Share Name Share Symbol Market Type Share ISIN Share Description
Global Natural Energy LSE:GNE London Ordinary Share GB0031791899 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 175.00p 0.00p 0.00p - - - 0 06:37:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers - - - - 24.66

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Date Time Title Posts
19/11/200918:38Global Natural Energy - Now on AIM - Are those who think this a 3 bagger right?8,420
22/1/200611:57GNE - You can buy this stock for 8% of turnover!1
03/11/200510:24Global Natural Energy1,103
07/4/200314:25Punters have latched on to this asset play2

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kooba: Summary * Norcliffe announces the terms of a recommended cash offer (the "Offer"), to be made for the entire issued and to be issued share capital of GNE * The Offer Price is 190 pence in cash per GNE share and represents a premium of approximately 22 per cent. to the closing middle market price of 156 pence per GNE Share on 12 March 2009, being the last dealing day prior to the date of the Announcement * The Offer values the issued share capital of GNE at approximately GBP26.4 million * Norcliffe is a newly incorporated company that has been formed on behalf of Martyn Ratcliffe and North Atlantic Smaller Companies Investment Trust Plc ("NASCIT") to make the Offer * Martyn Ratcliffe and NASCIT intend to transfer their existing holdings of 3,719,927 GNE Shares in aggregate, representing approximately 26.8 per cent. of the existing issued share capital of GNE to Norcliffe * Norcliffe has also received irrevocable undertakings to accept the Offer in respect of 3,763,664 GNE Shares which when aggregated with the existing holdings held by Martyn Ratcliffe and NASCIT represents approximately 53.8 per cent. of the existing issued share capital of GNE * The Offer Document and Form of Acceptance will be despatched as soon as possible and by no later than 10 April 2009 * The members of the GNE Independent Board, who have been so advised by Seymour Pierce Limited, recommend GNE Shareholders to accept the Offer. In providing their advice to the GNE Independent Board, Seymour Pierce Limited have taken into account the commercial assessments of the GNE Independent Board. * Accordingly the members of the GNE Independent Board intend to accept the Offer in respect of their own beneficial holdings, representing as at the date of this announcement, in aggregate, approximately 1.1 per cent. of the existing issued share capital of GNE. * The Offer will, when formally made, be conditional only upon the receipt of acceptances in respect of GNE Shares, which, together with the GNE Shares acquired or agreed to be acquired before or during the Offer, will result in Norcliffe holding GNE Shares carrying more than 50 per cent. of the voting rights in GNE. * The GNE Independent Board has agreed to seek the consent of the meeting to adjourn the General Meeting scheduled for 31 March 2009 until such time as the Offer has been declared wholly unconditional or the Offer has lapsed. This summary should be read in conjunction with, and is subject to, the full text of the following announcement. Appendix II contains the sources and bases for certain information set out in this announcement. Appendix III to this announcement contains definitions of certain expressions used in this summary and in this announcement. Enquiries: Martyn Ratcliffe, Director Graham Warner, Director Norcliffe Investments LimitedTel: 020 7747 5625
kooba: Clarification of statements Following queries raised by the Shareholder Action Group the Directors wish to clarify certain statements contained in their letter to shareholders dated 24 February 2009. With regard to the statement 'The GNE share price peaked at GBP1.90 as a result of Mr Ratcliffe's acquisition of his stake', having reviewed trading for the week commencing Monday 8 December 2008, the Directors note that the closing price for ordinary shares was 181 pence on Monday 8 December 2008 increasing to 187.5 pence on Friday 12 December 2008 the day Mr. Ratcliffe acquired his ordinary shares. The closing price for the ordinary shares peaked at 190 pence on Tuesday 9 December 2008. The Directors wish to clarify the statement that "at least 38% of the shares in the Company have changed hands and been acquired by new shareholders since Mr. Ratcliffe became involved" includes the acquisition of 28.7% of the ordinary shares by the concert party.
