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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Neometals Ltd | NMT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 4.75 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4.75 | 4.75 | 4.75 | 4.75 | 4.75 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
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Posted at 25/10/2006 10:42 by spitfire3 even thinking of getting value from volvere makes me laugh...do you really think they are interested in small investors....the way the mis-led nmt shareholders...by pretending to be taking nmt forward////stanley kalms said he was going to try and sell the syringes....what will happen is that the old boy network in charge will close down volvere in a couple of years and take the cash....i worked with one of the board of nmt in the past....and believe me he is not interested in the small guy just feeding himself from the trough. you have been warned |
Posted at 17/9/2006 05:35 by waldron NMT shareholders angry at Kalms-led takeover bid by VolvereDOUGLAS FRIEDLI PRIVATE shareholders in NMT, the former darling of Scotland's medical technology sector, have reacted angrily to a takeover bid from a group headed by Lord Kalms, the former Dixons chairman. Volvere, an investment company chaired by Lord Kalms which has a 29.9% stake in NMT, last week offered to acquire the rest of the company in an all-shares deal valued at £5m at last week's prices. Kalms and Volvere's Jonathan and Nick Lander are already directors of NMT following a toughly fought vote for control last year which left many smaller shareholders suspicious of their motives. The offer of one Volvere share for every three NMT shares appears to provide a way out for investors in the safety syringe maker, who have seen the value of their holdings dwindle over the past five years. But many would be happier to take a share of NMT's £6m cash pile. One member of the Interactive Investor internet group wrote: "Volvere shares are tightly held and it is very difficult to deal. Volvere's actual asset value is less than £1.00 a share, so buying NMT at effectively a third of the NMT cash is certainly a great deal for Volvere but pretty awful for NMT - and there is no cash alternative." Another said: "I am taking advice on whether or not it could be productive to pursue any kind of claim for losses resulting from maladministration." Although small shareholders hold a majority of NMT's shares, they are unorganised and in many cases demotivated, and have not been able to stand in the way of Volvere's moves. This inertia, which has helped Volvere in the past, may make it more difficult for the investment firm to reach the 90% of acceptances which it requires for a complete takeover. One investor suggested investors might disrupt Volvere's takeover plans by selling the majority of their shares but holding back a few to entitle them to updates on NMT's activities. Jonathan Lander previously clashed with NMT shareholder Peter Gyllenhammar, who claimed that Volvere's management was paying itself too much to run a small company with no trading operations. Volvere's bid was recommended by NMT's independent directors, Lex Gold and George Wardale. Volvere last week said it had an undertaking to accept its offer from Wood Hall Securities, which holds around 16% of NMT shares. Jonathan Lander said: "Volvere very much looks forward to bringing NMT into the Volvere Group. We believe that this acquisition will offer exciting opportunities for the continued expansion of Volvere's business." This article: Last updated: 16-Sep-06 00:58 BST |
Posted at 11/9/2006 16:18 by waldron Calls for syringe group to be wound upBy Ken Symon THE board of NMT, the former Livingston-based retractable syringe group, is expected to face shareholder anger over a perceived lack of progress at the company at its annual meeting tomorrow. Some of the shareholders are considering submitting a complaint to the Financial Services Authority. They argue that if there is a complete lack of progress then the company should be wound up and its funds estimated to be about £6 million should be returned to shareholders. One of the critical shareholders, Jim Macdonald, said: "There is no indication of any progress whatsover in the last 12 months. That is the thing that has angered a lot of shareholders." Macdonald, who formerly ran a marketing consultancy, had invested in NMT, once regarded as an exciting prospect, to help fund his retirement. But he said: "In the time I have been an investor the shares lost about 97% of their value." He also expressed fears about the motivation of the group of activist investors who have taken over the company. They are chairman Lord Kalms, the former Dixons boss, and directors Jonathan and Nicholas Lander. But Lex Gold, the Scottish Premier League chairman and former director of the Scottish Chambers of Commerce, who was appointed as a non-executive director of the company last October said: "The company, which was previously a manufacturing company, is being converted into an investment company." He said: "The company once had what appeared to be a great product but it could not be sold and it burned through about £60m or £70m. There are a lot of disgruntled shareholders I was appointed as a non-executive director after a very lively annual meeeting last year. "We decided as a board to look carefully at our investment policy, which we have been working on for a few months. There are now a number of developments with regard to the company which I cannot talk about now but the latest position will be set out to shareholders at the annual meeting." 10 September 2006 |
