Orchid Developments Share Discussion Threads

[markt] 06/12/2012 16:27

BTW
in June 2009 the 2 exec. dirs
"had acquired 270,000 ordinary shares at a price of 37
pence per share".

ANd in August 2009 approx. 12M shares were placed at 40p, to raise 5M pnds, 0 new shares to dirs.

So, imho it looks like the dirs. played with the institutions...

by making a small advance purchase themselves...they managed to get the instituts. to cough up 5M pnds.

(note that by mid 2012 that investment of 5M had a market value of approx. 250k pounds !....way to go !

...so, I am thinking that the IIs may well have had more than enough of these 2 exec. dirs and their games...and that these EGM resolutions may be the last straw...and that they will kick the dirs. out. My fingers are crossed.

----

There is in fact 1 share placing were the 2 dirs. did actually cough up real money to get shares...



has subscribed for 392,688 Placing Shares in the Placing at 139p/share

1 year after the flotation....when the building sector in Bulgaria/Romania was still in full swing....and OCH needed cash to fund construction of the GM etc....

(Tim Childs had 638k shares after the issue......och....I hope he managed to sell them and doesnt still hold !...otherwise he has lost most of 638k X 139-2p = not much below 1M pnds !

----

So , looks like OCH raised 18M at the IPO, 22M pnds in 2006 (25ME), 5M in 2009, to give 45M pnds.

45M raised, and OCH had at least 5M NAV at the float (not clear clear from the IPO doc) to make 50M of assets or cash used.

The 2 exec. dirs. have used 50M of cash to produce a co. worth 2M and suspended !! and doing a share offer at 2.25p !!

If you dont laugh, then you have to cry.
---

imo the share offer should be stopped by the regulators....ref. my many posts...

----
and issues handled by SHore Capital. So they have made a lot. 5-10% of each issue is a lot of wanga.

[luckynickyboy] 06/12/2012 16:00

Have to agree, their timing of news vs EGM's this year has been impeccable.. Almost laughable in how obvious it is!

[jack1236] 06/12/2012 15:59

The new chairman seems to have been involved with quite a few administrations.
No doubt the institutions will be pleased with the RNS just after their meeting with the company.

[markt] 06/12/2012 15:16

Ref. RNS

Many posters claimed that the Feb. RNSs ...at the time of the EGM then ...and share price movements were rigged.

Some people may feel that this RNS ....at the time of the new EGM ....may also be a case of rigging ....by the 2 exec. dirs.

shadows, clouds, rumours, guesses

And EGM resolutions that call for the shareholders to agree to transfer the control of OCH and for transfer of large part of OCH to the dirs. in return for their salaries and part of 2009 bonus,

and to allow dirs. to go over 30%....

or the co. will go into administration.

Stinks imho.
I would like the bod removed and new dirs. put in place.
----

imho the 2 exec. dirs. could own 73% of OCH without ever having paid any cash, except for giving up their exorbitant salaries.
While shareholders have coughed up tens of millions.

smells bad imo.


---

Orchid Gdns ....apartments
"107.....of which 10 have already been sold"
1 was to one of the 2 exec. dirs.

I assume that some of the others have been sold to OCH staff/managers or bod members or related parties.

10 sold looks dismal to me.....most of Orchid Gdns was finished over a year ago...imo people could have bought but havent

WHo knows what the dirs. will do......but I dont trust them, at all, so not getting 1 more penny of my money.

---

I hope the new chairman has no skills similar to Angel de Cabo !.
(administration cases....keeping real assets away from the hands of creditors or shareholders....currently sleeping in a cell as a big legal process starts)

[daytraders] 06/12/2012 15:06

It was already open i thought anyway.

[knigel] 06/12/2012 14:46

RNS out! Thoughts?

[luckynickyboy] 06/12/2012 11:52

If I had any available funds to take them up, I would too

[knigel] 06/12/2012 10:01

R & T, well im just hoping for a higher share price. Taking up 40%

[roughandtumbleone] 06/12/2012 08:41

Thaarg,Sorry I haven't seen any of your posts asking such a question. Might have something to do with the fact there's about 4 threads to follow.I'm assuming you read Guys email? Yes to your question, I am.So not sure anything is "very telling" thank you.

[thaaarg] 05/12/2012 17:59

You're still avoiding the question R&T.

For the third time - are you taking up your allocation of shares?

You were once such an enthusiastic and vociferous supporter of OCH.

Your silence is telling.

[markt] 05/12/2012 15:40

my crystal ball says

bye bye

Guy Meyohas
&
Ofer Miretzky

(and in fact all of the bod)


I hope it is right !.

