Member Info for shareaction

"no way"? I was just quoting the linked article...

greendave,
Why should we expect results "tomorrow" when Bramhill has said results "would probably be known" by about early March?

https://pbs.twimg.com/media/DxwiW71X0AAncn-.jpg:large

Typical... re-balancing part of my long term portfolio by offloading 1/2 million Polo shares in 2 equal installments on the 5th and 7th this of all weeks... Well, glad my policy is only to sell a bit at the time. However the volume today did not indicate any fundamental changes to Polo. We'll see... Good luck all buyer, holder and sellers!

Gama hasn't "accounted for" the melt-down of the Saudi executive jet market. An accounting "adjustment" for their middle East division is surely overdue. Or will they wait until CEO Khalek has gone and do it together with an emergency placing instead? Many possibilities...

Sneaky... Their accounts say

"On 1 January 2017 the Group and BBA Aviation Plc merged their
US aircraft management and charter businesses. This merger
resulted in the Group’s 49% interest in its associated company
Gama Aviation LLC, being reduced to 24.5% and a profit of $1.6m
being recorded on the disposal of the other 24.5% interest."

They never issued any rns telling us that they sold half of their 50%-holding in Gama Aviation LLC for $1.6m. That values the whole company at $6.4m !!

THe Gama directors must have been desperate to flog the crown jewels holdings for pittance, only to raise a bit of cash...

I've looked at this a bit and can see the following:

According to this RNS from January 2017

https://www.investegate.co.uk/gama-aviation-plc/rns/merger-to-create-us-aircraft-management-business/201701030700101256T/

from Jan 2017 Gama Aviation PLC owns 50% of Gama Avition LLC as follows:

"Gama Aviation Plc will transfer its 49% ownership in Gama Aviation LLC into a new holding company, GB Aviation Holdings LLC, which will be owned 50:50 by Gama Aviation and BBA Aviation"

I cannot find anything about this ownership structure having changed later.

Therefore half of the $7.75mill repaid to Gama Aviation LLC should in effect be a payment to themselves. (But if that really is the case why wasn't this mentioned in today's RNS?)

Is there any ownership connection between Gama plc and Gama Aviation LLC? Why do they call it an "associate" company?

Yes, we didn't have to wait long for more dirt: Another RNS today

"Gama Aviation Plc today announces that it has identified the receipt of two overpayments, in error, from Gama Aviation LLC, its US Air associate. $5.75m and approximately $2m were received in June 2018 and December 2017 respectively and were reported in cash and trade creditors in the respective half and full year reporting periods. Both of these overpayments have been re-paid in full."

Unnoticed by the auditors, Gama has had $7.75mill in cash for a year. This has now of course suddenly disappeared. Nearly 11 pence per share CASH. GONE!

Why does this company now remind me of Patisserie Holdings, Marwan Khalek?

Does anyone with oil production knowledge know if it is possible that what UpstreamOnline calls "Biscathorpe-2 exploration well", can be used for production (straight away) if it hits the right spot? Or are these appraisal wells just that – for appraisals only, purely to establish the limits of the reservoir, etc.?

https://pbs.twimg.com/media/DxwiW71X0AAncn-.jpg:large

Short RNS today:
"Gama Aviation Plc announces that Dr Richard Steeves is to stand down as a Non-Executive Director of the Company with immediate effect."

Dr Richard Steeves
Non-Executive Director

"Richard founded and built
up Synergy Health plc
(“Synergy”), the FTSE 250
outsourcer, established in
1991. Synergy grew from a
£12 million market cap at
the 2001 listing on AIM into
a global medical hygiene
business worth £1.4 billion
at the time of its takeover
by Steris Inc, the Ohio-based
sterilisation equipment
maker, on 2 October 2015.
Richard grew Synergy both
organically and through
acquisition and brings to the
Board valuable experience
in building an international
outsourcing service business. "

Why was this person on the Gama board in the first place? To help transforming Gama into an international outsourcing service business?

How many other stupid arrangements is this company going to admit to and then change?

We know that the 7% threshold was reached/crossed at his last notifiable purchase. Therefore all we know is that he owns between 7 and 8%, or between 591,549,718 and 679,056,820 shares. Depending on the number of shares he owns, he can sell up to 84,507,102 shares before he needs to issue another TR-1. For Chris Oil to sell to just below 7% hardly makes a bit difference for him, he would still have more than nearly 7% left.

As there are more than one price sensitive trigger event in the near future, I see no reason for Chris Oil to sell any shares at this stage, he will at least wait until Biscathorpe has delivered one result or another. After that its anyone's guess how the various players will act.

correct. Don't be fooled, the Malaysian datuk title can be bought according to a lawyer I know in Malaysia.

Far too many stupid mergers and acquisitions all the time. These CEOs cannot help themselves; to streamline and run a business profitably they find is boring. But it is actually very difficult. Whereas to buy this and buy that any moron can do and leave the CFO to dress up the accounts the following years until they have to quit for hiding too many skeletons. But these CFOs happily take the blame with a big pay-off and can go into semi-retirement ever after. The new CFO writes off the past mistakes of the CEO and start again. This time however I firmly believe it is the CEO's turn to walk the plank - with lost of golden goodbyes of course.

"all resolutions proposed to shareholders were duly passed."
I didn't see any agenda, no voting results or any proposed resolutions. And where are the minutes of the AGM?

Cam - Flights, limo hire, accommodation, "subsistence" and entertainment are often said to be incredibly income-generating expenses...

Cam, Obvious (to me at least). They have invested here for years and years, written off US$6.63m, and no further forward that they can report on.

Cam,

https://www.investegate.co.uk/polo-resources-ltd--pol-/rns/ironstone-resources---investment-update/201512010700074389H/

I don't know its value in the books but Polo wrote "down of its Ironstone investment of US$6.63 million" 1 Dec 2015. But does it mean written down BY US$6.63 million, or does it mean the total value was US$6.63 million and that it was written down to zero?

For what it is worth, I have in any case wrote down Prism (Ironstone) to ZERO in my books a long time ago. Its was a totally disastrous investment.

A crackdown on corruption in Saudi Arabia has severely dented the kingdom's private jet industry.

https://www.aljazeera.com/news/2019/01/saudi-corruption-crackdown-stalls-kingdom-private-jet-industry-190109185838207.html

gkb47,
I was only curious to hear more about the history of this discovery and my wording of the question might have given a wrong impression (but I sometimes find that a bit "challenging" questions give more replies). My question has indeed been answered so all is well. By the way, I'm loaded to the gunwales with UJO shares, so no futile, time-wasting de-ramping (or ramping for that sake) from me. Ever!

Has anyone suggested that it is not viable?