Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Evel Knievel, aka Simon Cawkwell was accusing Globo of only ever raising cash, but never making any.... and that was TWO YEARS AGO
"All we formally know as shareholders......" Ash 68 - You seem to have missed out the fact they had defaulted on their loan from Barclays.... they then no doubt called in the loan ... and wham ..administration You dont know the scale of the fraud yet because neither do the administrators ..but what you do know is that without Barclays, without a BOD, without an auditor and without a NOMAD it is "turn off the life support " and ..goodnight ......bye,bye AIM ... " That's All Folks "
Guys let's face it... Globo is dead...it is no more...it is a former company...it is late...deceased...gone...disappeared...shuffled off this mortal coil...gone to meet its maker...buried....never to be seen again...it sleeps with the fishes... Let's all move on...
I have already written this investment off although it really is quite incredible how little, shareholders get formally told in these situations about why a decision has been made to delist shares if that is truly what will happen in this process. I guess more information will come out eventually although I think the order of events could perhaps be handled better imv to prove to all creditors including shareholders (regardless of the fact shareholders are last in line to be paid) all possible options have been considered to keep the business trading as a going concern.
Guys let's face it... Globo is dead...it is no more...it is a former company...it is late...deceased...gone...disappeared...shuffled off this mortal coil...gone to meet its maker...buried....never to be seen again...it sleeps with the fishes... Let's all move on...
hi addicknt, doubt you are going to get very far with ash... from his posting history, apparently gbo's troubles were entirely to do with me and jolly sometimes posting comments on this bb which he said were evil shorting nonsense designed to undermine this fine, upstanding company. i don't think ash really understands yet that this has been a massive fraud, let alone finer details of what happens in administration. (i can't say i'm delighted by it myself, as lost a few K on this one, but c'est la vie, vive la diversification!) atb.
Ash, the 'forensic audit' is now an irrelevance. Indeed, I imagine work has stopped as the administrators will not be prepared to pay for it. The investigation will be conducted by the FCA after which the SFO will go after the crooks. As I said earlier, it may be worth your while doing a little research into what actually happens when a company enters administration. I'm genuinely sorry you've lost out here (I lost a packet on QPP, so I know all about dodgy accounting etc), but the game is over.
What I don't understand is how the cash in the bank can be falsified. Ive been involved in many audits over the years and its one of the top things that's asked for, bank statements balance reconciled to the accounts. Can't believe any audit team wouldn't have done this. Unless hes raided the bank after the audit. As the CEO and CFO have done a runner they would have had access to do this...
With all due respect addicknt, nobody including you as yet really understands what has gone on here until the forensic audit is completed. All we formally know as shareholders is there was an emergency board meeting held on 24th October and both the CEO and CFO admitted to some form of financial misstatement. We as shareholders do not as yet know what the scale of this misstatement is nor whether the company actually does have the cash it claims. Why is everyone on here so accepting of what will happen when what we have been told formally so far is actually very little?
I'm sorry to say this Ash68, but you really don't appear to understand what's gone on here and why the Administrators have to de-list the shares. In simple terms, a company in administration cannot be quoted. The management are no longer running the business and everything is in the hands of the administrators. I'm sorry to say, the shareholders have lost everything here and you have already waved goodbye to your money. One can only hope the crook gets caught and ends up doing some serious time.
The RNS announcement about the administrators applying for the shares to be delisted was premature at this stage imv. This should be a last resort and yet I don't really understand why the RNS did not suggest this is a last resort. Grant Thornton must have audited something at least and so I think existing shareholders deserve to know this before they are forced to wave goodbye to their money.
I think this morning's resignation announcement was somewhat predictable. We already knew he was suspended and so I guess his resignation helps to show that the company is making an effort to wipe the slate clean. In my view, I think the decent thing for the administrators and regulators to do here is to at least wait until the results of the forensic audit tell us all exactly what the true financial position is here before any shareholders lose out by having their shares cancelled. It really would be a kick in the teeth to private investors like myself who lose all their money by the shares being cancelled only to then discover that the forensic audit result suggests the company can after all continue as a going concern and access cash to pay its debts. Why can't the courts force a broker to be temporarily appointed in the mean time to keep the shares listed?