Posted at 31/3/2006 11:27 by pc4900074200 I am still amazed that people sell off these small amounts ofShares. Each day we see little amounts trickling out. With broker fees as they are, there is little return after the sale. Also, to reinvest, another chunk is taken in fees. IMO the rules governing shares should be changed in situations like these, where board take-overs the like of which has gone on with NMT. [ Director / large shareholder take-over. With a block-aid on information, after the take-over. Then, self-imposed payments made to themselves without agreement from all remaining shareholders]. Directors know that if they can hold back from releasing information they can clear many PI's from the books. It's the same with a consolidation, which was why I was opposed to that, when NMT went down that road. If a company suffers a Director take-over it should be mandatory that a clear, concise, future strategy is placed on the table to all shareholders at the time of the take-over. New Directors should no be allowed to be able to control with a free licence. By the time there is an AGM, the damage has been done and with careful wording of the agenda and the use of creste and nominee restrictions on voting rights of shareholders. More damage can be achieved. Having held shares for many years I have seen other investors and lost investments my-self, due to this loophole. I see that the FSA are tightening the rules regarding cash-shell Companies. This comes into being from today. I just wish that they would consider the rules regarding creste / nominee accounts and make it compulsory that all shareholders are named on shareholder lists and that regarding AGM's and EGM's. The company concerned HAS to send the voting card to all shareholders. There-by, removing the need to have to waist time and money, not only by shareholders but also registrars / brokers in getting the vote to the shareholder if they know of the pending vote requirement and want take the time to vote. Time and time again the restrictions of creste / nominee have altered the outcome of AGM's and EGM's. NMT is a classic case. The turnout of votes was abysmal and with the holding that Volvere held, they knew that control was theirs before the meeting. If the rules had been different, we could be sitting with a share on a steady increase with the second-generation syringe making headway in the market place. We will never learn what went on regarding the LOI. It should have been made clear to shareholders at the time of the termination of the discussions, what happen and why they were discontinued. With discussions closed there should have been no need for secrecy regarding who was the other companies in discussions and all should have been revealed. Who closed the book on Who, or when discussions went on, was it conducted with willing and genuine parties? Will that be outlined at the AGM? I think not!!! We will be told that it is in the past and that will be that. Sorry, just my bi-monthly moan, but I felt the need to express myself and let out some frustration. pc |
Posted at 29/3/2006 05:45 by grupo Gyllenhammar defence reignites war of words over NMT record SIMON BAIN March 29 2006 Peter Gyllenhammar, the activist investor, reignited the war of words with shell company NMT yesterday by defending his record in Scotland. Gyllenhammar this week sold his 14.6% stake in NMT after criticising its governance by financial investor Volvere, prompting Volvere's chief executive Jonathan Lander to liken the Swede to "a small child needing constant attention". Gyllenhammar said: "Coming from Jonathan Lander I will take that as a compliment." Lander also claimed Gyllenhammar was "not a long-term investor". Gyllenhammar responded that his stake in Scottish-founded heart valve maker AorTech, based in Lanarkshire until 15 months ago, had helped the company achieve its recent spectacular recovery. AorTech's share price has jumped from 90p to 525p in recent months, notably on the signing of an exclusive US deal for its core product Elasteon. Gyllenhammar said his 10% stake had so far made him a profit of close to £2m. "That investment has been based on my belief in the development of Elasteon," he said. "I have indeed stayed in long-term in AorTech and it has been a phenomenal success. The management have done a fantastic job." AorTech topped 1000p during the technology boom. When Gyllenhammar first invested, he lobbied the board to invest its cash pile in his property empire, as he did with Murray Financial Corporation, where he owned 29.9%. On Murray Financial, he commented: "I am a very rare bird I made money out of it. I bought at 2p and one day my broker phoned up and said I could get 3p. I said: 'Jump on it'." Gyllenhammar recently took a 6.1% stake in DVD distributor Home Entertainment, because "it has got all the criteria of my investment targets". He said not all his UK speculations had been successful but his previous Scottish investments had made him money. "Scotland has been kind to me." |