model635: Looked at the GNE website and Port's letter is there but guess what the advertised link to the shareholders letter isn't!! The letter from the Shareholder Group is set out in full below. 20 February 2009 Dear Fellow Shareholders We are writing to urge you to vote against the resolutions set out in the Circular to members of GNE Group Plc ("GNE") dated 14th February 2009 (the "Circular"), and in particular Resolution 1 in the notice of general meeting contained in the Circular. As you know, shareholders voted overwhelmingly last October in support of the Investing Strategy and the payment of £21 million by way of a special dividend, due by the end of January 2009. 62% of the shareholders voted in favour of the Investing Strategy adopted at that time, with only a minute percentage voting against. On 29th October 2008, David Port, our executive chairman said: 'We are pleased that the disposal is now complete, and we are now able to realise the value for shareholders which we have built since 2006. The disposal demonstrates the successful business that the Board has built up and we look forward to repeating our achievements.' Why then, in the apparent space of just one weekend last December, did the board reverse a decision that they had reached after many months of deliberation? The explanation appears to be "the changes to the Company's shareholders register" - meaning the acquisition by Mr Ratcliffe and others acting in concert with him of 28.7% of the shares. The Board appears to have accepted that Mr Ratcliffe had effective control and that the Board would accordingly be obliged to carry out his wishes. Following this announcement, the share price fell 20% to 150p per share and has only modestly recovered. The failure of the share price to recover to the price prevailing before the announcement is indicative that the new proposals are considered unattractive. Setting aside the abrupt manner in which the board apparently reversed its decision, why should they recommend handing over GNE to Mr Ratcliffe? Whilst Mr Ratcliffe's background is in the technology sector, what evidence was given to the board to demonstrate his success in investing in 'small and medium size technology companies...' where the 'operating performance of the Investee Companies could be improved both in terms of profitability and cash-flow, thereby enhancing the value of the ITC's interest in those companies?' The Circular gives no information about Mr Ratcliffe's experience in this regard. What is public knowledge is that Mr Ratcliffe became executive chairman of Microgen plc ("Microgen") on 31st July 1998. At that time, its share price was 120p and its basic diluted earnings per share for the year to 31st December 1999, the first full year of trading after Mr Ratcliffe's appointment, were 5.7p. After nearly ten years of Ratcliffe's stewardship, the current share price is 40p and the earnings per share for the year to 31 December 2007, are 2.5p. During the nine years to 31 December 2007, Mr Ratcliffe has enjoyed remuneration and benefits of over £3 million. Shareholders will have noted Mr Ratcliffe's remuneration and other proposed arrangements with GNE, which will provide him with a minimum of £250,000 per annum, irrespective of the success or failure of GNE under his proposed chairmanship. Also the proposed payments to the non-executive directors total £115,000 per annum. Should you not vote against Resolution 1, then your company is likely to become a self-managed, investment trust company ('ITC') listed on the Official List of the UK Listing Authority at a cost of £1,757,000. What can we expect from such an ITC? We have referred above to the performance of Microgen, which certainly does not give us any great comfort. ITCs generally stand at a discount to their underlying net asset value which can be over 40 per cent. Applying a 24 per cent. discount rate to GNE's estimated net assets, after deducting the conversion cost, potential tax liability and insurance premium referred to in the Circular referred to above, produces a notional share price of 178p. Applying a 40 per cent. discount rate produces a notional share price of 141p. Over 6,000 shareholders, many of them with small holdings, relied on the announcement of the special dividend of 150p per share due to be paid in January, in planning their financial affairs, particularly the payment of tax. If the Board, excluding Mr Ratcliffe, no longer consider that they are capable of successfully implementing the