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LONDON, Aug 9 (Reuters) - The chief executive of technology firm Telit has taken a leave of absence after the London-listed company said it had discovered he had been indicted in the United States 25 years ago over an alleged mortgage fraud. Telit said in a regulatory statement on Wednesday that it had been made aware of the indictment against CEO Oozi Cats, which was later dismissed, and had appointed a law firm to review the matter, which it said was "unrelated to Telit and significantly pre-date(s) its establishment". Cats, who could not immediately be contacted on Wednesday, was alleged in a Boston federal court in 1992 to have been involved in a "land flip" scheme that bought and sold properties at inflated prices in order to take out fraudulent mortgages, copies of court documents reviewed by Reuters show. An arrest warrant for Cats was issued under an alternative spelling of his name, Uzi Katz, but he was never detained, according to the court documents. Although the case against Cats was dismissed in 2006, it was not mentioned in the company's prospectus when it listed on London's Alternative Investment Market (AIM) in 2005. Telit gave no further detail, but a source close to the company said its inquiry will focus on whether Cats' past had been adequately disclosed to the board and investors. It is expected to conclude within the next few weeks. Shares in Telit fell by as much as 45 percent on Wednesday, taking its losses for the week to 60 percent after the company posted a shock interim loss on Monday. [nL5N1KT1A4] Telit, whose products and services connect devices to apps and enterprise systems, was until recently one of the largest stocks on AIM and has a number of high profile shareholders, including Norway's state pension fund Norges Bank Investment Management and Allianz Global Investors. It has also secured tens of millions of euros in low-interest loans and grants from the Italian ministry for economic development to run research facilities in the country, according to Telit's latest annual report. But Telit has also seen elevated levels of short-selling - where investors sell borrowed shares, hoping to buy them back later at a lower price and pocket the difference - with 13.3 percent of its shares out on loan to hedge funds, according to regulatory filings, by far the highest on the AIM index. Cats, who sold around a third of his shares in Telit in May for 24 million pounds, told Reuters in March there was "not one single economic reason" for hedge funds to bet against the firm. [nL3N1GQ41J][nL8N1IQ1JW] On Monday Cats bought 400,000 Telit shares for 687,000 pounds. (
huge buy of 6.5million just gone through
=DJ Gartmore "Meltdown" As Manager Leaves And Co Considers Sale By Margot Patrick Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Gartmore Group PLC (GRT.LN) shares sank as much as 20% Monday after the fund manager said one of its top portfolio managers is leaving and it invited bids for its entire business. Gartmore shares were down 23 pence, or 18%, at 103 pence at 0845 GMT, less than half the 220 pence a share they were offered when the London-based company floated on the London Stock Exchange a year ago. Gartmore Chief Executive Officer Jeffrey Meyer on Monday told reporters that a strategic review conducted by Goldman Sachs Group Inc. (GS) could result in the company being sold or merged with another fund manager, and that it will give shareholders an update on the progress of the review by March. His comments came after Gartmore announced the departure of Roger Guy, the company's top fund manager who manages GBP3.5 billion of Gartmore's GBP20.9 billion assets. Guy's plan to leave early next year comes after his No. 2, Guillaume Rambourg, left Gartmore this summer amid an investigation by the Financial Services Authority. His earlier suspension by Gartmore, for directing some of his trades to specific brokers, sparked a 20% decline in the company's share price when it was announced in March. While Gartmore shops itself for a potential sale, it will in the meantime start a cost-cutting program to save up to GBP10 million a year, through job elimination and other measures. Oriel Securities analyst Keith Baird, who doesn't rate the shares, said the company is in "meltdown" and that the shares will only hit bottom when the market decides how much the rump business is worth after expected outflows on Guy's departure. He estimated assets under management might halve. Gartmore said it is also losing its chief investment officer, Dominic Rossi, to another asset management firm and that Meyer will take over his duties. Along with the shakeup, Gartmore reported that assets grew 4% to GBP20.7 billion in the three months to Sept. 30, from GBP19.9 billion at June 30. But the figure included GBP700 million in net outflows, cutting into the contribution of positive performance at its funds. Assets at the end of October were estimated at GBP20.9 billion, despite a further GBP300 million net outflow in the month. Another GBP500 million has been requested back by investors but not distributed yet. Guy in a statement said he had enjoyed his 17 years at Gartmore and intends to keep some money invested in funds he ran that will now be taken over by a team led by John Bennett, who already manages GBP3.1 billion of Gartmore assets. Gartmore said it plans to issue new equity grants to employees, for up to 15% of its existing share capital, to encourage them to stay with the company.
just read that ,and still unsure what the good news was..
is looking good, wish i had bought more this am..
true value of this company is 10p per share,this is a clean shell company with less than £400,000 in the bank! now it has a market cap of several million pounds lol something is definately up... I smell boiler room antics..... is our west African friend ramping on other boards under another alias again? or has he circulated another false RNS saying big oil discovery lol Avoid and enjoy watching.
anytime ,hopefully today, usually good news...all depends who their buying
LONDON (Dow Jones)--Deo Petroleum PLC (DEO.LN), which invests in North Sea oil development and production projects, said Wednesday trading in its shares has been suspended after the Company confirmed it is in early stage talks which may or may not lead to an acquisition of oil & gas assets which would constitute a reverse takeover. MAIN FACTS: -Trading on AIM has been suspended with immediate effect. -A further announcement will be made in due course. -Shares have been suspended at 110 pence, valuing the company at GBP8.31 million. -By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; jana.weigand@dowjones.com (END) Dow Jones Newswires September 22, 2010 05:54 ET (09:54 GMT) Copyright (c) 2010 Dow Jones & Company, Inc.
looks like a reverse takeover ,so fingers crossed ence lift in sp today
DJ AIM Suspension - Deo Petroleum plc TIDMDEO RNS Number : 1031T AIM 22 September 2010 ? NOTICE (500) 22/09/2010 10:45am TEMPORARY SUSPENSION OF TRADING ON AIM DEO PETROLEUM PLC At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 22/09/2010 10:45am pending publication of an admission document. +------+--------------------------------+--------------------------+ | | Ordinary Shares of 1p each | (B3PZFR2)(GB00B3PZFR25) | | | fully paid | | +------+--------------------------------+--------------------------+ If you have any queries relating to the above, please contact the company's nominated adviser on 020 7628 2200. Ref: AIMNOT500 This information is provided by RNS The company news service from the London Stock Exchange EXCSESSUEFSSEDU (END) Dow Jones Newswires 22-09-10 0945GMT
******
actually pretty ****! glad i sold friday, thought i was doing the wrong thing at the time.. think we will see dead cat bounce then another drop,,annoying really..
1058 GMT [Dow Jones] Panmure Gordon lowers Robert Wiseman Dairies (RWD.LN) target price to 450p from 600p following the company's profit warning. Notes that due to pricing pressures from retailers, operating profits will decline by GBP7M in 2H11 and GBP16M in FY12. As a result, broker reduces its pretax profit forecasts for the company to GBP36.5M and GBP30.9M for FY11 and FY12 respectively. "We maintain, though, that Wiseman remains best positioned within liquid milk processing to gain volumes and manage costs and reiterate our buy recommendation," it says. Shares -26% at 360p. (ishaq.siddiqi@dowjones.com)
bid rumour
about time..
to buy £1.82