Costis is an amateur compared to Blatter.
will probably reappear soon as new head of FIFA, lol.
where has all the cash gone. If you cant trust company accounts what can you trust. It all seems very strange to me. Globo has some good parts, I guess they will be sold off. Debt free the company could probably make it Very very sad for all the big holders.
For all holders here - true disgrace. Audited accounts should be good enough, don't hold but did years ago - wonder how long this goes back? Auditors must be accountable if there is any justice and will have insurance. Possibly only forlorn hope of salvaging anything for shareholders.
Well considering they have cash supposedly stashed in a bank account in Switzerland..(as well as the UK and US) ...I would probably have interpol keep a close eye on the video cameras of who eneters or leaves the bank.....one hopes that the accounts have been frozen but that may have come too late...who knows...
Dont see any point in getting into a Domestic with other Shareholders. As events unfold, I see the following happening. If the Administrators can salvage anything and sell off, creditors will be paid off and Shareholders get nought. Thereafter, GT are taken to task. They will refute any wrongdoing (like Costis) and ask Solicitors to issue a rebuttal. Then they are taken to Court which will last about 5/6 years. Eventually an out of court settlement and Shareholders get nought. BCCI, Enron, Equitable Life, Quindell, Monitise ETc (too many crooks about) If Administrators see value and sell off as a going concern then perhaps Shareholders will salvage a small part of the investment but I doubt it is worth £100million. Costis is found and jailed for 10 years but out in 5. He writes a book while in prison which sells 10million copies so he lives happily ever after
If you are trying to convince me that I should pay more attention to the opinion of someone who only has access to publicly available information to form an opinion and a vested interest to make money out of a share price dropping in value over someone who has access to ALL records (both public and private) to form an opinion without any vested interest in which way the share price goes, then I think you are wasting you energy trying to convince me (even if I have potentially lost quite a bit of money here). At the end of the day, I make all investments with an expectation in my own mind that I could lose it all and it would appear on this occasion, I may have to do just that and write my investment off. It is not the end of the world but still very disappointing that the interests of private investors were not it would appear protected more here by the regulators, Non Execs and the auditors.
you would think there would be an update on his location? we should set up a facebook campaign to find him....... someones bound to give him up......... it may even make the FT! im not on facebook though. game over now....... last time i try an in and out trade..... caught out big time!
This really doesn't make any sense even as an ironic statement and is not what I said at all. We absolutely need the integrity and accuracy of the professional auditors but that is not always forthcoming and in this case they really have dropped the ball. I am not saying that TW and co should be formal in any way but their input needs to be recognised as valuable when it is as it was in this case. there is literally nothing wrong with them pointing out a fraudulent bubble about to burst, even if they cause it to happen early. we need BOTH competent authorities AND people who are out there actively looking for bad companies and seeking to expose fraud. its part of a health self regulating market. Am I condoning manipulative bear attacks on good companies? hell no, but that is not what happened here. Anyway, I am not interested in starting a flame war with you, as I said this is not personal you post was just a good example of automatically bashing anyone with negative opinions. and the lessons need to be learned. a sensible debate allows view from both sides and there has been no sensible debate allowed on this BB due in part to posts like that one. I am writing this loss off as educational.
Who needs the integrity and expected accuracy of any formal opinion from professional auditors these days when it would appear in reality (according to you at least) TW and his friends are the ones that should be given the formal power to sign off the audit report to tell us all how it really is. They have at least bestowed that power upon themselves informally.
Forum Venture Capital and Forum smaa caps trust seem to have a packet full of shares bought in the last few days before suspension. i suppose they bought Costis's shares. The Directors have completely failed in their duty in the Board meeting to make Citizens arrest of Costis and the CFO
All Shareholders are included. I believe they are waiting for the FCA/Administrators Report before proceeding and pokerchips is right ''professional negligence'' will need to be proved which can be challenging.