Global Natural Energy Share Discussion Threads

[goml] 26/1/2009 19:43

Calling any legal eagles...

Do we have a claim against the directors personally (excluding Ratcliffe) for failing in their fiduciary duty towards shareholders, by not returning the capital from the sale of PEX back to shareholders in a timely manner?

It seems to me that PEX was GNE, and with its sale, GNE effectively ceased to have a viable business model. Hence, the only appropriate action by the directors should have been to return the majority of the capital to shareholders as quickly as possible, divest the remaining minor assets and wind the company up, paying shareholders a final dividend upon completion.

The directors will be covered by Directors Liability Insurance (no doubt paid for by GNE) so there would be a reasonable expectation of getting payment if the case was successfully prosecuted. The size of the loss being claimed would (I suppose) be the difference between NAV per share and the shareprice at the date of the hearing(?) multiplied by ones holding.

If anyone knows whether such an action could be successfully brought (or perhaps even whether its possible at all) it would be great if they could post here. I would certainly be willing to contribute towards a class action suit (in proportion to my holding) if it were possible and advice indicated a reasonable prospect of success. Would anyone else?

[chrismez] 26/1/2009 17:52

Well said Model - this Ratcliffe is a scoundrel with deep pockets who is riding roughshod over the smaller PI's, some of whom have been here for a very long time, and the company itself. I'm in for the punch up - shouldn't be too difficult to find Ratcliffe - he's got FAILURE written all over him and all over everything he does.

[model635] 26/1/2009 16:23

155 support didn't hold next stop ?! I believe the technical term for what is happening to the share price is the "Ratcliffe Effect"

It seems to me that at present GNE has a board of directors whose only task is sorting out their severance package.It has no business plan and control rests in the hands of Ratcliffe and friends who seem happy to stay on the edge of company law and disregard the wishes and rights of shareholders.

A very bleak outlook

[giovannina] 26/1/2009 14:49

Currypata kai go to t1ps.com

[privileged] 26/1/2009 13:53

I'll happily join in with the punch up! Only got 12000 shares to pledge but every little helps.

[currypata kai] 26/1/2009 13:10

oh sorry.... I meant simon's email ?

[giovannina] 26/1/2009 12:52

?who me?why?

[currypata kai] 26/1/2009 12:45

whats your email ?

[giovannina] 26/1/2009 11:37

These were Simon's last comments on GNE......Finally, there now seems to be quite a possibility that the GNE ( GNE) affair might emerge as a proxy battle since the boarding party led by Mr Ratcliffe continues to decline to detail its plans for shareholders. Would followers of this column who want to get involved in a punch up please contact me? It is a pity that GNE should be walking into yet more legal fees. But that is how it looks from here. Mr Ratcliffe would assist his cause were he to elucidate it in public at the first opportunity. There cannot possibly be any legal objection to such a commentary. GNE still looks cheap at up to 200p.

[giovannina] 26/1/2009 11:31

thanks richgit..you beat me to it....;0)

[giovannina] 26/1/2009 11:27

155p may looks cheap,but whos buying?what ratclifee has done for microgen,to make anyone excited?

[richgit] 26/1/2009 11:19

Giovannina.


Microgen`s Businesses look interesting and so far very solid,plus they will
get oppotunity to add to these from the bargains around and their cash.


The aggregate of the base level valuations of the current three
businesses will be £52 million excluding the Group's net cash, freehold property and investments. This is equivalent to an aggregate base
level valuation in excess of 70 pence per share which is approximately 33% higher than the highest closing mid-market share price over the
past 12 months and approximately 95% higher than the closing mid-market share price on 10 October 2008.

[richgit] 26/1/2009 10:56

Model.

Simon did not cash any in at 170p in fact he stated that he considered those that did - sold too cheaply.

Considering some original big holders got 190p he is of course probably right

He has repeated his statement that buying up to 200p looks cheap.

[giovannina] 26/1/2009 10:48

31st July 07
Microgen offer for Trace lapses. Tulip wins Trace
It has just been announced that Microgen's 180p offer for Trace failed to get the required level of shareholder acceptances and has therefore lapsed. By the closing time today, Microgen had received acceptances from only 45.7% of shareholders.

Martyn Ratcliffe, Chairman of Microgen, said:

"The Microgen Increased Cash Offer represented a significant premium over any other offer made to Trace Shareholders and was unanimously recommended by the Independent Directors of Trace. It is disappointing and highly unusual that such a unanimously recommended offer was compromised by the undertaking provided by one of the Independent Directors to an ultimately unrecommended competing offer."

Tulip (the MBO vehicle bidding for Trace and intending to take it private) has also just announced that they had received acceptances for their 156p offer for 48.87% of the shares. however, they had bought 169,481 shares today in the market today. So, with them, they represented 50.06% and the offer has been "declared unconditiona in all respects".

It must be a bitter disappointment for Microgen and Ratcliffe in particular. He seems to get spurned too often. I never doubted the logic of the move on Trace. I just doubted Microgen's ability to generate organic growth from the coupling. Exactly what Microgen will do next is also questionable. If I was them, I'd start a sale process for the company right away - whether as a whole or in bits. Thereby returning as much as is possible to its shareholders.
WILL RATCLIFFE NOT GET SPURNED THIS TIME??????????????????

[model635] 26/1/2009 10:40

Currypata Kai - Why would shareholders vote for less money? But this is GNE so who knows!

[currypata kai] 26/1/2009 10:04

if the share price stays at this level do we think that it is unlikely the new plan will go through and that we will revert to original plan of paying dividend ?

[model635] 26/1/2009 09:26

The circular and general meeting will read and act like a Monty Python scetch! We are going to be asked to vote against having a dividend that is equal to today's offer price (and the share price by then will be much lower) and create an investment company run by someone who won't communicate with shareholders.You couldn't make it up!

[model635] 26/1/2009 09:19

Giovannina - me too - looks like Simon's sale of 100k @ 170 was good timing

[giovannina] 26/1/2009 09:13

yes john, I now wish I sold out @ £1.90 ....:0(

[longshanks] 26/1/2009 09:11

Does look very weak. Although one must suspect some manipulation given the share's liquidity. Great start for me though with BARC...looks like I bought at the right time (late last Friday).

Might be back in GNE sooner than I thought.

[model635] 26/1/2009 08:50

Inotice that the 2 trades 6050 and 5000 last Friday have been marked as K trades so they are part of a bigger sell order.Until that is out of the way we are going South.Discount to NAV (minimum) now 47%!

[model635] 26/1/2009 08:32

Not a great start to the week , beginning to have serious doubts that we'll ever see 190 again, I think 100 is more likely.

[goml] 24/1/2009 11:15

nod, i guess he (and we) might as well be positive about gov't policy towards bacnks because, let's face it, they're the only game in town!

[nod] 23/1/2009 23:49

I just watched the John Varley interview on Cantos

I was quite impressed. He sent a clear message that Barclays will beat market consensus. He was positive about government actions this week.