Insetco Share Discussion Threads

[cheltspy] 11/9/2004 13:47

So it does appear Dallaglio has parted from the company.

Leeds on has ended.

Its does appear the company may survive but I can't see a price much more than 10p on return, if that.

Unless it can win a good contract, the company is still too much in the dark about this. I can only assume Bruce Pleckinger knows something different.

[cheltspy] 11/9/2004 13:36

Stock Exchange censures media company Incite for concealment
Stephen Foley
The Independent - United Kingdom; Sep 11, 2004

INCITE, THE sports text messaging group which hired England rugby star Lawrence Dallaglio as a director, has been censured for concealing the perilous state of its finances from investors.

The company yesterday became only the third ever on the AIM market to be publicly rebuked by the London Stock Exchange.

The Exchange decided not to levy a fine because the company has run short of cash, but made public its criticism that Incite "failed to adequately disclose changes in the company's financial standing".

The company is also still involved in a spat with Evolution Beeson Gregory, its former stockbroker, over who is to blame for a further breach of stock market rules.

Richard Griffiths, EvBG's chairman, sold pounds 1.6m of Incite shares at their high point last October, but the disposal was not disclosed for three months. It is thought that Mr Griffiths acquired the shareholding for only pounds 218,000 before the flotation.

Incite yesterday for the first time publicly put the blame on Mr Griffiths, although he says he informed the company in October. An Incite spokesman said the company was only made aware of the sale in January. "We made the announcement as soon as we were aware that the trade had happened."

Mr Griffiths, whose Evolution Group acquired Beeson Gregory in 2002, said: "Neither Evolution nor Mr Griffiths is aware of any investigation into [his] personal investment in Incite."

Incite, which was floated last September, sends text and picture messages to rugby fans and to followers of several Premiership football clubs. Its shares have been suspended since January, when it failed to file its maiden accounts by the legal deadline.

The company said at the time that it was in acquisition talks that made it inappropriate to report results, but it has since emerged that the company's trading performance was far below what the market had been led to expect.

The Exchange concluded: "The lack of revenue generated and the lack of working capital of the company amounted to a change in its financial position... which, if made public, would be likely to have led to a substantial movement in the price of its AIM securities."

Dallaglio was hailed last September as the company's "market development director for sport", but his involvement with the company has since ended.

Incite's founder and managing director, Simon Hellier, said the Exchange censure drew a line under the regulatory investigations into the company. "That's the end," he said.

The company is hoping to re-emerge with a new business model, but has parted company with its financial adviser, Beaumont Cornish, and its broker, Evolution Beeson Gregory.

[cheltspy] 11/9/2004 13:31

Incite is censured by stock exchange: Naivety no excuse, admits cash-strapped company
IAN GRIFFITHS
The Guardian - United Kingdom; Sep 11, 2004

Incite Holdings, which provides sports content for mobile phones, has been censured by the stock exchange for failing to tell investors that it was running out of cash.

Shares in the Aim-listed company were suspended in January when it failed to publish its accounts. The company had joined the market in September 2003 when it raised pounds 1.5m from investors.

It is only the third time the stock exchange has censured a company in this fashion. But it said its seven-month investigation identified sufficient deficiencies in the company's actions to warrant criticism.

The stock exchange's inquiries established that in the period from Incite's admission to its suspension the lack of revenue generated by the company and its subsidiary and the lack of working capital of the subsidiary amounted to a change in its financial position, a change in the performance of its business and a change in its expectations of its performance "which, if made public, would be likely to have led to a substantial movement in the price of its Aim securities". Last night a spokesman for the company accepted the criticism and said that its executives had learned from their mistakes.

"The business model was flawed in that the anticipated revenues did not come through quickly enough," the spokesman said. "The company was new to the market, everyone was focused on the business and they behaved, with hindsight, naively. But naivety is no excuse."

The spokesman said that the company's executives were working hard to save the business. New cash has recently been raised and the company is exploring possible new content contracts which have the potential to secure its future.

If a new contract is won it will pave the way for Incite to restore its listing. The shares have been suspended at 27.5p, just 2.5p above the float price and well below the 75p high recorded shortly after the company came to market.

Incite's main business is selling sports pictures and text information which is transmitted to a customer's mobile phone. The company has signed deals with Tottenham Hotspur and West Ham United to provide the service to the clubs' fans

Lawrence Dallaglio, the former England rugby captain, is the marketing development director of Incite's operating subsidiary. But he is a director in name only and his involvement has been restricted to providing content for the service. Even that involvement is being scaled back.

Incite has also attracted the attention of City regulators following the late reporting of a significant share stake.

Richard Griffiths, the former chairman of Evolution Beeson Gregory, sold his 8.2% stake in Incite in October 2003 but the transaction was not reported to the stock market by Incite until January 2004.

Stock exchange rules require immediate disclosure of any movement in share holdings in excess of 3%. Earlier this year Mr Griffiths attributed the three-month delay in reporting the sale to an administrative oversight.

