Dear Jackie Deaner et al,
From : matthewa
May 20 1999 7:06AM
Re : Some Corrections on Previous Posts & New Info.
Dear Jackie Deaner et al,
I read some of your postings on this bb and the Silicon bb and was most
impressed with the quality of research put in to what is in essence a
smallish UK based company.
I had a small shareholding in Firecrest before they were delisted. The
reason for being delisted was not for financial irregularities as mentioned
by some, but their broker became a 'Nomad.'(i.e. left the company.)The
board that they were listed on AIM, required that a company had a
broker in order to maintain its listing - so it got the chop. There were
several other companies who also lost their brokers around this time in
just such a fashion. Basically, British institutional support turned there
back on this market and many smaller caps sunk.
Now for a bit of juicy news. On the day Firecrest was going to be
delisted the shareprice fell from approx 65p to a close of 45p on very
heavy volume. A firm of accountants had been selling this stock for the
last for week and had taken a very large short posistion on the close.
Their idea of course was that once the stock was suspended they could
mop up cheap stock in a few months time when the company was going
into receivership etc. However, as you can see this has not been the case!
As Firecrest they had a number of non-internet related interests which
hampered both the company and peoples perception of it. However,
Firecrest now X-Stream has become much more focused concentrating
soley on it core internet activities and are now big players in the UK
market and soon S.Africa.
At the moment all UK shareholders of X-Stream both long and short are
restricted on buying/selling these until June 30th 1999. When the
restriction is lifted expect some offloadinng from the smaller investors but
then some rather large buys as the accountants have to cover their
posistion from 3 years ago.... quite incredible.
I do have a very small holding in X-Stream and am not intending to 'ramp'
the stock. I have just opened up a CS US account so I can accumulate
more in the future. I really do believe this stock has excellent prospects
and I have applied to work for them once completing my degree. This
company has a number of subsiduries which have excellent growth
potential alongside X-Stream, including G.O.D. I have personally carried
out extensive research on this company as it was part of a dissertation and
would be happy to answer any further questions. Regards,
Matthew.
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