Orchid Developments Share Discussion Threads

[knigel] 14/12/2012 14:04

Directors are shareholders too!

[timtim5449] 14/12/2012 14:02

is this death by a thousand knives.

[bumpkinroll] 14/12/2012 14:00

I don't think we'll see the RNS until close as they will want to run off for the wkend to avoid the bombardment of calls.

[bumpkinroll] 14/12/2012 13:58

SP - we have NAV so surely if disposed of in a fire sale the funds after costs will be distributed to shareholders? But, no doubt this will be manipulated & the BoD will make an offer for them to the Administrator on the cheap.

[simonparker5] 14/12/2012 13:48

bumpkinroll yes we all lose our money!

[bumpkinroll] 14/12/2012 13:45

does anybody know what the procedure is if this goes into admin?

[markt] 14/12/2012 13:33

imo
any creditor to OCH or large shareholder in OCH is much better to issue a winding up order before any new share issue rather than after

perhaps done in part to stop the share issue process ....

after the issue if it happened then the dirs. could more easily de-list from AIM to save costs....and then much harder to make any claim against OCH or BEllport over in distant Cayman ISlands.

The share issue process is subject to UK law.....perhaps the last process that would be under UK law if the share issue happened except de-listing from AIM.

[smithd13] 14/12/2012 13:31

Just spoke to shareprice to confirm the share offer. My extra funds are indeed in escrow currently pending the issue of shares. If the RNS says 'no shares will be issued', we get our money back for the share offer.

[markt] 14/12/2012 13:20

If there is a winding up.....

then if the accounts are true and fair (as R & T believes !, he he; no one else does)
then we will all be RICH !! he he

since the NAV/share "is" 60p


(my 160k shares would give me 96k euros !!)

he he !

---

If there is a winding up then I reckon I would stand a good probability of getting a good part of my investment money back, 3p/share
and a lower probability (but real) of getting back a higher amount

(if the NAV of the land and the hotel is really 17ME then I would get perhaps 36KE, but minus winding up costs, minus directors salaries etc......

whereas imo if the mass of new shares were issued and the dirs. take over the co. and gain a large % of OCH assets....then the probabilities imo would be much lower.

(if there is any winding up I would much rather it is done by an independant professional, from the UK !, and not by the OCH dirs. who as large shareholders could easily try to seek personal benefit....such as putting key bits of land into their own hands (ref. recent RNS about land for a debt) which in 5-10 years time may be worth a fortune (next building cycle).

[roughandtumbleone] 14/12/2012 13:19

Bump,Unfortunately not, I had a new addition to the family but by the sounds of things the time & effort would have been wasted.R&T

[bricktycoon] 14/12/2012 13:18

Buy buy buy Monday resisting no rns yet keep the faith

[markt] 14/12/2012 13:17

...if there is a winding up order against Bellport or OCH...

then maybe my posts etc....and etc ;-)
have helped pull a few strings or lever a few arms

(I have repeatedly said that OCH was in practice already in administration.....
and that even if the offer happened that OCH may not be allowed back onto AIM
since it states that can NOT pay its instalments NOR pay its suppliers/contractors...

under UK law imo I think I would be illegal to raise money by a listed company under such conditions.
(and regulators were told as such.....so ...maybe some institution or other has acted....)

[markt] 14/12/2012 13:12

To repeat

----

My share of the hotel and the land company is 36k euros,

( total = Approx. 17ME in total, 0 debt.)

for only 160k shares.

36KE !

'if' we believe the accounts (which we dont !). For 3k pnds investment, I'm in favour of a winding up.

To allow the dirs. to move from 30% to 73% of OCH just in return for their salaries would not make sense imo. I would rather have a wind up order when the directors have 30% (and I am part of 70%) than if the dirs. have 73% and I have a part of 27% (SMALLER !).

.....and imo if the dirs. get just 40% then they have practical control....and at 600kE/year....imo...shareholders would NEVER get anything back (or nothing apart from peanuts as a gesture). (to 73% with current salaries...and if add 2014 salaries...then they could take most of the remaining 27%)

[golikethewind] 14/12/2012 13:12

so a winding up order has been isssued to the company who trying to save och. like giving someone a bucket with a hole in to a sinking boat. I may buy it, depends if my lottery ticket comes good

[bumpkinroll] 14/12/2012 13:11

BTW - based on JB's tone I would say the II's have voted no.

[bumpkinroll] 14/12/2012 13:10

joeb - thanks for the feedback. Amazed you were there on your jack!

Whilst a winding up order is very serious, it could be for a debt of say £10k for arguments sake - as long as it is paid the order is withdrawn.

R&T I take it you din't meet with Guy?

[markt] 14/12/2012 13:10

R & T

"Read my email to Guy where I stated the adjustment to the Grand Mall's valuation back in 2009 and it result a bonus being paid on the back of the Colliers increase was wrong. I stated that in the correspondence I shared here.

I never have stated you voting against the resolutions back in January was correct"


Uh !!!!??????

So, you say that the 2009 revaluation was not fair, was not true (as I think).
That no profit of 30ME was in fact created.
But that you think that the dirs. SHOULD have been given a bonus for it !!

Completely NUTS imho !

[jack1236] 14/12/2012 13:10

Just for info:-

[knigel] 14/12/2012 13:09

Going to be interesting now..

[knigel] 14/12/2012 13:07

Mark, just your thought

[markt] 14/12/2012 13:07

"roughandtumbleone 14 Dec'12 - 12:30 - 8977 of 8990 0 0

Well maybe MarkTs campaign will have had the desired effect...what he failed to grasp is if the votes were "no" to the two resolutions and OCH doesn't relist, sod all money will come back to shareholders, pure and simple.

If the adequate money was raised and the two resolutions had been approved at least there was a fighting chance of survival and some shareholder value.

Just need the RNS with details now."


----

R & T

"sod all money will come back to shareholders, pure and simple."

You are a liar.
And an intentional liar in order to seek personal benefit in some way imo, which is illegal I understand.

There are ring fenced assets, in the hotel and in the land company. And there are some real assets in seaside apartments and Varna Hills....with low debts.

My share of the hotel and the land company is 36k euros, 'if' we believe the accounts (which we dont !). For 3k pnds investment, I'm in favour of a winding up. To allow the dirs. to move from 30% to 73% of OCH just in return for their salaries would not make sense imo. I would rather have a wind up order when the directors have 30% (and I am part of 70%) than if the dirs. have 73% and I have a part of 27% (SMALLER !).

.....and imo if the dirs. get just 40% then they have practical control....and at 600kE/year....imo...shareholders would never get anything back. (to 73% with current salaries...and if add 2014 salaries...then they could take most of the remaining 27%)

[joeblogg2] 14/12/2012 13:01

I think so against Bellport which probably influenced the institutional vote?

[roughandtumbleone] 14/12/2012 12:59

Joe,Sorry submitted from my phone prior to finishing. What winding up order? Was it against Bellport?

[jack1236] 14/12/2012 12:59

rough

Maybe a call to Shore.