Independent Research Share Discussion Threads

[scrapheap] 02/9/2008 11:04

Well said... agree with every single word & more.

For example, how is it putting our interests first by delisting and only after that, then exploring matched basis trading as it says in the RNS. Why not do that before so we aren't totally left stranded. Then how about these massively increased non-money option costs, how come they have increased so much given the share price performance and that they aren't working either!

I wondered if these mgt costs were a reference to having to deal with we fussy, difficult private investors contacting them with our pesky, probing questions.

Afterall we've only bought tens of thousands of pounds worth of these shares because we were foolish enough to believe the investment case laid out by the board!

There are so many contradictions and unanswered questions raised in these announcements that any AGM could and should last many hours if we are to raise them all....

[james 2] 02/9/2008 10:18

the Directors estimate that management time costs relating to the
Company's public listing of approximately £75,000 could be deployed on other
corporate activities to the benefit of the Company.

- I find it hard to believe this will be the expectation going forward, especially as they also say themselves that time spent in last year has been high due to change of nomad etc. They have also released mgmnt time by settling with google so should have ample management time to spend on organic growth & maintain a listing.

They appear to have plenty of time to look at financial BB, over 28 times yesterday & 4 times today so far.

- They also mention a weakening in the management team over the last 18 months, this is not true either.

Ledsham replaced the old FD, now replaced by Mennie.
One non exec left but we have added Satish.
Also we have\had Mayhew as an advisor.

- there may be obstacles to raising new funding but have they tried yet ? I would imagine there are some distressed firms out there that will gladly take a small cash sum & then shares in a listed company which in turn would be earnings accretive - we do have £1/4m cash on the books now & growing positive cashflows according to the company.

No good stating liquidity is a reason to delist, it won't improve on a matching bargain system.

I'm sure any potential acquirer can work out what the profits of the company would be excluding costs of listing if they took us out !

If the employee ownership scheme has proved less effective than thought then a)Why maintain it & b)It will become even more ineffective if we delist & just worsen churn of analysts !

[rob67] 02/9/2008 07:15

42 is that all. Double it and more.

[gimme sunshine] 02/9/2008 07:12

lets hope so fatso

[fatso] 02/9/2008 06:48

Your Lordship: feel my pain- 42 Grand down the drain

However, I am born Optimist. Delisted Company shares might be somewhat diluted
with new offerings, options, this and that. But the Co is profitable at last, brings new product on-stream. What if it starts paying handsome dividend?
What if it puffs itself up like a frog in front of a large snake and gets gobbled up at substantial price? We might be in for a pleasant surprise here.

[lord gnome] 01/9/2008 21:34

rob67 - shareholdings count - we're screwed!

Mentally I've already written-off my small shareholding. I will be 'happy' to hold my shares in the delisted company. I do however feel the pain of those on here that had large holdings. I will get to the AGM / EGM meeting if at all possible.

[gimme sunshine] 01/9/2008 21:26

rob

no chance of that.

[gimme sunshine] 01/9/2008 21:24

hello all

just back from a long weekend

not sure what to think about this.

I need to catch up bu not good news as usual

[rob67] 01/9/2008 18:20

Well i hope if it comes down to a vote at this meeting that each shareholder just gets ONE vote each and not a block based on their holding. That way we might just overturn the resolution. We're screwed otherwise.

[scrapheap] 01/9/2008 11:03

Just re-reading those results and notes, 2 small bits:

1. Accounts are again qualified and ongoing concern issues raised. Ledsham had said last year he'd fought against that in the last accounts but failed and had hoped it wouldn't be an issue this year - sadly it is and he failed it would seem.

2. Re AIM cancellation, it does say consideration of AIM delisting - i wonder if the company is 100% set on this course or not. Maybe it's currently speaking with the LSE to see if this will impact the MOU with them!!! If not, they should be!! Please could someone phone the nomad or company to check if this is a recommendation/vote at this stage or not? What majority would be needed too - James, Rob and I must have a decent no vote as a starting point...but if only 50% is needed and if SS/Trust can vote, we're stuffed anyway.

