Globo is an international leader and technology innovator delivering mobile, telecom and e-business software products and services.

Identified as an ICT and mobile applications market leader, thanks to its intense investments, strategy and targeted collaborations, the Group offers solutions that enhance the ultimate user experience and customer engagement in all software application fields.

Globo is listed on AIM market, London Stock Exchanges (GBO.LN).

With offices in London, Dubai, Singapore, Atlanta (Georgia USA), Athens, Nicosia and Bucharest, Globo is deploying its international growth strategy.
http://www.globoplc.com/globoplc/

Bought in to this a few weeks back and already showing a sharp gain. Following the recent RNS, results due about 19 April - exciting ride ahead for this one in my opinion. House broker forecasting target share price significantly higher. More fireworks to come as the CitronGo technology becomes hot property for the network companies.

Broker Daniel Steward target price 87p

Results on Tuesday, so could well be another lively week for Globo. The gain recently has been sharp but the way the company is being transformed will perhaps become more apparent.

GLOBO plc


New business wins demonstrate continuing success in all areas



Globo plc ("Globo" or "the Group"; LSE-AIM: GBO), the international IT, mobile solutions and S.a.a.S group, is pleased to announce that it has won a number of additional new contracts and orders, across all areas of the Group, which should make a significant contribution to revenues in 2011.



Mobile Applications and Services



We have recently won a contract and an order, both for CitronGO!, with Mobile Network Operators ("MNO") in the Middle East.



The contract is with one of the leading MNO's in the Middle East, with 15.5 million subscribers, with the service expected to go live by June 2011.



The order is with a MNO in Middle East with 2.5 million subscribers and is expected to go live by July 2011.



The service to both MNOs in the Middle East is based on the CitronGO! S.a.a.S offering, for which Globo will receive a fixed service fee per month per active user.



In addition, we have recently signed 6 master distribution agreements with resellers in Africa, Middle East, India, SE Asia, Europe and Latin America. These agreements will provide Globo with local reach to numerous MNOs, thereby increasing our international customer base.



WiFi Broadband Networks



We have recently signed our first international WiPLUS franchising agreement with a telecom operator in SE Europe



In addition, we have won 31 new contracts for WiPLUS WiFi offering with large hotels, which are now being deployed throughout Greece.



The WiPLUS WiFi Service is based on a fully managed service provided by Globo to locations, such as hotels, airports and marinas, with a revenue sharing agreement based on revenues generated from internet usage by visitors.



The WiPLUS Franchising agreement is based on revenue sharing but with Globo receiving a smaller share as the result of offering the software technology platform only with installation and operating costs being the responsibility of franchisees.





E-Business Software and SaaS



Since the beginning of the year, we have won a number of contracts and orders from private sector customers, including banks and large corporates as well as European Commission co-funded projects, for our e-business products and services.



The aggregate value of these new business wins is 8.75 million which we anticipate will be invoiced within 2011.



Costis Papadimitrakopoulos, CEO, commented:



"These latest contract wins validate our successful commercial and technological offering and constitute a further step in our international expansion in all fronts of our business.



"We continue to be excited about the opportunities that are resulting from the investment we have made in our products and business development which will support further growth across the business."



END

Considering topping up again, as this surely looks dirt cheap!

Fireworks today - if only someone would join me!

GLOBO plc



RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010



Globo plc ("Globo", the "Group" or the "Company"; LSE-AIM: GBO), the international IT, mobile solutions and SaaS provider, is pleased to announce its audited results for the year ended 31 December 2010.



Financial Highlights



Revenues increased by 31 per cent to 30.91m (2009: 23.49m).

EBITDA increased by 39.31 per cent to 12.58m (2009: 9.03m).

Operating cash flows remained healthy at 4.35m (2009: 9.25m)

Operating margins slightly increased to 18.97 per cent (2009: 18.62 per cent).

Profit before tax increased by 44.69 per cent to 4.63m (2009: 3.20m).

Over-subscribed 17.25m share placing in February 2011 will fund continuing international expansion

Operational Highlights

2010 financial performance reflects strong organic and profitable growth with a significant initial contribution from international mobile applications.

CitronGO! won contracts with 13 Mobile Network Operators (MNOs) with further orders, announced yesterday, from 2 Middle East MNOs and 6 master distribution agreements with resellers in Africa, Middle East, India, SE Asia, Europe and Latin America.

Significant growth during 2010 achieved in E-Business and WiFi which, post year end, has continued into 2011. First international WiPLUS franchise agreement announced today.



On outlook, the Chairman, Brett Miller stated:



"Following an excellent financial performance last year and the post year end equity issue Globo has started 2011 well positioned to accelerate its growth and development in all areas and with the strongest balance sheet in the group's history.



"We have demonstrated that we have a robust technology platform and plan to build on our initial success in the international mobile applications and services market.



"Our order pipeline is growing which, in addition to benefiting revenue and profit for the current year, will further strengthen our platform for future development.



"Management has a clear strategy and, following the successful placing earlier in the year, we have the financial resources to pursue our expansion plans.



"Overall, we are confident that 2011 will be a year of significant strategic progress and profitable growth for the company."

Market liking the numbers - up another 8% at the moment. Daniel Steward upping forecast by all accounts.

look at that chart wow?

It's nice to see someone else looking! And you've far from missed the boat in my opinion.

Greyhound

Any others you hold.
I just bought some BLNX

OPG I like at the moment, think it has a good run ahead

16% higher today, not long before we break out of this range.

Nice gains, heading back to the highs

Greyhound - You still in these? Good interims and maybe some good news coming out of the Barcelona conference. Creeping back up again from the dip in SP following the Greece issue which has little impact on this company!

I hold

Results due 30th March.

SP continuing its upward trend

Merchant latest forecast 14h March 2012

2011, PBT = £9.82m and EPS = 3.23p

2012, PBT = £15.55 and EPS = 4.12p

Price Target = 40p


I hold

DJ Globo FY Pretax Profit Up 160% to EUR12.05M, Trading Is Strong


LONDON (Dow Jones)--Globo PLC (GBO.LN) the mobile software and IT group, Friday reported a 160% rise in pretax profit for the year ended Dec. 31, adding that current trading is strong and that it is confident that 2012 will be a year of significant strategic progress and profitable growth for the Group.

MAIN FACTS:

-Revenue up 46.6% to EUR45.31 million (2010: EUR30.91 million)

-EBITDA, or earnings before interest, taxation, depreciation and amortization, up 63.5% to EUR20.6 million (2010: EUR12.6 million)

-Profit before tax up 160% to EUR12.05 million (2010: EUR4.63 million)

-Earnings per share 3.2 cents (2010: 2.8 cents)

-Gross margin for 2011 of 45.9% (2010: 37%)

-Operating margin up 53.2% to 29.06% (2010: 18.96%).

-Operational cash flow up 49.0% to EUR6.48 million (2010: EUR4.14 million).

-Cash and cash equivalents EUR9.34 million (2010: EUR2.9 million)

-Shares at 0725 GMT, down 1%, at 25.25 pence valuing the company at GBP75.43 million.



-By Rory Gallivan, Dow Jones Newswires.

Breakout today as we nudge over 30p

Looks interesting. A buy tip in IC.

A buy in this weeks shares mag - Analysts at house broker RBC capital markets anticipate 2012 earnings per share doubling to 4c {3.26p} before hitting 6c {4.88p)
and 8c (6.5p) over the next two years. This implies a 2013 price/earnings multiple of four, falling to three the following year. RPC has a 55p price target.

I like the sound of this one, so took a punt on a few today

Globo to present at the London Innovators and Investors Forum

It is our pleasure to invite you to attend the forthcoming Innovators & Investors Forum on the 29th January 2013 at the Business Design Centre, London. This will be an exclusive invitation only event organised by Shares Magazine and Cenkos Securities.

As an active private investor, we are sure you would appreciate this unique opportunity to receive privileged access to 30 diverse, forward thinking and energetic technology companies at a single event.

Many of the exhibiting companies are currently involved in some very exciting projects in an effort to drive future growth, and development within their industries.

The event will be supported with an extensive conference program, including keynote speakers and company presentations.

We sincerely hope you are able to attend and that you find the experience both profitable and enlightening. Companies represented include:

1Spatial
Avanti Communications
Bango
Bond International Software Group
Brady
CML Microsystems
Corac
Cyan Holdings
eg Solutions
Energetix Group
eServGlobal
Forbidden Technologies
Fusion IP
Globo
incadea
InternetQ
IQE
KBC Advanced Technologies
Netcall
Optimal Payments
Plastics Capital
Probability
Quindell Portfolio
StatPro Group
WANdisco


Event time: 12.30pm to 5.30pm

Complimentary refreshments and luncheon provided

To register for this event please click here


CONFERENCE AGENDA AS AT 09.01.13
(To be updated once presentation speakers are confirmed)

12:30 Registration & Lunch

14:00 Keynote speaker - Richard Penny, Senior Fund Manager - Legal and General

14:15 Shares Magazine presentation - Russ Mould, Editorial Director

14:30 Company presentation - David Richards, President & CEO - WANdisco

14:45 Company presentation - Henrik Bang, CEO - Netcall

15:00 Company presentation - Marcus Hanke, CEO - 1Spatial

15:15 Company presentation - tbc

15:30 Coffee Break

16:00 Company presentation - Stephen Blundell, CFO - eServGlobal

16:15 Company presentation - David Baynes, CEO - Fusion IP

16:30 Company presentation - Stephen Streater, CEO - Forbidden Technologies

16:45 Company presentation - Charles Cohen, CEO - Probability

17:00 Company presentation - Simon Smith, Non-Executive Director - Cyan Holdings

17:15 Close

This agenda is subject to change and alterations

For further information, please visit our events page

Up 5%

A buy in this weeks share mag. The share price should double over the next twelve months. A 35p share price inside six months looks easily possible given the implied 2013 PE will still only be 7.2, putting 68% profit on the table short term. Beyond that, if GO!Enterprise US launch is anything like as successful as anticipated, investors could be looking at 55p for the shares, perhaps more, for a 150% return.

CEO to discuss key enterprise mobility trends
RNS
RNS Number : 4110V
Globo plc
14 January 2013



FOR IMMEDIATE RELEASE
14 January 2013




GLOBO Plc

CEO to discuss key enterprise mobility trends & current trading

at Innovators & Investors Forum



Globo Plc (LSE-AIM: GBO) the international mobile solutions and SaaS provider, announces that Costis Papadimitrakopoulos, CEO and Founder, will present at the Innovators & Investors Forum at 10.45am on Tuesday, 29 January 2013.

Mr Papadimitrakopoulos will discuss the impact of "Bring Your Own Device", and other key trends, on enterprise mobility and how Globo is addressing this market, as well as commenting on current trading. Globo will be issuing a trading update before the event.

The one-day event, sponsored jointly by Cenkos Securities and Shares Magazine, provides an opportunity for investors to meet representatives from over thirty leading technology-based companies quoted on AIM, and takes place at The Business Design Centre, 52 Upper Street, Islington, London N1 0QH.

Globo will have a stand at the event which interested parties can visit from

UP 7% today

Climbing nice now

A buy in this weeks share mag. Still positive media coverage the reason for the sp climb.

Trading Update
RNS
RNS Number : 3447W
Globo plc
25 January 2013



FOR IMMEDIATE RELEASE
25 January 2013




GLOBO Plc ("Globo" or the "Group")

Trading Update

Globo Plc (LSE-AIM: GBO) the international mobile solutions and SaaS provider, today issues a trading update for the year ended 31 December 2012.

The Board is pleased to report that Globo has achieved a financial performance for 2012 ahead of market expectations, with revenues expected to have risen by approximately 28 per cent to €58 million (2011: €45.3 million). Revenue in 2012 from continuing operations excluding the eleven month contribution from divested Greek operations was €46 million, compared to the adjusted amount of € 27.8 million in 2011, representing an increase of approximately 66 per cent.

EBITDA for the year is expected to be at least €29 million, an increase of approximately 42 per cent over the previous year. Continuing operations contributed the substantial majority of total profits, ahead of market expectations, being derived mainly from the Group's mobile software product sales which currently represent over 90 per cent of the continuing operations of the Group.

This excellent performance is a result of continued strong demand for Globo's products in the international mobile consumer and enterprise applications markets.



The Group's consumer mobile offerings (CitronGO! and GO!Social) achieved revenue of €29 million for the year, continuing the profitable trend of the past few years with an increase of approximately 25 per cent compared to 2011.

Strategically more important, GO!Enterprise generated sales of more than €12 million representing an increase of approximately 530 per cent compared to the €2 million generated in 2011.



Our acquisition of Dialect Technologies Inc. (recently renamed Globo Mobile Inc) has been successful in all respects. Today it operates as the US operations and sales arm for GO!Enterprise. It has already succeeded in securing a number of initial deals, increasing our confidence that the US market will become a very significant contributor to future Group performance.



At the same time as accelerating international business expansion, the divestment of Greek operations has resulted in a significant positive impact on the Group's business and balance sheet, including a significant increase in profit margins and reduction of outstanding receivables and other current assets, together with the reduction of bank debt and other liabilities.



Operating cash flow for the year has increased significantly to approximately €13 million reflecting the improvement in working capital and collection terms resulting from the growth achieved by the Group's international mobile operations.



The Group continues to carefully invest in its Research and Development facility, investing approximately €11.5 million during the period (2011: €14.5 million).



The Group achieved organic positive free cash for the year, before the impact of acquisitions and disposals, of €1.6 million.



Total borrowings at the end of the year were reduced to €5 million (30 June 2012: €13.6 million) with net cash of €14 million and cash and cash equivalents of €19 million at 31 December 2012.



Outlook for 2013

Globo is currently competing in the international mobile enterprise and consumer markets, positioning itself as one of the leaders in addressing the "Bring Your Own Device" trend.



With significant investments being made in technology and business development initiatives, the Group is aiming to secure and expand its market footprint into the US, UK and Western Europe where the trend is advanced.



Our strategy is to engage with major IT distributors and mobile network operators along with specialised partners such as independent software vendors, integrators, consultants and mobile handset manufacturers.



In the meantime, by including technologies and capabilities such as FMC (fixed mobile convergence), "cloud" provisioning of the GO!Enterprise platform, MDM (mobile device management), NFC (near field communication), HTML5 hybrid coding and others, we will further enhance our product offering.



Our plans for 2013 include, where appropriate, selective acquisitions of technology firms that operate in similar fields of the mobile market focusing on the US and UK.



Globo's Chief Executive Office, Costis Papadimitrakopoulos, commented:



"This was another excellent year for Globo. Starting with the acquisition of Dialect in February and continued demand for our solutions throughout the year, we ended 2012 with a strategic and well executed divestment from our Greek operations.



For us, 2012 was the year in which Globo completed its transformation into a truly international technology vendor in the hottest place in the technology market today - enterprise mobility and BYOD.



For the past 15 years since being founded and throughout the 5 years since being listed on the AIM market, Globo has been delivering sustained growth beyond market expectations driven by the innovation and the passion of its people, whom I would like to thank on behalf of our shareholders.



This is what we aim to continue to do in the years ahead as well"

8% up on open

Sold half my holding

Globo tops forecasts as GO!Enterprise sales soar
7:47 am by Philip WhiterowThe mobile software businesses contributed the majority of profits.



Booming sales of Globo’s (LON:GBO) business–focused GO!Enterprise software will see the company top market expectations for 2012.

Go!Enterprise sales jumped by more than 500% to €12mln last year and helped to lift underlying group revenues by 66% to €46mln.

GO!Enterprise is Globo’s flagship product in the rapidly growing Bring-Your-Own-Device (BYOD) market and enables employees to bring workplace email, data, and applications securely onto their personal smartphone or tablet.

Underlying earnings (EBITDA) in 2012 will 42% higher at a minimum €29 mln.

The ongoing mobile software businesses contributed the majority of profits. During the year the company disposed of its legacy Greek businesses. Including the Greek operations total revenues rose 28% to €58 mln.

The company’s two consumer software businesses, CitronGO! and GO!Social posted combined revenues 25% ahead at €29 mln.

The sale of the Greek operations has resulted in a significant positive impact on the group's business and balance sheet, Globo said, with cash at the year end rising to €19 mln.

