Infonic Share Discussion Threads

[lemsoft] 11/2/2009 17:56

I don't understand how they can sell a company without asking those that own a piece of it.

Do we know who is behind Lake House Capital Limited.

And this administrator is a fast worker, to go from DOD contracts to suspension to bust in just over a week.

[borsya] 11/2/2009 17:43

.
which company put "buy" recomendation on their website ?!?!?!?!
yeaahh you right Infonic.

[joestraughan] 11/2/2009 17:34

Is that £3.5m to the shareholders or just for the creditors?? If it's just for the creditors, then looks like we shareholders have been completely stuffed!!
PS It would appear just for the creditors ! I would advise ifnc never ever to float on the market again!

[borsya] 11/2/2009 17:29

"Under this arrangement all 75 Infonic employees have all been taken on by the new owners"
NICE !!!!!!!!!!!
fuxxing abysmal !!!!!!

[borsya] 11/2/2009 17:28

Press Release 10 February 2009
INFONIC PLC (IN ADMINISTRATION)
Robert Smailes and Conrad Beighton, both of Shipleys LLP, were appointed Joint Administrators of AIM listed company Infonic PLC on 3 February 2009. Infonic was placed into Administration by its Board of Directors who recognised that it could no longer meet its liabilities as they fell due.
Infonic's UK head office is in Guildford, Surrey and it specialises in the development and sale of computer software. It also holds stakes in a number of other companies.
Prior to the appointment of the Administrators there had been a number of expressions of interest in and offers for Infonic. The Administrators instructed Independent valuers and agents to value the business, review the offers and deal with interested parties. In the absence of sufficient cash flows to trade the business and with the debenture holders unable to provide further funds, the agents requested interested parties to submit their best and final offers by 12:00 noon on Wednesday 4 February 2009.
The highest offer of £3.5 million was made by Lake House Capital Limited, which also demonstrated it had funds available and was able to proceed to an early completion. This offer was towards the upper end of the independent valuation. The Joint Administrators discussed the offers with Infonic's debenture holders and major creditors, all of whom confirmed their agreement to the offer from Lake House Capital.
The offer from Lake House Capital has been accepted and the legal teams are working to complete the deal as soon as possible. Under this arrangement all 75 Infonic employees have all been taken on by the new owners.
Press enquiries please contact:
Robert Smailes, Principal, Shipleys

[joestraughan] 11/2/2009 17:24

The iii board says the company has been sold for £3.5m !! I don't know if this is going to be announced and what the implications for shareholders are, if any?
It seems pretty appalling that shareholders aren't being kept in the loop! We have some stake in the company and yet we're totally ignored - what kind of regulatory system does Aim have?!!!

[joestraughan] 11/2/2009 15:55

lemsoft - cazenove were holding a few ? Look back over the posts - I'm sure they were posted before?

[broomsticks] 11/2/2009 15:38

There is a connection between one of the names at Infonic and Lake Capital. Give me time I am working on it.

[lemsoft] 11/2/2009 15:14

does anybody know who the major shareholders are?

[joestraughan] 11/2/2009 14:26

Well - just checked ifnc's website - they've removed the "investors tab" from their site - if they have been sold, you would expect an RNS? It makes one realise how appalling regulation is in this country - we'll soon be a banana republic at this rate - except we don't have any bananas!!

PS - thank-you Gordon Brown for light-touch regulation and for saving the world - now we can all have a dose of "hard labour" for the next decade!!

PS - Forgive my rant - just feeling ripped-off today!!

[joestraughan] 11/2/2009 13:22

Has any one spoken directly to the company to confirm this? This is looking remarkably like pipex when they were sold to private capital - but they did have a major shareholder behind it in their director - the directors here don't have any significant holding?

[joestraughan] 11/2/2009 12:54

Surely, this would have to be announced to shareholders first!! You can't just sell a company without shareholder approval, whatever the state it is in - it would have to be approved by a majority of shareholders and announced!

PS - the directors can only agree to a sale with the backing of a majority of shareholders - which ones can they be?

[h101] 11/2/2009 10:48

From the Meldex board:

"shesheny30 - 10 Feb'09 - 13:58 - 46786 of 46849


I will repeat this again in case anyone missed it last week. If this turns out to be a fraud, there are a few targets to aim at to get some or all of your money back.

1 FSA
2 NOMADS
3 LSE
4 BoD

Just a couple of targets there are probably more, if all else fails the FSA compensation scheme FSCS, i think the limit they will pay is no more than £48000, but i may be wrong on that figure.

The LSE/AIM is UK so we should be covered by the above scheme if all else fails, i suggest you check out their website for info."

[retford1] 11/2/2009 10:25

If shareholders have been misled regarding the contracts we will be entitled to compensation, definitely worth spreading the word around ie national newspapers, FSA, DTI etc. How about it guys, we are victims of a well orchestrated scam, time to rally the troops.

[enzocoppola] 11/2/2009 10:07

Is that it, another loser on my small cap portfollio... Feel sick and very angry,what happened to those contracts, this is a sham!

[amt] 11/2/2009 09:40

Probably worth reporting this to the newspapers, anyone know any journalists? It would make a good story and topical with all the disasters that have ruined the UK economy now being exposed and leaving the cities image wrecked.

[lemsoft] 11/2/2009 09:34

is this a clever choice of words to make it seem like some unconnected company? Whats the betting that lake house capital was only recently set up and has some familar directors???

[knownowt] 11/2/2009 09:26

I do not believe that Lake Capital and Lake House Capital are one and the same, but at the same time, I can find no information on Lake House.

[lemsoft] 11/2/2009 08:55

still no offical news, is that it. We've all been done over and left with nowt?

[h101] 11/2/2009 07:49

So it was good enough to buy - but at what price?

Broomsticks - you will feel the pain more because you are more acutely aware of what has been done. Most of us relied on company statements. I'm at a loss as to what else can be done other than voice a protest.

[borsya] 10/2/2009 22:48

from III site
"Infonic have been acquired by Lake House Capital for an undisclosed sum.

Think this is the their website

Good luck to all in recovering something from the administrators. "

[broomsticks] 10/2/2009 22:30

borsya has posted,

"borsya - 10 Feb'09 - 15:43 - 1302 of 1305


I send an email to Robert Smailes and received confirmation (from Gemma S) that all my concerns will be reported to the Department of Trade & Industry ."

But that is so indeterminate! Why! because there is no name given for the contact at the bureaucratic Department of Trade and Industry.

H101, Whilst I may have written off my cash, I most certainly have not written off over 5 years of research and the data that goes with it which covers an 8 year period.

aimo,dyor