[scrapheap] 01/9/2008 10:42

agreed - who would there be buying in the market to offset any sellers. Liquidity is always a problem as we know but the buy side is dead now I fear.

It's a real kick in the knackers and I now view my investment as worthless - an excruciating, eye watering loss from a company who is making 'real' profits and nearly doubled turnover, I'm gutted. The pound has also fallen (no mention of that) vs USD and the interims end this month too, are we to hear those before any delisting?? I bet not.

So I'm really feeling like kicking up a stink at AGMs etc so it doesn't go quietly. I'd almost like to see the LSE ditch IIR just so a de-listed company isn't pillaged by the majority owner. No wonder Ledsham and now Maasland want out.

[james 2] 01/9/2008 10:41

I don't think you can short a Co. this size but I think there may be a queue of sellers when the notice of GM & annual reports are published & suspension lifted.

FWIW I will vote against any delist, but before selling out for a peanut will also give it some serious consideration - unlisted companies ran well can give some serious annual dividends etc.

[james 2] 01/9/2008 10:12

Fatso I hope so as looking at sentiment on here the share price is going to get trashed when the Annual report \ accounts are published due to fears of delisting.

If it didn't delist & with say a 25% take up of PSQ reports we would probably be looking at approx £1m profit for next year !!

[induna123] 01/9/2008 10:09

Scarphead, totally agree. How can IIR have any credit/face if they delist from a product they are trying to promote. It's ridiculous actually.

[fatso] 01/9/2008 10:03

maybe those yanks could take pity on us and buy IIR outright?
Any other predator in mind?

[scrapheap] 01/9/2008 09:57

there is a great 'irony' in that here is a company promoting itself with 10k research reports to those staying on AIM whilst at the same time rushing to delist partly blaming the rapidly rising costs of staying on AIM.

If I were the LSE, I'd tell IIR to get lost.... which really would make my shares worthless.

Surely SS et al can see that that's a great argument for the 2 other US firms to say, ditch IIR and just use us. We won't embarrass you like IIR is doing. We've already been in the telegraph I think it was for embarrassing them by getting suspended, now we go for the piece de resistance!

We should be on AIM and proudly saying to the LSE, use us more we're on AIM and not 2 Yank firms with no interest about the AIM market development...

Muppetry of the highest order I feel.

[james 2] 01/9/2008 09:51

Admiral of the C - 1 Sep'08 - 09:17 - 6094 of 6101


The only part I am disappointed with is the delisting, I never liked the google thing and so an end to diverting mgmnt attention is fine by me with £1/4m as a sweetner [less historic costs of course].

Even before we start to benefit from all the new products that have been developed over the last year we are making a £200k profit, cost associated with new revenues would now be minimal as we already have the analsysts in house.

As for my holding I will take a huge hit if the worth falls to zero, whilst some were sold in my wifes name a year or so back the worst thing for me is I continued to invest in the weeks before suspension on the back of the PSQ MOU coming live in Autumn - the next worse thing is that I could really do with some cash at the moment !!!!!!

[fft] 01/9/2008 09:42

Has anyone talked to the LSE and pointed out that using a company to do research on other companies that is shafting its shareholders, and is not a listed company is really not on. It doesnt seem to indicate a willingness to clean up the AIM system after LGB et al...

Maybe a note to the Telegraph or Times might be in order....

[scrapheap] 01/9/2008 09:30

I'm up for a trip to the AGM to have a 'vent'. Will dematerialise my share certs from selftrade if need be so I'm actually on the register as opposed to a nominee..

Delisting is a dark and manipulative move imo which means any oxygen of publicity for screwing minority shareholders is lost - i don't like that and trust in certain remaining board members is all but gone now.

[scrapheap] 01/9/2008 09:24

does ss/trust get to vote on the delisting or are they 'barred' from doing so?

My guess is they are not and this is therefore a done delisting deal.

Someone able to check with the nomad on this perhaps? I'm away but on the mobile/laptop... lots of other Q's such as when/if trading will ever recommence, nomads view on how this maximises s/ders value and explain how trading work going forward.

Note the nomad is now ditched through this too of course so they also will be out of the picture, probably glad to be given the falling out there appears to have been.