Globo added that US acquisiton Dialect Technologies had been successful in all respects and is now the the hub of the US operations and sales for GO!Enterprise.

The US market will become a very significant contributor to future group performance, the company added and its plans include acquisitions of technology firms that operate in similar fields of the mobile market focusing on the US and UK.

Globo's chief executive, Costis Papadimitrakopoulos, said: "This was another excellent year for Globo. Starting with the acquisition of Dialect in February and continued demand for our solutions throughout the year, we ended 2012 with a strategic and well executed divestment from our Greek operations.

"For us, 2012 was the year in which Globo completed its transformation into a truly international technology vendor in the hottest place in the technology market today - enterprise mobility and BYOD."

Congratulations to those of you who took a punt on this one over the past couple of weeks . It is currently up about 50%


Globo ahead of market forecasts
StockMarketWire.com
International mobile solutions and software-as-a-service provider Globo will report full-year results ahead of market forecasts.

Revenues for the year to the end of December are expected to have risen by approximately 28% to 58m.

Globo says revenue in 2012 from continuing operations excluding the 11-month contribution from divested Greek operations was 46m, compared to the adjusted amount of 27.8m in 2011, an increase of approximately 66%.

Earnings before interest, tax, depreciation and amortisation for the year are expected to be at least 29m, an increase of approximately 42% over the previous year.

Continuing operations contributed the substantial majority of total profits, ahead of market expectations, being derived mainly from the hroup's mobile software product sales which currently represent over 90% of the continuing operations of the hroup.

Globo says this excellent performance is a result of continued strong demand for its products in the international mobile consumer and enterprise applications markets.

At 8:04am: (LON:GBO) share price was +2.75p at 30.5p


Story provided by StockMarketWire.com

Globo to present at the London Innovators and Investors Forum - They will have something to shout about, with this trading update. Thanks chessplayer.

The tips in both the I C and SHARES suggest that there is much good news still on the way regarding prospects in the U.S.

UPDATE: Globo tops forecasts as GO!Enterprise sales soar
3:10 pm by John Harrington RBC values Globo at 55p using its discounted cash flow model. With the shares currently trading at 30.5p, up 9.9% on the day, that makes the shares a ‘buy’ in RBC’s view.

---Adds broker comment and share price reaction---

Booming sales of Globo’s (LON:GBO) business–focused GO!Enterprise software will see the company top market expectations for 2012.

Go!Enterprise sales jumped by more than 500% to €12mln last year and helped to lift underlying group revenues by 66% to €46mln.

GO!Enterprise is Globo’s flagship product in the rapidly growing Bring-Your-Own-Device (BYOD) market and enables employees to bring workplace email, data, and applications securely onto their personal smartphone or tablet.

Underlying earnings (EBITDA) in 2012 will 42% higher at a minimum €29 mln.

The ongoing mobile software businesses contributed the majority of profits. During the year the company disposed of its legacy Greek businesses. Including the Greek operations total revenues rose 28% to €58 mln.

The company’s two consumer software businesses, CitronGO! and GO!Social posted combined revenues 25% ahead at €29 mln.

The sale of the Greek operations has resulted in a significant positive impact on the group's business and balance sheet, Globo said, with cash at the year end rising to €19 mln.

Globo added that US acquisition Dialect Technologies had been successful in all respects and is now the hub of the US operations and sales for GO!Enterprise.

The US market will become a very significant contributor to future group performance, the company added and its plans include acquisitions of technology firms that operate in similar fields of the mobile market focusing on the US and UK.

Globo's chief executive, Costis Papadimitrakopoulos, said: "This was another excellent year for Globo. Starting with the acquisition of Dialect in February and continued demand for our solutions throughout the year, we ended 2012 with a strategic and well executed divestment from our Greek operations.

"For us, 2012 was the year in which Globo completed its transformation into a truly international technology vendor in the hottest place in the technology market today - enterprise mobility and BYOD."

The sparkling trading update prompted house broker RBC Capital Markets to revise its GO!Enterprise revenue forecast for 2013 (FY13) by 11% to €18mln.

“GO!Enterprise FY12 revenues should be 20% ahead of our estimates and we believe the prospects for this product suite remain significantly undervalued by the market,” asserts RBC’s Andrew Dunn.

“Expected EBITDA of 'at least' €29M is above our old €25.9M forecast which we are revising to €28.1M, and Globo has achieved this growth whilst generating positive free cash flow which we find impressive, and unusual in a technology company with such high growth,” the broker added.

“The deals Globo has already signed offer access to millions of potential subscribers, and with high associated software margins, we believe GO!Enterprise has potential to become the core profit driver of the group. The statement speaks of initial deals in the US and increased confidence this region will become 'a very significant contributor to future group performance', and we remain hopeful of further news flow,” RBC said.

In the broker’s view, the shares deserve to be re-rated given “clear evidence of traction”. The broker notes that on next year’s projected earnings per share, it still trades on a measly price/earnings ratio of 5.9, or an enterprise value/EBITDA ratio of just 2.8.

The broker values Globo at 55p using its discounted cash flow model. With the shares currently trading at 30.5p, up 9.9% on the day, that makes the shares a ‘buy’ in RBC’s view

Held its gains for the day. Lets hope we see this 55p in the not to distant future.

Edmond Jackson's Stockwatch: Globo

http://www.iii.co.uk/articles/71667/edmond-jacksons-stockwatch-globo

A buy in this weeks shares mag - Analysts at broker RBC Capital Markets anticipate 2012 revenues of £40m increasing to £52.1m and £70.2 m this year and next. That would imply earnings per share doubling to 3.5p in 2012, before hitting 5.2p and 7.8p over the next two years. Such growth leaves the stock on just 6.4 times and 4.3 times earnings for 2013 and 2014.

Flying

FOR IMMEDIATE RELEASE
27 February 2013

GLOBO Plc ("Globo" or the "Group")

Signs North America Distribution Agreement with Ingram Micro; Announces Enterprise Mobility in a Box® for SMBs


NEW YORK - Feb. 25, 2013 - Globo (LSE-AIM: GBO), the international leader and technology innovator delivering Enterprise Mobility Management and Telecom software products and solutions, today announced it has signed a distribution agreement with Ingram Micro Inc. (NYSE: IM). Under the terms of the agreement, the Ingram Micro Mobility division will provide Globo's revolutionary enterprise mobility solutions for the Enterprise and Small and Medium Business (SMB) market to authorised resellers in the United States and Canada.

Ingram Micro Mobility will act as an exclusive distributor in North America for Globo's new product, GO!Enterprise - Enterprise Mobility in a Box®, which will be showcased at GSMA's Mobile World Congress in Barcelona beginning 25 February 2013, with commercial launch scheduled within the following month.

"The addition of Globo's GO!Enterprise platform to our lineup allows Ingram Micro resellers to provide an even wider portfolio of solutions to serve the growing number of customers looking to mobilise their business operations," said Bashar Nejdawi, president Ingram Micro Mobility, North America. "We're committed to offering products to our reseller customers that provide them with ever-expanding opportunities for success in a competitive marketplace and Globo's portfolio of mobile solutions is an essential addition to our mobile offering."

GO!Enterprise - Enterprise Mobility in a Box® ("GO!Enterprise BOX") is a revolutionary and innovative approach to Enterprise Mobility for SMBs that allows small businesses with up to 150 devices to securely run and manage their BYOD (Bring Your Own Device) mobile workforce through the Globo cloud infrastructure.

Everything required for enterprise mobility management is provided literally "out of the box" and is hosted in the cloud. The comprehensive solution includes hosted Microsoft Exchange accounts, cloud hosting and file storage, GO!Enterprise Office productivity and collaboration apps, an integrated development studio for creating customised Apps, and an Enterprise Mobility Management console to manage and protect corporate assets.

GO!Enterprise BOX is a plug and play solution that requires zero IT resources or specialised technical knowledge. Available on a pay-as-you-go annual licensing model, it minimises any up-front costs and ensures an exact match with business needs. Now SMBs do not have to settle for a scaled down enterprise solution and can find Enterprise Mobility products anywhere, even on the shelves of major retailers.


"Enterprise mobility is a strategic initiative for organizations of all sizes and our product strategy is designed to deliver to the widest range of customers exactly what they require.Enterprise Mobility in a Box® came of out this business mindset. The distribution agreement with Ingram Micro Mobility complements exactly what we envisaged; the widespread cross-channel availability of a solution crafted for SMBs made available through one of the leading IT and mobile distributors in the world and addressing the most mature markets of USA and Canada in one move,"said Costis Papadimitrakopoulos, Globo's CEO. "This agreement with Ingram Micro Mobility is an important step in advancing Globo's global leadership and establishing our brand and solutions in the United States and Canada."

Up nearly 3 points at 39 on good volume and plenty of buying

4m buys, up 12%

UPDATE: Globo shares dial up on North American distribution deal
4:21 pm by Jamie NimmoThe deal will see Ingram Micro’s Mobility division act as an exclusive distributor in the US and Canada for Globo’s new product GO!Enterprise - Enterprise Mobility in a Box®

--adds share price and broker comments--

Shares in mobile software specialist Globo (LON:GBO) leapt today after it signed a deal with Ingram Micro that opens the door to the North American market.

The deal will see Ingram Micro’s Mobility division act as an exclusive distributor in the US and Canada for Globo’s new product GO!Enterprise - Enterprise Mobility in a Box®.

Ingram Micro, which is the world’s largest wholesale technology distributor, will supply authorised resellers in North America with Globo’s enterprise mobility solution, which allows employees from small businesses manage their workload on the move.

Shares soared 12% to 40.5p each on the news.

The product, which provides access to Microsoft’s Exchange server, cloud hosting and file storage, is to be showcased at the Mobile World Congress, which is currently happening in Barcelona, with commercial launch pencilled in for the following month.

Costis Papadimitrakopoulos, Globo’s CEO, said: “Enterprise mobility is a strategic initiative for organizations of all sizes and our product strategy is designed to deliver to the widest range of customers exactly what they require. Enterprise Mobility in a Box® came of out this business mind-set.

“The distribution agreement with Ingram Micro Mobility complements exactly what we envisaged; the widespread cross-channel availability of a solution crafted for SMBs [small and medium-sized businesses] made available through one of the leading IT and mobile distributors in the world and addressing the most mature markets of USA and Canada in one move.

“This agreement with Ingram Micro Mobility is an important step in advancing Globo’s global leadership and establishing our brand and solutions in the United States and Canada.”

In a note in January, broker RBC Capital Markets highlighted the importance of bagging a distribution partner in North America, calling it a “key region” for the company.

Today’s first steps into North America come after November’s distribution deal to launch Globo’s flagship business software product GO!Enterprise in the UK and Ireland.

A buy in this weeks Shares mag - Still a cheap share.

Globo joins FTSE AIM100 Index
RNS
RNS Number : 6414Z
Globo plc
11 March 2013



FOR IMMEDIATE RELEASE
Monday, 11 March 2013




GLOBO plc ("the Company")

Joins FTSE AIM 100 Index



Globo plc (LSE-AIM: GBO) the international leader and technology innovator delivering Enterprise Mobility Management and Telecom software products and solutions, is pleased to announce that, following the latest quarterly review by FTSE, its shares have been included in the FTSE AIM 100 Index. In addition, Globo's shares are on the reserve list for the FTSE AIM UK 50 Index.

This follows a strong performance by Globo shares since the beginning of 2013. During that period, the Company has announced a financial performance for 2012 ahead of market expectations, with revenues expected to have risen by approximately 28 per cent to €58 million (2011: €45.3 million).

Recently, at Mobile World Congress in Barcelona, the Company launched GO!Enterprise - Enterprise Mobility in a Box®, currently the only product specifically developed for the SME market, for which it also announced an exclusive distribution agreement for North America with Ingram Micro Inc.

Globo's CEO, Costis Papadimitrakopoulos, commented:

"Being included in the FTSE AIM 100 Index marks another milestone in the rapid development of Globo in the global enterprise mobility market, and reflects investor recognition of the major growth opportunity we have.

The launch of GO!Enterprise - Enterprise Mobility in a Box® and the endorsement we have received from the world's leading mobile technology distributor have generated strong interest from many of our partners and prospects around the world. This includes the UK where we are now planning an initial launch of GO!Enterprise - Enterprise Mobility in a Box® and anticipate that recognition of the GO!Enterprise brand will quickly grow among SMEs and larger enterprises."

END

Moving away from the housing theme, mobile devices software specialist Globo (LON:GBO) issues full year figures on Thursday with expectations having recently been raised by the January pre-close update.

"We have been long supporters of the story, news flow has been consistently good and the disposal of the Greek operations simplifies the proposition," notes Northland Capital Partners.

It's not all milk and honey, however, for the firm. "The inclusion of containerisation in the Blackberry 10 creates an additional competitive threat and the shares have enjoyed a very good 2013 to date," Northland notes.



http://www.proactiveinvestors.co.uk/companies/market_reports/55095/week-ahead-bellway-wolseley-and-globo-0000.html

Full year numbers Thursday, up 6.5% today

Globo plc (LSE-AIM: GBO), the international Mobile solutions, S.a.a.S and IT company, will announce its final results, for the year ended 31 December 2012, on Monday, 8 April 2013.

A presentation to analysts and private client brokers will be held at 09:30am on that day at the MWB Business Exchange, 60 Cannon Street, London, EC4N 6NP

Final Results

RNS


RNS Number : 7641B

Globo plc

08 April 2013








FOR IMMEDIATE RELEASE

8 April 2013




GLOBO Plc (“Globo” or the “Group”)



Final results for the year ended 31 December 2012



Globo (LSE-AIM: GBO), the international leader and technology innovator delivering enterprise mobility management and telecom software products and solutions, announces final results for the year ended 31 December 2012.



Financial highlights

· Revenue from continuing operations UP 67.3% to €46.0m (2011: €27.5m)

· Total Revenue (including discontinued operations) UP 28.3% to €58.1m (2011: €45.3m)

· EBITDA from continuing operations UP 42% to €24.0m (2011: €16.9m)

· Total EBITDA UP 35% to €27.8m (2011: €20.6m)

· Profit before tax from continuing operations UP 43.3% to €17.2m (2011:€12.0m)

· Profit before tax (including discontinued operations) UP 47.9% to €17.9m (2011:€12.1m)

· Free cash flow, before the impact of divestment and disposals, of €1.5m for the year; €14.2m net cash at 31 December 2012 after €11.7m investments during the year (2011: €0.8m)

· International revenues 81.9% of revenue from continuing operations (2011: 79.6%)

· £9.6m of new equity raised via an institutional placing of 36.3m shares in April 2012.

Operational highlights

· Successful entry into enterprise market with GO!Enterprise achieving revenues of €12.01m (2011: €2m). In February 2013, launched GO!Enterprise - Enterprise Mobility in a Box® for SME market and signed exclusive distribution agreement with Ingram Micro for North America

· GO!Enterprise customer base growth to:

o 155,000 business-to-employee and business-to-business active licenses through the GO!Enterprise Office and Mobilizer license scheme

o 95,000 business-to-consumer active licenses through the GO!Enterprise Reach license scheme.

· Continuing success in winning partners, distributors and resellers which at the end of 2012 totalled more than 120 direct partners and 4,500 indirect (through distributors) partners

· Established US presence through acquisition in February 2012 of Dialect Technologies Inc. (renamed Globo Mobile Inc.)

· Continuing strong growth from international mobile in both consumer and enterprise segments; trading momentum sustained through successful partnership strategy

· Continued increase in customer base of CitronGO!/ GO!Social by 59.3% to approximately 2.23 million monthly users (2011: 1.4 million)

· Sold 51% of Greek business to management for €11.2m on 3 December 2012

· Since the year end significant events are driving our business forward including the Ingram Micro North America distribution agreement, followed by distribution agreements in Germany, Spain, Italy, Australia and UAE. Our innovative entry into enterprise mobility for SMEs through the GO!Enterprise - Mobility in a BOX and the GO!Enterprise247 cloud offer unlimited scopee for growth in an untapped market addressing the BYOD trend.



Barry Ariko, Non-Executive Chairman, commented:



"Management has a clear strategy for addressing the emerging enterprise mobility markets in the US, UK and Western Europe where we plan to build a leading global market position. Overall, current trading is strong and we are confident that 2013 will be a year of significant strategic progress and profitable growth for the Group."



