Member Info for shylock

I was certainly wrong about Monday and it does now look as though the EGM will go ahead, failing an RNS by this evening. FWIW, our shares are wanted. Via Barclays at 08:15, the MM was prepared to buy 300% more shares than he was prepared to sell.

Wot? No resignations yet?? Come on. Hurry up.

http://www.lancashiretelegraph.co.uk/news/darwen/10603901.Boardroom_struggle_at_Darwen_smartmeter_manufacturer/

"Shares in smart meter supplier BGlobal were up 66.7 per cent, however, as its chairman Peter Kennedy fought back against a move to oust him that was backed by chief executive Tim Jackson-Smith. Hawkwood Capital, BGlobal’s 9.7 per cent shareholder, also found backing from two non-executive directors for a campaign to replace Mr Kennedy and begin a strategic review, “which may or may not result in some or all of its business being sold.”" http://www.ft.com/cms/s/0/3b1b1bb4-011c-11e3-a90a-00144feab7de.html#axzz2bYyk38r4 (August 9)

http://www.shareprophets.com/views/1261/bglobal-plc-boardroom-spat-escalates (Free registration)

On dummy trades I can sell 100k easily but can't buy more than 15k -- but *someone* just managed to buy 50k at 8p. So only the suits allowed to buy in any volume while the PIs are encouraged to sell in quantity. How high could this go? You could always find out by not selling...

Kamel, what I actually said is that Kennedy will know the outcome of the vote before the EGM and would probably resign beforehand if it's gone against him as looks likely. I can't think what he could gain by waiting for the official executioner on the 15th. But if the vote is close then obviously he will see it through to the end. Time will tell. The block votes from the nominee holders should all be in by close of play today. Mine will be among them as I gave my voting instructions to my broker 10 days ago. Unfortunately, I'm unable to get to the EGM (if it goes ahead) - but I doubt it would be very edifying anyway. We don't know how much, if any, of the business will be closed or sold. We'll have to wait for the strategic review to find out. But there will be no fire sale. As this morning's RNS states: "Hawkwood has confirmed to the Independent Directors that John Grant's appointment will not be "a precursor to a fire sale of the Bgloabl assets", that assuming the Resolutions are passed it will work with the Board to carry out a full strategic review of the businesses within the Group and where appropriate it will continue to support the Board in managing those profitable parts of the business to ensure future long term value for Shareholders" This also seems to suggest that there is more than one profitable, or rescuable, part of the business. Thanks for "shoogly", which I had to look up. I like it.

And out come the buyers again. Trades going through above the spread at 7.55p. Could get busy.

Game, set and match to the rebels. Unless deluded, both Kennedys should resign on Monday.

The Times, 8 August, Business Commentary by Andrew Clark Perhaps not so smart after all "Sparks are flying at bGlobal, a supplier of "smart" meters allowing homeowners to keep tabs on their electricity and gas use. BGlobal's executive chairman, Peter Kennedy, is set to be toppled in a coup led by Hawkwood, an institutional shareholder, which is miffed by an 88 percent collapse in the shares since 2007. Although Mr Kennedy owns a quarter of the company, he is short of friends: even his own chief executive is backing the rebels, as is his long-term business partner who co-founded the business in 2003. BGlobal ought to be in a sweet spot: ministers are keen on smart meters, but a slow national roll-out has left the company in the red. Mr Kennedy has proposed a solution: naming his son as interim chief executive. Who needs corporate governance?"

OK, Mongie. Unfortunately I don't have a throwaway address to give you.

Check the accounts for NAV. But the key factor is that part of the business is profitable. If the rest was closed or sold then it could be even more profitable via cost-cutting. And a profit of £1m could value the company at £10m. If there are other parts of the business which could become profitable in the foreseeable future, the valuation goes up. But before you can maximise value, you have to get rid of the dead wood and heavy overheads.

Market cap is not the same as NAV - and the sale price depends on something not included in mcap or NAV, ie multiples of potential profit which is currently invisible.

I can't see it being close. Kennedy can't even claim support from a majority of the major shareholders (including his own 23%) so it's almost certain that Hawkwood's resolutions would succeed without the PI vote. And my reading of the BB boards is that a sizeable majority of those PIs will be voting for the resolutions, or have already done so. Nor does Kennedy claim that a majority of management and staff are supportive of him. But it would be quite normal if some of them were worried about the preservation of their jobs under any kind of restructuring plan. He is right about John Grant's fledgling corporate CV but Grant may only be on the board for long enough to oversee the strategic review. Should the outcome of that review be that the business will be retained in its entirety or in part, then I would expect Grant to step down in favour of a new long-term chairman. Considering John Polatch's alleged long and glittering career, Google has precious little to say about him and I assume he is a personal friend of Kennedy, which wouldn't be ideal imho. In any event, this appeal was too late since most PIs will have voted by now if they are going to. Mr Kennedy's supporters had better keep buying as many shares as they can on the open market.

5-day run of +3%, +3%, +9%, +41% and +14% And presumably more to come as the protagonists duel it out.

Mongie, happy to chat here or give me a clue and I'll drop you a line if you post a throwaway email address.

has woken up on iii.

Since your analysis agrees with mine, you are welcome to stay ;) We look to be on the rise again. If we end today 15% up, that would give us a 5-day run of +3%, +3%, +9%, +41% and +15%. I like a good fight.

Welcome, Poldark. Interesting place for you to land. Do you specialise in stocks where the BoD is in turmoil? And are you browsing or have you dipped your toe in? Or were you already invested here?

Hmm. Don't panic Mr Mainwaring. The longer PIs can resist the temptation, the higher the SP will rise. Some people are obviously desperate to buy some.