Investing Strategy (i.e. using part of the cash resources of GNE to build-up a group of petrol retailers), we, together with other shareholders, strongly believe that GNE should be liquidated. This should return at least 240p to the shareholders. Thereafter, any shareholder wishing to do so, can choose to invest in one of the many listed ITCs, and one with a proven track record! In summary, we consider that the abrupt change in strategy and the suspension of the special dividend serve the interests of Mr Ratcliffe rather than those of the majority of shareholders. We would urge you to vote against all the resolutions, particularly Resolution 1. We have received support from shareholders representing a substantial proportion of the votes. We can defeat the board, but to do so requires every vote to be cast against the resolutions. Please cast your vote against now. If you wish to communicate with Mr Keith Moss who is representing shareholders that are supporting this initiative, please contact Mr Keith Moss on telephone no. +44 (0) 20 7435 7792 or by e-mail to
jay083: go on then....i'll save you a few pennys ( much do typist gets paid :) ) in a feature about baragin shares, by Simon Thompson....enjoy! 'Bargain Shares 2009 GNE Group (GNE) Share price 150p, market capitalisation £20.9m Investment Company Imagine being able to buy £1 of assets for just 57p. Better yet, imagine that £1 was all cash to start with. It may seem incredible but this is exactly what is on offer at GNE, a group that sold off its main petrol stations operations in a £51.6m cash transaction. That allowed GNE to pay down all its borrowings. Apart from some remaining commercial property assets and a very small fuel cards business - the combined value of both have a book value of around £3.1m - by my calculations the group is sitting on £36.6m of net cash, worth 263p a share, and has a net asset value of £39.7m, or 282p a share. Yet, despite this chunky cash pile, shares in GNE are trading at 150p, valuing the group at just £20.9m. In other words, at this price we are getting 113p-a-share of cash for free as well as other assets worth 19p a share. It is worth pointing out that the group had intended to return 150p-a-share cash back to shareholders through a special dividend last month. However, these plans changed when a concert party, controling 28.7 per cent of the share capital, approached theboard with a proposal to turn GNE into an investment trust targeted at the technology sector. The party is lead by Martyn Ratcliffe, chairman of small-cap software company Microgen. True, it is possible that, should the sharehoolders approve the change in strategic direcetion, the new management team could destroy value by making some poor investments. However, it is worth noting that Mr Ratcliffe has brought a chunky 15 per cent stake in GNE and has been appointed to the board - so he has a clear vested interest in enhancing shareholder returns. He aslo has the backing of North Atlantic Smaller Companies Trust which has an 11.6 per cent stake in GNE. And lets not forget that we can take a chance on GNE because we are buying into that 263p-a-share cash pile at just 150p a share. On a baragin ratin of 1.75, GNE get my vote.'
bazw1: Question re share buyback... If Ratcliffe gets his way, and assuming that the share price continues its downward trend, where would the 15% of shares come from. Can't be enough free shares available, so surely someone would have to agree to sell, but even if the share price stays where it is, why would a major holder let them go so cheap. So would not the share price have to rise if the vote goes his way, to attract enough shares.
bazw1: Model - Cash sitting in the bank will not be reflected in the share price as much as a companies NAV or profitability, cash can be spent and squandered. So it will depend on the ivestment of that cash to see some sort of value ( Well, as much value as we have seen in the current GNE share price!!). My main gripe though, is that I am being "forced" to invest at least £1 per share of my money in a company that I do not want to invest in. If a new GNE is to emerge from this deal, then shareholders should have the option to either take the full amount or take the dividend and re-invest. If this was a new company to the market, and they asked for £15 ml to invest, but can't say for certain what that will be invested in, I don't think I would be in a rush to sign up. (Edit) I have already sent my NO vote, but it looks like a done deal.