END

Sold my holding, been in since Sept 2012, 22p. :-))

From this weeks' I.C. who have a target of 70 p.

Globo set for robust growthDesigning software and applications for mobile phones and tablets is driving impressive growth at Globo
Globo PLC (GBO:LSE)
MonTueWedThu3436384042
(GBO). What's more, the best still looks set to come after signing a contract with one of the biggest electronics distributors in the US, Ingram Micro - it also sold a 51 per cent stake in its Greek business for €11.2m (£9.5m), allowing for a greater focus on higher-growth business.

Even after adjusting for the Greek disposal, group sales from continuing operations jumped 67.3 per cent year-on-year to €46m, and pre-tax profit rose 43.3 per cent to €17.2m. There was especially rapid growth in the Go!Enterprise division, where revenue soared from €2m to over €12m. This division provides software support to integrate employees' own mobile devices with employers' IT systems - a growth area in the UK and US. Elsewhere, the consumer mobile operations - CitronGO! and GO!Social - increased revenue by a quarter to €29.2m as users jumped from 1.4m to 2.23m. Management said that growth here has continued in the three months to March - but at a slower pace.

Broker RBC Capital Markets believes that its sales estimates of €7m from the group's Ingram Micro contract could well prove to be conservative when it commences next month. The broker expects adjusted EPS of 6.8¢ for 2013 (from 5.2¢ in 2012).


GLOBO (GBO)
ORD PRICE: 41p MARKET VALUE: £139m
TOUCH: 41-41.25p 12-MONTH HIGH: 46.75p LOW: 16p
DIVIDEND YIELD: nil PE RATIO: 9
NET ASSET VALUE: 25¢* NET CASH: €14.2m



Year to 31 Dec Turnover (€m) Pre-tax profit (€m) Earnings per share (¢) Dividend per share (¢)
2008 17.9 2.86 1.80 nil
2009 23.5 3.20 2.00 nil
2010 30.9 4.63 2.80 nil
2011 45.3 12.1 3.20 nil
2012 58.1 17.9 5.60 nil
% change +28 +48 +75 -
*Includes intangible assets of €22m, or 6.5¢ a share

£1=€1.18



IC VIEW
Globo is growing fast, boasts impressive prospects and has a comforting cash pile. Yet the shares - trading on just seven times forecast earnings - are rated at a notable discount to those of its software peer group. Indeed, RBC Capital Markets has a price target of 70p. Buy.

Here's a bit more guff on the Ingram Micro deal


GLOBO selects Ingram Micro as distributor


Mar. 19, 2013


.
GLOBO, a technology innovator delivering Enterprise Mobility Management and Telecom software products and solutions, has recently announced it has signed a distribution agreement with Ingram Micro, Inc, a technology distributor and an expert in IT supply-chain, mobile-device lifecycle services and logistics solutions. Under the terms of the agreement, the Ingram Micro Mobility division will provide GLOBO's Enterprise Mobility solutions for the Enterprise and Small and Medium Business (SMB) market to authorized resellers in the United States and Canada.

Ingram Micro Mobility will act as a distributor for GLOBO's new product, GO!Enterprise — Enterprise Mobility in a Box, which was showcased at GSMA's Mobile World Congress in Barcelona beginning Feb. 25, 2013, with commercial launch scheduled in March.

GO!Enterprise — Enterprise Mobility in a Box (GO!Enterprise BOX) is an innovative approach to Enterprise Mobility for SMBs that allows small businesses with up to 150 devices to securely run and manage their BYOD (Bring Your Own Device) mobile workforce through the GLOBO cloud infrastructure.

GLOBO NAMED FINALIST IN 2013 CTIA E-TECH AWARDS

GLOBO's GO!Enterprise Box Recognized for Innovation in Enterprise Solution - Mobile Cloud

NEW YORK- GLOBO's revolutionary enterprise mobility management solution for SMBs, GO!Enterprise Box, was named a finalist in the Enterprise Solution - Mobile Cloud category of CTIA's annual Emerging Technology (E-Tech) Awards competition. The CTIA E-Tech Awards honor the industry's most innovative new wireless products and services in mobile apps, consumer electronics, enterprise & vertical markets and network. Winners will be announced at CTIA 2013™, taking place May 21-23, 2013 at the Sands Expo & Convention Center in Las Vegas.

GO!Enterprise Box which is based on the GO!Enterprise EMM (Enterprise Mobility Management) platform is literally an "out of the Box" approach to enterprise mobility for SMBs that allows companies with up to 150 devices to securely run and manage their BYOD (Bring Your Own Device) mobile workforce through the GLOBO cloud infrastructure. The solution allows employee-owned devices to access business data in a secure and centrally controlled manner, without imposing limitations on device configurations or on the use of personal data and applications.

The comprehensive solution includes hosted Microsoft Exchange accounts, cloud hosting and file storage, productivity and collaboration apps, an integrated development studio for creating custom Apps, and Admin console to manage and protect corporate assets.

GLOBO will be demonstrating GO!Enterprise BOX during CTIA 2013 at booth #3220.


"We are thrilled to be recognized as a finalist in the CTIA Emerging Technology Awards for innovation in Enterprise Solutions - Mobile Cloud," said Costis Papadimitrakopoulos, founder and CEO of GLOBO. "Our Enterprise Mobility in a Box® solution is a tremendous advance for the enterprise mobility space, addressing a critical need of SMBs to provide secure and undisrupted connectivity in and outside of the office."


Nearly 300 entries were judged by a panel of highly-respected industry experts, reporters and analysts. Submissions were scored on innovation, functionality, technological importance, implementation and overall "wow" factor. E-Tech winners, including Best in Show and Online Pick will be announced at the awards ceremony on Wednesday, May 22 at 2:00 p.m. PDT at CTIA's Exhibit Innovations Stage on the trade show floor within CTIA World, booth #5646.


Between now and May 20, website visitors may vote for the "Best Online Pick" at www.ctiashow.com/awards. CTIA 2013 show attendees will vote on-site via text message for entries in the E-Tech Awards display to win "Best in Show."

To get smarter about CTIA 2013 or to register, visit www.ctia2013.com.

All buying today, but price down nearly 2 points !

Globo continues to achieve strong revenue growth
StockMarketWire.com
Telecom software products and services Globo has continued to achieve strong revenue and profit growth following an outstanding financial performance last year, says chief executive Costis Papadimitrakopoulos.

Shareholders at the annual general meeting later today (10 June) will be told that trading this year has been strong, with international revenues and profits now dominating the group's overall performance.

Globo says this reflects its continuing focus on developing its international mobile business, which now represents more than 85% of revenues.

The group says it continues to invest in its GO!Enterprise offering. This has both gained significant industry recognition from observers such as Gartner, VDC and Ovum, and succeeded in generating revenues through strategic relationships in the rapidly-emerging Bring Your Own Device (BYOD) market.

Globo says that following launch at the end of 2011 with initial revenues of 2.0m, rising in 2012 to 12.0m, the GO!Enterprise B2E and B2C current subscriber base stands at 130% up year-on-year. Revenues from GO!Enterprise are generated primarily from recurring annual licenses, support contracts, and add-ons, supplemented by specific mobile application development projects. Globo says the successful partnerships with major distributors (ASBIS, COMPUTERLINKS) and device manufacturers (SAMSUNG, PRESTIGIO, etc.) achieved at the end of 2012 are now being implemented leading to initial revenue generation, and we remain enthusiastic about further growth prospects towards the second half of this year.

Papadimitrakopoulos says: "Globo has succeeded in positioning itself as one of the leaders in the BYOD and mobile application development markets today.

"Our challenge is to compete in particular against US peers with direct access to what we consider to be the biggest and most developed BYOD market opportunity in the world today.

"We remain confident that we are in position to succeed in the US market and, at the same time, utilise our experience in the European market where we are traditionally stronger and more competitive versus our US rivals.

"The US launch has been thoroughly prepared in respect of technical infrastructure, marketing, training, sales and support, in order to achieve maximum effectiveness and meet the requirements that this market demands. Now we feel more than confident that we are fully prepared to meet any size of demand from the US launch in the next two weeks."

Hopefully the signal for another push upwards .

GLOBO plc ("Globo" or the "Group")

Strong growth momentum for H1 2013

Globo (LSE-AIM: GBO), the international leader and technology innovator delivering enterprise mobility management and telecom software products and solutions, today provides a trading update for the 6 months ended 30 June 2013.

Globo has maintained strong growth momentum and is pleased to report that revenues for the period increased by 51% per cent year-on-year in the first half of 2013 to approximately €32 million (6 months continued operations ended 30 June 2012: €21.1 million), ahead of market expectations. We also anticipate that EBITDA and PBT will be slightly ahead of market expectations.

This strong performance reflects ongoing demand for our GO!Enterprise platform, which recorded revenue growth of 133% year-on-year to €10.2 million (H1 2012: €4.4 million), and our consumer mobility products (CitronGO! and GO!Social) which recorded revenue growth of 22% to €17.9 million (H1 2012: €14.7 million).

Both revenue segments generate recurring service and licence revenues and, at the same time, GO!Enterprise generates project development revenues via deployment by customers requiring additional mobile platform application development services

In line with normal seasonality favouring the second half, the Group anticipates revenues and margins will continue to increase over the remainder of the year supported by new distribution and partnership agreements under way. Financial performance in the second half of this year will also benefit from the development of sales within our US & Canada distribution agreement, which since the beginning of July is fully active with sales already being recorded.

Operating cash flows after working capital needs and investments have resulted in a net cash position of €9.2 million, with total cash of €21.5 million at the end of the 6 month period.


Globo's CEO, Costis Papadimitrakopoulos commented:

"During the first half of 2013, we have sustained strong growth and made substantial progress with building up our business in all geographies and technologies around the Enterprise Mobility space.

Globo is positioned to serve all different market segments and is looking to becoming one of the market leaders in the Enterprise Mobility space as our platform offers a broader range of functionality compared to our competitors.

With offerings that range in size from Enterprise licences to cloud offering down to retail box, in functionality from BYOD to application development and consumer apps, and in pricing from monthly to perpetual licence model, Globo has one of the strongest product and commercial offerings in the market today that makes us confident for the future."

The Group expects to announce interim results in September 2013.

END

GLOBO achieves Advanced Membership of

IBM's PartnerWorld Program for enterprise mobility solutions

Globo (LSE-AIM: GBO), the international leader and technology innovator delivering enterprise mobility management and telecom software products and solutions, has achieved advanced membership of IBM's PartnerWorld Program and its comprehensive Enterprise Mobility Management (EMM) platform. Globo's enterprise mobility platform, GO!Enterprise, is now included in IBM's Global Solutions Directory (http://www-304.ibm.com/partnerworld/gsd/solutiondetails.do?solution=49692&lc=en&stateCd=P&tab=2 ).

Advanced membership provides Globo with a framework to collaborate with IBM executives, sales teams, and other business partners for strategic initiatives and market specific solutions, with Globo's enterprise grade mobility expertise being incorporated into IBM's broad range of technology services.

GO!Enterprise, provides a complete and fully-secure mobility solution for businesses, of all sizes, seeking an holistic approach to mobilising their business operations in order to enhance employee productivity, implement their Bring Your Own Device ("BYOD") strategies, and improve the effectiveness of their mobile customer relationship management activities. GO!Enterprise covers all aspects of enterprise mobility requirements, including a productivity and collaboration suite and advanced application development and management environment, that enables any back-end business system to be accessible via any mobile device.

IBM PartnerWorld membership is designed to provide significant benefits for sales, marketing and technical solutions, as well as access to R&D fields, enabling partners to create new profit models and implement product offerings through a wide array of resources and technologies.

Costis Papadimitrakopoulos, Globo's CEO, commented:

"This partnership with IBM, a world class information technology leader, is a major coup for Globo. It follows a rigorous assessment of GO!Enterprise which has proved its market leadership in terms of security, functionality and effectiveness in enabling businesses to address the BYOD trend. It also demonstrates Globo's commitment to expanding its international partner-focused growth strategy in the enterprise mobility space."

END

CONTACTS

Globo Plc
+44 (0)- 7572 878 311
Costis Papadimitrakopoulos, CEO
Mike Jeremy, IRO

more good news today with the IBM tie-up. New territory coming.

Stunning set of results:


Financial Highlights

· Revenues UP 52% to €32.03 million (H1 2012: €21.13 million);

· EBITDA UP 44% to €18.64 million (H1 2012: €12.93 million);

· Profit before tax UP 74% to €14.47 million (H1 2012: €8.33 million);

· Earnings per share UP 58% to €0.041 (H1 2012: €0.026);

· International revenues UP 74% to €28.40 million (H1 2012: €16.34 million) representing 89% (H1 2012: 77%) of total revenues.

Operational Highlights

· Secured a North American distribution agreement for GO!Enterprise with Ingram Micro Inc., the world's largest IT and Mobility Distributor. Globo subsequently completed the first "closed loop" sales circle for GO!Enterprise Mobility in a Box and moved into the second phase of commercial distribution across N. America;

· Secured numerous partnerships and alliances with global technology companies, including IBM and Fujitsu;

· Secured a €20 million 3-year revolving credit line, with a €5 million extension option, with Barclays Bank plc, to fund growth, investments and acquisitions, also significantly reducing interest costs.

· Successfully rolled out the GO!Enterprise247 cloud offering which is now commercially available and creates the platform for future growth within the smaller business market;

· Winning recognition from industry analysts including Gartner, VDC, Ovum and IDC;

· Winning customers in a range of geographies, including well-known names such as First Data, Coral, Dixons, Estee Lauder, European Reliance and Mercedes Benz;

· Globo Technologies S.A., in which Globo retains a significant minority holding, is performing ahead of budget and contributed to profit during the period.

Certainly going from strength to strength. up over 200 % in last 8 months. - One of my happier buys !

More likelihood of upgrades to come in my opinion. GBO gradually hitting more radars though.

RBC out today with outperform, target 80p

Globo says held talks with Notify Technologies Inc. I should think when we get taken out it will be significantly higher.

Talks were to acquire Notify Technologies Inc but no acquisition completed.

“While we continue to expect Globo to raise opex to further drive traction in the US and elsewhere, given the good cost control demonstrated in the first half and better than expected contribution from the divested Greek business, we believe profitability should further improve,” said analyst Andrew Dunn, who highlighted the North American distribution deal Globo struck with Ingram in February.

“Management believes that with scale-up, their initial expectations could be exceeded for the Ingram agreement and we continue to believe the shares remain undervalued on 7.4x 2014E PER given the opportunity

GLOBO plc ("the Company")

Clarification Statement

The Board of Globo plc (LSE-AIM: GBO) acknowledges that the following information was posted in a "hidden web page" on its website last night for a short period of time. Google indexed it, and the information subsequently appeared in search results, which certain investors have seen. The information was subsequently posted on several online discussion forums.



The Board of Globo plc wishes to clarify that, while discussions have taken place, no acquisition has been completed and there can be no certainty that a deal will be completed. A further announcement will be made as soon as is practicable.



The information published was as follows:



"GLOBO plc ("the Company")
US$5m acquisition of Silicon Valley based Notify Technologies Inc.

Globo plc (LSE-AIM: GBO), the international leader and technology innovator delivering enterprise mobility management and telecom software products and solutions, has acquired the business and assets of Notify Technologies Inc. ("Notify"), a mobile technology company specialising in wireless mobility solutions and services, for a cash consideration of US$5 million.

Under an Asset Purchase Agreement, assets of US$0.35 million and liabilities of US$3.1 million, including US$2 million of deferred revenues, and approximately 60 employees will transfer to Globo's US subsidiary.

Notify enables organisations to define, simplify and implement their mobility strategies, including the management of mobile devices.

Founded in 1994, Notify is located in San Jose, California, where all sales, marketing and finance personnel are located. Notify's product development and technical support centre is located in Canfield, Ohio.

Notify offers businesses mobility solutions for addressing the Bring Your Own Device ("BYOD") trend, enterprise mobility management, data loss prevention, and Blackberry device management. Its products provide the management, control and oversight needed to maintain a secure and productive mobile environment for businesses of any size, and have been recognised by Gartner's Magic Quadrant for Wireless Email for the past 6 years..."

