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I suppose not. It will become unproposed
What happens to the €14 million Proposed Acquisition. will it take place now.
Gennacords offices in London is a 2 minute walk from Globos
I hope somebody forms Shareholders lobby. Legal & General have apparently a £2million investment but had previously sold a large chunk to make £7million profit. They (Mr Penny) have written off the £2million investment. wonder what Standard Life, Hargreaves and Kem Finance are doing
Re administrators. I was simply quoting what I was told by Mike Jeremy on the phone yesterday and used the words he used. For the record I am a big holder, as in >500k shares unfortunately. I have absolutely no interest in scaremongering at all. Was just replaying the conversation I had. I spoke to Mike Jeremy again today as it happens. He was returning calls that he missed over the last day or two and inadvertently called me back thinking we hadn't spoken. I asked about the business again ie is it on going. He said as far as they are concerned the business was running 'as usual'. He highlighted a press release issued by Sourcebits yesterday highlighting the launch of a new product: http://www.prnewswire.com/news-releases/sourcebits-unveils-app-fuel-ushering-in-a-new-era-of-mobile-app-services-300166690.html He couldn't answer whether the firm would be attending upcoming conferences they are scheduled to attend. I asked about whether he had fielded many calls but said only a few a day from PIs. I did ask him about institutional investors but I cant remember his response. Clearly nothing memorable. I asked him to clarify his comment re administrators. He said he didn't have any further information and as soon as some was available he wanted to encourage communication. It was a bit more vague today. He stated that he was concerned about his livelihood and wanted to see a full forensic audit but had no further information. I also asked about whether the cash position was known yet - I didn't expect an answer and didn't get one, only the standard as soon as we know something so will you. I asked about why the law enforcement agencies notified did not include the U.S. He also wondered that too. I did make one error yesterday, I said that the special board was being organised by Barry Ariko, but I should have said Gavin Burnell. Sorry.
So, if the FCA discovers wrong-doing, then presumably they will fine the company, thus reducing the shareholder value even further!?
Jsimbo, sorry, good post, but you left out ..again. your post should read......Yes I don't understand how the auditors and Cancoord....again...failed to spot a fraud that some bloke in America found out.....QPP. I guess some brokers just don't learn the lesson, or give a $hit.
That now the crooks have gone a new board be appointed.This is a growing business sector.Just because they have gone does not mean the business has to fold ?apparently their offices are still open.#clutching at straws !
So is the cash held in a fictitious bank? (so no cash around). Has Costis and his cronies been appreheded? Surely, when he revealed insider dealing and fabrication of figures on Saturday at the Board meeting, the new Board should have got the fraud squad in. A thief or a burglar would have been handcuffed on the spot. so why not Costis and the CFO
Jsimbo, I think we all know how reliable google is as a source of information. I personally would therefore not be blaming the auditors for failing to rely on information posted online. However, I would like to hope the auditors carried out their own checks directly with third parties involved rather than purely rely on the word of management and information available online. This I wait to find out.
Time for justice and class action as appropriate. Questionable large share sale and then this news.
It is obvious that all regulatory and due diligence Authorities let us down. First the Auditors, second FCA, (what were they regulating? AIM Authorities role? and Gennacord who consistently forecast 90p expected value throughout.(what was this based on?) I am shocked that Standard Life and Hargreaves Lansdown also have investments in GBO (surely, they have the resources to validate present/future value. I assume they will bring action against the Auditors once the dust has.settled This can take a long time though but an interim FCA report should clear
Yes I don't understand how the auditors and cancoord failed to spot a fraud that some bloke in America found out with only publicly available knowledge. something has indeed gone horribly wrong for that to be the case. what is the point of auditors if they are less effective than a bloke with access to google?
