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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zyzygy | LSE:ZYZ | London | Ordinary Share | GB0009585182 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.08 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
06/4/2011 08:06 | We must just hope that the offer succeeds. | asmodeus | |
06/4/2011 08:03 | ...thanks mate ...most appreciated.....I'll watch and wait ....I hold a total of 725000! | haff1 | |
06/4/2011 08:01 | P7 of open offer :- "Subject to successful conclusion of the Open Offer, the admission to trading on Plus is expected to be completed during the summer of 2011". | asmodeus | |
06/4/2011 07:50 | ...what time frame are we working to? i.e. when does this start re-trading? Anyone know I would be grateful. | haff1 | |
05/4/2011 19:33 | Search "bwa group". Also there's peter.hire@btinterne | wenlynn | |
05/4/2011 19:31 | ta all. Anyone got the contact details of the directors? | officerdigby | |
04/4/2011 19:33 | "Dear Shareholder, I am writing to explain the background to my petition to the Directors of BWA Group plc to convene a General Meeting to consider Resolutions to remove Mr Richard Battersby and Mr James Butterfield as Directors and to appoint myself and Mr Dwight Mighty to serve in their place. When the Company joined PLUS Markets in March 2010 the Board set out its strategy as follows: "Whilst the Directors have no bias towards a specific sector, the business (or businesses) which the Company invests in will, it is envisaged, meet certain conditions which, the Directors believe, will best position the Company to maximise shareholder value. These conditions include, inter alia, a robust business model demonstrating how shareholder value will be created and increase over time, including the generation of strong positive cash flows, and an experienced management team with a proven track record of success in their area of operation. The investment opportunities which the Directors are focussing on: * Are established, companies which are profitable, largely ungeared and which will be earnings enhancing for shareholders, capable of paying dividends and operating in mature markets; * Are primarily engaged in manufacturing and/or trading activities; * Are largely UK based and operating ; and * Have developed products which may require additional funding to grow" Since then the Company has invested in three companies: * Webb Capital plc. ( a company of which I am a Director); * Charles Street Capital plc.; and * Harrogate Group plc. All three companies are start up or near start up, two are essentially cash shells and in all cases the stakes that have been acquired are small minority interests. In the case of Charles Street Capital plc the Company has already started to sell its investment. It has also been announced that the Company has recently lent money to a de-listed AIM company Zyzygy plc which it is proposed will now be converted into equity. Again Zyzygy has no existing business but intends to' Target investment opportunities in oil & gas, mining and media... ` None meet the majority of the investment criteria set out in the Admission document. It is therefore clear that, at a time when funding for growth companies is more difficult to source than at any time I can remember; companies are crying out for additional capital and valuations are extremely attractive, that the Directors have not managed to find suitable investment opportunities to meet the majority of the investment criteria they originally set out. Additionally, I have noted that Mr Butterfield has been very busy in trying to rescue the business of Wren Extracare Group plc, where he serves as Group Development Director and it appears from a recent letter to Shareholders and Creditors there has been evidence of malfeasance by a former Director and substantial destruction of shareholder value during the time Mr Butterfield has served on the Board. Furthermore, the decision of Mr Battersby and Mr Butterfield to join the Board of ex AIM Listed company Zyzygy plc on 17 January 2011 together with their plans to re-capitalise that business using BWA funds and thereafter seek suitable acquisitions would seem to bring them into possible conflict with the interests of shareholders in the Company. I would ask the question `'If a suitable investment opportunity arises which company gets to see the opportunity?" In summary, I do not believe that Mr Battersby and Mr Butterfield are best able to deliver the strategy set out over 12 months ago and now have potential conflicts of interest prejudicial to the interests of Shareholders in the Company. I believe there are presently many interesting opportunities to invest in growth companies at valuations that would be attractive to shareholders in the company. Unfortunately I do not believe that Mr Battersby and Mr Butterfield are capable of ensuring that the Company benefits from these opportunities. During the 15 years that I managed The Eaglet Investment Trust plc from 1993 to 2008, I received many awards that resulted from my decisions in backing successful growth companies and thereby delivering above average returns to our shareholders. Similarly Dwight Mighty has experience in the world of Private Equity where again he has helped growth companies to succeed. In addition to our own efforts to identify attractive investment opportunities we each have extensive personal contacts throughout the business and financial world. When I increased my shareholding in the Company to 14.99% in May last year, at a premium to the underlying net assets, it was because I believed that there was the potential for significant value to be created for shareholders. Regrettably, I have come to the conclusion that the current Board are not likely to prove capable of achieving significant value for shareholders and in fact may well be conflicted in their management of the company. I strongly believe that shareholders will benefit from a change in management and more active investment style that Dwight and I will bring to the company. I also believe that the company lacks the scale to properly take advantage of the sizeable SME investment opportunity that currently exists. Subject to shareholders supporting my appointment, I propose to increase the funds available to the Company by raising additional equity. I am prepared to invest additional capital of my own to support this expansion. I would urge you to vote in favour of the Resolutions to be proposed at the General Meeting and should you have any questions please feel free to contact me on 020 7634 9510 Yours faithfully, Peter Webb" | wenlynn | |
04/4/2011 18:58 | Thanks asmodeus. | wenlynn | |