[markt] 05/12/2012 15:38

Doesnt look like anyone can put too much reliance in the SFO protecting them

and recent cases such as the Libor rate fixing scandal....re-inforces the view that in most UK financial scandals....it is often only the horse has bolted that the FSA or SFO tries to close the stable door.

always seems to be after the event

Solution ?
complete revolution in how the City is structured,
with the LSE being taken over by the Govt.
or a new Govt. owned stock mkt being set up....and with its rules being written by the Govt.


if the London markets are owned by the brokers.....the situation of incest and fraud/corruption will continue...for ever imo...

[markt] 05/12/2012 15:26

The situation at OCH has many similarities to various goings on at MWB and MWB

eg. blackmail/extorsion resolutions/offers to shareholders



Paul Cummins, Pyrrho's investment director, said: "MWB is holding a gun to the heads of Business Exchange's minority shareholders, and has presented us with a derisory offer, backed by the threat of a delisting if we don't comply. This is simply unacceptable behaviour so we have decided to block the Offer. We now call on the Board to protect the rights of all shareholders in Business Exchange and undertake to maximise value for them."

[markt] 05/12/2012 15:02

R & T
As far as I can see

1) the dirs. propose to tranfer OCH assets from shareholders to themselves in return for their exorbitant salaries

these assets include assets in 100% owned subsidiaries with NO DEBTS *1

What arguments can you put forward to say that that is a good thing for shareholders to vote for ?

I have given my arguments and reasons.
----

I note that in FEb. you said that people should vote YES to approve the bonus scheme and capitalisation rules. (5.5M shares. if OCH sold for 2p/share then those shares are paid at 20p- 2p. (20p will be changed if more shares issued)

There are many many new capitalisation shares to be issued if people vote yes.
imo NO SHAREHOLDER, NONE, except me and perhaps 1 or 2 IIs, is aware that the new capitalisation shares (and those to be issued in future) will also be subject to the Feb. rule ref. 20p-2p

approx. 30M shares for 2012 salary
approx. 30M shares for remaining part of 2009 bonus of 0.6M
approx. 30M shares for 2013 salary

imho it is a trick and dirs. can perhaps buy the remaining part of OCH and via the 20p-2p rule ...it may be that it costs them nothing.
The benefits schemes are all so complicated.....it looks like a pre-planned scam imo. but if shareholders vote yes for it, then it will be very very difficult to take legal action later on.

----

R & T
imho you should either
- wake up and see the reality !

or admit

- you are part of the circle of directors friends

and that you know you are not telling the truth....because you will benefit if the decision goes a certain way


----

imho R & T you are arguing that shareholders should take a particular action because you are an insider....and that you may personally benefit from PIs taking that action, which imho is breaking the law.


----

*1
In the past I have said many times that there are no debts for some of the subsidiaries. This is not fully correct in some circumstances. The subsidiaries are assets owned by OCH PLC. Hence if OCH PLC (not its subsidiaries) has any debts or expected debts (such as salaries of workers, office rent, dirs. salarie) then OCH PLC would probably refuse to demerge these assets until after their own wages etc were paid.

---

If OCH is bust because it has mega debts and can not pay suppliers (ref. offer doc.) ...and court orders are seizing apartments (ref. offer doc.) to pay 1 constructor who was not paid...

and the dirs. "state" that the "assumptions" for OCH to continue as a going concern "even" if the share offer happens !!!!
"include" that

- OCH will NOT pay its suppliers/contractors !!
- OCH will NOT pay cash to its dirs
- OCH will NOT pay its loan installments for the GM
- OCH will NOT pay its loan installments for Orchid Gdns
- the share offer will transfer control of the co. to the 2 dirs.
- the share offer will transfer assets from shareholders to the 2 dirs.
- the share offer doc. is factually FALSE imo. (eg. 64% should be 73%)
- resolutions are blackmail/extorsion
- the record of the dirs. at OCH has been a disaster
- the claimed profit of 30M in 2009 did not imo ever happen
- the claimed NAV numbers are NOT true imo. especially for the GM
(stating a NAV of 137ME is imo illegal, misrepresentation of the truth)

then there is no way that I want to put in more cash. It appears that if any one of the assumptions in the offer doc., and given above, is not met "at any time " then it appears that OCH goes into administration. Or even that AIM may not allow OCH to be re-admitted due to major doubt about its financial position, eg. offer doc. that OCH can not and will not pay suppliers/contractors ! For me personally that is too much risk.

But each person has to investigate and decide for themselves.
Some people who paid 100p/share or 40p may want to average down. Who knows.

(my apologies to everyone for my posts often being so long !.....I cant help it !)

[luckynickyboy] 05/12/2012 14:47

OCH will be allowed into ISA's from April 2013 - 'course we have to get re-listed first!
Great news for everyone, hopefully this will lead to more control of the market manipulation we suffer from on AIM, and greater liquidity..

George Osborne moves to boost investment in smaller companies by expanding Isa eligibility:

[luckynickyboy] 05/12/2012 14:46

Oh turn it in markt you conspiracy nutter!

[markt] 05/12/2012 14:41

R & T

Are you part of the circle of friends of the directors or Shore Capital ?

