Vislink Share Discussion Threads

[gleach23] 04/12/2015 15:58

ok thanks 1fox1..i did wonder whether the 29.2s were buys (so thanks for confirming) but then the 29k at 29p sent the bid lower. Now 65k just gone through at 29p and we're back down on the bid.

Looks an interesting contest at the moment :)

[1fox1] 04/12/2015 15:43

Bought and paid 29.2p earlier gleach23.

[gleach23] 04/12/2015 15:37

Today it looked like the previous buying under 30p had been replaced by selling. However the quoted price has now firmed without any reported trades (on ADVFN at least).

Some large late trades to show? Buyers below 30p after all?

[simon templar qc] 04/12/2015 10:43

Davidosh

Posters on the TMF got the wrong angle on the action! They assumed as the court refused permission it was the end of the road. A number of issues:

There are two possible actions in law the first being a derivative action the second being a unfair prejudice petition, or the issuing of both petitions together.

Under a derivative action its the company who gets the benefits as its the company who is suing the directors on behalf of all the minority shareholders son if there is enough support one would try and obtain a cost indemnity order.

That is what I tried to do but under a derivative action one needs permission from the court to continue. In my case it was refused and I have gone to court of appeal.

Under a unfair prejudice action one doesn't need to seek permission at all just issue a writ, but under normal circumstances the shareholders would have to fund the matter themselves.

What a number of shareholders could do is simply send a letter to the board and seek the scheme be cancelled or they may face either action. That will cost you nothing.

As for my costs the whole case taking into account there are two sets of defendants its cost over £200,000 so far but costs have been stayed by the court of appeal. I took my action on as a litigant in person and the costs should not have arisen the way they have. Under a derivative action one would normally seek to apply for a cost indemnity order early on in the case. Unfortunately I was taken advantage of by the defendants lawyers and that is one reason why the case is now in the court of appeal.

What I would suggest is keep your eyes on my action as there is likely to be further updates before the court of appeal hearing next April!

[davidosh] 04/12/2015 02:12

It is also worth noting how changes can be made to these schemes if larger shareholders are strong and effectively act as owners and seek changes where something is created by management that is so clearly not in the interests or aligned with shareholders

Just checkout the board changes and New Management Incentives at WYG announced yesterday....

At the Annual General Meeting on 24 September 2015 shareholders approved new incentive arrangements which comprised three key elements: (1) a revised annual bonus arrangement which included a significant element of bonus deferral in the form of cash and share-based payments which are subject to the achievement of demanding PBT and cash conversion targets; (2) a new Performance Share Plan (PSP) covering the senior executive and leadership teams which will vest only if absolute EPS growth targets and TSR targets measured against a peer group are achieved; and (3) a Restricted Share Plan (RSP) covering other key senior employees. It was a precondition to entry into the new plans that individual participants were required to surrender the overwhelming majority of unvested awards under the Transformation Incentive Plan (TIP) which the new scheme supersedes. We are pleased to confirm that 12.2m options previously awarded under the TIP have been surrendered, equivalent to 17.9% of the current issued share capital; thus substantially removing the potentially dilutive effect of the TIP scheme which had become an impediment to optimising shareholder value. Following the surrender of awards under the TIP there are 4.2m vested and unvested options over ordinary shares.

The Company has granted options over 1.4m ordinary shares under the PSP and 1.2m ordinary shares under the RSP. There are no other options over the Company's ordinary shares.




The share price at WYG has been increasing steadily since this review and amendment to the schemes was agreed in September.

[davidosh] 04/12/2015 01:14

If Mr Bridge is successful in his action against Elektron although each case is likely to be different it would certainly be good to look at all options and the directors may not like their greed making it into the papers ?

Simon Templar QC....do you know the likely legal cost of the whole case ?

Is there a shareholder here that wants to be backed by everyone else in taking this to court ? We would need a solicitor to give us a reasonable guarantee on the maximum expense required and I think we need to see if Mr Bridge is successful.

[oska] 03/12/2015 16:28

Just bought another 50,000

[oska] 03/12/2015 15:13

Agreed on that RC. One thing I have learned is that it is all in the
timing.

[rcturner2] 03/12/2015 15:05

Oska, no worries, water off a duck's back for me. Good luck here. I will monitor going forward, the risk/reward might make this interesting at some point.

[1fox1] 03/12/2015 15:04

Good luck for next April then:o)

[simon templar qc] 03/12/2015 14:57

fox

It is!

If the company didn't seek a shareholder vote its clearly unfairly prejudicial.

[1fox1] 03/12/2015 14:51

Hi Simon. I thought the shareholder was you. Maybe I was wrong. Good luck anyway.

[oska] 03/12/2015 14:50

Sorry RC I shouldn't get personal even if I can't spell seperate.
I'm sure we have both had our successes. I have been trying for 36 years.
I will keep buying under 30p mainly because I rate Pebble Beach. Just hope
management change or go away.

[rcturner2] 03/12/2015 14:37

lol oska, I have done double digit growth every year for years now.

I also know how to spell separate.

If you want to have a look at how a good small cap should go try ZYT.

[oska] 03/12/2015 14:35

Can't disagree with that.

[simon templar qc] 03/12/2015 14:29

Hi Guys,

Have been watching this, shares seem good value apart from one thing!

Greed!

Elektron PLC issued a unfair share scheme shares collapsed. Result was shareholder issued a derivative action the matter is in the court of appeal. Other legal actions are likely to happen including a unfair prejudice action.

What the company has done is unfairly prejudicial to shareholders here!

[oska] 03/12/2015 14:24

The current mrket cap. is £36.78m. If Pebble Beach was floated as seperate
company it would be worth more than vlk is now. Have you had much success
buying shares RC? Probably not.

[rcturner2] 03/12/2015 14:12

Vislink paid £15m for Pebble Beach last year. The current market cap is £40m. To suggest that Pebble Beach is now worth £40m+ is ridiculous.

[smithie6] 03/12/2015 14:02

8524

Nice post imho

[oska] 03/12/2015 13:56

In fact a simple name change to Pebble Beach Software and a move back
to the main market would be beneficial. Although the management wouldn't
agree.

[oska] 03/12/2015 13:24

The current value of Pebble Beach is an opinion as with all shares.
Historically the market rates software companies higher than hardware companies.
Pebble Beach being a growth software company would command a higher rating
than Vlk in my opinion.

[rcturner2] 03/12/2015 13:05

What was the Pebble Beach acquisition cost and on what basis is the current value changed from this cost (if at all)?

[oska] 03/12/2015 12:43

Hi varies. Management greed is something that we can all agree on.
However, I will keep buying the shares at under 30p on a medium term view.
In fact I would give 30p for Pebble Beach alone. Perhaps they might float
them off one day. Keep the faith. Regards.

[rcturner2] 03/12/2015 12:19

The options relate to the market cap not the share price, as others have pointed out.

[varies] 03/12/2015 12:16

oska
I have been adding at about 30p too and hope we are proved right.
Shocking as the conditional issue of special shares to the directors is, the shares have fallen about 50% since this was announced which does make issue less valuable to them. They might have done better to grant themselves options at the market price and perhaps they will now do so !