Orchid Developments Share Discussion Threads

[joeblogg2] 14/12/2012 18:20

These are major shareholders:

HSBC Global Custody Nominees (UK) Ltd (dup & dup A) - 25,197,284 26.82
Ofer Miretzky (dup A & B) - 11,196,344 11.92
Guy Meyohas (dup & dup B) - 11,196,344 11.92
Midas Capital Partners Ltd - 11,035,000 11.74
Progressive Asset Mgmt Ltd - 6,565,447 6.99
Bellport Corporation (dup B) - 5,770,000 6.14
Barclays Stockbrokers Ltd - 4,253,880 4.53
Value Investments Ltd - 3,737,500 3.98
Thames River Capital LLP - 3,400,000 3.62
Shore Capital Group PLC - 3,080,558 3.28


The likes of midas, progressive would have paid a lot for their holdings??

[timtim5449] 14/12/2012 18:19

Why cant they just get anther group of people to run the company.

[timtim5449] 14/12/2012 18:18

looks like guy is still there

[timtim5449] 14/12/2012 18:17

all info out now rns

[joeblogg2] 14/12/2012 18:15

Well the institutions voted this down, can they come up with an alternative or will anyone be interested in the whole lot?

[jack1236] 14/12/2012 18:09

In theory you could get a court injunction to stop this in it's tracks.

[joeblogg2] 14/12/2012 17:58

rns issued confirming. Not sure what is going on as I thought Bellport were themselves being served yesterday and in the rns states they are winding Orchid up as being largest creditor:
In view of the above, the Company does not have sufficient working capital or future cash flows to continue to trade. Furthermore, the Board has been informed that Bellport, which is the Company's largest creditor, has filed a petition with the Grand Court of the Cayman Islands for the winding up of the Company and that such petition is expected to be formally served upon the Company today at its registered office.

[knigel] 14/12/2012 17:46

It might not have changed the vote though but it would have been close

[timtim5449] 14/12/2012 17:45

What do the ii expect to get now

[jack1236] 14/12/2012 17:42

Read that earlier.

[joeblogg2] 14/12/2012 17:37

Just noticed this as to why they didn't vote on Res. 1:
The Directors believe that should Shareholders not vote in favour of the Proposals, or should the Proposals not proceed for any other reason, the Group will not have adequate working capital to continue to trade. As Guy Meyohas and Ofer Miretzky are interested in the arrangements with Bellport, they have not taken part in the Board's deliberations in relation to the Capitalisation nor in relation to the Waiver Resolution. The Independent Directors, who have consulted with Shore Capital and Corporate Limited, the Company's nominated adviser, which has taken into account the Independent Directors commercial assessment of the Proposals, consider that the Proposals, and the Resolutions to be proposed at the EGM, are fair and reasonable in so far as Shareholders are concerned. The Independent Directors unanimously recommend Shareholders to vote in favour of the Resolutions. Bellport, Guy Meyohas and Ofer Miretzky have undertaken to vote in favour of Resolution 2 and to abstain from voting on Resolution 1.

[joeblogg2] 14/12/2012 17:35

Nigel, possibly but this could take some time now. I am not sure what happens but the BOD are now in the same boat as us and dependant on what the liquidator achieves something or nothing?

[knigel] 14/12/2012 17:32

Maybe the large shareholders thought och would realise more value via admin? Otherwise turkeys voting for xmas comes to mind

[knigel] 14/12/2012 17:30

They were not able to vote on resolution one

[jack1236] 14/12/2012 17:29

So they will place it into liquidation.

[knigel] 14/12/2012 17:29

Well to get from 63p nav to no value for shareholders would be some achievement. Hope the results can still be issued so we can get the full picture

[joeblogg2] 14/12/2012 17:27

No Nigel about 1:4 I think the institutions voted this down collectively as only one guy voted on all their behalf. I am surprised the Bod's and Bellports holding didn't seem to be taken into account?

[smithd13] 14/12/2012 17:27

Guess that's why no RNS just yet then. Having going through an admin process as an employee myself recently. I know how much of a nightmare it is.....

[golikethewind] 14/12/2012 17:26

down the swanie river and in the sky with comet

[knigel] 14/12/2012 17:23

Was the vote close?

[joeblogg2] 14/12/2012 17:20

This is what it says in the EGM rns:
Shareholders should note that, if the Resolutions are not approved at the Extraordinary General Meeting, the Minimum Subscription will not be received by the Company and the Capitalisation will not occur. If this were to happen, the Company would not have sufficient working capital to continue to trade, would need to cease to trade and would most likely be placed into liquidation.

[joeblogg2] 14/12/2012 17:18

My understanding is an adminstrator would be appointed.

[timtim5449] 14/12/2012 17:18

Resolution 1 voted down, so now there must be a re think surly on what to do, like the EC voting just vote again on something else thats all. We are still in. There must be other options to consider now oppoins please!!

[golikethewind] 14/12/2012 17:16

what does that mean in english for monday joe