Posted at 28/3/2006 08:41 by pc4900074200 I wonder where the AGM will be held?One option to directors who sit in control saying nothing, also showing that they dis-like having many PI's on the books. Is to hold it in an area that is not accessible to shareholders. The other is to hold the AGM where most can attend. If the report is true from the Herald, Lander certainly speaks his mind! Although likening an investor to a small child and publicly stating that fact is not what I would call good practice by a director. The point made about it being impossible to deal with him shows that there must have been dialogue between them and that they [Volvere] must have been rattled by his presence. We now have 'Shareholder Value' and 'Focus'. ['From an NMT perspective we want to focus on what we do best, which is investing the money in something interesting.']. Two strong words that should bind shareholders together? Will we see an open and sound account of where NMT are heading at the AGM? There-by, repairing director / investor relationships in a company that has fallen over the last few years but has the funds and shareholders remaining, to shine for all. That is, given the right direction, and the right directors. Not directors that shut doors to investors, taking their money but excluding them from any information until it has been implemented with-out being voted on. There are bridges to be repaired here, and an open and honest AGM could pave the way to a new and exciting chapter in NMT history. Only time will tell! One month to go. pc Edit: For Yearly Accounts, that it. |
Posted at 28/3/2006 05:28 by grupo NMT happy to see back of 'small child' Gyllenhammar SIMON BAIN March 28 2006 NMT, the former Scottish medical technology group now controlled by financial investors Volvere, said yesterday it was happy to see the back of another financial investor, Peter Gyllenhammar. The outspoken Swedish investor, who in recent years has bought and sold substantial stakes in a string of tiny Scottish listed companies, yesterday sold a 14% stake in NMT a few weeks after picking it up. Earlier this month, Gyllenhammar called for NMT to give its cash back to shareholders and claimed that its management arrangement with 29.9% shareholder Volvere was "unethical". Yesterday, NMT responded that having Gyllenhammar on the register was "like having a small child to deal with". The Swede's shares, acquired at 52p, were sold at 58p, netting Gyllenhammar a £75,000 profit on his outlay of £650,000. Gyllenhammar bought most of his 14.6% stake in NMT in February from Bluehone, a London-based investor which had supported the bid by NMT's former board to resist the coup by Volvere last September. Yesterday, NMT said Gyllenhammar had sold almost all of his 1.26 million shares to Wood Hall Securities, a vehicle for Andrew Cohen, founder of the Betterware home delivery group. Gyllenhammar has also held substantial stakes in Murray Financial, where he agitated unsuccessfully for a return of capital, IndigoVision, and AorTech. Jonathan Lander, chief executive of Volvere, responded yesterday: "I don't think Peter Gyllenhammar is really about long-term investment, he is about being an activist, and in this case I don't think he got what he wanted ... When Gyllenhammar has 15%, it is like having a small child on your shareholder register because it needs constant attention. It is unbelievably time-consuming and it was almost impossible to deal with him." Gyllenhammar was not available for comment last night. Lander added: "From an NMT perspective we want to focus on what we do best, which is investing the money in something interesting." Gyllenhammar had called for the group's £6m of cash to be returned to investors as Volvere had failed to find a better use for it since the boardroom coup six months ago. However, Lander said NMT would reveal its investment strategy at results next month. |
Posted at 05/3/2006 05:39 by waldron Sun 5 Mar 2006Lander rejects calls to return £5m NMT cash DOUGLAS FRIEDLI JONATHAN Lander, the investor activist who took control of former syringe maker NMT last year, has rejected calls for £5m to be returned to shareholders, and insists he will publish a strategy for the failed business within weeks. Peter Gyllenhammar, a rival activist who has built up a stake of almost 15% in NMT, last week called for most of the Livingston company's £6m cash pile to be returned to shareholders. He also accused Lander, his brother Nick and fellow director Lord Kalms of being "unethical" for setting up a potentially lucrative management incentive scheme at NMT. Speaking to Scotland on Sunday, Lander said NMT's 6,500 shareholders would benefit more if the company's cash pile was reinvested. Most investors have seen the value of their investments collapse since NMT was the darling of the Scottish technology sector in the late 1990s. He said: "If we do [return cash] the only person that will make any money is Peter Gyllenhammar. "I think most people want to make some money back. [Gyllenhammar] has only been on the shareholders' register