Member Info for Aphrodite

And another similar delayed shown at 1628.

And there's a biggie, at 0940.

Back into conference/exhibition mode, with their increased range of fully integrated solutions. Manchester today, and others quickly following. It's on their website.

https://www.castletonplc.com/events-3/

Yes. The credit card acquirers are at the root of it. It seems they were unable to overcome the then potential problem, mentioned on 14th. November.

"There is a risk that card acquirers may seek greater protection and thus more cash collateral in the future or terminate with notice. Existing card acquirer contracts enable them to call for up to 100% cash collateral and additional card acquirers are actively being sought."

"If the Group's card acquirers were to choose to seek significantly higher cash collateral and the Group cannot access sufficient additional liquidity, this would give rise to a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern."

down with time.

He did not vote against, and seems to be challenging the process permitting the sale.

Where was asset manager Hosking with his 40mil. votes, when the listing change was effected, and control over the assets passed to the directors.

The EGM request will not slow the deal - current board who agreed it will be using their best endeavours. I do not know what the particular articles of association say on EGM, but Hoskings may begin to run out of time to achieve all he wants, particularly if it becomes possible to complete the deal before the backstop date. That will bring the prospect of legal action, with unknown outcomes.

Well, we shall see what investors/traders make of it this week, and possibly hear something from the company.

Genuine question. Can you assist me with reference to 'damages' in a case such as this. ie. Who will pay.

The question for shareholders, including Hosking, at the moment is where is best value to be found, before, if the board is to be believed at all, the company fails. Any investigation will take time, and any later consequences for the board is well beyond that. On the one hand there is press reporting as to Hoskings intentions, and on the other board statements. He will be careful.
There has so far been no legal action, which has the potential to at least disrupt the current agreement, and negotiated existing arrangements with the banks and credit card acquirers, which we have been told are essential and dependent on the Connect deal. Just now, it seems a question of whether he is prepared or becomes prepared to take legal action to end the ongoing divestment, and if he does, what does he have or foresee either to replace the Connect deal or to otherwise satisfy Flybe's requirements.
I am entirely neutral on the end result. But it is time limited.

Yes. institution of court proceedings are in the conditions and scupper everything.

Contracts were exchanged on 15th January.

https://www.flybe.com/application/files/8115/4756/9855/SPA_for_Flybe_Ltd.pdf

"The sale to Connect Airways of Flybe's trading subsidiaries is expected to complete by the longstop date of 22 February 2019. This will not require shareholder approval."

"The arrangements with the Company's credit card acquirers and banks are important to enable Flybe to continue to trade and are conditional themselves upon the SPA completing."
No SPA no cash, no cash no Flybe

We don't know who expressed an interest - "Following the announcement of the Formal Sale Process, Flybe received a number of expressions of interest. These expressions of interest included proposals for the acquisition of Flybe as a whole and also for parts of the business or certain assets. After initial discussions with the interested parties, Flybe shortlisted a smaller number of potential offerors to conduct initial due diligence based on a range of criteria, including deliverability, financial capability and strategic fit. The selected potential offerors were asked to submit proposals for Flybe and subsequently Flybe entered into detailed discussions with a small number of parties. These discussions led to the current offer."

Yes, the trading subsidiaries will be long gone. A shell with shareholders remaining.

Investors will effectively be asked to vote on whether £2m plus is a fair value for a shell company, with no assets. Currently they seem to think it's worth twice that.

Big write-up in the trade magazine today, with the company pushing their private cloud, but nothing really new beyond what's been posted already.

In the meantime, it'll be traded with 'free' money on a no lose basis until the music stops.

January 22, 2019
Castleton to deliver new Hosted Desktop to Circle Voluntary Housing Association
Castleton Managed Services is delighted to announce that we will be working with Circle Voluntary Housing Association to provide them with a new hosted desktop managed IT infrastructure.....
Castleton will provide a cloud managed desktop as a service hosted in Castleton Tier 3 data-centres complete with business continuity via Castleton’s leading backup and disaster recovery service and a managed service desk which will deliver support and service improvements to the Circle user base both remotely and onsite. The contract, which has a duration of five and half years, builds upon the existing relationship Castleton has with Circle, who currently use six of Castleton’s social housing software products.
Castleton’s ethos is to build long-term customer partnerships, working with our customers, as trusted advisors, this ensures we not only deliver on the services needed today, but constantly identify and recommend innovations, efficiencies, and cost savings.
 
John Hannigan, CEO for Circle, said: “We are delighted to enter into this contract with Castleton to provide the managed service offerings.  Castleton demonstrated to us the best offering in the tender process and the best pricing. We are already using a range of their software products on a hosted basis, which gave them good insight into our business and we see the combined offering significantly improving our operational capability”