned changes at GNE By Peter Taylor 832 words 2 March 2009 The Daily Telegraph (c) 2009 Telegraph Group Limited, London IT ISN'T difficult to appreciate why there's consternation in the shareholder ranks at GNE Group. Rarely does a listed company morph so dramatically in the space of just a few months. If the new guard among GNE's major investors has its way, the Aim-listed business will change not only its name but its strategy, its sector, its executive line-up and even its investment status after a general meeting in London this Wednesday. The company that for all intents and purposes was a pure-play petrol retailer six months ago would, with the backing of the existing management, become an activist investment trust devoted to buying into and shaking up underperforming technology firms. Gone would be the ambition for GNE, which sold most assets for a handsome profit in September, to repeat its success of the last three years, gradually building a stable of premium petrol stations with the objective of later cashing in on their growing scarcity value. And the 150p-a-share special dividend promised to investors in October, only to be pulled two months later, would be off the agenda once and for all. It is this development in particular that has given rise to a shareholder revolt of unusually heated extremes for a company on the junior market. In an economic climate where cash is again king and speculation has lost much of its mid-noughties lustre, the rebellion probably shouldn't have come as a surprise to GNE management. In hindsight, it is surely regretting the offer of a tantalising cash handback. Led by executive chairman David Port, the group once known as Global Natural Energy was sitting on pounds 36m in cash after selling its main subsidiary - a chain of about 60 BP, Texaco and Esso-branded petrol stations - in September. It had proposed to return the lion's share, about pounds 21m, to shareholders through the 150p special dividend: an unquestionably impressive distribution for a group whose shares were trading below 100p six months earlier. The plan was shelved in December after a leading Russian shareholder and some fellow investors sold holdings in GNE totalling more than 20pc. A new group of investors led by British technology veteran Martyn Ratcliffe, chairman of Microgen, and former chief of Dell Europe, then swooped, snapping up 28.7pc of the company and winning management backing for its bold plan. Mr Ratcliffe was immediately appointed to the board. His adversary is Keith Moss, a private investor leading the action group fighting GNE's seismic strategic shift by writing to some 6,000 private shareholders ahead of Wednesday's meeting. The action group accuses the new shareholders of hijacking the company and derailing the special dividend payment. "It was totally out of the blue,'' Mr Moss says. "I and other shareholders were absolutely furious and aghast. The early proposal had been passed by shareholders by a big majority.'' "People in these times want cash. If people want to invest in a technology company, give them the cash and they can choose to do that.'' Mr Port, who will become a non-executive director under the new plan and vacate the executive chairman position for Mr Ratcliffe, argues that macro economic conditions changed dramatically between September and December, undermining GNE's original plan. He says there were "three prongs'' to the decision to abandon it. Declining interest rates and credit availability meant the company would burn cash while struggling to acquire debt to buy petrol station sites, the shareholder base had changed substantially, and Mr Ratcliffe's strategy was compelling, particularly in the context of the cheap share prices of some promising technology firms. "We decided it would be only fair to offer it [the Ratcliffe proposal] to shareholders to vote on,'' Mr Port says. "I think the smaller shareholders probably felt comfortable investing in an energy play and now find themselves looking down the barrel of an investment trust, which is not something they are used to. So I'm expecting some resistance but we'll just have to wait to see how big it turns out to be.'' John Cowie, head of Aim at accountancy and financial advisory firm Smith & Williamson, says that such dramatic strategic changes are rare among listed companies, "yet there have been a number of businesses over the years that have sold out all of their operating activities and ended up as cash shells, then had other businesses which are totally unlike them reversing into them''. He adds that boards are legally obliged to thoroughly assess genuine approaches and, where they see merit, give investors the final say. "You will always end up with some people for whom a new policy is not appropriate and the way that matters manifest themselves is the way the vote goes. If a majority of people don't believe it's worthwhile, then the majority of people will vote against it.'' |
Posted at 23/2/2009 13:21 by kooba CITYFury of GNE shareholders after '£36m deal betrayal' By Andrew Johnson 23 February 2009 The Daily Express City & Business Edited by ANDREW JOHNSON FURIOUS shareholders in Aim-listed GNE Group have rebelled against boardroom plans to turn the petrol stations firm into a technology investment fund. They have launched an action group claiming directors "reneged" on promises to pay a 150p-a-share special dividend to more than 6,000 investors from a £36million cash pile. The action group says the company has been "hijacked" by minority shareholders, led by Microgen chairman Martyn Ratcliffe. Opponents to the fi rm's new direction include investor Simon "Evil Knievil" Cawkwell, The company argues technology will offer better long-term value in a slump than previous plans to buy in petrol stations. The row erupted as corporate governance on Aim once again hit the spotlight, especially in regards to the power wielded by major investors. Shares in oil-group Sibir Energy were suspended last week after it emerged the company owed major shareholders Chalva Tchigirinski325milli GNE shareholders voted for the special dividend after the company successfully sold its petrol stations for £51.7million last October. The plan was to return £21million to investors, with rest of the money being invested in building up a new petrol stations chain. Ratcliffe bought a 15 per cent stake in December and now, along with others, controls nearly 29 per cent of the company. He wants to become executive chairman to oversee hands-on investment in undervalued technology companies. As well as missing out on their special dividend, shareholders are angry that if Ratcliffe succeeds he will be paid an annual fee of 0.75 per cent of funds under management above £32 million, as well as a £250,000 salary. His appointment will be voted on at a general meeting on March 4 and the action group is urging a vote against. GNE shareholder action group leader Keith Moss says: "Why, in the space of one weekend, did the board reverse a business decision that was reached during many months of talks with advisers?" Cawkwell says investment funds are delivering poor value to shareholders. GNE's chairman David Port says Ratcliffe's salary and fees have been agreed by the board including prospective director, former Sage chairman Michael Jackson. "The shares now are more than 70 per cent higher than they were a year ago, " he says. "Shareholders can always sell." |