Hot off the presses


GLOBO plc ("the Company")

US$5m acquisition of Silicon Valley based Notify Technologies Inc.

Globo plc (LSE-AIM: GBO), the international leader and technology innovator delivering enterprise mobility management and telecom software products and solutions, has acquired the business and assets of Notify Technologies Inc. ("Notify"), a mobile technology company specialising in wireless mobility solutions and services, for a cash consideration of US$5 million.

Under an Asset Purchase Agreement, assets of US$0.35 million and liabilities of US$3.1 million, including US$2 million of deferred revenues, and approximately 60 employees will transfer to Globo's US subsidiary.

Notify enablesorganisations to define, simplify and implement their mobility strategies, including the management of mobile devices.

Founded in 1994, Notify is located in San Jose, California, where all sales, marketing and finance personnel are located. Notify's product development and technical support centre is located in Canfield, Ohio.

Notify offers businesses mobility solutions for addressing the Bring Your Own Device ("BYOD") trend, enterprise mobility management, data loss prevention, and BlackBerry device management. Its products provide the management, control and oversight needed to maintain a secure and productive mobile environment for businesses of any size, and have been recognised by Gartner's Magic Quadrant for Wireless Email for the past 6 years.

Notify's products include:

· NotifyMDM, designed to provide IT administrators a single console to manage and secure corporate and individual mobile devices regardless of operating system, carrier, or email platform.

· NotifySync, a device application that provides BlackBerry users secure, real-time, wireless synchronisation to any email platform supporting ActiveSync.

· NotifyLink, an enterprise solution that provides mobile workers secure, real-time, wireless synchronisation to any email platform supporting ActiveSync.

Notify currently has approximately 1,800 customers in the financial services, government, healthcare, higher education, primary and secondary education and manufacturing sectors. Named customers include Oracle Corporation, Novell Inc., Securitas, True Value Company, Trinity Health, and The U.S. Equal Employment Opportunity Commission (EEOC). Additionally, Notify's worldwide network of 26 partners includes carriers, distributors, resellers, systems integrators and complementary technology companies including well known firms such as Synnex and ConnecTel.

For 2012, Notify's unaudited IFRS revenue and EBITDA were US$6.1 million and US$1.6 million, respectively. The acquisition of Notify will immediately be EBITDA enhancing and is expected to be earnings enhancing in its first full year.

The acquisition of Notify represents another significant step towards Globo's strategic goalto become a global leader in the field of enterprise and consumer mobility. Specifically:


· The integration of NotifyMDM with GO!Enterprise technology will add MDM (Mobile Device Management) functionality, enabling Globo to compete more effectively during the mobile industry's transition to mobility solutions based on "container" technology. Whilst Globo's GO!Enterprise container based solution is the best technology for enabling BYOD, certain customers still demand MDM functionality. Following integration, GO!Enterprise will be the market's most complete solution incorporating MDM, secure container technology and a cross mobile platform application development environment to build, distribute and manage apps.


· Notify establishes a presence in Silicon Valley with its 60 employees strengthening Globo's U.S. development, research, sales and marketing teams, adding a high level of skills and knowledge to building and marketing corporate mobility products, as well as sales and marketing capability. This will allow Globo to accelerate its US expansion and generate "cross" and "up" sales opportunities from both the integration of technologies and leverage of existing customers of both companies.

During CTIA MobileCON later this month in San Jose, Globo will launch its GO!Enterprise V.2 which incorporates Notify's MDM functionality.

Going forward, Globo's management remains focused on its strategic goal to become a global leader in the field of enterprise and consumer mobility, and its near-term objectives are to:

· maintain organic growth, exploiting well-timed entries into key markets;

· increase business development efforts in the USA and Western Europe where the enterprise mobility and BYOD trends are most advanced;

· extend product capabilities through continued investment, whilst monitoring and balancing this against revenue contribution opportunities; and

· actively pursue suitable acquisition opportunities, which can improve Globo's product capabilities, extend personnel skill-sets, enable entry into new markets and expand the client base.

Costis Papadimitrakopoulos, Chief Executive Officer commented:

"The acquisition of Notify significantly strengthens Globo's competitive position to address the BYOD trend and accelerate growth in the US and elsewhere, as well as adding to our rapidly growing customer and revenue base.

In addition to MDM functionality, thereby opening up significant new business opportunities for GO!Enterprise during the industry's transition to containerisation, Notify brings highly skilled and experienced people, our most valuable asset.

With current trading strong and organic growth underpinning our expansion, we are confident and excited about our future success."

A call will be held for analysts and investors on Friday 4 October 2013 at

1600 hrs BST / 1100 hrs EDT / 0800 hrs PDT. To register your interest in joining the call, contact fiona.scholes@bankside.com.

it seems to have started a lot of buying.

The annoucement was clearly coming yesterday!! All good news and only going to help the ramp up in the US.

21 Sep Globo PLC Daniel Stewart Buy 78.00 133.00 133.00 Reiterates

Globo Plc (GBO) is the top performer on London’s FTSE AIM 100 Index this year as it sold more software to support people bringing their own mobile phones to work, and it plans to expand in markets including Asia and Latin America.

The stock has almost quadrupled this year, giving the Athens-based company a market value of 275 million pounds ($442 million). The number of bring-your-own-devices in the U.S., U.K., Germany, India, China and Brazil will climb to 405 million by 2016 from 198 million this year, according to Cisco Systems Inc. (CSCO), the biggest maker of computer-networking equipment.

“We expect the BYOD trend to continue to accelerate, and this gives us a very good push to offer our technologies in different countries and in different market segments,” Globo Chief Executive Officer Costis Papadimitrakopoulos said in a phone interview from Athens. “We have managed to build different offerings on this platform to attract different sizes of customers.”

Globo secured contracts this year to develop mobile-phone applications for companies including Estee Lauder Cos. (EL), Dixons Retail Plc (DXNS) and Daimler AG (DAI)’s Mercedes-Benz luxury-car division. First-half revenue from Globo’s Go!Enterprise product to build, deploy and manage secure mobile applications for employees’ own devices more than doubled from the previous six months to 10.2 million euros ($13.9 million), with sales in 16 countries.

The stock, which is traded in London, rose 1.3 percent on Oct. 4, taking the advance to 290 percent this year

Here is a bit more guff on the above reported today on Bloomberg.


Dramatic Growth

BYOD is “a new sector,” Kostas Ntounas, an analyst at NBG Securities SA in Athens, said in an interview. BlackBerry Ltd., a traditional supplier of business smartphones, “is now falling apart and there is room for all these companies to grow going forward.”

In February, Globo signed an agreement with Ingram Micro Inc. (IM), the world’s largest technology distributer, to supply BYOD products to U.S. retailers.

“Investors are really starting to focus on the fact that international revenue is growing quite dramatically,” said Darren Freemantle, who holds 700,000 shares in Globo for the 28.9 million-pound MFM Techinvest Technology Fund. (CFTTECA) “Looking forward, it’s all about the BYOD market, where Globo has emerged as a major player.”

Globo’s total sales jumped 28 percent last year to 58.1 million euros, as Latin American revenue soared to 11.6 million euros from 2.2 million euros, and Asian sales rose 72 percent to 10.6 million euros.

U.S. Competitors

Globo was founded in 1997 in Greece, where sales fell 13 percent to 20.3 million euros last year. Globo divested part of its Greek assets at the end of 2012 to focus on international clients, and retains manufacturing in the country.

The company has gained exposure to emerging-market growth through its CitronGo! and Go!Social brands, which help with access to e-mail and social networks on non-smartphones, Papadimitrakopoulos said. The systems contributed 17.9 million euros of revenue in the first half, or 56 percent of the total, and were sold in 32 counties.

Globo faces competition in the BYOD market, particularly from the U.S., where companies such as Airwatch LLC, MobileIron Inc. and Good Technology are seeking the same customers.

Globo’s share price may increase further if there’s an initial public offering of Good Technology, Ntounas said.

Greek Divestment

“Globo still trades at a discount versus comparable companies,” Ntounas said. “A Good Technology IPO will be a benchmark in terms of valuation and multiples for Globo and may cause the share price to rise.”

Good Technology was in talks with investment banks about a potential IPO, the Wall Street Journal reported in March, citing people familiar with the move. A spokeswoman for the company described talk of a stock sale as “speculation,” when contacted by Bloomberg News on Oct. 4.

At the end of last year, Globo divested 51 percent of a Greek software operation.

“One of the things that was holding the company back over the last year or two was its connection to Greece,” said Freemantle of MFM Techinvest.

To contact the reporter on this story: Natasha Doff in London at ndoff@bloomberg.net

To contact the editor responsible for this story: David Risser at drisser@bloomberg.net

Also comment that Globo likely to benefit with blackberry break up and possibility of Good Technology of the US to float, which could show Globo's under valuation.

There may be some bid speculation surrounding todays' rise.

I hope not yet, more jumping on board with potential US growth by leveraging Ingram Micro. Bit of consolidation today no bad thing.

The stock has certainly becoming high profile. It can't be a bad thing.

Over the past week, Globo has participated in three Private Investor presentation events during which it received several questions relating to working capital and the mechanics and impact of the disposal in December 2012 of 51 per cent of its Greek subsidiary, Globo Technologies S.A. ("GT").

The presentations followed a successful placing, supported by International and UK institutional investors, to raise £24 million of equity to accelerate the Group's expansion plans.

Globo's published annual accounts have been audited thoroughly and contain all the disclosures required by International Financial Reporting Standards (IFRS). Nevertheless, the Board believes that providing further insights into working capital movements and the mechanics and impact of the disposal of GT will enable investors to gain a fuller understanding of the Group accounts.

The Board of Globo attaches the highest importance to transparency in its communications with the financial community and, in order to ensure that followers of the Group have a fuller understanding, has decided to publish on its website, as soon as possible, further analysis on the items mentioned above.

The information is expected to be posted on Thursday, 31 October 2013, if not earlier, when its provision will be notified.

Down 12% today and mostly sells.

Quite a big pullback now from 85 or so, but the future looks rosy for this baby. i got in at 20, some months back, so can't complain.

Down 20% i would consider taking a bit of profit here chessplayer.

Chessplayer maybe Mitzy is right , i years ago watched Baltimore Tech drop like a stone before i sold at a big loss i might add, no point in catching a falling knife!! I learned my lesson all those years the hard way trust me! One off you will be proved right in time!

I remember Baltimore back in 99 never invested myself but it was the stockmarket darling I recall before it ultimately collapsed.

Yeah Mitzy it certainly was the Stock market darling, going great guns untill a reverse take over did it in unfortuately , had great encrypt tech to sell worldwide! Like Dialog or Dog , a lot off these reverse take overs often end in disaster for the share holders!

Clearly profit taking following investors presentations whilst clarity is awaited on cash flow information before end of the month. Assuming nothing untoward, looks overdone. Good buying opportunity?

If the 200 DMA doesn't provide support then 40p is the next stop. I agree with mitzy. If you are in profit, probably best to take it now.

I bought at 20 and cashed in half when they reached 44, so I thought I'd let it ride.

I've increased my holding sub 50p

A bit of a rollercoaster, but looks to be on the up again

I'm not a holder of GBO, but for anyone interested here this has been posted this morning on another bulletin board!

"GBO SHORT"

http://uk.advfn.com/cmn/fbb/thread.php3?id=30753660

Anyone interested in starting a "class action" (collective) against this group of market manipulators?

The aim would be:

1. To show fatty & co they can't do this without becoming a target themselves,
& quite rightly too.

2. With sufficient media exposure (hardly a problem these Facebook days), to shame the FCA & others (FCA dependent on the Exchequer) to get a set of teeth, MYA & do their job.

3. Show the rest of society how useless authority has been in bringing markets under control, expecting us to pay for the bail-outs instead.

4. To link with those on other Financial sites to join in - "L'unité fait la force".

5. A high profile barrister should be able to nail the libel & false accusations, as well as quantify the damage in £St terms.

6. Get GBO's management (& other BODs) to wake up instead of put up. They, after all, are there to protect shareholder intesrests (of which they are often a part).

I'm open to suggestions, not claiming the "Mr Big" role in this (I live abroad anyway, not in/near London) but will be happy to participate actively in my small way.


IMO, if this snowballs, we'll be neding a reasonable amount of readies, as in 250 participants @ £100 each,

or to find a US-style lawyer who works on commission!.... Doesn't mean that my pupose is to get money/profit from this, but it makes things much easier.

I've started a new thread for this, and only this, purpose. Fatty's gang might well turn up to try & disrupt, but they've done that anyway!

It would be good if this here thread were not congested by this theme, so please post over there for this purpose. IMO a 24hr gestation period to just get a form of participation together before looking further would be a good idea.

All comments invited on.............."GBO SHORT":

http://uk.advfn.com/cmn/fbb/thread.php3?id=30753660

FOR IMMEDIATE RELEASE

Thursday, 31 October 2013


Globo Plc ('Globo' or 'the Group')

Q3 trading update & publication of additional information

Trading update

So far in the second half of 2013, Globo has continued to achieve strong growth with revenues for the nine months ended 30 September 2013 up 58 per cent on the same period in 2012 to €50.01 million. This performance, which is ahead of management expectations, reflects growth in demand in both the enterprise and consumer businesses.

Overall, cash flows during the third quarter have generated positive free cash flow of €0.4 million resulting in a net cash position for the Group of €11.2 million (30/6/2013: €10.8 million). The Board is confident that cash flow will further improve as the Group continues to penetrate more mature markets which will improve the rate of collection of receivables.

Since the interim results, the Group has completed the acquisition of Notify Technologies Inc. to augment the GO!Enterprise offering. The subsequent fundraising of £24 million (gross) has strengthened the balance sheet and provides the basis for further expansion. As a result, and combined with continuing profitable growth, the Board is confident in the Group's future financial performance.

Publication of additional information

Following the announcement of 28 October 2013, Globo has published additional information which provides further insight into:

a) the disposal of 51 per cent of Globo Technologies S.A. ("GT") in December 2012;
b) revenue recognition, collection of receivables and working capital; and
c) R&D capitalisation and amortisation and its financial impact.

This information is available on Globo's website at http://www.globoplc.com/default.aspx?lang=en-GB&page=14.

Disposal of 51 per cent of Globo Technologies S.A ("GT")

The decision to dispose of GT followed careful consideration of a range of factors including the management decision to focus on expanding the Group's international mobile business.

The consideration of €11.2 million was based on an independently verified valuation of GT, and the Group has received prompt payment of the amounts due under the payment schedule, which is up to date.

Net debt of €0.23 million (consisting of debt of €7.29 million and cash of €7.06 million) was transferred to GT as part of the disposal.
No trade receivables due to Globo were moved off-balance sheet as part of the disposal.

Since disposal, GT has operated independently of Globo with no management relationship existing between GT and the Group.

Revenue recognition, collection of receivables and working capital

Revenue is recognised in accordance with the Company's accounting policies, in compliance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), set out in the 2012 annual report.

Collection of receivables is in accordance with Globo's terms of business which reflect local factors, including currency export and other regulations that apply in different countries.

R&D capitalisation and amortisation

Globo's accounting policies for R&D capitalisation and amortisation fully comply with IFRS and have been consistently applied since inception.

Globo Plc ('Globo' or 'the Group')

Q3 trading update & publication of additional information

Trading update

So far in the second half of 2013, Globo has continued to achieve strong growth with revenues for the nine months ended 30 September 2013 up 58 per cent on the same period in 2012 to €50.01 million. This performance, which is ahead of management expectations, reflects growth in demand in both the enterprise and consumer businesses.

Overall, cash flows during the third quarter have generated positive free cash flow of €0.4 million resulting in a net cash position for the Group of €11.2 million (30/6/2013: €10.8 million). The Board is confident that cash flow will further improve as the Group continues to penetrate more mature markets which will improve the rate of collection of receivables.

Since the interim results, the Group has completed the acquisition of Notify Technologies Inc. to augment the GO!Enterprise offering. The subsequent fundraising of £24 million (gross) has strengthened the balance sheet and provides the basis for further expansion. As a result, and combined with continuing profitable growth, the Board is confident in the Group's future financial performance.


