Overnet Data Share Discussion Threads

[scrapheap] 08/3/2004 16:17

Interesting news on the suspension and new reverse takeover talks... sounds like this may be back trading in the now too distant future... the question is at what price!!!

could be anything from 1p to a £1 couldn't it... fascinating to watch but rather tense/exciting if holding I imagine

[fred needlestreet] 06/3/2004 19:50

Just seems like another part of the re-organsation of a company in a reverse takeover. I got a little excited when I saw an announcement, but after I read it I soon fell asleep again.

[rp] 05/3/2004 13:06

Anyone care to comment on the significance of todays news -

RNS Number:1871W
OverNet Data PLC
05 March 2004
The Board of OverNet Data ("the Company") announce that the Company has
appointed Insinger de Beaufort and Insinger Townsley to act as its Nominated
Adviser and Stockbroker respectively to the Company.
The Board also announces that Mr Anthony Wright, Technical Director, resigns
from the Company with immediate effect to pursue other interests and the Board
would like to thank him for his continued support.
The registered address of theCompany has been changed and is now:
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

[mclellan] 02/3/2004 15:29

dell- I didn't put it like that- said I had just read about various other deals they were involved with. He just said it was all a lot of work. He is not shareholder friendly ,although at least he did come to the phone
All the best, F

[dell314] 02/3/2004 13:38

mclellan - When you spoke to him, did you ask how it was possible for him to be working in the best interests of so many different companies?

You guys may be lucky in that this will probably be one of the first to reach completion, so a good result here may help to ramp up the price of other K&W ventures and it may therefore be one of the best deals.

I still can't imagine why any company would want to reverse into a shell with a mkt cap anything over about £500k, but we'll see what happens...

Cheers,
dell

[mclellan] 02/3/2004 13:27

dell- hi- I think he meant not any substantially earlier. I did mention about the 6 month ruling. Expressed surprise that I was concerned about my investment!
Regds, F

[dell314] 02/3/2004 08:58

TEMPORARY SUSPENSION OF TRADING ON AIM

OVERNET DATA PLC

At the request of the company trading on AIM for the under-mentioned securities
has been temporarily suspended from 20/10/2003 8:30am pending an announcement
and publication of a document.

I expect they'll be back earlier than end of April to get back within 6 months of suspension.

Rgds
dell

[artful dodger] 01/3/2004 22:45

end of april eh?

you need the patience of Job here....

[mclellan] 01/3/2004 09:55

dell- I just did ring Knifton up again. Didn't get much out of him except that he says they will be relisted by the end of April. I asked him why they didn't inform shareholders about the suspension and he claims they are not allowed to.
I said that shareholders were worried about money tied up and he said they didn't need to be- yeh. Cheers, F

[mclellan] 01/3/2004 09:47

dell- yes- that is the last article that I saw about OND in the Mail. Not that I bought them because of that-I already owned them and they were suspended at 49p bid. I don't think Geoff Foster knows much about the stock market, really. -just reports on what he picks up and sometimes it is right and sometimes, not. I do buy the Mail occasionally because he does at least mention small cap stocks more than say The Telegraph but as you say, one becomes very cynical. As for Jacques Vert, their clothes are so over-priced and relatively old-fashioned, I'm surprised anyone buys them!
Cheers, F

[dell314] 01/3/2004 09:15

Mclellan - you won't be surprised to know that I have a cynical view of journalists and tipsters, as well.
A lot of stories that I read appear to be planted by those with a vested interest in the stockprice moving up or down.
A classic was the tipping of Jacques Vert, using an out of date EPS forecast which lead to a couple of fund managers offloading huge stakes at the inflated price onto retail mugs (Accident or not?), before disappointing results knocked the price down again.

I did try to find the Mail's articles on OND but could only find this snippet:

UP from a July low of 2p, Aim-listed cash shell Overnet Data jumped 7p more to 38p. Shareholders could be in for a treat. Word is the stock will be suspended on Monday before the announcement of a major deal. An overseas company with significant earnings potential and cash flow is to be reversed into the business. Traders have heard that following completion of the deal, the shares should rocket.

What kind of journalism is that???
It looks like the Mail have done nothing more than paraphrase the rampers from the ADVFN BB.

Good luck!

Rgds
dell

[mclellan] 01/3/2004 09:06

dell314- yes- that information above is quite depressing. Goodnes knows what they are up to, if anything- sitting on their hands? Lost interest in OND? I'll maybe ask Geoff Foster at the Daily Mail if he can get a response out of them!