ibuyland: As Shareholders will be aware, on 18 April 2008, the Group released an announcement stating that the Board had noted, that day, a rise in the share price of the Ordinary Shares. The Board confirmed that it was in discussions which may or may not lead to an offer for the Company. On 27 May 2008, the Company confirmed that it was in exclusive talks which may or may not lead to an offer being made for the Company or its major operating subsidiary and on 11 August 2008 made a further announcement to the market that the Board expected to be able to provide an update to the market no later than mid-September. GNE has now received an offer of £51.66 million for the purchase of its wholly-owned subsidiary, PEX, and has entered into the SPA. It is expected that the Disposal will be completed on 29 October 2008. Pursuant to rule 15 of the AIM Rules for Companies, the Disposal will result in a fundamental change of the Company's business and, as such, requires the consent of the Shareholders, to be given by voting on the Disposal Resolution which will be put to Shareholders at the General Meeting of the Company to be held on 7 October 2008 at 9.30 a.m. Subject to Shareholders voting in favour of the Disposal Resolution at the General Meeting, the approval of Shareholders is also being sought by the proposal of Resolution 2 at the General Meeting, for adoption of the proposed Investing Strategy, details of which are set out in section 5.2 below. The Directors calculate that this represents an equity value for the Group (including the Retained Businesses) of approximately £39.7 million (assuming debt of £15 million and a value for the Retained Businesses of £3.1 million). This equates to a value per Ordinary Share for the Group of approximately 282p, which is a premium of approximately 65 per cent. to the net asset value per share of 171p, a premium of approximately 189 per cent. to the Closing Price of an Ordinary Share of 97.5p on 17 April 2008, being the last business day prior to the announcement that the Company was in talks, and a premium of approximately 180 per cent. to the average Closing Price of a Ordinary Share for the six months ended 1 September 2008 of approximately 100.66p per Ordinary Share. Following Completion the Directors intend to make a payment of a dividend of 150p per Ordinary Share. Further details regarding the Special Dividend can be found in section 5.1 of this announcement. 2. Background to and reasons for the Disposal In January of this year the Board was approached by a third party who wished to enter into discussions with the Company for the purchase of PEX. Following further expressions of interest from other interested parties received by the Board, a competitive auction process was entered into and, as a result of that process, the Company entered into exclusive talks with the Purchaser on 27 May 2008. The Company has entered into the SPA with the Purchaser for the sale of PEX in consideration for the payment by the Purchaser of £51.66 million. Completion of the SPA is conditional upon Shareholder approval at the General Meeting and certain businesses to be retained by the Group held by PEX being transferred out of PEX. Following the Disposal the Ordinary Shares will remain quoted on AIM and, after repayment by the Group (including PEX) of approximately £15 million of bank and trade loans, the payment of the Special Dividend and after deal and other related costs, it is estimated the Company will retain approximately £15 million cash. In addition, the Group will continue to operate its fuel card businesses and will retain certain property interests. Further details of the businesses remaining in the Group following Completion are set out in the Circular. The Directors have taken tax advice on the Disposal and intend to minimise any liability of GNE to tax through reliance on the Substantial Shareholder exemption ("SSE"), the relevant provisions of which are contained in Schedule 7AC Taxation of Chargeable Gains Act 1992. The Company has, through its taxation advisers, BDO Stoy Hayward LLP, obtained from HM Revenue & Customs a tax clearance that the relevant SSE provisions will apply to the proposed Disposal. The Board believes that, given the lack of growth of the Company's share price in recent years, the Disposal represents excellent value for Shareholders together with the Special Dividend, and provides a way of returning a substantial cash sum to Shareholders whilst simultaneously maintaining an investment in the Company. 3. Information on the Purchaser and Guarantor Leopard No. 2 Investments Limited is a special purpose company incorporated in Scotland for the purpose of acquiring PEX. The Directors understand that Leopard is owned by eight individuals, all of whom are resident in the United Kingdom. The Directors also understand that Leopard is backed by RBS and is proposing to satisfy the Purchase Price substantially by way of debt financing from RBS but also with cash received for its equity. The Directors understand that the Purchaser has entered into arrangements with an operator ("the Operator") for the ongoing management and operation of PEX's business following completion of the Disposal. The Company has received a guarantee of £5 million from the majority shareholder in Leopard, Mr Alasdair Locke, in connection with the Purchaser's obligations under the SPA. In addition