for a few months. "I invest in technology companies and growth companies. We are trying to get some value out of NMT's assets." Lander said he had drawn up a strategy for investing NMT's cash pile, which would be sent to shareholders in the next few weeks. "There are just a few people looking at it now," he said. Lander defended the fee structure which transfers money from NMT to Volvere, which is run by the Landers and Kalms. He said: "Gyllenhammar calls it unethical, but he means it is disadvantageous for him." "The fee is £5,000 a month per person, which puts me on £60,000 a year, which is a lot less than I get from other businesses. For me, NMT is a full-time job at the moment." In addition to that £15,000 monthly fee for three directors, Volvere is entitled to a payment proportionate to any rise in NMT's share price, and further cash if the Landers and Kalms are removed from the board. The Landers' supporters say the fee structure is necessary to allow them to focus on running the business and reduce the danger that they will be removed suddenly by antagonistic shareholders. However, Gyllenhammar rejected Lander's plan to invest NMT's cash pile. He said: "The only thing of interest is what I can do with the 65p per share, or whatever it is, that I am entitled to by my NMT share. "Do I want the Landers to manage that for a horrendous fee structure, or do I want the money out of the company to invest however I want? "They are putting the cart before the horse by asking investors to approve the investment plan after they have approved themselves an expensive contract." Gyllenhammar was initially positive about Volvere, but turned opponent when the company announced its fee structure the day after he raised his stake to 14.6%. He could combine with private shareholders to call an extraordinary general meeting to oppose the Landers, but said the expense would prevent him from doing so. This article: Last updated: 05-Mar-06 00:32 GMT |
Posted at 26/2/2006 01:50 by 25october1969 Scotland on Sunday 26th Feb 2006NMT directors' rewards 'unethical' PETER Gyllenhammar, the activist investor, has attacked the directors of cash shell company NMT, chaired by former Dixons boss Lord Kalms, as "unethical" and demanded that the former syringe developer return £5m to its shareholders. Gyllenhammar, who holds just under 15% of NMT, was left fuming after the Livingston company's board approved a fee system which will reward Volvere, a company which shares three directors with NMT. The reward system was announced the day after Gyllenhammar spent around £500,000 to raise his stake in NMT to 14.6%. Speaking from his base in Sweden, Gyllenhammar said: "This is totally unacceptable. If Volvere had come to me and asked to manage my money, I would have said no. It is not ethical conduct because 70% of shareholders do not have a say." Gyllenhammar said he had confronted NMT directors Jonathan and Nicholas Lander about the fee structure, which he said could net them millions, but had not received an adequate response. He said: "I think the best thing would be to cancel this agreement and hand the shareholders all the cash, allowing a small portion, say 10%, to stay in the company to be a vehicle." The Landers and former Dixons chairman Lord Kalms of Edgware are directors of Volvere, an investor activist company based in London. Lord Kalms' son, Richard, is also a director of Volvere. The three were elected to the board in place of the previous management team after Volvere took a 26% stake in the company and called an extraordinary general meeting. NMT, the former darling of Scotland's medical technology sector, has around £6m in cash left over from years of fundraising and restructuring. Gyllenhammar said the new management fee structure should have been put to shareholders. The precise terms of the agreement have left some investors scratching their heads. NMT will pay Volvere a monthly fee of 0.25% of its net assets, or around £15,000. Volvere is also entitled to a performance fee equal to 20% of any increase in the company's share price. If NMT terminates the agreement, Volvere is entitled to 6% of the company's net assets, or around £360,000, plus another unspecified payment based on "the value of an option using the Black Scholes model". Gyllenhammar said this termination clause would make it expensive for shareholders to follow the example set by the Landers and Kalms by calling an extraordinary general meeting to take control of the company. He said: "I don't know what to do. This is a complete scandal. If I call for an EGM, there will be significant costs." Volvere argues that the new fee structure is less expensive for NMT than the previous model. Under that deal, Volvere was entitled to £60,000 per month plus VAT for every month that NMT was subject to a takeover approach. That structure, introduced on November 26, came to an end on February 9 - two weeks after NMT ended takeover discussions with Zi Medical. In theory, that means that NMT will have to pay Volvere £140,000 including VAT for the two months to January 25. Shareholders have raised questions over the fact that non-executive directors George Wardale and Lex Gold were said by NMT to have consulted the company's adviser, Shore Capital, and approved the fees agreement. Wardale joined the company just hours before the fee structure was announced. NMT's shares closed at 57.5p on Friday, down from a peak of 62.5p when the new management fee structure was announced on February 10 |
