Called10 Jun 2009 11:07
and they talked with me for some time. Not good at making notes and he was reading from documents at times. The gist is that Strategic Partners , who own 25% want all directors removed and new ones put in place and for the aim listing to be cancelled. The latter can only happen within aim's rules, some being : a minimum of 20 days is given, a platform for shareholders to trade their shares is provided (eg go onto plus market) and the only way this doesn't have to happen is if they are taken over. I asked about assets but he could not tell me past June 08's figures which were $130m, but he said they definitely have other losses incurred since then. I asked about "going to the wall" but he said that is market sensitive news and he wasn't allowed to comment. They have sent letters to shareholders and the extraordinary general meeting is on July 2nd or 3rd, he couldn't remember exactly, at Cobbett's llp (?), 70 Grey's Inn Rd, London WC1X 8BT.
He didn't know why this was happening. He also said thist is a one contract company". I didn't know that was the case to be honest, so maybe my research was not too good. Too little time!!
I had one company , Axeon Holdings, very suddenly announcing they were being taken over at 2:30 one day and we lost everything. I only lost 500, some poor buggers lost 7 or 8 k, so I am very wary at the moment.
I am now going to work out how much money I am going to lose in mec, so,as you can see, you will not be coming to me for tradin