Orchid Developments Share Discussion Threads

[tax dodge] 14/12/2012 20:41

As far as I know Sapper was legit but don't know if he sold out before suspension

[beginner3] 14/12/2012 20:39

Guys, include my 200k please

[jack1236] 14/12/2012 20:36

bump - 556000
jack - 200000
thai - 1035000
tim - 500000
tax - 420000
joe -
markt -
red - 75000
Awkward T 250000

[red nutter] 14/12/2012 20:33

Add me in too have 75,000 at a rather large purchase price.

Appalled by all this especially since assets vale far outweigh the market price

[bumpkinroll] 14/12/2012 20:31

BTW - I have approx 556K

[bumpkinroll] 14/12/2012 20:30

thai - excellent, that's a good leap towards our 5%!

[bumpkinroll] 14/12/2012 20:28

jack - good work, thanks.

Awkward Turtle is in with 250k from LSE BB.

I suggest we see where we stand with holdings & who's in by tomorrow night.

I'll then compile a letter for comment/correction on Sunday ready to send out to the contacts above.

Does anyone have sappers email? I'm amazed he's stated zilch since 'I'm going to digest the RNS' from the offer RNS. I think he was legit but who knows.

[thailand] 14/12/2012 20:28

bumpkinroll,add my 1,035,050

[b3thany] 14/12/2012 20:16

As expected without Resolution (1) being passed a winding up order would ensue. However, what is the ulterior motive of the institutional holders not voting for Resolution (1) to necessitate a winding up,......could it be eg:-

(1) no confidence in current management

(2) not prudent to be injecting more funds into Och given current economic
scenario

(3) best possible chance of a return to shareholders eventually

With (1), the same outcome would have surfaced as imo Bellport would have withdrawn support if their two managers were voted out further incurring compensations for their loss of office as stated in the t&c of their contracts

With (2), would only enhance the holdings of the two senior managers as the likelihood of an economic upturn was highly unlikely through their improportional remunerations to Company financial position

With (3), at least current management, Bellport or a 3rd party could enter the fray to purchase the "assets" from Och with the best chance of shareholders getting a return eventually as management had been constantly reiterating and reminding shareholders the positive Nav to debts. This option would also minimise the cost to Och in view of that 20p options in lieu of payment should current management or Bellport decide to bid for Och. Imo despite the uncertainties attached to a winding up eg suspension not lifted, this may turn out to be the best option available for shareholders as the chances of any positive return from a further injection of funds at this juncture is slim.

[jack1236] 14/12/2012 20:16

As at August 1st 2012

Name Number of Shares % Issued Share Capital
Guy Meyohas 11,196,344 11.92
Ofer Mirtetzky 11,196,344 11.92
Nortrust Nominees Limited 6,565,447 6.99
Bellport Corporation 5,770,000 6.14
CF Midas Balanced Income Fund 4,900,000 5.21
Henderson Global Investors 4,652,570 4.95
CF Midas Balanced growth Fund 4,635,000 4.93
Nominee Companies used by Smith Williamson Investment Management Ltd 4,390,000 4.67
F&C Asset Management plc 4,535,597 4.83
Value Investments Limited 3,737,500 3.98
BlackRock Inc 3,303,380 3.52
Pershing Nominees Limited Clients Account 3,084,768 3.28
BBHISL Nominees Limited 2,933,500 3.12

The holding info is according to their website.


Fund Manager - [e-mail]
CF Midas Balanced Income Fund 4,900,000 5.21

Director of Institutional Business - [e-mail]
Henderson Global Investors 4,652,570 4.95

Fund Manager - [e-mail]
CF Midas Balanced growth Fund 4,635,000 4.93

Head of Corporate Affairs - [e-mail]
F&C Asset Management plc 4,535,597 4.83

Value Investments Limited 3,737,500 3.98

[e-mail]
BlackRock Inc 3,303,380 3.52

[bumpkinroll] 14/12/2012 20:14

R&T - surely you want in on this? + we need your commercial property expertise.

[bumpkinroll] 14/12/2012 20:10

that's great response so far.

I'm working tomorrow (my own business) so will work on the essentials.

I did see the list of II's contacts here the other week so if somebody could trawl for those & post again that would be great.

I suggest we keep this public on this thread for now & once we have total numbers of who's in I'll need personal emails as we may need to keep our strategy under wraps for legal reasons.

Have posted on LSE too so see what takers we have there.

Of course this could be scuppered if we have no response from the II's, BUT, if we get a decent enough pool, they will listen.

[tax dodge] 14/12/2012 20:02

Has anybody got the list of the ii and there phone numbers and email addresses.

Surely they won't just write this off.

[jack1236] 14/12/2012 19:59

bump

They also recruited a new Chairman, have a look at his CV, quite a few liquidations, you'll find it in the offer document.

Around 200,000

[tax dodge] 14/12/2012 19:58

Bumpkin

I hold just under 420k shares I'm in, let me know what I can do and who you need me to call.

If nothing else it will distract me from my loses.

[timtim5449] 14/12/2012 19:55

Bump I am in 500k shs what do I need 2 do

[bumpkinroll] 14/12/2012 19:52

tax, tim, jack, joe - how many shares do you have each?

You've nothing to lose now by fighting this.

[tax dodge] 14/12/2012 19:43

Mark

How do you feel about this?

Was this the out come you was after.

I feel like I have been screwed with the rough end of a pineapple.

But hey we live and learn and knew the risks blah blah blah.

Now to sort out earning the £16k I'm down back.

Ps. Mark, good luck with your bit of land in Bulgaria.

[jack1236] 14/12/2012 18:36

Complaints need to be made to the FSA etc

[markt] 14/12/2012 18:31

Only 4-5M shares were applied for by shareholders except the 2 dirs.

out of a total entitlement of 66M (70% of 94M)

Wow !


Only 7% of new shares were wanted by shareholders, apart from the dirs.

7% !!

(So clearly the dilution of existing shareholders , if the process had happened, would have been terrible).

A resounding damnation of the offer process and of the directors imo.

(surprising imo that the 2 exec. dirs. have not issued their resignations yet....since the votes were such a strong vote against them)

[timtim5449] 14/12/2012 18:24

What a great Christmas present. Well keep praying for some sort of return. Amen.

[jack1236] 14/12/2012 18:22

Joe

No, but they might buy the assets for a fiver.

[markt] 14/12/2012 18:21

"timtim5449 14 Dec'12 - 17:45 - 9044 of 9047 0 0

What do the ii expect to get now"

Their part of the 70% of OCH that the dirs. have not yet managed to pocket !

Numerous options open to the IIs. Many many options.

1) is to do something before an administrator is appointed
such as proposing new dirs and a bail out solution
(perhaps including them buying the hotel)
but difficult since the solution of issuing new shares would not (at present) work....since the amount of money that could be raised would be small relative to the payments that OCH has to make in 2013.

2) to make proposals to the administrator
such as buying the hotel....with some conditions, like the money can only be used to pay off HQ costs and to help any division which is viable....and not to be thrown into a high risk venture (such as the GM ...where the debt is so big ...and imo the NAV is so massively negative that looks to be no point in putting in a few million more, peanuts)
but no one has stepped forward to buy it after last proposed buyer stepped back

3) Or maybe some of the IIs may want to contact their contacts in property/business sector and see if anyone interested in buying for example the hotel. (if anyone buys it, I would expect that they wouldnt want to do final hand over till say May when tourists and income are about to arrive....)

[joeblogg2] 14/12/2012 18:21

tim. I don't think Guy or Ofer will be there once a liquidator is appointed.