Posted at 07/7/2005 06:22 by pc4900074200 OUT TODAY. Small Cap Trader.7th July 2005. Management. Before the private investor makes an investment in any company it is vitally important (as far as you are able) to check on management. This is the one ingredient that people tend to forget about, but for me, the most important. Because, believe me, the stock market is full of con men and incompetent managers. Good management is pretty rare and I have worked for a few duffers in my time, believe me! A few weeks ago someone commented to me that if they weren't competent enough then they wouldn't be running a public listed company, well don't believe a word of it! I have been stung more than once by incompetent and incapable management teams as an investor too. It's not all a bed of roses this investment game you know. You have to remember too, that if a management team were intent on pulling the wool over investors' eyes then they simply have the upper hand. If you go to visit their premises then they can simply show you (and tell you) what they want. But there are other ways for improving your appreciation of the management of any company that you intend to invest in. The annual general meeting is a good idea for finding out whether or not they are organised and how well the chairman and chief executive field questions. However, remember that even at AGM's management are cute enough to get a few questions prepared and asked by investors in advance. These guys can be real cute, but if there are any institutional holders at the meeting then there could be real fireworks, which is what I experienced at the recent AGM of NMT Group plc. First of all I should mention that I am not a holder of NMT although theoretically I should have been in order to attend the meeting. I actually had them on my watch list due to the low market cap of around £4.5m and cash holding of around £5m, so to me it was worth phoning the company to ask if I could attend. They very kindly let me attend with the proviso that I didn't ask any questions. The meeting was attended by only about a dozen private investors, and two guys from a company called Volvere plc that hold around 7% or so of the NMT shares. After tea and biscuits the meeting kicked off five minutes late, and a very anxious looking management team took to their seats. Clearly, very anxious about the appearance of the guys from Volvere which included their own CEO Jonathan Lander who was at the meeting with a colleague. First question was from another shareholder who asked how the board's (rather large) salaries were benchmarked. This was met by a terse response, like they use the 3i benchmark of small and medium sized companies. Lander (from Volvere) was not entirely satisfied by the response so he asked NMT Chairman Tony Fletcher if he was contracted days to the company. In other words he wanted to know what he did for his £97k he earned last year. The answer from Fletcher was that he worked 80 odd days last year on a day rate consultancy basis and this year it was only about (apparently) 2-3 days per month. This meant that Mr Fletcher was earning £1135 per day from a heavily loss making company. Well, I did say they were worth attending didn't I? It was also interesting to note that Fletcher doesn't have any other significant income. Shareholders voted against resolution 2 on renumeration and Volvere requested a 7 day period in which to Poll all shareholders, as opposed to just a show of hands at the AGM. The board then dramatically called a recess while they took legal advice. Votes were around 2m from a possible 6m with 99% supporting the board but Volvere believe that such a low turnout calls for more time on getting shareholders to vote. Clearly, Volvere are against the current board and would like them removed from office. After what I saw at the AGM then I have to say I wouldn't invest in that management team if someone gave me the money! Volvere also made a statement at the AGM of 'jam tomorrow' and the same old story was being repeated by the NMT management team. They asked for clear speech and deadlines as opposed to the management's vague 'within weeks' type of approach. From this it was obvious that I could delete NMT from the watch list, as an investment in any company is also a backing of individuals. I weighed them up and concluded that they simply weren't worth it. I would add though that the board looked nervous and uncomfortable in front of the guys from Volvere, and didn't do well with the questions asked of them. Something may happen in the future though as Volvere clearly want the existing management team out and asked for a seat on the board. They don't appear to think that NMT have any future in their current form. I personally don't feel that the NMT board has anything to hide and they are not bad guys, but they just aren't up to it in my opinion. Who knows what the future holds for NMT Group!! From an outsider!!!! Interesting???? pc |
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