Or perhaps even one of the 2 exec. dirs. ?!

and hence perhaps you have an axe to grind for the opinions you give to minority shareholders on this thread

[roughandtumbleone] 05/12/2012 12:25

Mark,

Just thought I'd answer your questions.

Firstly, the email I posted was from Guy himself and I think it's perfectly normal for company executives to visit II's and funds in the City. It has nothing to do with being "an insider" but purely to meet the fund managers and in all probability to answer questions and clarify the strategy moving forward.

Every company I know does various tours of the City,sometimes just to get their story out there and of course other times to rally the troops for funds/votes/support.

You'd be very naive if you thought a meeting with Henderson, should be open to the likes of you and me!

As for stating about Shore, you're right Shore will clearly makemoney out of the open offer - they too are in business to make money and I agree with you that some "brokers" seem to have their cake and eat it, when it comes to placements. I won't name the broker but I know where shareswere sold on the back at a discount placement (highly illegal) but it happens every day of the ruddy week.

If you read the email, I had offered to meet Guy and Ofer in Israel, Bulgaria or London. So why haven't you set up a meeting to have a coffee and a chat? I'm sure your percentage of shares would have been consideably higher if you'd been less opinionated and stating it was a fraud. I'd have set up an early meeting and looked them in the eye. Asked the rifght questions and then decided whether you wanted to vote against the resolutions. You also seem to fail to grasp that without funds, the company wont relist, and wont be able to offload assets and focus on value of the GM and OG's.

24 hours left for people to accept/decline the open offer. (12pm on the 6th).

[knigel] 04/12/2012 18:38

MarkT No and No 576000 shares (but may take up 224000 partial entitlement). Intend to sell down asap to 100-200k shares and await developments. Sorry had the (man) flu so only sent the one email to FSA (standard reply).

[markt] 04/12/2012 18:11

BTW
wrt subscribing or not for shares

I have given my opinions as to what I think is going on....
and that I dont at present intend to subscribe, based on current information
(esp. that I dont trust the dirs)

but of course
everyone has to do their own research, and make their own opinions
based on their own criteria and preferences etc

there is of course a possibility that what happens at OCH may be very different to what I think..and that the directors pull a rabbit out of a hat...no one knows what the future brings for 110% sure until after it has actually happened

perhaps OCH find buyers for Orchid Gdns or Varna Hills apartments and offices at high prices and perhaps suddenly report a profit versus the debt on those assets, higher than the salaries of the dirs !......

but the slow progress for sales at these 2 projects over the last 18 months ...would infer imo that the possibility is small..and the fact that there are no such indications in the offer doc.

but I dont trust the dirs. anyway, so any news in any direction wouldnt surprise me completely

[jack1236] 04/12/2012 17:16

Brokers haven't been sent information regarding vote.

[markt] 04/12/2012 17:08

Are you sure that brokers dont have info to allow you to vote ?
I've previously sent my vote to my nominee company

(I guess they will pool with any other holders they have before sending in)

I urge everyone to vote, however they vote.

[markt] 04/12/2012 15:25

I hope that the planned new chairman for OCH does not have skills similar to

Angel de Cabo !!

(just been arrested with a view to taking his testimony with a view to possibly/probably charging him, Marsans case in Spain (allegations that he is a specialist at buying companies in administration situation...and moving real assets out of companies to tax havens etc (away from creditors and shareholders)....perhaps for benefit of directors or others...and perhaps getting a cut of 20%)
(free translation is available via "Google translate")

leaving behind unpaid workers, creditors and unpaid shareholders

the planned new chairman for OCH has a CV which shows a number of companies that have gone into administration....which creates the question as to whether he is a specialist or knowledgable person on the subject of administration...or how to dodge it....

whether he would act, if administration happened or was close to happening, to get any assets to shareholders or would act to keep assets away from shareholders and in the hands of directors....we dont know...

[markt] 04/12/2012 15:18

So, R& T, you say there is a meeting on the 6th between IIs and the broker or the company.

Insiders only ?
You think that is 'right' ?
Or you dont care ?!
What about the rest of us shareholders ?!


Will 'you allow' for a person from our shareholders group to attend ?
we have close to 5% of the votes...so I think we have a right to send a person

(one of our group is from Guildford and can perhaps attend or send someone in their place)

R & T
RU one of the owners of Shore Capital, who are making a profit by doing the share offer. And have made large profits from the IPO including the shares that they placed, I think they placed most of the 21M shares. Raised 18M. If they took 5% that is about 1M pounds.
Shore capital imo also made a fortune from the IPO....since they owned a big stake in OCH pre-IPO and the IPO multiplied that value by about 5 imo.

and the dirs. make money at around 1kE/working day each ...tax free perhaps...to Cayman Islands...since 2005

...while the shareholders lose money....!!...gotta larf...or cry !