Publication of additional information

Following the announcement of 28 October 2013, Globo has published additional information which provides further insight into:


a) the disposal of 51 per cent of Globo Technologies S.A. ("GT") in December 2012;

b) revenue recognition, collection of receivables and working capital; and

c) R&D capitalisation and amortisation and its financial impact.


This information is available on Globo's website at http://www.globoplc.com/default.aspx?lang=en-GB&page=14.

Disposal of 51 per cent of Globo Technologies S.A ("GT")

The decision to dispose of GT followed careful consideration of a range of factors including the management decision to focus on expanding the Group's international mobile business.


The consideration of €11.2 million was based on an independently verified valuation of GT, and the Group has received prompt payment of the amounts due under the payment schedule, which is up to date.

Net debt of €0.23 million (consisting of debt of €7.29 million and cash of €7.06 million) was transferred to GT as part of the disposal.

No trade receivables due to Globo were moved off-balance sheet as part of the disposal.

Since disposal, GT has operated independently of Globo with no management relationship existing between GT and the Group.



Revenue recognition, collection of receivables and working capital



Revenue is recognised in accordance with the Company's accounting policies, in compliance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), set out in the 2012 annual report.



Collection of receivables is in accordance with Globo's terms of business which reflect local factors, including currency export and other regulations that apply in different countries.



R&D capitalisation and amortisation



Globo's accounting policies for R&D capitalisation and amortisation fully comply with IFRS and have been consistently applied since inception.



Costis Papadimitrakopoulos, CEO commented:



"Since floating on AIM 6 years ago, Globo has achieved tremendous success in redefining its technology, products and market focus and we continue to set ambitious growth targets.



Further improvements in the product line and a significant shift towards Western markets are underway as we focus our efforts on establishing Globo in Enterprise Mobility, one of the biggest global technology markets.



Globo is attracting major interest from international partners and customers that chose to invest in our technology, as well as being recognised by leading firms of industry analysts.



We are delighted that our shareholders recognise the progress we are making and support our growth strategy."

Some shorts getting closed out I would imagine to today's move higher.

Directors buying

Thats the shorters out then.

RBC reiterates outperform rec today, tp 110p

Chief exec Costa Papadinitrakopoulos (that's what I call a big league name!) purchases 150,000 shares at 65 p.

A 15% fall not good.

Followed by 15% rise. Staying put for the time being, I still think it will end up higher once the shorters move on.

Fierce Innovation Awards: Globo Recognised for leadership in

Network & Device Security


Globo (LSE:AIM: GBO) announces that is has been recognised by this year's Fierce Innovation Awards: Telecom Edition, a unique operator-reviewed awards program from the publishers of FierceWireless, FierceTelecom, and FierceCable. GLOBO's Enterprise Mobility in a Box received top honours in the Network & Device Security category.

Jason Nelson, Publisher of FierceWireless, FierceTelecom, and FierceCable, says, "The Fierce Innovation Awards celebrate the companies who are on the cutting edge of innovation in the wireless, wireline and advanced TV and network sectors of our industry. We were once again overwhelmed by the number and the quality of the applications we received."

Winners were selected by an exclusive carrier-only panel of executives from AT&T, Cablevision System Corporation, Comcast, Cox Communications, MetroPCS, Rogers Communications, TeliaSonera International Carrier, and Verizon. Full profiles of the judges can be found at https://www.fierceinnovationawards.com/telecom/2013/judges.


Judges evaluated submissions based on the following criteria: technology innovation, financial impact, market validation and end-user customer experience.

Globo is being recognised for its revolutionary enterprise mobility management solution for small and medium businesses (SMBs), Enterprise Mobility in a Box.

"We are proud to be recognised as a leader in our industry," said Costis Papadimitrakopoulos, founder and CEO of Globo. "Enterprise Mobility in a Box is the first enterprise mobility management solution targeted specifically to SMBs to provide secure and controlled access to all of their business systems and information, allowing companies of any size to manage their mobile workforce through the GLOBO cloud infrastructure."

The Enterprise Mobility in a Box platform is literally an "out of the box" approach to enterprise mobility for SMBs that allows companies with up to 150 devices to securely run and manage their BYOD (Bring Your Own Device) mobile workforce through the Globo cloud infrastructure. The plug-and-play solution allows employee-owned devices to access business data in a centrally controlled manner within a secure container, without imposing limitations on device configurations or on the use of personal data and applications.

Globo revenues up 57%
StockMarketWire.com
Globo - the international provider of enterprise mobility management and telecom software products and solutions - achieved a strong financial performance for 2013, ahead of market expectations.

It says revenues for the full year from continuing operations grew 57% to 72m and profits will be in line with market forecasts.

Growing sales of GO!Enterprise resulted in an increased operating profit cash conversion ratio of around 80% for the full year.

It says 2013 will be the second consecutive year of positive free cash flow, before the impact of acquisitions.

Globo's year-end cash position was 64m (2012: 19m) and net cash position was 42m (2012: 14m).

At 8:18am: (LON:GBO) Globo PLC share price was +5.38p at 62.38p


Story provided by StockMarketWire.com

After reporting a 57% increase in revenues one would expect the share price to be rising, but it isn't. Hopefully this is a temporary lull and GLOBO will continue to rise.

From someone sending an e-mail to Costis regarding the posts by Simon Cawkwell and got the following reply:

Dear Mr
We are aware of this already. We appreciate your frustration as we also feel the same way.
Globo is stronger than ever, and our business grows everyday.
I hope our trading statement, issued on the 28th January, is very clear.
Our Nomad and Legal advisors are looking at it and any action required will be taken.

Thank you for your trust in Globo
Best regards
Costis Papadimitrakopoulos
CEO - Globo Plc "
-----------------

Shares Magazine last Thursday

Mobile enterprise plat form developer GIobo (GBO:AIM) has definitely beaten off last year’s bear raid attack with 2013 a landmark one for the company on so many levels.

GO!Enterprise has established itself in the important US market wherethere is clear demand. Revenues from the platform jumped 155% last year to close on €31 million, pushing total sales to a record €72 million, up 57%. Important progress has also come in turning profits to cash with an 80% conversion rate achieved. We’ll get full details in April but as revenues continue to build the difference between capitalized costs and amortisation are falling into line, down from €6.3 million in 2011 to €3.4 million in 2012, and €1.7 million in the first half of 2013, excluding the effect of acquisitions. Shares readers had the opportunity to get in early at 21p by following us. Yet success to date will be surpassed in 2014 as scale builds thanks to several key reseller agreements.

Shares says :
We still see a bright future for Globo and think the shares are likely to hit a 90p analyst target price in 2014.

WATCH: Mike Jeremy, IRO at Globo, provides on overview to BRR at the Innovators & Investors Forum, London

Click here to watch

Been quiet here recently and rather frustrating. Numbers are good, so value will out in the end.

A lot of tech related companies seem to be struggling price wise at the moment.

Finally a better week here with good percentage gains.

Globo expands North American Distribution Agreement with Ingram Micro Mobility to include complete portfolio of GO!Enterprise products for large enterprises

Globo plc (LSE-AIM: GBO), the international provider of enterprise mobility management and telecom software products and solutions, today announced it has expanded its distribution agreement with Ingram Micro Inc. Globo will now provide its complete portfolio of GO!Enterprise products to the significant market segment of Large Enterprises, and also offer solutions to Small-and Medium-sized Businesses (SMB) in the United States and Canada.

Ingram Micro Mobility will engage and utilise its extensive network of Channel Partners comprising of Value Added Resellers (VARs), System Integrators (SIs), Independent Software Vendors (ISVs) Managed Services Partners (MSPs) and IT Resellers in the promotion of the electronic software licensing of GO!Enterprise Office, GO!Enterprise Mobilizer and GO!Enterprise MADP.

Costis Papadimitrakopoulos, Chief Executive Officer of Globo commented:

"Our strategic partnership with Ingram, one of the leading IT and mobile distributors in the world, will now enable us to further build our brand in the US and Canada and deliver our complete range of Enterprise Mobility solutions to address the requirements of corporations of all sizes under a single platform - GO!Enterprise. This provides us with the ideal platform to begin expanding our product range to other regions of the globe."

Bashar Nejdawi, President of Ingram Micro Mobility, North America added:

"We saw a need for Globo's GO!Enterprise mobility product across Small and Medium-sized Businesses as more and more businesses are beginning to consider their levels of security and administration. This agreement allows us to provide an even wider portfolio of solutions and serve a growing number of customers looking to mobilize their business operations. "

Shorters must be closing today as price is moving higher

Globo at Barcelona exhibition.

Globo launches GO!Enterprise WorkSpace container
with increased functionality, including Secure Office Editor


BARCELONA, MWC 2014 (February 26, 2014) - GLOBO (LSE-AIM: GBO), the international provider of enterprise mobility management and telecom software products and solutions, is pleased to announce that it has today launched GO!Enterprise WorkSpace , an extension of the current Globo Enterprise Mobility offering, GO!Enterprise. GO!Enterprise WorkSpace will provide new functionality, a new rich and intuitive user interface tapping into the latest UX/UI trends as well as secure access to corporate data and information.

GO!Enterprise Workspace offers:
· Secure Office Editor as a free pre-embedded utility, enabling users to securely create, view, edit, annotate and print documents in MS Word, Excel, Powerpoint, PDF or Text, as well as images on smartphones and tablets running Android, iOS and Windows operating systems;
· An improvement to the interfaces that iOS7, Android 4.4 KitKat and Windows bring to the mobile market, for access to email, calendar, contacts, files or corporate information;
· The ability via HTML to use rich text to view and format emails, and switch back to plain text;
· The addition of Microsoft SharePoint support to enable secure access to document repositories, with browsing, search and check-in/check-out functionalities.

The launch of GO!Enterprise WorkSpace is part of Globo's strategy of focusing on the end user experience by delivering enhanced and intuitive control over the full range of Enterprise Mobility requirements. In particular, the inclusion of Secure Office Editor as a free standard offering introduces a new creative element for the user.

A double top must likely is on the cards
a 22 % profit on just over 2 weeks
and on my way to holidays

took profits today

still undervalued on the forecast at 66.50p

Disappointing couple of days but not so long for results.

Clearly the change of auditor went down like a lead balloon - an excuse to sell.

Back from Holidays and a good opportunity to buy again @ 51.65p
has reached support, should be the end of the week long drop

Down by a third in 2 days. There may be more to this than meets the eye.

why this sudden fall??

A bear attack maybe ! Over 13 million shares traded

Globo says unaware of reason for fall. Get in quick before the close?!

chess, would appear to be bear attack again - hopefully assuming a healthy set of results it might put an end to it

I've spoken to the company today and suffice to say I'm not going anywhere. Roll on results and hopefully then the shorters move on.

Globo plc

FOR IMMEDIATE RELEASE
7 March 2014

GLOBO plc ("Globo" or "the Company")

Statement regarding share price movement

Globo plc (LSE-AIM: GBO), the international mobile solutions and IT company, notes the significant move in its share price since 6th March 2014.

Globo is not aware of any material reason for the move in its share price.

As noted in its statement of 6th March, Globo has recently appointed Grant Thornton as its auditor, replacing its incumbent auditor, BDO. BDO has also filed a letter at Companies House notifying that Globo requested its resignation as auditor. There are two important points to note:

1. BDO stated in its letter that it was not able to reach a "mutually acceptable audit scope in relation to our involvement in the work of component auditors, needed to obtain sufficient appropriate audit evidence on which to base the audit opinion on the group financial statements."

For the purposes of clarification, BDO had requested to take over the audit of all Globo group companies, including the audit of all subsidiary companies, which was performed at that time by Globo's component auditors, Grant Thornton. BDO's proposal was at greatly increased cost, which was not acceptable to the Board of Globo. It is because it was not appointed to audit the subsidiaries that BDO stated that it did not have an "acceptable audit scope".

Globo has now appointed Grant Thornton to audit all its group companies, including subsidiaries.

2. BDO has not raised any other concerns relating to the work that it did in relation to the Globo group prior to its resignation. The audit for the full year ending December 31st 2013 had not yet been commenced when BDO was replaced.

As Globo is currently in a Close Period it cannot comment on trading, but refers investors to the Trading Update of January 28th which indicates strong operating performance, balance sheet and cash generation.

END

Based upon the above, we may see quite a jump in the s.p. on Monday

Results by 30 April not far away or 1 week now

Results look very good, hopefully draws a line under the lacklustre price

RBC reiterates buy, tp 110p

Nice inverted head and shoulders over the last couple of months. A break here and back to 200dma @ 57p, first port of call imo.

Preliminary Results for the Full Year ended 31 December 2013

Strong revenue growth; second consecutive year of positive free cash flow1, of €5.2million

Globo plc (LSE-AIM: GBO), the international provider of enterprise mobility management and telecom software products and solutions, announces preliminary unaudited results2 for the year ended 31 December 2013.

Financial highlights

• Revenues up 55.4% year-on-year to €71.5 million (2012: €46 million)
· GO!Enterprise revenue up 149.2% to €29.9 million (2012: €12 million)
· CitronGO! and GO!Social revenue up 19.6% to €34.8 million (2012: €29.1 million)
• EBITDA up 50% to €36 million (2012: €24 million)
• Profit Before Tax up 59.3% to €27.4 million (2012: €17.2 million)
• Earnings Per Share €0.074 (2012: €0.056)
• Free Cash Flow of €5.2 million (2012: €1.7 million)
• Raised net proceeds of €26.5 million, via an institutional placing of 33.9 million shares
• Resulting year-end cash position of €64.2million

1 Free Cash Flow (FCF): We calculate FCF as net cash from operating activities minus all expenditures required to maintain or expand our organic business, including purchases of intangible assets and property, plant, and equipment; it does not include purchases made in connection with business combinations or acquisitions.

2 Globo PLC confirms that it has agreed this preliminary unaudited statement of annual results with Grant Thornton LLP and that the Board of Directors has not been made aware of any likely modification to the auditors' report required to be included with the annual report and accounts for the year ended 31st December 2013.


Operating highlights

Growing the customer base
• GO!Enterprise customer base grew to 340,600 business-to-employee device licenses and 13.1 million business-to-consumer licenses
• CitronGO! and GO!Social customer base increased to 2.98 million monthly active users (2012: 2.23 million)

Earnings enhancing acquisition
• $5.3 million (€3.9 million) cash consideration paid for Silicon Valley-based Notify Technology Inc., a mobile technology company specialising in wireless mobility solutions and services, adding Mobile Device Management (MDM) capability to the GO!Enterprise product suite

Building strong partnerships
• Agreement with Ingram Micro to supply Globo's enterprise mobility solutions to Small-and Medium-Sized business market in the US and Europe
• Distribution agreement signed with Fujitsu
• Membership of IBM's PartnerWorld Program

Launch of new products and services
• SmartOffice functionality added to GO!Enterprise.
• New Mobility Business Solutions (MBS) division created to support our Vendor Business through the provision of Expert Consultingand Professional Services for customers' and partners' projects

Post period end events

• February 2014: Launch of new enterprise mobility products GO!AppZone and GO!Enterprise WorkSpace container at Mobile World Congress
• February 2014: Expansion of Ingram Micro distribution agreement to supply complete portfolio of GO!Enterprise products to Large Enterprises
• March 2014: Strategic partnership agreement signed with Bechtle UK
• March 2014: Distribution agreement signed with Qast China

Trading outlook

After a strong 2013, the momentum has continued in the first quarter of 2014, with trading in line with market expectations. The initiatives completed to date in Q1, such as the launch of new products and the Bechtle UK distribution agreement, demonstrate the Group's focus on building a comprehensive suite of mobile solutions and services for enterprise customers.

Nice move today, back to the 60s and 70s soon.

Looking good today.

Going long...

Good start to the day, once we're through the 60p should finally mark the end of this downwards trend over the last 6 months. Breaking 200dma.

A good reason for the fall of course can be put down to the general sell off in the tech sector.
It looks like the next target is the green line at about 58p.

Despite the shorters ( dougtnut and company ) talking negative on the Twitter yesterday, there was a good move late on the day and further rise today.

The results confirms the good state of the company and its future.

Flying today.

The results were excellent....took a long spread out on them....if I wasn't so much in Faroe Petroleum would add here....