Why would the company be making arrangements for administrators? This has not been formally announced and so why would anyone post such a suggestion? At the end of the day, regardless of what the CEO and CFO have actually done here, the company is still trading (it would appear at least) and so out of courtesy to those like myself that have money tied up here, it is important that people stick to the facts of what is so far known publicly rather than make more wild speculations or even gloat out of others misfortune (yes you know who you are). I am prepared to wait for as long as it takes for any forensic audit / investigation to tell us all exactly what has happened here. Only then can accurate conclusions be drawn over how much money we have all lost here and the likelihood of how much could be recovered by shareholders. This really is not a pleasant experience for all of us invested long here. To a certain extent, investing in the stock market is a blind experience for private investors since we do not always have the opportunity to meet those individuals that run the company and so have to rely on results formally published, the RNS and external audit opinions. Since the government allowed AIM listed shares to be included in a ISA, I think it is fair to say that as private investors, we should at least be able to rely on the integrity of the public information presented to us as private investors so that we can make informed decisions for ourselves. It would appear something has gone very badly wrong here and so I for one would like to understand why we are where we are.
Lol the last bit!
I really feel for those who were heavily invested in GBO, but have to ask why they were prepared to put so much of their hard earned cash into a company that in hindsight we all secretly felt was a bit dodgy. Maybe we were seduced by the so-called experts who were also taken in. I looked at it several times and was always going to cash in and spread the money across my other stocks, but didn't. Why didn't I? Who knows? It was always something I was going to do next week, in the hope that I could squeeze out a few more pennies. I will put this down to experience. I held only a small stake, but it still sticks in my throat that I have been scammed by a complete **** of a man. This time next year my other stocks will (hopefully) have made up the loss. As a friend said..."Globo sounds like a Jimmy Saville stock." We really all knew it was a stinker, but something made us believe all the hype surrounding it, rather than see it for what it has turned out to be.
Hi all, I have a reasonable holding in GBO, is it fair to say that this share will not recover ? No wise cracks please just a disgruntled investor like many others affected by this, gla
Agreed spikey, I think it safe to say upenn is a complete bulls******!
.... just out of idle curiosity, comparing the last post in which upenn referred to having 600K shares [29th july] with subsequent lse price charts for gbo, it's an interesting claim for upenn to make today that: "I sold out for around 47p" since highest recorded gbo close price after that was only 45p on 6th august. -- granted, some of the intraday trading may have touched higher, but it would have been an impressive achievement to have found someone prepared to take 600K of gbo shares off his hands at 47p after that 29th july post. still, it's AIM, stranger things have happened, lol! anyway, farewell gbo bb, been some good times and some less good. i hope for the sake of those with big sums sunk in here that the administrators are successful in securing the cash deposits and perhaps in hiving off some real parts of the company.
(mind you, no idea if upenn may have been posting elsewhere about selling out at the time he did it, e. twitter, since i don't follow it.)
mpg1, even if you did check them, upenn's later posts wouldn't really tell you much about what he actually did or didn't do as the share price fell sharply in aug/sep. upenn posted fairly often about gbo in a very positive vein & was claiming very large position size as late as july & up to **3rd august** (when sp was just over 40p). but then upenn did not post at all on lse about gbo for around 6 weeks (during while price crashed). then on 16th september when sp was just under 29p (having bounced back from sharp decline) upenn posted on gbo & stated that he had sold out of his very large holding "several weeks" previously. i'm not sure how transparent that actually is, declaring the liquidation of a huge position *several weeks* after the fact? ... but lse posters are under no obligation to be transparent, and it makes no difference to anyone's p&l anyway.
Has found the time to update his LinkedIn profile. Now his only job is chairman of hellanic capital.
I was referring to your post where you stated you held 600k shares for the long term and were trading £3k pp on a spreadbet. I didn't check your latter posts.
for the investors still in GBO, i wish you all the best of luck. I hope you get something back...
What you failed to realise is that i sold out from GBO along time ago. I had stated in at the time on the bb that i had sold out. I had even stated that i had off loaded all my shares over an entire week. i was very transparent. I sold out for around 47p, having bought some below and some higher. in the end, i ended up making a small profit.