Member Info for lemmink

Morally, I feel the placing deserves to be broken, because it was a dirty act IMO. ... I can't bring my self to sell, because the shares "may" actually be cheap? and the paranoid loon in me thinks "If I do then it will spike!!" ... GLA

Mentions possible 10-15% of PAT dividend policy commencing after YE 31/03/14 ... Good to see them taking the trouble to talk about dividends ... Still feeling jolly pi$$y about the placing tho.

Still here ... perhaps KNIGELK is sneaking back in?

No idea what to make of 46p ... pretty scarey ... dividend level must be falling sharply? ... or due to be cancelled?? Guessing next years divi could be circa 4p, but the following year may be even less etc..

To buy 10,000 shares = 18.6p * To sell 10,000 shares = 18.0p *

Upside robbery! ... worth a whinge? ... or possibly a rant?

This website offers some guidance (not intended as legal advice) about treasury shares in various national jurisdictions. * http://www.ibanet.org/Article/Detail.aspx?ArticleUid=3ab49ee4-2a6c-413f-92c6-4c604422011e * Extract from page 8 of England & Wales guide * Shares can be held indefinitely in treasury, but there is little rationale for holding such shares in the long term and they will normally be cancelled or sold.

Shareholders equity per share (NAV) has moved from £1.33 (on 31/03/11) via £1.29 and £1.32 to £1.31 (on 30/09/12) ... using 36 million shares and $1.6 = £1 ... Hoping something in all that equity is still worth owning?

The comment I put at the bottom of my previous post is a load of bleedin nonsense IMO!

Extract from page 64 NOTE N - LOAN TO SUBSIDIARY * As per the shareholders’ loan agreement DQ plc has given an interest free loan amounting to USD 35,912 thousand) to its subsidiary DQ Mauritius. Fair value on initial recognition of the loan has amounted to USD 19,296 thousand assuming an interest rate of 8% per annum and repayment period of 10 years. As at 31 March 2012, the fair value of the loan outstanding amounted to USD 18,464 thousand (31 March 2011: USD 17,144 thousand) *** My comment *** 25% of this loan could be another asset to DQE holders? But not clear to me how it fits on the group balance sheet.

From page 48 … note1 “General Information” My interpretation is … DQE (DQ plc) holds 100% of DQ Mauritius which holds 75% of DQ International (India) which holds100% of DQ Ireland. … not sure who owns the 20% of the associate, but its only worth circa £2m anyway IMO. On scanning the remainder of the document I think DQE is 75% of the Indian subisidiary +£2m and not much else because DQ Ireland gets very little further mention (tax dodge type thing?).

Extract from page 37 (Corporate Governance Report) *** “DQE maintains an investor relations section on its website www.dqentertainment.com to assist with shareholder communication”. * Also on page 37, Tapaas received total remuneration of circa $500,000 for the year.

Extract from page 22 (Retention Strategies) of FY accounts ending 31/03/12 *** "We prominently believe that the success of the company is built in with retaining of critical talent. It is predominantly given higher preference than hiring for the success of our company". * My Comment * The company’s attitude to the importance of key staff strikes me as arrogant, irrational and dangerously dismissive of the need for good & prudent financial common sense. *** General observation on skim reading pages 22-27 *** DQE is doing a hell of a lot of stuff HR / Staff Welfare related … which may be a characteristic of operating in India … or could be a result of a dysfunctional / over powerful HR function? *** Extract from page 29 (About the executive chairman, Tapaas Chakravarti) *** "Tapaas believes in individual excellence to be integrated into a well-knit teamwork and unstinted support to ethical business practices. This has lead to the creation of a large workforce in DQE, cohesively knit together with very high quality business, operational and creative leaders driving the exceptional growth of the company. He is a part of several national and international charitable organizations, …" *** Extract from page 31 (Directors Report) *** "The challenges faced by key global economies have had trickledown effect especially in terms of the interest rates hikes, delay in collection of receivables, longer working capital cycles, increased borrowings, decrease of outsourcing work and to top the list the ever rising inflation. …blah blah …DQE remained focused on creating the highest quality of content … blah blah … and strived to distribute that content in many strategic and profitable ways." *** Other figures from the Directors report (pages 31 -34) *** Profit after tax = $7.5 million for FYE 31/03/12. Directors own less than 13% of company, Nominee type insti’s (=PI?) own 42% of company as at end of May 2012.

I'm not comfortable holding 10,000 DQE shares and for me there are lots of unanswered questions ... the most pressing of which (IMO) is ... "whats the other stuff besides the Indian sub worth?" ... also I think Indian exchange & inflation rates need consideration... re directors, I thought they already had lots of shares? .... ... I am comfortable holding 400,000 NTBR shares, and would like to form an opinion on wether or not DQE represents better value than NTBR?

a little overweight on DQE?

Bought approx £500 worth at 21.75p holding 10,000 shares ... round numbers are easy to remember! ... My Av = 25p :o(

Thanks ... I think its a pity they don't come on here and talk to us, because this site presents a low cost and mutually convenient engagement opportunity, and I would quite like to give them some grief over the treasury stock... Oh well (lol) plenty of time for that. ... only just noticed the RNS of 7th feb (director position made redundant or something along those lines)

Do you know if they pay attention to message boards? ... Some years back CAD's company sec told a poster he followed the message boards, but they were trying to gain PI support to block a major shareholders liquidation proposal, so it may not be common practice?

Welcome aboard + thanks for buying.

I have no resevations about management competence and am starting to feel a little churlish for my reservations about their general trust worthiness. However the manner of their introduction to AIM a few years ago seemed a bit murky (the first 90 posts on the advfn board, covering the SP collapse, were quite disturbing). Mr Gold seems ok, but I have never spoken to anyone at NTBR... I think this shares main problem could be too many holders with low averages and a lack of jolly assertive buyers! ... The accounts & RNS's are pretty easy to read.