Sold my lot at 53.05p that is enough in a month for a 22% gain

Disappointed about the sp here...expected better response than this...

Back in at 46.25p, it seems the support at 46p was holding well today, the large retracement in just a week is a good point to bounce from

the bounce is on as the closing yesterday was UT at the lowest point 44.50p

Is a good omen of the order book telling the bottom

certainly not moving fast up but there are signs of trying at least

Looking much better for the last couple days, and today already up

a very nice spike to 46.375p +2.375p on a very down market

Rising indicators look positive as is the doble bottom during the last month

The trouble with any stock hit by shorters is it takes time for people to trust their faith in a stock .Apparently it's being said GOGGLE is acquiring a similar Co in USA. Maybe a reason for uplift.

Still way undervalued I reckon, sticking with it.

A very good morning rise to 48.375p +2.50p

Something of a a tech bounce for the last few days on the marke,t has help to bounce from a very depress lows

Beginning to get back to more sensible levels, hopefully we'll break 60p before too long - for the last time!

Finally breaking 60p. RBS reiterated outperform, tp 110p 3rd June.

Globo plc (LSE-AIM:GBO), the international provider of enterprise mobility management solutions and software as a service, announces a trading update for the five months ended 31 May 2014, ahead of its AGM to be held today at 10.00a.m. at 55 Old Broad Street, London EC2M 1RX.

Pre-AGM Trading Update

The Group has seen a strong start to 2014, ahead of market expectations. Growth has been driven by increasing GO!Enterprise revenues, the continued growth of our consumer CitronGO! business, and new enterprise customer and partner wins.

Our focus in 2014 is on enlarging our sales teams, investing in R&D and business development, empowering our marketing strategy and setting up the infrastructure, systems and processes for future global growth.

Australian project win

We are also delighted to announce that Globo, as part of a consortium led by a leading Australian mobile operator and our partner Mobilise IT, has been selected as the provider of technology and services for a major multiyear governmental mobile health project in Australia. The project will initially offer secure and standard compliant mobile iPad apps to more than 10,000 doctors for access to medical records, delivering care in the home, and assessing requirements for preventative medicine.

The project is anticipated to contribute a significant number of GO!Enterprise licenses and consulting and professional services revenues to the Group.

Globo's non-executive Chairman, Barry Ariko commented:

"Following an exceptional financial performance last year, driven by revenue and profit growth as well as free cash flow generation, Globo has continued to achieve strong revenue and profit growth this year across both enterprise and consumer segments. The BYOD trend is transforming the way enterprises operate and with its compelling product offering, Globo is at the heart of this.
We regard this project win in Australia as a significant validation of our drive for a worldwide footprint for GO!Enterprise marketing and revenue, both in terms of geographic reach and scale of contract .
We are in an excellent position to address this dynamic market trend and are confident that 2014 will deliver further profitable growth for shareholders."

Globo's CEO, Costis Papadimitrakopoulos commented:

"Globo is now one of the global leaders in the BYOD and Mobile Application Development markets, as demonstrated by our recent win in Australia and our inclusion in Gartner's Enterprise Mobility Management Magic Quadrant. Our focus and investment in innovation continues in 2014 and we look forward to further expansion in mature geographies, such as the United States. We remain very optimistic for 2014."

Good trading update with strong start to 2014 and ahead of market expectations.

HAS BEEN A START PERFORMER FOR THE LAST MONTH

Now needs to break 60p and hold already higher than the previous one 58.50p on the new UPtrend

A better chart, MoneyAM is not correct for the last couple days

Volatile few days or few months even. Hopefully forming some higher lows and we'll eventually get above 60p again. We know trading is going well.

Cluster director buying - 5 directors in total.

H1 revenue seen slightly ahead of expectations. RBS Capital Markets maintains buy, tp 110p

Canaccord out with buy rec on 10th Sep, tp 90p - I haven't seen this before now for some reason.

Globo has been included in Ovum's 2014-15 Decision Matrix for EMM Solutions. "The demand for cross-platform mobile management has created a fast growing and extremely competitive market for EMM solutions", said Richard Absalom, Senior Analyst Enterprise Mobility at Ovum. "We are tracking over 70 vendors offering some form of EMM capability. Globo offers a well-rounded, end to end EMM solution, and is one of very few vendors to offer five out of six of our defined components"

GLOBO plc

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

Globo PLC (LSE-AIM: GBO), the international provider of enterprise mobility management solutions and software as a service, is pleased to announce its unaudited interim results for the six months ended 30 June 2014.

Financial highlights

• Revenue up 45% to €46.5 million (H1 2013: €32.0 million)
o GO!Enterprise revenue up 95% to €19.9 million (H1 2013: €10.2 million)
o CitronGO! and GO!Social revenue up 12% to €20.1 million (H1 2013: €17.9 million1)
• EBITDA increased 23% to €22.0 million (H1 2013: €17.9 million)
• Profit before tax up 11% to €16.1 million (H1 2013: €14.5 million)
• Earnings per share increased 5% to €0.043 (H1 2013: €0.041)
• Free Cash Flow2 of €4.2 million (H1 2013: €(3.7) million)
o Last Twelve Months Free Cash Flow €13.1 million
• EBITDA Cash Conversion Ratio3 of 83% (H1 2013: 15%)
• Net cash position of €46.0 million as at 30 June 2014 (H1 2013: €10.8 million)

Operating highlights

• Significant growth in licence and end user base:
o GO!Enterprise Enterprise Mobility Management ("EMM") business-to-employee device licences up 67% to 569,500 at the half year (31 December 2013: 340,600)
o GO!Enterprise Mobile Application Development Platform ("MADP") business-to-consumer licences up 90% to 24.9 million (31 December 2013: 13.1 million)
o CitronGO! and GO!Social monthly active users up 13% to 3.4 million (31 December 2013: 3.0 million)
• Additional enterprise customer wins, including new GO!Enterprise EMM licence customers such as Siemens, TUI, TNT, PeopleCert and Intracom Telecom.
• Integrated contract win for licences, application development, consulting and services with new customer, the New South Wales Health Administration, in Australia
• Acquisition of mobile applications developer Sourcebits Inc., for a cash consideration of US$12 million brings integrated MADP capability and access to new customers
• Significant expansion of US operations following acquisition of Notify Technology Inc.; CEO relocation to the US to focus on US operations and growth opportunity
• Launch of new products and services: GO!AppZoneStudio and GO!Enterprise WorkSpace

Post period end highlights

• €7.5 million integrated product project win with new customer, the Greek Ministry of Public Order and Citizen Protection
• Additional project work with existing Sourcebits customers Intel, McKinsey, SAP, EMC and ING
• Globo included in Ovum's Decision Matrix report 2014-15, with recognition as a market challenger amongst the top 11 EMM vendors globally

Trading outlook

• Trend of growth in enterprise customer and new project wins during H1 expected to continue
• Strong business momentum expected due to traditionally stronger second half and continued US expansion

Commenting on the results, Costis Papadimitrakopoulos, CEO of Globo, said:
"Globo's growing reputation in the enterprise mobile markets around the world is translating into strong growth in revenue and profits. Demand for our market-leading products and services is being supported by positive industry trends, particularly the growth of Bring Your Own Device. Globo continues to invest in developing new products to strengthen our offering and I am confident that Globo is well positioned to continue the positive growth story reflected in these results."

Good results. Broker updates today, RBC tp 120p and Canaccord 90p

A very poor do when such good results lead to a fall of 1.75 points!

Currently trading on a PE of just over 6 and a sector average of 20 we ought to be in for quite a price riose on this little beauty.

21 October 2014


Globo receives United States NIST Data Security Certification

Globo meets highest industry standard for application security, supporting its growth into highly regulated markets such as government, finance and healthcare.

Globo Plc (LSE-AIM: GBO), the international provider of enterprise mobility management (EMM) solutions and software as a service (SaaS), is pleased to announce that the United States National Institute of Standards and Technology (NIST) Cryptographic Module Validation Program (CMVP) has validated Globo's cryptographic modules as per Federal Information Processing Standards (FIPS) 140-2 Security Standard for Cryptographic Modules. FIPS 140-2 validated encryption has been added to the entire Globo solution suite, which consists of GO!Enterprise EMM and GO!AppZone MADP (Mobile Application Development Platform) offerings, which means that Globo's offering now satisfies the highest level of security required in the United States.

This certification gives Globo a competitive advantage in addressing commercial opportunities in highly-regulated markets such as government, finance and healthcare, which demand the highest level of validated encryption. Within Globo's EMM and MADP ecosystem thiscertificationapplies equally to functions such as email, messaging, file access or browsing, and connection to back-end systems or databases. FIPS validation represents an important milestone for Globo'sstrategy for expansion on the United States.

Further, Globo is the only vendor cited in Gartner's 2014 Magic Quadrant for Enterprise Mobility Managementthat has received US NIST FIPS 140-2 validation for each major operating environment; iOS, Android, Windows Phone and Windows Server. Globo is also unique in being the first MADP software vendor able to offer the ability to develop mobile applications that are suitable for these regulated markets and which require FIPS 140-2 Validated Cryptography.

Costis Papadimitrakopoulos, CEO of Globo, said:

"Globo has made a significant investment in providing customers with validated FIPS 140-2 encryption for both our enterprise mobility management and mobile app development solutions. This level of encryption allows companies to meet IT compliance requirements for the Payment Card Industry (PCI), Sarbanes-Oxley Act reporting, HIPAA compliance (Health Insurance Portability and AccountingAct), Financial Industry Regulatory Authority (FINRA) compliance and other highly-regulated markets."

The Globo FIPS 140-2 validated encryption modules will be available for use with the following operating systems:

• Apple iOS
• Google Android
• Windows Phone 7 and 8
• Windows Server 2013

Globo's offering with the encryption modules will be commercially available by the end of Q4 2014. Globo's certificates, 2268 and 2269, can be reviewed at:

http://csrc.nist.gov/groups/STM/cmvp/documents/140-1/1401val2014.htm#2268

Currently at 43.63p

Motley Fool today

3 Growth Companies I’d Buy Now: Globo PLC, Plus500 Ltd And Quindell PLC

With stock markets tumbling around the world, now is the time to bag a bargain. In particular, there are a wide range of growth companies which are as cheap as chips. So here are my three small-cap picks.

Globo

Globo (LSE: GBO) is a technology company that provides mobile apps and services to business. This is a fast-growing area, and the company has seen an impressive increase in its earnings, as the eps progression below shows:

2011: 3.26p, 2012: 4.22p, 2013: 6.2p, 2014: 8p, 2015: 10p

When a company grows as quickly as this, there can be a lot of volatility, but choose your moment well and you can bag a growth company at a value price.

I think this is one such moment: the 2014 P/E ratio is 5.6, falling to 4.5 in 2015.

Considering how quickly this company’s profits are growing, that is astonishingly cheap.
ps As I have previously stated, all the shorts have done is massively detach the co's share price from it's fundamentals.

A sensible 2015 p/e for a fast growing techcompany would be say 15, which implies a share price of around 150p, 13 months out.

If the share price continues to be depressed,I can't see Globo remaining independent.

Chart is looking promising with RSI and Stochastic around 50, but someone is controling the share price movement ( the shorting buggers)

Last Friday low of 40.50p, could be the double bottom, before the the next move up ahead of update. Shorters are managing to hold the price low and reducing their stakes at the same time.

About time FCA acts on the market abuse by those shorters

WERE others trades go on ISDX
http://www.isdx.com/forcompanies/ourcompanies/companydetail/default.aspx?securityid=100727

Revenues at Globo - the international provider of enterprise mobility management solutions and software-as-a-service - rose by 46% to 73.2m in the nine months to the end of September.

GO!Enterprise revenues grew by 89% to 35.0m, including a maiden contribution from Sourcebits of 1.2m while CitronGO! revenues increased by 13% to 29.8m.

Gross profit margin improved to 62% (H1 2014: 58%) reflecting the positive impact of direct salescompared to indirect channels.

Chief executive Costis Papadimitrakopoulos said: "We are happy to report that, seventeen years after the Group's foundation, our business continues to innovate and grow on all fronts.

"After my move to California, the company has established a more US-driven development path. Our reputation and position in the market continues to go from strength to strength and I expect this to be reflected in the future performance of the Group. We are confident that the successes of the first nine months of the year will continue through the remainder of 2014 and beyond."

Figures just to good for the share price to stay on those low prices


Trading Update for nine months ended 30 September 2014

Globo Plc (LSE-AIM: GBO),
· Revenues for the first 9 months of the year grew by 46% to €73.2 million (first 9 months 2013: €50.0 million):

# GO!Enterprise revenues grew by 89% to €35.0 million (first 9 months 2013: €18.5 million), including a maiden contribution from Sourcebits of €1.2 million;

# CitronGO! Revenues grew by 13% to €29.8 (first 9 months 2013: €26.4 million).

# The Group continued to generate free cash flow1 during the third quarter. The net cash position
at 30 September 2014 was €36.3 million (30 June 2014: €46.0m) after payment of US$12.0 million and associated costs for the acquisition of Sourcebits in July 2014, and other investment and setup costs associated with US expansion.

# We expect positive free cash flow generation to continue during the last quarter of 2014 and we remain confident that our year-end results will meet market expectations.

http://stockcharts.com/h-sc/ui?s=GBO.L

down a touch after recent gains, but continued buying suggests more gains to come.

Bought some stock at 45p

Has been moving lower for some time and again today, but at this price 45p offer plenty of trades go on every time it comes to this price. Well undervalued on a historic PE of 7.2 and the latest update is everything OK for results at the end of the month, small spread

other trades at ISDX .......... GBO trades at ISDX

CHART

for the last 30 minutes the order book got stronger and a few large trades are taking the price higher from the 45p offer lasting most of the afternoon

spread 45p v 45.25p

56K at bid price 6K at offer

DEPH at 18 trades both sides

the turning point of this cycle could have been the 45p support yesterday

spread 46 v 47 now on a complete change of order book, yesterday the DEPTH was about 4 trades down on the bid side
today is about 9 up

Future bid prospects

Any company trading at a 75% discount to it's peers, in a rapidly consolidating market, does not stay independent for long
-------------------------
From the 2013 consolidated accounts, intangibles including goodwill were €33m. Total shareholders’ funds were €138m so even deducting the intangibles shareholders’ funds would be €105m. That compares with a market value of about €250m, i.e. net tangible assets are about 20p per share.

Within those net assets we have net cash of €43m, gross cash of €64m and a further €20 of undrawn facilities. Since Globo generated significant free cash flow from operations (about €12m) for 2014, they really don’t need anything like that amount of cash – if anything the balance sheet is too strong to the point that it is inefficient.
Of course the cash also gives them the resources to make acquisitions although to date the acquisitions they have made have been of relatively modest “infill” nature.

the amount capitalised to-date must account for most of €48.8m (= €39.8m + 9.0m) of intangible assets + goodwill (as of HY 2014). For a company on the high end of EMM technology hoping to maintain and improve on its position among the global leaders in the sector, it is essential to spend money on R&D.
One can but compared the annual spending and amounts and spending by its competitors. Then the €49m might look modest!

BINGO

steady as she goes 48.38p +3.25p +7.20%

there was a large trade earlier 60K paying almost 49p at ISDX.............
10/04/2015 11:01 GBX/ISDX-exn 60,000 48.89p

ISDX - is having a good volume and is 30 minutes delayed... 251,368K

LSE - Cum Vol ---- 324,467

RESUME of various places.............

The conclusion is that GBO is investing heavily in growth. All items that diminish its cash are growth driven expenditure. ie source bits, invest in R&D and w/c impact of receivables. (the recivables are down from 160 days in 2012 to 110-117 in 2014 but notwistanding it costs cash to fund the w/c to grow.
A net Free cash flow of 10.38m (10% or revenue) is not shoddy
Strip Source bits and w/c tie up the cash would be improved to 15.13m (14%)
Now lets get real:
Globo FCF per share : 5.97% of current sp
ARM is 1.2% of current SP
RR. is 0.96% of current sp.
Admiral is 2.8%
Diagio 3.2%
------------------

Last year's increase in working capitalresulted in cash outflow of 13.5m, this year's forecast is 11.9m. EBITDA forecast is 46.8m. The Sourcebits acquisition was $12m (USD) which is 9.6m euros but there was 0.6m in H1 (deferred consideration in respect of Notify) so total acquisition costs will be 10.2m euros. Forecasting capitalised R&D of 24.6m, interest payments of 3.1m. At year end net cash was 40.3m (vs 42.7m in 2013) so free cash flow for the year will be 7.8m euros (40.3 - 42.7 +10.2 = 7.8).

