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we can all live in hope. i would suggest the fraud goes deeper than simply inflated revenue / receivables though. if Costis is willing to do this and also serious insider trading; are you sure he hasn't just done a smash and grab with bank funds as well?
i would also go for the accountants, who helped to cook the books!
I'm assuming this as a total loss - about £8k for me. I've joined the sharesoc stuff detailed below but doubt it will change anything. I've little experience of AIM - most of my investing is in large cap dividend paying shares. I became interested in Globo after it was mentioned by a friend. It seemed to have very interesting technology in a quickly growing market and the publicly available numbers looked OK for a growth company although I was concerned by the persistent shorting (shooters are not stupid and not the devil's spawn). Despite our directors being a bunch of crooks I'd be surprised if the Gartner report and other comments on the technology are fictitious. My guess is that some other company will now pick-up the intectual property (IP) at bargain basement price and make a go of it. (I used to run an IT company and on a couple of occasions we picked up assets where small companies had overreached themselves). If administrators/receivers are appointed I wonder what they will be able to get for the assets. Best wishes to all.
Gone are the days when Auditors were answerable - do Auditors simply believe evrything Directors tell them or do they actually look at the accounts and physically check the Companies cash movements in and out of their Bank accounts?
Unbelievable week.gutted.trying to move on .Remember when I joined this bb about 2 years ago and how friendly it was.just ye normal banter.feel for ye pharmer and global and ash and tricky and spikey et al who wereIin it for the long haul.little did we know that the ships captain and the crew were either crooks or incompetent. Maybe one day they will live with themselves the damage they have caused to peoples lives.7k for me but I suspect an awful lot more for some people.take care from Sunderland
Well I'm calling it a day with investing after this ! A recent £70,000 profit from a house renovation just went down to £60,000 profit due to this bad investment !! Still up but hate to loose and also feel for other investors that have lost out...wishing you all gl in future shares to return your losses, only tricks here and no treat....gla
The bigger issue for me is around what the auditors audited exactly. There are lots of questions and yet no real answers being disclosed. It is an absolute joke the way this is being handled and if it carries on like this with the company being allowed to issue cryptic RNS announcements that do nothing but fuel the egos of bear bloggers, Hollywood Directors will be queuing up to turn this whole debacle into the next big blockbuster!
your first para contradicts the 2nd. It is Directors business to make themselves awarw of what is going on. Burnell was a director since 2007. How can he not know about ficticious invoicing. what was he paid? and what for? He must be part of the sam
My guess is they resigned because they were no longer getting paid? If the money has truly run out then why stay in the knowledge you are working for free? It's also possible they looked at what had happened and resigned out of principle? Wouldn't you be ashamed as a director if you had truly been duped about how the firm was doing??? Personally I find it almost impossible to believe the whole board did not know that the accounts were mostly made up for last year or so? Unless as some reports suggest the BOD never really met us much? In which case maybe they were just obilvious to the facts? The word appropriate in the last RNS was rather telling. I read somewhere today Standard life have pretty much written off their 2M investment.
What I cant understand is when the CEO & CFO told the Board that they had falsified Accounts and Costis confirmed he had sold off a large stake (obvious insider dealing and a fraud), why werent the SFO informed straight away and the 2 put behind bars. Gavin Burnel then takes over but resigns witin 5 days. Is he part of the scam? what about Ben Ariko? why was he suspended and not aprehended? It is obviously a well planed affair. Any news from the fund which bought Costis's shares. I am surprised that a large chunk 1.2 million shares sold are noted last and not in time sequence
First post for me as I hope you will find the below useful which I just received from ShareSoc. Just replace the word dot with an actual dot. I have created a new web page to enable people to register an interest in Globo - see: http://www-dot-sharesoc-dot-org/globo.html . Please encourage Globo shareholders to register there.
Story online under money section suggests it's completely belly up
https://www.youtube.com/watch?v=bZfm_JQKJa8 From 00:26
You have to laugh mate. For me it's nearer 15%. In a week we have gone from denying all allegations to suspending to protect our interests (thanks for that btw), to resignation of one then both brokers, di ck head fessing up to fraud and having shipped a big chunk of his holding on the sly, the board not having a clue how to handle it so jacking it in as well. I really hope there are some undesirables that held this stock and are currently hunting cost is down. Hopefully they get to him before the authorities and feed him his severed balls.
Similarity with Quindell on the one hand. Similarity with African Minerals at the end. AIM regulation doesn't exist.
Yep, well a truly shafted, I would say. For me, it's 8% of my portfolio gone, but it would seem that some individual investors have lost a lot of money. They must be gutted.
£385k from memory. Bigger than the fees for some ftse 350 businesses.
Then
it's over. Shareholders have been well and truly rammed from behind. The CEO no doubt is in N. Cyprus out of reach from EU law. Barclays will move in and call in their capital....... and the company goes into admin/liquidation Suggest guys read the latest article from Shareprophets this evening. It's as good as over.
If Gavin Burnell (director since 2007) and Lorraine Young have resigned, who is managing GBO. If there was anything left of GBO, these 2 would not leave. Grant Thornton must be taken to task. You cant sign clean reports 4 months before Company collapses. Wonder how much they charged for the Audit
Out of courtesy to holders here, the company should stop sending out cryptic announcements and disclose the current cash position with immediate effect together with information around how the cash was last audited and an audit trail from what is was when last audited to where it is now. This is what we all want to know, not who has decided to resign now. For all we know from the RNS so far, Costis is probably currently trying to windsurf across to a remote Greek Island somewhere to hide out amongst the Olive plantations with money belts strapped to his chest. This whole episode really has cast a dark shadow over how the AIM is regulated. Too little too late in my view.
You would still hold equity just not able to be traded on a market. For how long who knows. Creditors will want the remaining cash so shareholders (as usual) will get naff all. I suspect it will get cancelled at 0p because the cash has gone. I told jolly when it got suspended that it was unfair not to let people out - now everyone is trapped waiting for the death throes. I am sure punters would have happily taken a 70% loss instead of a potential 100% one.
Is there anyone driving now?
Where do we stand if they delist?
This is a joke. what is the bank balance as at yesterday, what payments are due, publish a bloody unaudited trial balance you inept morons.