Orchid Developments Share Discussion Threads

[tricia51] 17/12/2012 18:58

Ive 150000 sharesin crest-TDW.Just back from hols.Should I join action group guys?

[greedfear] 17/12/2012 18:48

Roger- Thank you for bringing the OCH-situation to the attention of a larger audience! Think we can do with as much exposure as possible in order to reach the maximum number of people. So they can join the action group and no doubt improve our chances of getting the best results for us.

[greedfear] 17/12/2012 18:39

Yes R&T I really think your commitment to the good cause would be highly appreciated!

[greedfear] 17/12/2012 18:38

Just to be sure. I've pointed out the OCH situation to ECDC (don't think it was necessary). (Part of the) OCH portfolio fits nice to theirs imo and I have been in contact with ECDC before about that. They just HAVE to be interested.... Only my opinion offcourse. DYOR. LOL.

[stoop] 17/12/2012 18:37

R&T , dont let these idiots put you off.We really need you involved in the action group :-)

[knigel] 17/12/2012 18:34

R & T, user never posts advice. He (?) just enjoys seeing other investors lose money and for some reason likes seeing share prices fall. What a sad loser

[greedfear] 17/12/2012 18:32

We live and learn.

[roughandtumbleone] 17/12/2012 18:31

User,Nice to see another stalker appears from nowhere.Please read the post you so kindly reposted...it's factual, accurate and unless you haven't notice this site is a forum to discuss the merits and share info. You'll also see from the T&C of ADFVN that investors should make their own investment decisions and why most times people and myself included type DYOR and NAI. Thanks for your input here.

[smithd13] 17/12/2012 18:25

Mark - have you registered for the other forum yet?

[scientologyweirdo] 17/12/2012 17:54

roughandtumbleone
13 Jan'12 - 10:44 - 41 of 9368 0 0

more,

Just so you know, the BOD's haven't bought shares at 20p! They converted outstanding performance bonus at a value of 20pps and have the incentive to realise significant shareholder returns above 20pps. Considering as of Sept 30th the company was worth equiv to 74pps and the value of the flagship shopping centre, this alone is likely to wipe out existing debt and get them to 20pps after loan repayments...all the other projects I've listed above are then "free".

They also own just shy of 30%...another good reason to work in getting the very best price for the assets and unlike other companies, this isn't a "firesale", as loan and interest terms have been agreed and or extended, so they have the best part of 12-24 months to realise the asset worth!

...and for the lazy muther's out there, here's some links to the projects...now how much are those hotels worth?

[scientologyweirdo] 17/12/2012 17:53

Could people post any other comments from roughandtumble which could be deemed to constitute 'promotion'

roughandtumbleone
12 Jan'12 - 22:00 - 9 of 9367 0 0

Macca, not stalking you...yet!

This reminds me of Minerva (mnr) when all and sundry were saying it was going to the wall. Two offers within two years and the share price went from 6p to £1.20! At the time The Walbrook was seriously undervalued, as was Minerva's other projects.

An interesting play here, esp if you digest that half year report...like I said it was only released 3 months ago!



Best wishes R&T

[scientologyweirdo] 17/12/2012 17:45

Could any lawsuit be brought against Roughandtumbleone i.e. restitution etc? for his 'promotion' of this company. He was supposedly an 'expert' but should he have been going around giving investment advice which looks like promotion without being FSA registered ?

[smithd13] 17/12/2012 17:21

Bump - just mailed you so you have my email address. Your forum request was authorised this morning first thing fella.

[jack1236] 17/12/2012 17:05

Tweet it to Financial press.

[markt] 17/12/2012 17:00

as a Sharesoc news item ...are Sharesoc not sending it out ?
(they have a web page with news releases....so they have done before...so they may have a mailing list that they send all releases to...)

[jack1236] 17/12/2012 16:56

Excellent, well done Bump/Sharesoc.

[markt] 17/12/2012 16:42

Hi
SHaresoc press release, or will Sharesoc prefer to distribute their press release ?

well done to get Sharesoc involved...and so quickly. 10/10
(they declined before the EGM....at least this time round they had already heard about it....perhaps made it a bit easier)

[bumpkinroll] 17/12/2012 16:15

To update - we've had an excellent response from the Chairman of Sharesoc, Roger Lawson by way of support & advice, which I will email to our group tonight.