EBITDA figure of 34m looks low, we're forecasting an operating profit of 35m so adding back depreciation and amortisation costs (non cash costs reported in the P+L) of 11.8m takes us to 46.8m EBITDA.

another steady rise, though not large it is better this way ahead of news of when the results are going to be announce, expectations going from previous years is before the end of this month

spread 47 v 48
a very strong order book 21 v 10

and bid/offer price 78K v 35K

not much volume on the LSE and not better on the ISDX

A long time treading water but I still think we will move materially higher at some point. When is the question! Canaccord buy rating maintained this month, tp 90p. RBC 120p from February.

Looking better this afternoon, though very volatile and the higher bid that someone is placing is being taken soon by "AT"

volume is rising also, soon should be news of when results are announce

spread 47 v 47.75p, was a bit earlier at 47.75 v 48.25p

Level2 / order book DEPTH is strong at 23 v 13

Let's hope the results will be the catalyst.

Results were 30th April last year.

finally the company has announce the date of results ............

Notice of 2014 Final Results

Globo plc (LSE-AIM: GBO), the international provider of Enterprise Mobility Management, mobile solutions and software as a service, will announce its preliminary results for the year ended 31 December 2014, on Thursday 30 April 2015.

A presentation to analysts and private client brokers will be held at 10.30 on that day at the MWB Business Exchange, 55 Old Broad Street, London, EC2M 1RX.

Not long to wait perhaps we'll start to see a move northwards

Isn't this based in Greece ?....

I think now it has a small percentage only in Greece now , it sold most Greek business.

spread 47.50 v 48p

Since yesterday there is some sense of fresh air on the trading front, and though the closing price yesterday was still @ 47p one could see plenty of trades well above that.

today has started where late yesterday finished and the fruit of it is showing on the share price and also on the trades and much the same on the order book, very strong on the bid side

I would hope to see us edging 50p before the results on Thursday...

Well looking good for the Thursday's results as it reaches highs not seeing for some time

the order book continues strong and glad the sell order at 48.50p was not large and now over.

order book DEPTH 29 v 21

So perhaps today then!

GBO results due on Thursday

Forecasts
Year Ending - Profit(£m)- EPS - P/E - PEG - EPS Grth.
31-Dec-14 ------ 23.20 - 6.21p - 7.7 - 0.4 - +17%
31-Dec-15 ------ 28.08 - 7.51p - 6.4 - 0.3 - +21%
31-Dec-16 ------ 33.69 - 9.02p - 5.3 - 0.3 - +20%

Revenue (£m)
31-Dec-2015 97
31-Dec-2016 112
--------------------------
Last month ST covered GBO, 2014 eps expectation in line with Arthurlys:-

This news can only underpin prospects for this year and expectations that Globo will deliver on analysts’ pre-tax profit estimates of €50.7m on revenues of €122m, up from €34.3m and €99.8m forecast for calendar 2014. On this basis, EPS are predicted to increase by 11 per cent to 8.2 cents (5.8p) in 2014, rising to 11.9 cents (8.5p) this year.
This means that even after factoring in the near 10 per cent appreciation of sterling against the euro since the start of 2015, Globo’s shares are still only priced on 10 times likely fiscal 2014 earnings, falling to 7 times 2015 estimates assuming of course it delivers the robust growth anticipated by sector analysts.

The Company

Globo is an international leader and technology innovator delivering multi-platform Enterprise Mobility Management and Telecom software solutions.

Product offerings include:
Enterprise Mobility solutions including GO!Enterprise Office, GO!Enterprise Mobilizer, GO!Enterprise Reach, GO!Enterprise247 Cloud, and GO!Enterprise Mobility in a Box. Additionally, through several combinations of the GO!Enterprise Mobility Management Platform, the most comprehensive mobile application platform, Globo empowers enterprise developers and ISVs to create secure mobile applications by utilizing the patented technology of secure containerization for both corporate-liable devices and BYOD initiatives.

Consumer Mobility solutions including CitronGO! and GO!Social offering a unique smartphone user experience on feature phones, empowering MNOs and MVASPs to maximize ARPU, user retention and network utilization and efficiency.

Globo was founded in 1997 and is run through its head offices in New York, London and Athens.
Since 2007, Globo has been listed on London Stock Exchange’s AIM market as (GBO:LN).

The Group operates internationally through subsidiaries and offices in the US, the UK, the Europe, the Middle East and the South East Asia.
Globo mobile solutions currently operate in more than 45 countries and serve more than 6 million users on a monthly basis.
Globo has partnerships with industry leaders including Samsung, Fujitsu, Ingram Micro, Computerlinks, ASBIS and leading software and systems integrators who combine to support the industry’s broadest range of mobile devices.

Globo has received numerous awards for its innovative technology and superior financial performance and is recognized as one of the key players in its field in numerous Technology reports such as Gartner, VDC, OVUM etc.

Since December 2012, Globo has divested from its Greek legacy business (e-business software) operations and is focusing solely in its international expansion which today represents more than 85% of its operations.

with regards to "upenn "
Share price has not grown with profits
Share price now 48p

FY pretax up 30% to EUR 35.7m, above expectations. Strong momentum of 2014 has continued in first quarter. Perhaps today the start of a re-rating.

Astounding Results results with EPS of 6.70p so worth around 100p

52p +4p

GLOBO Plc ("Globo" or the "Group")

Preliminary Unaudited Results for the Full Year ended 31 December 2014

Strong revenue growth; third consecutive year of positive free cash flow1, of €7.3 million

Globo plc (LSE-AIM: GBO), the international provider of Enterprise Mobility Management (EMM), mobile solutions and software as a service (SaaS), announces preliminary unaudited results for the year ended 31 December 2014.

Financial Highlights

• Revenues up 49% to €106.4 million (2013: €71.5 million), ahead of market expectations
· GO!Enterprise revenue up 94% to €57.9 million (2013: €29.9 million)
· CitronGO! and GO!Social revenue up 11% to €38.5 million (2013: €34.8 million)
• Revenues from North America increased by 334% to €15.5 million (2013: €3.6 million) representing the 15% of the total Group revenues.
· EBITDA up 41% to €50.9 million (2013: €36.0 million), ahead of market expectations
• Profit Before Tax up 30% to €35.7 million (2013: €27.4 million), ahead of market expectations
• Earnings Per Share of €0.094 (2013: €0.074), ahead of market expectations
• Free Cash Flow1 of €7.3 million (2013: €5.2 million)
• Year-end cash position of €82.8 million (2013: €64.2 million) with Net Cash position (cash minus debt) of €40.4 million (2013: €42.8 million)

1 Free Cash Flow (FCF). Free cash flow is calculated by taking the net cash flow from operating and investing activities, adding back the cost of acquisitions.

Operating Highlights

Growth in Customer Base
• GO!Enterprise customer base grew to 834,000 business-to-employee device licenses (2013: 340,600) and 31.8 million business-to-consumer licenses (2013: 13.1 million)
• CitronGO! and GO!Social customer base increased to 3.50 million monthly active users (2013: 2.98 million)

Brokers target prices updated today: RBC 120p and Canaccord 90p.

This one has got to start flying, dirt cheap in my opinion.

Has beaten the EPS expectations and well ahead
with 7.40p

Fcast
31-Dec-14 - 6.21p

Does look good I must say at a first glance .......

Thursday, Apr 30 2015 by Paul Scott

Globo (LON:GBO)
Share price: 51p (up 7% today)
No. shares: 373.7m
Market Cap: £190.6m

(for the avoidance of doubt, I have no position in this share at the time of writing)

Preliminary results - for calendar 2014 are out today - rather late, four months after the year end. As usual, the headline numbers look amazing - revenue up 49% to E106.4m, EBITDA up 41% to E50.9m, profit before tax up 30% to E35.7m. EPS up 27% to E0.094, ahead of market expectations. However, free cashflow is stated by the company to be only E7.3m - so only 20% of PBT converts into cash.

Intangible assets - the P&L is safely ignored, as it's effectively fantasy, in my eyes. The E35.7m profit before tax is achieved by diverting an enormous chunk of debit entries (costs) from the P&L, and onto the balance sheet, mainly into intangible assets. These are mainly just payroll costs, so they're worth zilch. They're not an asset at all, but they sit on the balance sheet as if they were.

You can capitalise costs into intangible assets under current accounting treatment, if you call it development spending. As Dr Paul Jourdan of Amati pointed out at the UK Investor Show, sitting next to me on the panel discussion about value investing, many fund managers are dismayed with this new accounting treatment, as they had previously fought hard to stop companies capitalising costs into intangible assets. So in his view (and mine), such capitalised costs should be reversed by investors when looking at the accounts.

In this case, intangible assets (excluding goodwill) rose by E12.9m, so at the very least I would deduct that figure from PBT, to reduce it from E35.7m to E22.8m.

Cashflow statement - I find this far more revealing than the P&L, when looking at the accounts of companies that I suspect are indulging in creative accounting (several changes of auditor at Globo strongly reinforce that suspicion - one of many red flags with this company).

Several things jump out at me. Firstly, why is a company with substantial net cash paying substantial interest payments of E4.1m? Also, why did a company with substantial net cash repay E10m of borrowings, but take out E30.0m of new borrowings in 2014? That simply doesn't make sense to me. If you have a lot of spare cash, then you pay off your borrowings, to save interest. You don't take out new, larger borrowings. Very, very odd. Can anyone shed any light on that?

So the net cash from operating activities is E31.0m. Of that, most of it, E24.4m is spent on capex. Since tangible assets are negligible, what this means is that almost all of that money was spent on intangible assets - i.e. payroll costs! Add in interest received, and you arrive at free cashflow of E7.4m, which is near enough (after rounding) to the company's statement that it made free cashflow of E7.3m.

They also spent E9.1m on acquisitions, which is fair enough, it's fine to exclude that from free cashflow, as it's discretionary.

Therefore, the way I look at things, the free cashflow figure of E7.4m is effectively the real level of profitability the company is achieving, and the much higher P&L numbers are fantasy. You don't have to agree with me, this is just my opinion.

Valuation - so as I've demonstrated above, this means that the company isn't on a PER of 6 at all, as the E part of that calculation is a fantasy number.

As is often the case with companies that indulge in creative accounting, it can fool a computer model! So you can see that the StockRank is high, at 85, and the Growth & Value section is a sea of green.

This is where, in my opinion, you need shrewd human input, to spot the flaws that the computers can't necessarily pick up, because the computer has to assume that the reported accounts are perfect. I don't, and I know what to look for, to identify the imperfect ones!

The non-existent dividend yield is a big tell. Again, a hugely profitable company with pots of cash should be paying decent divis, right? Yes it should, but Globo has never paid a divi. Something just isn't right here, in my view.

Balance Sheet - I've covered intangible assets already, but the other odd items here are "other receivables" within fixed assets - it's very unusual to see any debtor figure up there. I think this might relate to the deferred payments from when the company inexplicably decided to sell 51% of a part of the business to its management, and gave them a cash dowry to enable them to "buy" the business back. There is only one reason to explain why that was done - it was to get the figures off the consolidated balance sheet. It's now an associate, which is a single line entry.

Debtors - this is always a warning sign, if it's more than the usual range of about 60-90 days turnover. In this case trade debtors are E50.8m, which is 48% of turnover for the year. That's way too high, and I don't care what the reasons are, it's just far too high. The ageing of it looks to have deteriorated somewhat too, see note 4 to today's accounts. Although it's easy enough to credit off old, unpaid invoices, and then re-invoice them anew.

A lot of the unpaid debtors are probably Greek Govt, or Greek corporate debts. Which with Grexit impending, what's the likelihood a lot of Globo's debtors will have to be written off? Very high I would say.

Furthermore, there's another E21.1m in other debtors, which relate to deferred income. So the company has booked sales (and hence profit) through the P&L, but not yet billed the customer. So it sits in other current assets until an invoice is raised, and then moves into debtors. So really, total debtors are E71.9m, which is the bulk of 2014's entire turnover!

Cash - the company says it has E82.8m cash, and it did raise a load from a Placing some time ago. So why does it also have E42.4m in bank borrowings? Are they masochists, who enjoy paying the bank interest unnecessarily? On the face of it this seems crazy, but maybe there is an explanation - is the cash marooned in one country, and the debt in another possibly, I don't know?

My opinion - the figures have never looked right with this company, and I strongly believe that sooner or later, there will be big write-offs from this balance sheet. I don't believe the figures, to be blunt. Nor does the market, or the PER wouldn't be 6, would it?!

That said, there does appear to be something here. If you do believe the numbers, and some people might, then there seems good growth in licenses sold, etc.

Anyway, as you might have guessed, it's not for me.

Funny how these people go to such lengths to tell us their side of the story . They also tell us they have no position at this time . There's arguments for and against any share . as people come out with alternate views . Just looking for quick in and out I dare say . Who's to say he won't buy in when it suits him . Detest these people . And shouldn't be given such exposure as if God sent .

Back up towards recent highs and ADR application filed. If we can reach/break the 60p level, might gather more momentum.

Globo announces Level 1 ADR listing in the United States
Fully-Sponsored Level 1 American Depositary Receipt (ADR) Programme Established on OTCQX

Globo plc (LSE-AIM: GBO), the global provider of complete enterprise mobility and application development platforms and services, is pleased to announce the establishment of over-the-counter trading facilities for its Fully-Sponsored Level 1 ADR via OTCQX. Globo has obtained a quotation on the OTCQX International over the-counter platform, which will take effect from today, 2 June 2015. This is complementary to Globo's LSE AIM quotation (LSE: GBO), which will continue to serve as the principal trading platform for the Group's ordinary shares.

Globo's Level 1 ADR will be quoted on OTCQX as GOBPY. A real-time quote may be accessed at www.otcmarkets.com/stock/GOBPY/quote and the stock trading code (CUSIP) is 37959C 106. The Bank of New York Mellon serves as Globo's ADR Bank and Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements. Canaccord Genuity Inc. will act as a market maker in the Company's ADR.

The Globo ADR represents a ratio of 20 ordinary Globo shares to 1 ADR, created using the existing issued share capital of the Group.

Globo has received increased interest from U.S. investors and has entered into the Level 1 ADR program in order to facilitate this interest and improve its reach amongst the U.S. investment community. The Group's recent international growth has been focused on the U.S, which now represents approximately 25% of its global workforce. The Group's Level 1 ADR is a step towards a greater commitment to the U.S. market, which represents the most significant opportunity for its enterprise mobility products.

Impressive progress....sp rise here as well....

19 June 2015

FOR IMMEDIATE RELEASE

GLOBO plc
("Globo" or "the Group")

High Yield Bond Investor Meetings

Globo plc (LSE-AIM: GBO / OTCQX: GOBPY), the international provider of Enterprise Mobility Management (EMM), mobile solutions and software as a service (SaaS), announces that it will be conducting a series of investor meetings in the US and UK commencing on 19 June 2015 in relation to a potential issue of senior secured high yield notes (the 'Notes').

Upon successful completion of the offer the net proceeds from the sale of the Notes will primarily be used to fund further acquisitions that support the Group's international expansion strategy in its key growth markets. Additionally, proceeds will be used to repay existing indebtedness and for general corporate purposes.

Globo's CEO, Costis Papadimitrakopoulos commented:
"Following on our US expansion and the successful acquisitions of both Notify Technologies Inc. and the services operations of Sourcebits Inc., we are looking to accelerate our expansion through additional strategic acquisitions in both the US and Europe. Our strong financial performance underpins our ability to access the high yield debt market for future growth and acquisitions without diluting our shareholders. We feel that this is the right time to accelerate our growth and execution capabilities as we continue to successfully build a leadership position in the Mobile Enterprise space."