[dell314] 27/2/2004 10:29

mclellan - It may be time for you to phone Leo again!

How can he be working in OND shareholder's best interests(and as a director of OND he has an obligation to do so), with his finger in so many pies?

Seeing as all of these Knifton/Weller shells need a good company to reverse in to them, just how many companies does he have lined up?

It would be nice to actually see the results of one of these RTOs, to be able to evaluate actual shareholder returns vs. Knifton/Weller gains.

Rgds
dell(cynical observer)

[stewjames] 26/2/2004 11:02

Hmmm. What are these Knifton and Weller characters playing at? That's something like 4 or 5 shells they now have on the market "looking for reverse transactions". You'd have thought they'd have been better served dealing with one at a time.

[scrapheap] 26/2/2004 10:34

Anyone seen this? Dunno where this leaves you remaining ONDers....

SBS Group PLC said its joint administrative receivers have
been approached by Zerlina Assets Ltd (ZAL), a company represented by L Knifton,
N Weller and S Oakes, who have proposed that the company be recapitalised as a
shell company which should allow its shares to be re-listed on the AIM market.
The receivers said ZAL will use its best endeavours to negotiate a suitable
Reverse transaction.
ZAL has also agreed with the Bank, the major creditor, to purchase a large
percentage of the remaining debt in the company to in effect become the largest
creditor.
These proposals are conditional on creditors and shareholders approving a
Company Voluntary Arrangement (CVA) in which creditors are to be offered shares
in the company in satisfaction of their debts.
If agreed this proposal should eliminate the company's debts and restore
solvency.
ZAL is also plannig a capital reconstruction as they believe in order to
attract new investors and to successfully negotiate a reverse takeover the
company needs to reduce the amount of its existing share capital to a size at
which new investors will own a sizeable proportion of the company's issued
equity.
Following the implementation of the CVA,existing shareholders should hold
approximately 17 pct of the company.

[capricorn_1] 20/2/2004 16:47

4months in fact. They have until 21st April according to AIM rules.

[engdi] 20/2/2004 13:34

Anyone know what is happening with OND shares. No news in 5 months. Trading still suspended. When will it start again?

[capricorn_1] 18/2/2004 17:26

Dell - I see where you are coming from, and your reasoning is valid in itself. But you know as well as I do, that speculative share investments rely strongly on a hunch for how the market is evolving and how this will directly effect one's target company. NBT's share price has been all but demolished over the past three years. The reasons are well know and not unique to NBT. But we are in 2004 in the beginnings of a new phase of growth and consolidation. I am banking on NBT gaining from this. It's announcement at the beginning of Feb suggests there is progress....but I believe there is much more which will only become clear at the time of the results. You also know as well as I do, that once we are aware of any good news, that an illiquid stock with on 16M shares in circulation, will not hang around at today's prices for long.

So my philosophy with the likes of OND, NBT, NEB, VBT, DDD, and YOO (largely happened already here though), is simple: All hold great promise, the market conditions are turning their favour, and their price is still relatively low in P/E terms should they happen to continue their trend towards profitability (as I believe they all are and will) during 2004. That's a risk profile that I'm more than happy to live with and promote (you call ramp), but each should do their research and decide for themselves. Good luck with whatever you decide, but keep an eye on their progress during the next few weeks, even if you don't invest.

[dell314] 18/2/2004 09:08

capricorn - I had a quick look at last NBT results, on your recommendation, and wasn't overexcited by them.

Improving operating cashflow is encouraging, if they can maintain it, but there are some negatives:

1) Shareholder funds are negative without intangibles

2) Cash balances may be exagerated by timing of receipts, as interest received at £20k looks a little low for cash stated.

This statement made me laugh:

"A move to AIM should improve the liquidity of our stock and investor profile".

A move to AIM is either to save money or, for the more devious, to take advantage of the more relaxed regulatory framework.

Last director trade was a sell.

Current price appears to have a reasonable profit for the next results already priced in IMO.
However, a volatile stock like this may have a good reaction to positive results, anyhow.

To convince me, they would need a couple of decent results to show that it is maintainable and not just some accounting fun and games.

And I'd be happier if there wasn't co-ordinated ramping going on, but such is the world of penny stocks.....

Rgds
dell

[mclellan] 18/2/2004 08:31

capricorn_1 - thanks for that- let's hope they get sorted out before then

[capricorn_1] 18/2/2004 07:38

I know - and six months means April 21st (suspension October 21st)!

[mclellan] 17/2/2004 22:54

capricorn- they are only alllowed 6 months in suspension before they have to reapply for permission.