As this press release will be in the public domain, issued by Sharesoc, I am posting it here for awareness.


Orchid Developments Group wind-up petition generates opposition
Orchid Developments Group is a Bulgarian focussed property company, listed in the UK on AIM, but registered in the Cayman Islands. The company was running out of cash and in September the shares were suspended because they had failed to file interim accounts, the explanation being that a fundraising was pending. Subsequently they did make an open offer to shareholders to refinance the business by raising £2.1m and capitalising £0.67m of fees payable to Bellport – a management services company to which fees for the services of the two principle executive directors, Guy Meyohas and Ofer Miretzky, are paid. Those two directors and Bellport are seen as a "concert party" and because of the terms of the open offer and their proposed take-up of shares, that group would have ended up owning 64% of the shares, effectively giving them control.
As with Inland Homes, and Conygar, two other small property companies we have commented on in the past, the amounts payable to the executive directors seem questionable given the historic trends and financial position of the company.
On the 14th December shareholders voted down the proposed placing at an Extraordinary General Meeting – only 16% of votes were voted in favour of Resolution 1 which was the waiver on the requirement under the Articles for such a group of shareholders to make an offer for the company. As a result Shore Capital (the company's Nomad and Broker) resigned with immediate effect and it was advised that Bellport would be filing a winding-up order immediately. Incidentally Shore Capital seems to come to our attention quite regularly as the Nomad/Broker of companies where shareholders are unhappy (Lees Foods, Lighthouse Group, Solo Oil recently for example).
Of course the Bellport connection also suggests that the two principle directors are a party to pursuing this winding-up, but they have not apparently yet resigned as directors, despite there being an obvious conflict of interest.
On the last published financial figures (at mid-2012), the company had a substantial surplus of assets over liabilities with shareholders' funds (net assets) of €71m but with a loss of €3m for the half year (profitable in the previous year). This company is far from worthless if you believe the accounts, but the market cap when last traded was only £3.5 million. But any administration or wind-up is usually very prejudicial to the interests of shareholders, and usually results in someone acquiring the assets quite cheaply. So although shareholders might not oppose an orderly disposal of the assets, surely it would be wiser if the company (and the shareholders) looked for a buyer of the assets of the business and opposed the wind-up.
Shareholders who wish to be put in touch with a "shareholder action group" that is being formed by concerned shareholders should contact ShareSoc. Likewise anyone who might have an interest in acquiring property assets in Bulgaria.
Roger Lawson 14/12/2012

[bumpkinroll] 17/12/2012 16:15

markt, do you have anytime to get the article out to any press bodies?

email me if preferred.

[markt] 17/12/2012 15:42

greedfear mentioned that key thing to do was to contact the IIs to see what they plan...and perhaps to join forces...

...contact was made before the EGM...

...and a message has just been sent to some of them, along the lines of the points /objectives given in the header message of this thread.

Whether IIs will be willing to allow an action group participate with them (qualified/authorised in financial sector)...remains to be seen. I would think that yes, since the 17% of votes we have is imo an important block of the votes and helps override the 30% of the 2 dirs.

imo it is best if ALL shareholders (hopefully 70%, ie. excluding the 2 dirs) work together since any legal costs (if take action vs the dirs) can then be divided among more people (or perhaps even use of assets within ring fenced subsidiaries)....and of course the IIs should be experts in the administration process

[bumpkinroll] 17/12/2012 15:29

Making progression here guys - I will update late tonight BUT only to the names that have emailed me as the Forum is not yet live - waiting for feedback from smith on this.

In the meantime, for those who wish to be updated who have not advised - please email at [e-mail] stating your advfn/lse handle for verification purposes.

[markt] 17/12/2012 15:05

ignore the last post

----

Bump/jack etc

What are your current intentions or plans ?
I am not sure/clear what your plans are.

My view on what the plan(s) should be for the action group, I have recently added to the header of this thread.

Basically that we try to get representation at any meetings/communications to/from large shareholders and the creditors committee and/or administrator.

( a secondary task perhaps could be to publicise the assets of OCH to any company or body that we think could be a potential buyer.....to try to help create more than 1 buyer and hence achieve higher prices...but in theory the administrator should organise that)