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A Company Voluntary Arrangement should be approved by at least 75% of the creditors by value of debt who actually vote and 50% of shareholders. Creditors can vote in person at the meeting of creditors or more usually by proxy form. Does anyone have any knowledge or experience of companies who have applied for a CVA and what the outcome was for shareholders?
Given that Bell had put forward to raise over £5m, albeit so he could repay to himself the outstanding loans, he wound have held around 75% of the value of the company, That means he had calculated that the company was worth well in excess of that. Following the BoDs August 14 trading statement they must now be viable, which means they could apply for a CVA (Company Voluntary Arrangement), which can mean that shareholders with the BoD still control the company. "The Group has made significant progress in the last twelve months and is on target to continue its growth trajectory to month on month profitability in 2015. We believe that the positive momentum gained in recent months can be maintained and substantial growth can be achieved in the next financial year." CVA (Company Voluntary Arrangement)
Hi has anyone who has taken up there share offer had there money refunded. Im with. Iii investor and have had nothing yet. Thanks
Thanks mate.
We can only draw conclusion from the link which reads the administrator will take over, whether its interim unsure, perhaps someone can help with that question, a possible way of getting rid of investors that paid company bills, so far, who knows. Perhaps pi's could be asks for further financial support.? ( little info) if so, they would need some good numbers to make possible IMHO.
Does that make our bod functional or disbanded ?
Administration - a detailed guide: Administration is a mechanism designed to protect a company from its creditors while a restructuring plan is completed. This technique can be very powerful in situations where the company has a very aggressive creditor or creditors and needs to protect itself from them whilst a rescue plan can be worked out. It is not the same as an administrative receivership. The company must be a reasonable size, have reasonably predictable cashflow and must be able to predict profitability. There must be an insolvent position or contingently insolvent position. The directors think that a hostile creditor will seriously affect the future trading possibilities,this is often a landlord or the Crown creditors. The administration process requires a licensed insolvency practitioner (IP) to act as the Administrator appointed by the court. The court appointed Administrator takes over the management of the company and takes responsibility for restructuring the company or business. If the company has little in the way of assets, poor cashflow and no future then creditors voluntary liquidation is probably more appropriate than administration. There are two types of application to the High Court. There is the "without court order" appointment route for holders of qualifying floating charges, and companies/directors. This is quick and does not need a court application or hearing.However, sometimes it is still more appropriate to make the second type more detailed application which asks for a court hearing. http://www.ultrasis.com/news/article;jsessionid=2766427AFA49B09E16194B7C1A3FBECB/436.html
If bell is the owner of the residual company.
UltraInvestor / er absence noted. Done your job eh, how much did you get paid by the bods? PC Plod needs to investigate you and the bods. You should be ashamed. We will get you, no doubt about it, all in your history. You will pay back all the ill gotten gains and more, I will make sure of that. Investigaters into this rotten share, take note of Woolworth.
Any ideas on a price, for a rock-bottom ULT, through the liquidator?
The Fat Lady sings her tune, ......common sense really, since Bell end was arrested. ...Writting was on the WALL Sorry to all those who have lost out.
There's been too many failures on AIM recently... and shocks... I think I invested here briefly about a year ago when I was more active as a trader (would have to get on to my HL account to be sure). Not sure of the posting history but AIM shares attract posters who either over ramp or troll/deramp... it's the posters who can see though the agendas and DYOR that succeed although sometimes you cannot foresee a suspension or loss of a NOMAD etc... I hope shareholders get something back here gl
Exactly.. Here are some prime suspects : Liquid_Gold maqsood7
Sorry to hear this for shareholders as the last time I reviewed this share matters will looking a bit more hopeful.. as for anyone promoting this share for x number of years - the least they can do is admit they got it wrong gla
Further to the announcement made on 17 April 2015 regarding the Proposed Fundraising not proceeding, the Company announces today that it has filed a notice of intention to appoint Paul Flint and Brian Green, insolvency practitioners at KPMG LLP, as administrators to the Company.
Oh dear, woolyInvestor/er, me thinks you should seek out an anger management course together with BTB / CBT and a wellness course. Now, back to your problem, so, answer the question. It is a simple one just, why do you ramp / post every day on this share for over 5 years, just tell us why and what is the connection. SIMPLES. Over to you. Ps; Knock, knock, LOL vbw
Oldindian you are a disgrace to the investment world, don't detract from the question.. Poor attempt lol, will post copies from LSE and 3i, show investors how a moron works the boards.
Answer the question and not detract. Poor attempt.Why do you Ramp this share for 5 years? Answer, we want answers. Come on WoolyInvestor/er, not only PABLO investigated, you should be also IMHO. PMSL@U
Oldindian April 2014 LSE...Range Resources... Soon to arrive at a station near you, IMHO. Time then to get on board, however, only 1/3rd of funds please, as, could well visit Naughty Forties, another 1/3rd only, as still a derailment could artifically see the train visit the sidings for a period of repair ( see rig8mortise ), before its PUMPED ub to 1p, rinse off the blackened engine and and start again. Simples really. Why did no-one listen to me when I predicted same when we where @ 4p??? ( I did call 1p, but got laughed at ) Oh and 1p ( I did call 0.05p , thats 0.005p in real money, but got laughed at ). Over to the RAMPERS. PS Rampers, You should be ASHAMED. VBW Oldindian aka YoungApache on 3i - Range bulletin Board I will top slice Range at £1... Keep them coming Oldindian, underhanded TROLL worst kind of investor, ramper/deramper to suite needs, work the boards, a real badun...
FFS, stop posting, you have posted absolute crap for 5 years each and every day on average 4 posts a day. Everyone, ask this ramper why. I will tell you, to screw PIs as he is making monry at your expense, quite simple really. Over to you UltraInvestor/Ultrainvester. PMSL.
Income is based in the UK ultrasis being the company ouners, although UPMC/U2 is a 50/50 partnership, so ultrasis receive half of u2's income, less expenses. Yes I agree news has been suppressed for months, I'm expecting more, company problem Bell has first charge on the company making it difficult to find a lender, unless he waives it, or agrees because its the only chance of recovering his money, if they go bust Bell looses mils. If a lender can be found, JS will have to pull out begging bowl to pi's, we could be Bells white night savior, so any deal needs to be in our favor not just his.
Hi The press release is quite odd: it talks about 14 new customer groups, not customers. This doesn't sound like they've suddenly won a load of new business, more like they're talking with a lot of people, or... Anyone have any idea what this means? With ULT in the UK probably unable to win any business (would you do business from a company who's shares were suspended?) our best hope is for revenue from one of its joint ventures.
U2 fourteen new customers. https://www.openminds.com/press/u-squared-interactive-expands-to-serve-14-new-customer-groups-through-launch-of-beating-the-blues-2-0/
My softening because Bells planning failed, we know what and why. As a private investor in a Public Limited Company must have a vote, any long shot funding will have to include our rights as investors, if not I will maintain my stance to keep my rights. Consider if the deal went through the company changed from PLC to Sole Trader Rights, we would have been finished anyway, Bell would have recovered initial investment be in pole position to sell for £1 a few days after the deal was complete IMHO.