the Directors have seen a comfort letter from RBS to the Purchaser and have received a comfort letter from the Operator, in relation to the Purchaser's ability to meet the balance of the Purchase Price. Alasdair Locke is an experienced figure in the oil and gas industry, having been instrumental in building up the Abbot Group plc, an Aberdeen-headquartered oil and gas drilling contractor, from the early 1990s. In March 2008, Abbot Group plc was taken private by First Reserve, a US private equity firm, in a transaction which valued its share capital at £906 million. Mr Locke was the largest private shareholder of Abbot Group plc, with 13% of the issued share capital. The Directors have been informed by the Purchaser that Alasdair Locke is a well known, and respected, UK business leader and, according to the Sunday Times 2008 Rich List, has an estimated worth of over £131 million. Mr Locke rolled a substantial proportion of the proceeds of the sale of his shares into the new vehicle set up by First Reserve to execute the transaction, and today he continues to act as executive chairman of the business. Abbot Group today employs around 7,000 people globally and has a turnover of approximately $1.6 - $1.7 billion per annum. 4. Principal terms of the Disposal Under the terms of the SPA, the Company has conditionally agreed to sell, and the Purchaser has agreed to acquire, the entire issued share capital of PEX. The SPA is conditional upon the Disposal Resolution being passed at the General Meeting and the Group putting in place an internal reorganisation to transfer certain of the Retained Companies and certain of the Retained Properties from PEX and its subsidiaries to the Company or other companies within the Group. The consideration payable under the SPA is £51.66 million of which the Company will receive approximately £36.6 million at Completion, with the balance being satisfied by the Purchaser assuming responsibility for PEX's bank and other long term debts (approximately £15 million). The net purchase price receivable by the Company is expected to be approximately £34.5 million following settlement of all costs associated with the Disposal. The Company has given the Purchaser such limited warranties and indemnities regarding PEX as the Board consider appropriate in the context of the Disposal. The indemnities in the SPA relate to any liabilities of PEX that do not relate to its existing business and a rent review on one of the properties held by PEX. The SPA acknowledges that the Purchaser may suffer losses that actually arise in the Operator as a result of the reorganisation that will be carried out by the Purchaser following Completion. No liability will attach to the Company in respect of any breach of warranty contained in the SPA unless and until the aggregate of such claims or losses exceeds £150,000 and in respect of a breach of the indemnities, £50,000. The aggregate liability of the Company in respect of all claims made in respect of any warranties and indemnities contained in the SPA (other than certain share title warranties and specific environmental indemnities) will not exceed £14 million. Any claim (other than in relation to taxation) under the warranties must be brought by the Purchaser prior to the 18 month anniversary of Completion. Any claim under the indemnities must be brought within 5 years of Completion (other than in relation to specific environmental indemnities) and in respect of taxation claims must be brought within 7 years of Completion. Provided the Disposal Resolution is passed and a reorganisation in respect of the retained business is put in place the SPA provides for Completion on 29 October 2008 or such later date as the parties may agree in writing. 5. Application of Disposal proceeds 5.1 Special Dividend Following, and conditional upon, Completion, the Directors intend to make a payment of a Special Dividend in the sum of 150p per Ordinary Share to Shareholders. The payment of this intended Special Dividend will be conditional upon the preparation of a set of accounts by the Company on which the Board can rely in order to approve the dividend. The Directors expect to pay the Special Dividend to Shareholders no later than 31 January 2009. 5.2 Investing Strategy Following the Disposal and pursuant to Rule 15 of the AIM Rules for Companies, GNE will be treated as an investing company pursuant to the AIM Rules for Companies. An investing company is any company which, in the opinion of the London Stock Exchange, has as a primary business the investing of its funds in the securities of other companies or the acquisition of a particular business. As an investing company, GNE must have an investing strategy. In addition, pursuant to Rule 15 of the AIM Rules for Companies, GNE will have to make an acquisition or acquisitions which may constitute a reverse takeover under rule 14 of the AIM Rules for Companies, or otherwise implement the investing strategy, as approved at a general meeting of the Company to the satisfaction of the London Stock Exchange within twelve months of having received the consent of its shareholders. If GNE does not make an acquisition or series of acquisitions within 12 months of becoming an investing company, or if it does not implement its investing strategy to the satisfaction of the London Stock Exchange, its shares may be suspended from trading on AIM and