WARNING!!! The following post contains "obscure" old information on X-Stream's past and might not be suitable for children or those acting like children {ie "journalist" Dale}. It is also not for those that think X-Stream is made up of a lot of nice guys. O.K.? Shall we start?
Robert Manning - Is he the savior of Firecrest/X-Stream or was he part of the problem?
06 Apr - 07 Apr 1996
Tip bits (Sunday Telegraph)
Shares in AIM-quoted multimedia group Firecrest [85p] look vulnerable. Last week, CEO Roy Capper was censured by the Stock Exchange for failing to disclose that 400,000 options had been awarded to Bewell Holdings at 51p. Robert Manning, chairman of Firecrest has a major stake in Bewell. >>
Well now, how about that? Manning was chairman of Firecrest when it went down and when it had dealings with Camelot. Interesting. And what of Bewell? Don't know....yet.
OK, well how did the Firecrest stock do? Well, looks like it had its own "Internut" explosion English style. Went from 40p to over 200P, I think I saw a high of about 233p, and then dropped like a rock in a short period of time. Capper is gone by the time of the following, I guess, and a Malcolm Evans is in charge and allegedly buying shares. Hmm, I wonder if he still has them?
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27 Apr - 28 Apr 1996
Smaller Companies (Independent on Sunday)
Smaller Companies
With multimedia and the Internet in for a period of explosive growth between now and 2000, it is unsurprising that many small marketing, entertainment and publishing companies are clambering aboard. For investors, these are opportunities for spectacular rewards, but the risks are high. Firecrest, 72p, is a case in point. Shares in the former marketing company rocketed from 40p to over 200p when the group announced initiatives involving the Internet. However, initially Firecrest bit off more than it could chew; the new ventures consumed too much money, to the point where Firecrest had to go to shareholders for more, and the shares collapsed to 55p. Things now appear to be looking up; a refinancing and a management shake-up have stopped the rot, leaving Firecrest poised to capitalise on its impressive portfolio of Internet products. There has been particular interest in Transphone, a patented handset for making calls on the net, with some major players talking to the group about licensing deals. New managing director Malcolm Evans has been buying shares, and is excited about the future.
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So, why did Firecrest get kicked off AIM? Well looks like two things. One, those options to Manning and Bewell AND it was actually controlled by someone not named on corporate documents. Wettreich?
I don't know.
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12 Oct - 13 Oct 1996
Briefs (Sunday Business)
Firecrest - which scored a corporate first by being kicked out of the AIM - was allegedly controlled by a man not named as a director on company documents.
10 Aug - 11 Aug 1996
AIM broker faces rap (Independent on Sunday)
AIM broker faces rap
Gerrard Vivian Gray, a nominated adviser for AIM flotations, may be censured for lack of due diligence after it was revealed that a director of Optical Care failed to disclose his previous directorships with a ragbag of failed companies. A report now being prepared by the Stock Exchange will also highlight the failure by a board member of Firecrest, also on AIM, to notify the granting of share options in the company. Gerrard Vivian Gray are also advisers to Firecrest.
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Well, OK, what do they do now. Hey, I know, let's do an IPO on Nasdaq. You might recall my "obscure" findings on Firecrest subsidiary Netex. It appears this was going to be it. Remember, Netex was formed in May, 1996 in the UK with a product called Transphone. Remarkably similar product to Camelot's Digiphone. In addition X-Stream eventually ended up in in a shell called Superphone. Any Wettreich connection in all this? Don't know.
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23 Nov - 24 Nov 1996
Tip bits (Sunday Telegraph)
Shareholders in Firecrest Group, suspended at 44.5p, may soon have encouraging news. It seems that their company has been in merger talks with a Canadian shell company listed on Nasdaq.
24 Aug - 25 Aug 1996
Tip bits (Sunday Express)
Firecrest (42p), down from the lofty heights of 200p on AIM. With no financial advisor it risks suspension from the market. But absence of debt and plans to launch the Netex subsidiary on NASDAQ - it could be worth £100m - may push the value of shares to 220p. It's risky, so the call options may be a cheaper bet.
17 Aug - 18 Aug 1996
Tip bits (Sunday Telegraph)
Firecrest (50p) which lost both nominated adviser Singer & Friedlander and broker Collins Stewart last week may recoup some of its dented shareprice if a plan to float half of its 'smart card' subsidiary Netex comes to fruition. The plan is to float Netex (valued at a possible £200m) on the Nasdaq.
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And finally, whatever happened to Firecrest? Well something called the DTI came in and confiscated its records. I wonder if the DTI translates in to SEC here?
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01 Feb - 02 Feb 1997
Briefs (Sunday Business)
DTI officials have seized documents from the London offices of Firecrest Group which left AIM last September.
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