Octagonal Share Discussion Threads

[quazie12] 13/9/2022 21:57

Dave wtf actually downticked your post do you reckon ? Think Samantha Nilesh or JG lurk on here ?

[dave4545] 13/9/2022 19:11

Not really, he's probably paying himself a fortune while we now will be lucky to see another penny again.

Remember the promised match bargain system !!!

[ochs] 13/9/2022 18:56

Oh dear, no divi this year? That's not good, it was at least a small way of gradually getting some of our investment back each year - less for Mr Gunn too I guess.

[quazie12] 13/9/2022 16:10

The latest GIS financials for year to 31st March are available on Companies House website. Even with significantly reduced turnover the company made a small profit this year but no dividend proposed. Disappointing that the overheads have not been more aggressively reduced. Maybe they have retained the bulk of the staff in anticipation of new business in 22/23 ?

[quazie12] 10/8/2022 17:33

If Gunn comes looking to buy up your shares down the line do not sell up cheap.

[festario] 04/8/2022 14:20

That cash should be returned to shareholders, and the company wound up.

[bedbel] 04/8/2022 13:10

Annual report to 31/03/22 on companies house:

Turnover halved en net profit declined from 1 mln to 217000£
Still 4,7 mlj cash and TNAV of 7,8 mlj
That means cash 1,8 pence/share and TNAV 2,9 p/s

Hopefully an OCT statement soon follows and can they please organise an AGM?

[heraldomaha] 16/5/2022 18:06

Talking of minority interests. Shortly after the delist I contacted Anthony Binnie, the only independent non-Exec (responsible for minority shareholders), and he didn’t seem to be aware this was a key part of his responsibilities. I contacted him through LinkedIn:

hxxps://www.linkedin.com/in/anthony-hugh-binnie-4b050415

[bedbel] 16/5/2022 16:37

It is getting time they come with an update and schedule an agm. I want to meet the board and other shareholders so we can discuss where OCT is going. And what's in store for the minority shareholders.

[quazie12] 16/5/2022 15:36

No way is Gunn getting my shares on the cheap. He can go and swivel to his heart's content. I have basically written these off re my portfolio so any dividends come my way are fine and I would actually get more enjoyment holding out and not giving him the satisfaction if he started to approach shareholders

[substp] 25/4/2022 21:58

Sorry, Didn't realise Bedbet had already posted this.

[dave4545] 19/4/2022 12:20

Should relist

[festario] 19/4/2022 11:22

That's an amazing let off, from such a serious charge.Now it just leaves me seething that we got delisted.Come on Gunn, get a special dividend paid, and then offer us a fair price to take these shares into your own hands.

[ochs] 19/4/2022 11:05

Great, well spotted. So those who said this whole SEC thing would mean the demise of the company were a little wide of the mark.

So that's about £77k for Gunn, and £770k for the company.

[bedbel] 19/4/2022 10:51

Apparently there was a final judgment on 22/03/2022 in the SEC case with a penalty of 1 million $ for GIS and 100,000 $ for John Gunn.


That should be good news because GIS already provisioned for that same amount.
I guess and hope an update from the company will come soon.

[quazie12] 07/4/2022 10:59

I see from Companies House filings that JG is wasting his time arguing with the former auditors re the content of their resignation letter. For goodness sake just grow up and sort your company's clearly chaotic internal problems. A disgruntled and shafted shareholder

[heraldomaha] 02/3/2022 22:16

Octagonal Plc seems to be a potential free cash flow machine. It’s only issues are that nearly 80% of shareholding is with 5 shareholders, who would all likely be considered insiders. The corporate governance is also well below what would be expected of a business with outside investors.

It has been run as if the founder is the only shareholder, which is completely inappropriate for minority shareholders.

[ochs] 02/3/2022 21:26

Then again if things were going so badly surely there'd have been no dividend? Mr Gunn is the largest shareholder, so it's in his interests to keep the company going.

[quazie12] 02/3/2022 20:01

Fair comment Herald. Personally this auditor resignation appears to me to be a very bad sign for all concerned. It would be a miracle if the company survives and thrives and we are actually bought out. It is extremely serious in financial services for a well regarded firm of Chartered Accountants to resign in this manner.

[heraldomaha] 02/3/2022 15:55

@Quazie12 - If the low ball offer comes to pass (as I predict), I have already had it documented with the FCA.

The complaint is that Octagonal Plc should have made a fair market offer to minority interest owners prior to announcing the de-listing.

How long I have to hold out to obtain a reasonable price is a key constituent to the rate of return on an investment.

[quazie12] 02/3/2022 15:31

Why would you manage to join the dots from an auditor resignation to a lowball buyout as if this is part of an overall strategy ? Anyway you cannot be forced to sell so why undermine your existing complaint ?

[heraldomaha] 02/3/2022 11:25

I have added this information to my outstanding FCA compliant.

I am concerned this is a predication to a buyout of minority interest shareholders significantly below fair value.