may ultimately be cancelled from admission to trading on AIM. The Board believes that it has demonstrated its ability to deliver shareholder value by investing in individual or small groups of retail petrol sites in order to create a critical mass of quality, well-run sites. As has been demonstrated, such a group is attractive to other companies who are aiming to become large players in the sector and would, in the opinion of the Directors, therefore be likely to attract a premium. With the available cash in the Company following Completion of the Disposal, repayment of debt and expenses and the payment of the intended Special Dividend of 150p per Ordinary Share, the Company will seek to continue this strategy and seek to repeat its achievement of recent years. The Company will consider acquiring petrol retailing sites and/or making investments in companies whose predominant business is petrol retailing located predominately in Europe and which sites display one or more of the following characteristics: · potential to improve historical trading performance through application of the Board*s experience; · a good site location which offers good potential trading and or an alternative use for the site in the event that the Company decides to redevelop the site; and · potential for alternative use and/or re-development, subject to planning permission to allow the Company to redevelop the site possibly in conjunction with a joint venture partner. The underlying objective of the Company is to benefit from the exposure to etrol station elated businesses/activities while limiting, where possible, ny downside risk by investing in entities supported by real estate. In compliance with AIM Rule 15, the Company intends to conclude either an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 or otherwise implement its Investing Strategy to the satisfaction of the London Stock Exchange depending, among other things, on market conditions. The Board will monitor the progress of its portfolio in light of any trends and developments within the sector with the objective of making further acquisitions if considered appropriate. The Company's Investing Strategy is intended to be long-term. If, however, circumstances arise where an individual site or investment may be disposed of at a suitable premium, such possibilities will be considered. In addition, the Board will also consider other related businesses where the Board has suitable experience, for example, expansion into the oil distribution market. The Company will also consider opportunities that will enhance the remaining businesses held within the Group.
stu31: GNE Group in 'exclusive' talks regarding possible offer for company LONDON (Thomson Financial) - Petrol retailer GNE Group Plc. has confirmed that it is in "exclusive" talks which may or may not lead to an offer being made for the company or its major operating subsidiary. In a statement in response to recent press speculation and the subsequent rise in its share price, GNE said a further announcement will be made in due course. At 10.15 a.m., GNE shares were up 16.41 percent and trading at 145 pence per share. The Sunday Times reported at the weekend that Petrogas, the privately owned petrol station operator, is facing a challenge in its efforts to take over AIM-listed GNE. Ireland-based Petrogas, which is aiming to expand in the United Kingdom, was expected to bid about 175 pence per share valuing GNE at some 24 million pounds, the newspaper reported, but a rival bidder is now understood to be willing to offer more than 200 pence a share. GNE's Petrol Express, one of the largest independent petrol-station operators in the UK, operates 63 stations which trade under the BP, Texaco and Esso brands. So: 1) Petrogas in exclusive talks with GNE (expected to bid 175p) 2) Another bidder appears willing to pay 200p 3) Petrogas and GNE can't agree terms and bid falls through (today) leaving GNE free to talk to other bidder (and Petrogas threatening to go hostile)
model635: Whatever the outcome of the Euro Garage deal it has highlighted the mis-pricing of the GNE share price. Garage chain could fetch £115m Chris Barry 17/12/2007 A Lancashire family is set to scoop a massive £90m, fortune from the sale of their chain of pertrol stations. it emerged today. A hotly-contested sale of Euro Garages, is being handled by Manchester office of KPMG Corporate Finance, and is expected to be completed in February. There are a number of suitors from both the trade and private equity interested in Euro Garages, which made pre-execptional profits of £10.5m last year. Any buyer would have to assume £25m of debt carried by the business, giving an enterprise value of £115m. It now has a chain of 70 in the north west and Midlands.
rheiner: I see the Directors are taking advantage of the low GNE share price to print money for themselves. An option used to be, many years ago, a far-away target to incentivise them to improve the state of the business and receive an extra reward for so doing. These just granted are virtually in the money already. If you can get something extra in the job for which you are already well paid it's human nature to take it. I suppose I would do the same given the chance. Directors have the chance and take it. Slight dilution for us and a virtually no-risk gain for them.
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