He paid about pounds 218,000 for his stake before the company announced plans to list. Mr Griffiths sold his entire stake for about pounds 1.5m a few weeks after Incite was floated.

[georgeski] 10/9/2004 06:48

I think that this rns is preparing for the company to come off suspension.
It's changed advisers
Raised funds
It's had it's wrists slapped for being naughty.

Guess we will have to wait and see.

[cheltspy] 10/9/2004 06:30

They are in trouble with AIM. But what is AIM doing about it?.

"The Exchange has determined that the Company therefore breached its obligations
under paragraph 10 of the AIM rules and is accordingly criticised."

So are they being delisted or not ?

[cheltspy] 07/9/2004 17:00

7 September 2004
INCITE HOLDINGS PLC
("Incite" or "the Company")

Placing & EGM Result
Placing

Incite the mobile media specialists in the sports and lifestyle sectors has
placed an additional 4,600,000 shares at 10p with Bruce Pleckinger who now holds
6,225,000 ordinary shares of 1p each in the Company representing 18.2% of the
Company's issued ordinary share capital.

EGM
Resolutions were put to shareholders at an EGM to increase the authorised share
capital of the Company, obtain an exemption from the pre-emption rights
conferred by Section 89 Companies Act 1985 and obtain authority pursuant to
Section 142 of Companies Act 1985. All resolutions were passed unanimously.

[cheltspy] 07/9/2004 16:59

Strange how much did he pay for them?

[charlie100] 07/9/2004 16:05

news out today on RNS

[cheltspy] 05/8/2004 19:38

I've still heard nothing to. £200,000 share issue appears to be rather small as this assumes there going to get around 35p a share.

Has the (((on))) sites done rather better than expected?

Most Strange.

[georgeski] 05/8/2004 18:58

I've not had anything. But my shares are held in a Halifax nominee account and
I'm always the last to hear anything.
Hope it's true. At least it means somethings happening.

[cheltspy] 04/8/2004 18:28

I'm confused has anyone else received notification by letter of a proposed share issue ?

Details as posted on another BB:-


Notification dated 29th July.Ex.Gen.Meet. on Friday,20th,Aug,10am.Ex Simon Hellier,Director.
Share capital be incresed by £200,000 to £10,200,000 by creation of additional Ord shares of 1p each

[cheltspy] 01/8/2004 16:27

It would appear so, but will have to wait for RNS tomorrow to confirm.

[georgeski] 01/8/2004 16:00

I guess that it also means that we still have a business that is trying to sort itself out and that can only be good news.

[cheltspy] 30/7/2004 20:08

I have just read on another BB, that someone has phoned Simon hellier today.

Apparently they have presuaded AIM to relax the 6 month suspension window.

This one going to be long and drawn out.

[cheltspy] 27/7/2004 18:42

Just to remind you that this stock is heading for delisting if results are not out by monday 2nd.

Meanwhile why not download a incitemvne screen saver for old times sake.



or prehaps you mite like to take advange of one month free trial with spurs-on when you buy the the new kit.

[georgeski] 17/7/2004 09:15

The crazy thing about Incite is that their product idea is brilliant.
The w*nkers that run the company would would be better suited sweeping the terraces. Maybe if they do come off suspension, somebody else will steer the ship and they might just make us some money. There goes a flying pig!
Fortunatly I didn't buy many of these.

[cheltspy] 16/7/2004 18:11

The longer it goes on the stranger this one gets. If there was really bad news to be realeased on this one wouldn't it of happened by now? ie some sort of fiddle going on..trading ceased... administration...share buy back or indeed very bad results.

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[georgeski] 15/7/2004 23:38

If it's of any help. I have copied this off the an ADVFN competitor forum.It is dated 14th July.I'm sure the writer won,t mind me passing it on.

Have had a chat today with the company.
They are still trading...........
The whole thing circules around the RNS of 30-01-04.
They are goverened by what they can say at the moment untill they release an RNS to everyone. But reading between the lines I think that this is close to being resolved and the funding is or will soon be in place. They hope to release an RNS soon.......
I now feel hopeful and don't think all is lost.
This is my opinion and I do hold this stock...DYOR. etc....
Graeme.

[cheltspy] 08/7/2004 19:10

Rugby players are generally poorly paid. Looks like he'll be at home at incite.

We can only hope that some form of news will arrive soon . I just want to draw a line under this one.

Mobile market does seem to have gone through a bit of a downer recently. Maybe, just maybe incite have just taken a low profile in order to pick up other mobile rights more cheaply.

The On sites do seem to be still running and up to date. Although leeds may not be up to date.

[cheltspy] 06/7/2004 20:33

I do know of someone on sharecrazy forum who has been in contact with Simon Hellier last friday. Who is saying a possible return by August 2nd. But don't hold your hopes up.

The actual phone no for incite is 0208 334 7097.