04/4/2011 18:53 | O.K.. I admit it - along with two others only, I attended the AGM today. I was hoping someone else from this thread would go, and save me the job of reporting! Was also assuming there would have been an RNS by now. Anyway, the most important thing is that the Chairman, Richard Battersby says "he thinks the £300,000 target has been reached, but that they are extending the offer deadline in the hope of raising even more". I told them that many contributors to ADVFN had made the point that we have no idea what investments they intend to make, or the experience of the Directors in the Oil & Gas and Media industries. Only that they have long been involved with small companies. Mr Butterfield said they have recently been involved with the successful launch of a media company involving millions of pounds. Also that we should examine the BWA website etc., to get a better idea of their skills. I asked if the reason they had been threatened with dismissal from BWA was because Peter Webb objected to their investment in Zyzygy (!), and they said they still have no idea why this happened, but that wasn't the reason as far as they know. Another shareholder asked them to get the website resurrected, and they said this would soon be done. The subject of shareholders not being informed about the offer cropped up, and they seemed unaware how nominees could be persuaded to pass on the info., even though it is illegal for them not to do so. But they intend putting the info. on the website. We pointed out that still means the website has to be found. I suggested a press-release might help. Altogether, I was pleased with the general demeanour and confidence of the three Directors there (the third being Peter Hire). (apparently the Hoskins Family are down with 'flu.), but although pretty confident now that this initial offer has succeeded, I am still doubtful as to how they will be able to persuade investors to put £2.8 million into a vehicle with only vague indications as to what it will invest in etc. But I hope sincerely that they succeed, and some value can be restored to our own stakes. | asmodeus | |
04/4/2011 11:28 | Why not this week ? "Subject to the successful conclusion of the Open Offer, the admission to trading on PLUS is expected to be completed during the summer of 2011." | wenlynn | |
04/4/2011 11:10 | ...anyone going? | haff1 | |
04/4/2011 11:05 | AGM at 11:00. | wenlynn | |
01/4/2011 14:20 | How frustrating is it to watch PYC go up! | snape | |
01/4/2011 11:17 | Creditors as at 2008 are below. Total is £581,000 As ZYZ are in a CVA, these should be reduced. Trade Creditors £67,000 Other Creditors £33,000 Directors Loan Accounts £414,000 Other Taxes and Social Security £53,000 Accruals and Deferred Income £14,000 I believe Billam are making a claim. | wenlynn | |
01/4/2011 11:14 | I didn't take part in the Open Offer because I didn't see the details of the CVA and I didn't have sight of the last 2 Annual Accounts. Don't write ZYZ off just yet ! | wenlynn | |
01/4/2011 11:08 | AGM Monday (4th) | asmodeus | |
01/4/2011 10:48 | ZYZ ? more like ZZZ ! | mister md | |
01/4/2011 08:10 | ..I don't see any value in my investment at the moment!!....LOL | haff1 | |
31/3/2011 19:16 | Result of Requisitioned Meeting BWA announces that at the General Meeting of the Company requisitioned by Mr Peter Webb and held today, the resolutions to remove Richard Battersby and James Butterfield as Directors of the Company were defeated. The resolution to remove any person(s) appointed to the board subsequent to Mr Webb's requisition was not put to the meeting, as there have been no such appointments. The resolutions to appoint Peter Webb and Dwight Mighty to the Board and to appoint Peter Webb as Chairman were also defeated. The resolution to approve the continuation of the Company was passed. Richard Battersby, Non-executive Chairman, commented after the meeting "We are delighted that the requisitioned resolutions were defeated but disappointed to have incurred unnecessary costs. The Board of BWA has worked hard, without remuneration, to source suitable large scale acquisitions and has considered over 40 such opportunities to date. Over the last twelve months the Board has continued to focus on maintaining shareholder value and made a number of small investments, some already successfully realised. This has enabled the Company to deliver profits for shareholders and generated cash for the six months ended 31 October 2010. We expect to be able to report continued progress at the Company's year end, although the exceptional costs incurred in connection with this meeting will have an impact. With this meeting now behind us the Board can again concentrate on its investment strategy to maximise shareholder value". | wenlynn | |
31/3/2011 18:54 | Company Voluntary Arrangement An insolvent company is bound by the regulations of the Company Voluntary Arrangement. The CVA is a form of composition, similar to the personal IVA (Individual Voluntary Arrangement), where an insolvency procedure allows a company with debt problems or insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period of time. A Company Voluntary Arrangement (CVA) can be applied for by; the agreement of all directors of the company, the legal administrators of the company, or the appointed company liquidator. A company voluntary arrangement can only be implemented by an insolvency practitioner who will draft Proposal for the creditors. A meeting of creditors is held to see if the CVA is accepted. As long as 75% (by debt value) of the creditors who vote agree then the CVA is accepted. All the company creditors are then bound to the terms of the proposal whether or not they voted. Creditors are also unable to take further legal actions as long as the terms are adhered to, and existing legal action such as a Winding Up Order ceases. During the CVA, payments are made in a single monthly amount paid to the insolvency practitioner. The fees charged by the insolvency practitioner will be deducted from these payments. The company is not required to fund any further costs. | wenlynn | |
31/3/2011 15:20 | Obviously, exotic, as you say. | asmodeus | |
31/3/2011 15:03 | Arpil is an Indian word meaning "dedicated" (thanks Google!) Obviously he meant "It ended on 28th March for dedicated nominees" | exotic | |
31/3/2011 14:06 | 28th "Arpil" 2010, presumably, O.D.? | asmodeus | |
31/3/2011 13:41 | It ended on 28th Arpil for nominees. This really has been appalling. Unless that was what it was supposed to have been. No idea what they are going to do with the money etc. No info (prospectus etc) to nominees. LOL, may share delaing account told me to look on zyzygy.co.uk for further info. PMSL! | officerdigby |
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