Posted at 21/2/2009 18:13 by model635 COMPANIES FT Home > Companies Rebels resist trust proposals for GNE By Neil Hume and Bryce Elder Published: February 21 2009 02:00 | Last updated: February 21 2009 02:00 Aim-listed GNE was in focus yesterday after rebel shareholders urged investors to vote down a plan to turn the company into a technology focused investment trust. Keith Moss, chairman of the GNE Shareholder Action Group, said the company had been hijacked by minority shareholders who had reneged on plans to pay a 150p a share special dividend from proceeds of a disposal. "We intend to vote down the resolutions at the EGM on March 4," said Mr Moss, who is writing to all GNE shareholders. An investor group led by Martyn Ratcliffe, chairman of Microgen, the software company, seized control of GNE in December after buying a large chunk of stock in the market. It controls 29 per cent of GNE, which closed unchanged at 157p½p. |
Posted at 06/2/2009 11:01 by model635 Can anybody download the content?Bargain share portfolio 2009 - Investors Chronicle 6 Feb 2009 ... FEATURE: Simon Thompson outlines his top six bargain shares for 2009 - Investors ... GNE Group (GNE: 150p, Market capitalisation £20.9m) ... |
Posted at 03/1/2009 10:20 by richgit If-the buy back process goes into operation,they will pull the stock price upto a certain higher level,and assumedly at least to the level that others have accepted ie 190p. Bearing in mind Mr Cronk has bought more at 195p and so far Simon C suggests buying up to 200p looks a decent bet. Then as some,if they decide to sell-will be able to sell at the higher level. As some sell they will be automatically retain their buy price-thus holding the price up at a level, until they have reached the final maximum allowed buy-back volume. I am only guessing that if someone like Simon C decided to sell his volume that he would be able to sell directly to Mr X,as volume in that order would too quickly soaked up the buy programme. That is my belief of what will happen (IMHO) Of course if many like the new strategy they wont be selling,as lets face it this could be a fantastic time to take stakes in developing tecs or takeovers and quite possibly- faster- and -maybe -more potentially exciting and rewarding to investors than the repeat of the Buying of Petrol stations. It just maybe more exciting than the energy plans many invested for and then sold out because those plans were changed. It just maybe exciting enough to attract new investors that would not have seen any excitement in Petrol Stations,yet could see huge returns with the new strategy. So far all the reading of Microgen,as a means of judging our potentially new Management, looks a fairly well run and solid Company with its core investment looking like it could one day be worth a huge premium to what has been invested in it-Time will tell. Microgen also has a nice cash pile notwithstanding that they have been buying back stock,so Microgen has so far been kept in solid health for going forward,which suggest the same would apply to us. A lot of maybes-however many of you will be able to sell if you dont buy into the story ahead. We shall see. |
Posted at 31/12/2008 06:05 by model635 New posters are off trackNod - why follow a share for years that you don't hold? 2008 has seen GNE out perform just about every share on the London market We have new investors who have bought large amounts of stock when everybody else is selling Yes there will be investors who bought years ago at higher prices but that can be said about any share.Investing is about timing.I'm very happy to be ahead when there are so few winners this year. The recent large "punts" suggest a further positive move over the next week or so Here's to another successful year in 2009 for GNE and a Happy New Year to all GNE holders John |
Posted at 17/12/2008 14:23 by richgit MicrogenOur view: Buy 15/10/2008 Share price: 42p (+6p) There is not a company boss in the country who does not argue that his or her organisation is undervalued, especially since the stock market did its best kamikaze impression last week. The problem for investors is that often this is just bluster: an easy thing to say to shareholders who are demanding to know why their nest eggs are being threatened. What buyers should be looking for is a punt where the management are doing something about the shockingly low share price of their company. Software group Microgen, which operates in the electronic bill, securitisation and wealth management sectors, issued a wide-ranging trading update yesterday, which as well as saying the full-year numbers were on course, announced that the company was set to launch a share buy-back programme, spending up to £8m buying back tendered shares between 40p and 50p. The move will be good for earnings per share growth but investors should probably be more concerned with the company actually increasing the level of the shares. In fairness to the group, it has made management bonuses conditional on the stock reaching 70p, a pretty hefty premium to current trading. Analysts are certainly keen. Those at Investec reckon investors should buy (but do not think management will get their bonuses). "Clearly, management sees the shares as undervalued and is taking steps to remedy this. We make no changes to our forecasts or price-earnings-ratio Martyn Ratcliffe, the executive chairman, says the only risks to the group in an operational sense are macro-economic but with cash of £20m and operational income of £6m on a market capitalisation before yesterday of £37m, the group is significantly undervalued, he says. There are going to be a number of bargains to be had in the coming weeks, assuming that the market returns to some sort of normality following the various banking bailouts. Microgen should be one of them. Buy." |
Posted at 18/11/2008 10:42 by richgit The other point is:-GNE2 will not have the baggage that GNE1 had. It wont have the investors that only invested for its complex mix of others assets. Thus it wont have those investors that continually sold,as they were too blind to see what I said for ages--The Marketable value of its remaining core Business assets !!!!!! GNE2 will attract investors for exactly what it says on the Label. |
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