Managed Support Services Share Discussion Threads

[venlib] 08/12/2011 20:13

What happened to the money from the sale of the profitable co then?

[richmond9] 08/12/2011 17:23

Venlib

All the cash has gone. He is looking for someone to reverse into the shell who will then pay off his 2 year contract.

Job done

[venlib] 08/12/2011 13:44

richmond9 - has all the cash gone or what is left for the proposed investments SB said they wil be looking to make?

[risk1] 08/12/2011 00:18

looking good excellent work

[venlib] 08/12/2011 00:11

Take 2. 'Gutter' Capitalism at it's best - screw em once, then screw the stragglers, one has to mop up. SFO/FSA - who are they then?

[greengiant] 07/12/2011 17:33

The simple fact is that he had a ton of money to make this company into whatever he visioned. However, his vision and strategy execution was poor. He will never get another decent city job, that is at least some comfort for unfortunate shareholders.

Gg

[2float] 07/12/2011 17:29

News just in, apparently at the AGM 'simon shining knight' didn't even have the balls to sit with the rest of the board at the top table facing the shareholders. He sat cowardly in the front row so he didn't have to face anyone except the board!!

And his exact words when asked to justify himself and his abject failure over the last 4 years?..."he was duped into it"!!!!!!!!! Does anyone else remember the "outrage" he exclaimed at the time and the underhand determination he showed to gain control? I don't recall too much duping going on.

Although I'm pretty sure most of the shareholders will feel pretty duped by Beart and the rest of the board since!!

I AM preparing a file and I WILL be passing it to the SFO.

[richmond9] 07/12/2011 11:26

From the mouth of SB at the meeting

The good news is for SB fans that he was as arrogant and rude as ever and he makes no apology for what he has done.

- £4m received on Monday all spent already on bank debt, supplier payments, HMRC

- £2.5m contingent on contract novations not expected as Rentokil Initial very difficult company to deal with

- SB claims he was "sucked in" to taking over WNG Plc

- Total of £50m in cash and business spent or closed by SB in 4 years and we have ended up with a shell company worth nothing

SB = FRAUD

[w1ndjammer] 07/12/2011 08:58

soon be down to my 0.30 entry

WJ.

[richmond9] 05/12/2011 18:34

looks that way w1ndy

with all the snow lying outside i think im going to light the fire with the share certificate and watch my savings go up in smoke

[w1ndjammer] 05/12/2011 17:51

richmond

looks like you got out- voted.

WJ.

[coolmd] 05/12/2011 13:23

MSS confirms that all resolutions were passed!!

Its over now, last one out switch off the light....

[iiinvester] 05/12/2011 13:00

Any news on the AGM?

[richmond9] 04/12/2011 12:18

SB = FRAUD

Turn up tomorrow morning and vote NO

[greengiant] 03/12/2011 17:29

You read this and you have to ask yourself how they got it so horribly wrong.



Razor sharp? Seems rather blunt to me, hopefully you won't hear that name again.

Sorry for anyone's loss

Gg

[richmond9] 03/12/2011 11:34

W1ndy

dosnt it look like SB is a one trick pony (donkey)

buy/force his way in (he joined CCI as FD but forced out the CEO within 6 months)and then crash the price before changing the company direction, issuing himself warrants and options and growing the company on the back of lots of paper. WNG plc Became MSS plc and changed from air conditioning to Building service compliance, but this time the one trick hasnt worked and were sitting at 1p

With the disposal we are left with £1m, no more because retokil will not hit the novation target, with Octopus and Royal London selling out and the City closing its doors to SB then MSS Plc is effectively dead in the water.

[w1ndjammer] 02/12/2011 19:23

welcome to AIM try the O&G sector thats even crazier
thats why you need to stay on your toes.

WJ.

[richmond9] 02/12/2011 15:42

TAKEN FROM ANOTHER SHARE BB

Simon Beart had worked in corporate finance for Salomon Bros.

In 1992, he and a colleague gained control of a shell via which they
made several acquisitions in the packaging sector. In 1998, this
company, Britton, was acquired by a US rival for £200m. Outsiders
who got into Britton in 1992 made about three times their money.

A few months later, Beart – solo this time – bought into another
shell, CCI, a manufacturer of clay pigeons, paying £210,000 for a
15pc stake at 113p a share.

Early in 1999, CCI spent £29m in cash and shares on three simultaneous
acquisitions. The deals also brought in a partner, in the
form of Brian Beverley, a regular promoter of tech enterprises and
principal shareholder of the two main acquisitions. Beverley
became chairman and chief executive. The acquisition involved a
£13m placing of CCI shares at 125p.

The new group, renamed XKO, comprised two suppliers of enterprise
resource planning systems for smaller enterprises and an Isle
of Man supplier of hardware and software, especially to the Isle of
Man government. In late 1999, XKO announced "e-KO", an "integrated
e-commerce system". At the peak of the madness, its shares
touched 550p.

Beverley handed the post of chief executive to Beart, continuing as
non-executive chairman.

The following year, XKO said orders had fallen off a cliff, and
announced a £1.4m operating loss, £800k of redundancies, and an
£18m writeoff of the goodwill it had paid in the 1999 deals from
which it was born. The shares went to 27p. In 2002, XKO wrote off
a further £16m of goodwill.

[w1ndjammer] 02/12/2011 07:46

richmond

you have to pay for your warrants in full, before the shares get cashed in,
and i have had to waite several months in the past before i got my payout.
Thats why these days if i am luckey enough to invest in a company that gets taken out, i sell to the MM`s before trading gets suspended. you get less but at least you have the cash to reinvest, instead of waiting 6 months.

WJ.

PS. hmmm puplic sector, you can spot them a mile off.

[greengiant] 02/12/2011 05:48

richmond, no it would be more than 1.5m because you have assumed 40% tax when in fact it would have been 10%. Not that it is important.

There has been a major failing here this is obvious to see, whether you can allocate blame to the management team not executing their strategy is debatable. Surely that just shows that they were incompetent rather than illegal? Anyway, as I said, no position here, just wanted to see what had happened to all the potential this company has shown. Good luck all,

gg

[richmond9] 01/12/2011 23:00

You've not read it and forget the tax, that was just to see if you were paying attention, and yes public sector.

He didn't invest his money in the warrants. He only gets the profit not the whole sale. He pays for the warrant from the gross proceeds he receives.

He didn't get to sell the long term incentive shares so as I said. He gets £1.5m

[greengiant] 01/12/2011 17:26

Question, not interested but popped in to see what happened to this company.

Why would he pay 40% tax? This would be a capital gain and as such at the time would have been subject to 10% tax.

gg

[w1ndjammer] 01/12/2011 17:06

cop on rich

i wasn`t talking profit i said walked away with £6,000,000
what his tax dealings were we don`t know, that would have been settled upto 18 months later.

if i buy a property for 2 mill cash then sell it on for 2.5 mill
my worth is then £2,500,000 i only made 500k but i got 2.5 mill to invest in the next one.

just like SB £6,000,000 to play with.

i will take it, you were never in business for your self.

bet you are public sector !!!

WJ.