HOW IS MOVING AT THIS LOW PRICE 39.25p
double bottom or further down to go?

negative comment 15 july 2015 - from value and opportunity
http://valueandopportunity.com/2015/07/15/globo-plc-value-superstar-or-too-good-to-be-true/

Analysis by Juicyshares some time back

Globo Plc – A high growth company generating cash.

Disclaimer: I am invested in GBO.L. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article or any affiliation with Globo other than being a shareholder.

Summary:

Cash analysis demonstrates strong operational and financial performance
Cash flows expected to accelerate
Bond issue and acquisitions a potential game changer

Globo’s revenue has grown at a compound annual growth rate of 38% since 2007.
Despite the rapid growth Globo trades on far lower multiples than its peers so looks undervalued and over the last 2 years it has been the subject of several persistent negative reviews and comments regarding accounting treatment, lack of cash flow, lack of online reviews, whether reported revenues are real, criticism over high debtor days and even questions over where it stores its cash.

So is Globo a good investment or a sham as some claim?

This investor ultimately only cares about cash, I want to know if the future cash flow generated by a company discounted to present value represents a significant premium to today’s market value. People say that cash doesn’t lie, so I have gone back to 2007 to see where the cash has come from and where it has gone.

Where has the cash come from?

Cash Generated by the business: From 2007 to 2014, Globo generated a net operating cash flow (after interest and tax payments) of €83.2m.
Cash from equity: In the same period Globo raised €67.9m from the issue of shares net of expenses.
Cash from bank loans: Globo borrowed €74.7m and repaid €27.8m of bank loans, net borrowings were €46.9m

So Globo generated €83.2m of cash internally and has received €114.8m through financing, giving a total cash in-flow of €198.0m

Where has the cash gone?

€93.0m has been invested in tangible and intangible assets (mainly intangibles) which includes capitalisation of R&D expenses. It is this that some commentators have been critical of although others have pointed out that Globo are only doing what is required of them under FRS. A further €13.7m was used to acquire businesses, €6.7m of cash was disposed of with the sale of 51% of the legacy Greek business.

€82.8m of cash remains on the balance sheet (as at 31st December 2014).

One way to think of it is that Globo has spent all the money it has raised through financing on transforming the business from a Greece focused business software company to an international enterprise mobility business. All the money Globo has generated internally is in the bank.

So the next question is, has the money spent been put to good use?

A lot has been made of the fact that Globo spends more money than it generates. Despite being free cash flow positive for the last three years, this statement is in fact true of every year going back to 2007. Free cash flow less acquisition costs has always been negative. Some of you may be familiar with the concept of Owner Earnings which is defined as the cash generated by a business after all expenses including acquisition costs. It’s termed Owner Earnings because this cash could if desired be returned to shareholders in one form or another, or a business could choose to reinvest if it believed it would generate a return on investment in excess of the cost of capital. Anyway, Globo’s owner earnings have never been positive.

But this doesn’t mean that Globo is a bad business or doesn’t represent a good investment opportunity. To answer these questions we need to consider the future prospects of the business. The trends in the financial data over the last 8 years reveal some useful insights.

Globo revenue has increased every year, in fact it increased 10-fold between 2007 and 2014 and appears to be growing exponentially. The one-off levelling out in 2012 was because Globo shed €12m of revenue with the sale of 51% of the legacy Globo Tech business.

The more mathematically minded will recognise that the growth in revenue is not following a straight line but appears to be accelerating. The fact that 2015H1 revenue (not shown) at €72.4m is higher than the entire 2013 revenue appears to corroborate this observation and is consistent with the high recurring revenues reported by Globo. This ‘sticky’ business is like a gathering snowball; the bigger it gets the more it accumulates. If this trend continues (even excluding further acquisitions), expect sales to comfortably exceed €500m within the next 5 years.

Growth in net operating cash flow is also accelerating. There has been a marked increase in net operating cash flow over the last 3 years since Globo launched GO!Enterprise and as a percentage of revenue, net operating cash flow appears steady at around 29% of revenue.

Capex (including capitalised R&D costs) has also been increasing year on year but importantly at a slower rate than operating cash flow.

The trend in capitalised costs as a percentage of revenue is actually decreasing. This is in contrast to the operating cash flow which is why for the last three years Globo has been able to generate increasing free cash flows.

The trend in free cash flow generation has continued into 2015 with €7.2m generated in H1 compared with €7.3m for the whole of 2014. Given that Globo’s revenue is normally weighted to the second half, the strong H1 result indicates that 2015 as a whole should generate free cash flow in the region €15-20m.

So there are 4 clear trends:

Revenue increasing exponentially consistent with Globo’s claims that they are winning new business while retaining spend from existing customers.
Net operating cash flow increasing in line with revenue (at 29% of revenue)
Capex decreasing as a percentage of the accelerating revenue
Free cash flow increasing year on year, probably at an accelerating rate.

My conclusion is that the €114.8m of cash raised through financing (and spent/invested) has been well invested in transforming Globo from a Greek software company to an international enterprise mobility player. The evidence for this conclusion is the increasing free cash flows. This year I’m expecting around €15-20m free cash flow or about 13 to 17% return on investment. I expect free cash flow to increase next year, and the year after, and the year after.

But what about the proposed $180m bond issue and subsequent acquisitions? Some have been critical about the high debt burden, the high interest charge (expected to be around 10%) and are sceptical because neither the acquisition targets nor time frame are known.

To understand why Globo want to raise $180m to buy businesses you need to understand Globo’s place in a rapidly growing but competitive market.

Globo’s strength is that it offers both EMM and MADP solutions, it has won large contracts (e.g. Milton Keynes) because of this. Additionally, the Mobility Business Solutions division (MBS) supports customers in their mobile strategies and implementation. IBM and SAP are the only other vendors recognised by Gartner in both EMM and MADP Magic Quadrants. EMM is becoming increasingly commoditised which is why Globo’s better known competitors like Good and Mobileiron struggle to make money. MADP is higher growth and higher margin and Globo is well positioned to be a one stop shop for companies looking to create, deploy and manage mobile applications.

The problem is that Globo’s brand recognition is low in the US which is the largest and most important market. Globo has strong products but versus the leaders in both EMM and MADP, Globo lacks both scale and the selling resources needed to be a leader. Hence the need to acquire a business or businesses that will provide that capability enabling Globo to rapidly expand its customer base and increase brand recognition.

Targeted acquisitions have the potential to transform Globo’s place in the industry, propelling Globo towards a leadership position. If executed correctly, the acquisitions should accelerate cash flows and increase shareholder value. Given management's track record of strong execution I’ve no reason to doubt they will deliver this time.

Despite the undeniable operational and financial progress (the above analysis is based on cash which does not lie), Globo trades on a substantial discount to its peers. Like some other AIM stocks, Globo has been the subject of short selling which tends to drive prices down. Additionally, some commentators are persistently insinuating that something is wrong, there are too many red flags and no doubt these persistent negative comments have had an effect.
This cash analysis supports my view that Globo is a well run, high growth company that has managed its cash resources well in a difficult climate striking the right balance between growth and cash generation. My discounted cash flow model indicates a fair value model of 114p verses a share price currently of 42p.

The author is a private investor in Globo.

https://docs.google.com/document/d/1r_jrhnZZr1cGd982p_Tf1IXB2a8o-k04_SI87xgh_ZY/edit

Further movement up this morning, so looking good on the charting

IC /2015/08/05/comment/simon thompson - short-sellers-in-for-shock-treatment

"Indeed, the share price could be in for a very sharp re-rating because investors have ignored a bullish first half trading update that confirmed that the company is bang on track to lift EPS from 6.7p to at least 8.7p in 2015. This means Globo’s shares are being priced on a cash adjusted prospective PE ratio of 4,a valuation that fails to recognise its growing international bias and intention to make complimentary acquisitions. Bears of the stock are playing a very dangerous game.

Trading on a bid-offer spread of 42.5p to 42.75p, I continue to rate Globo’s shares a buy and have a 69p target price, having initiated coverage six months ago with a conditional buy recommendation at 47p a share"

That's started to have some effect today. It's been a frustrating ride but better times are around the corner and it does look far too cheap!

That's started to have some effect today. It's been a frustrating ride but better times are around the corner and it does look far too cheap!

Better yet @ 44.75p

Volume is growing today

ST of IC today - Bears of the stock are playing a very dangerous game.

45.75p +1.50p

another movement on the right direction
-----------------
From IC some time back ( 2 February 2015 ), good interview with CEO, tired of the shorters taking the SP down

from IC
“When we announce details (of our acquisitions and fundraising) short sellers will be in for a surprise and it will not be a pleasant one” says Costis Papadimitrakopoulos, chief executive of Aim-traded Greek mobile software provider Globo (GBO: 42.75p).

Indeed, short sellers who have driven down Globo’s share price in the fortnight since the company issued a bullish first half trading update, and which prompted the company to issue a statement last week, would be well advised to take note especially if they are basing their investment view on the contents of two defamatory articles concerning the company circulating the internet since mid-July. In fact, having interviewed Mr Papadimitrakopoulos at length yesterday, it’s time to put the record straight.

Firstly, Globo’s boss points out that 90 per cent of all the cash on the company’s balance sheet, a sum equating to €82.8m at the end of December 2014, is deposited with “investment grade banks” and all of this money is fully accessible with no tax restrictions on transfers whatsoever. This is contrary to what the shorters would have you believe. In fact, the company only has €100,000 of its cash balance deposited with Greek banks, a point I made when I last published an article on the company (‘Primed for major re-ratings’, 22 July 2015).

Secondly, there are sound reasons why the company has opted to raise a high yield bond to finance its acquisition strategy. For starters, Globo’s current bank facilities with Barclays and East West United Bank have 10 different covenants which it must comply with. These are quite restrictive if it’s going to significantly scale up the business by making some sizeable acquisitions.

The company has a “good relationship” with these lenders, but the facilities of €65m are due to expire in October 2016 and between now and then Globo will be making capital repayments. In fact, it has already made two such payments in the past few months. True, an interest rate of Euribor plus 3.5 per cent is attractive on these current bank facilities, but by raising in excess of US$150m (£97m) through a five-year high yield bond, as Globo is trying to do right now, and with no maintenance covenants, the company is actually mitigating risk for its shareholders. That’s because any new facility with Barclays and East West United Bank would still have restrictive covenants which would be “dangerous for shareholders” if Globo pursues a substantial acquisition strategy.

Although the market will ultimately decide on the pricing of the bond issue Mr Papadimitrakopoulos says the coupon rate will be “more than 8 per cent, maybe 9.5 per cent or even 10.1 per cent”. That’s a reflection of the current state of the high yield bond market, rather than Globo which has recently been given a credit rating of f BB- from rating agency S&P and B2 from Moody's.

The point being that a ‘covenant lite’ bond issue priced around the upper end of that coupon rate would still be accretive for shareholders on a cash profit basis given the potential synergy benefits from acquisitions. Just as important, the company will not be diluting their interests by issuing shares to fund acquisitions.

Moreover, the company’s cost of equity is far higher that the likely coupon rate on the bond, and interest payments are tax deductable against operating profits. It’s also worth noting that the plan is to refinance the acquisitions within two to three years through lower cost bank facilities and possibly an equity issue once the operational and financial benefits have materialised, so the bond funding is certainly not long-term. Also, once the acquisition strategy has proved itself, then shareholders in Globo will also see the benefit from the lower cost credit lines as more of the company’s profits will be captured by them rather than the bondholders.

On the M&A trail

What has not been made clear to equity shareholders, and something that the short sellers have taken advantage of, is that half the proceeds of the bond issue will be used for “acquisitions within six months, and the balance within 15 months.” The targets being looked at are located in the US, Western Europe and Australia and importantly all offer “the technology, geographic reach and people to multiply our sales into new channels”.

Mr Papadimitrakopoulos is looking at paying a multiple of 10 times cash profits for acquisitions (and that’s before factoring in synergy benefits) and expects additional sales from tapping into these new channels to reap a further 20 per cent upside in cash profits. It’s also worth pointing out that by adopting this particular approach, rather than taking on the execution risk of building up an operation from scratch in new territories, Globo can accelerate the ramp up in its business and avoid incurring start-up losses in the first few years. That mitigates risk.

Clearly, the company’s free cashflow of €10m (£7m) in the past 12 months is not enough to fund an acquisition spree on the scale Globo is looking at even if the company uses a large proportion of its aforementioned cash deposits to pay the consideration. True, it currently has net funds of €47.4m, up from €40.4m at the end of December 2014, a sum equivalent to almost 9p a share, but even after factoring in cash on deposit then it still needs external funding to scale up the business quickly.

And that’s important because if Globo’s board want to fulfil their ambition of becoming a leading pure-play operator in the enterprise mobility management (EMM) and Mobile Application Development Platform (MADP) business segments, offering businesses solutions to expand their engagement with employees and customers through the mobile channel via a secure and extensible environment that runs on all smart devices, then strategically it needs to act now. “Tech is a fast market and you need to execute fast. You either win it or lose it” says Mr Papadimitrakopoulos. He’s in no mood to lose it.

Short covering and newsflow to spark substantial re-rating

It’s my strong view that if Globo pulls off its high yield bond issue, and I understand that some serious fixed income investors are considering the fundraise right now, and reveals details of its first strategic acquisitions to its shareholders, then short sellers will be scrambling to cover their positions. We shouldn’t have long to wait because we can expect news on this front “within weeks”.

Indeed, the share price could be in for a very sharp re-rating because investors have ignored a bullish first half trading update that confirmed that the company is bang on track to lift EPS from 6.7p to at least 8.7p in 2015. This means Globo’s shares are being priced on a cash adjusted prospective PE ratio of 4,a valuation that fails to recognise its growing international bias and intention to make complimentary acquisitions. Bears of the stock are playing a very dangerous game.

Trading on a bid-offer spread of 42.5p to 42.75p, I continue to rate Globo’s shares a buy and have a 69p target price, having initiated coverage six months ago with a conditional buy recommendation at 47p a share ('Going global', 2 February 2015).

The CEO maybe not be happy, but the shorters managed to bring the share price down to 25p yesterday and then 4M appeared on the ticker ( closing )

well today is on the bounce very fast.

still looking at it since 27p earlier with very strong buying and a UT at 29.25p not long ago, I will wait for a good intraday retracement, maybe to get some.

Managed to get some at 28.50p It did not had a proper retrace and hold all day much at the same price

will announce its 2015 Interim Results on Tuesday 29 September 2015.

Why Have Globo Plc & Tern PLC Been So Volatile In Recent Days?
The Motley Fool By Alessandro Pasetti - Wednesday, 16 September, 2015

Tern (LSE: TERN) fell almost 14% from its intra-day high on Tuesday, but Globo (LSE: GBO) fared even worse yesterday, when its shares lost 16% of value during the trading session.
Here’s my quick take on these two very different companies.

Top Pick
Globo’s downbeat performance since mid-June has surprised me. Its shares roared back today, and were up 15% at the time of writing, but I am puzzled. It is really hard to say why they have fallen and risen so much during the last couple of days, given that aside from an update on its high-yield bond fundraising, there’s not been much to report this week.

“This process has been delayed by market events through the summer of 2015,” the tech company said on Monday, and it’s possible that investors were not pleased with that. Still, it also said that its financing plans have received “strong interest from numerous investors“, and frankly its balance sheet doesn’t strike me as being particularly stretched, while its core cash flow profile is sound. Trading multiples also point to value.

It has succumbed to broader market volatility in the third quarter, but its first-half trading update was decent and personally I think its stock remains a good buy at 28p.

Risk
Tern is up 10% today, and currently trades at 21p. This is a tiny firm that invests in the tech world, and as such I would expect it to have a relatively weak balance sheet, negative operating cash flows and funding needs that are essentially backed by investors who are willing to embrace risk.

That’s precisely what you’d be buying today, which is not necessarily a big problem given that its investment portfolio could indeed deliver rapidly rising returns.

The biggest risk is represented by possible dilution stemming from several rounds of equity financing that may be needed to support its cost base as well as its ambitious expansion plans.

Until higher revenues are generated, though, personally I’d leave it to opportunistic traders.

30.50p +1.75p

Moving up fast now
Plenty of interest at the moment and share price following yesterday's bounce

and much faster now on reaching 32 v 33p+3.75p with 1.1M volume on just 2 hours of trading.

there was a 50K buy @ 32.90p that got things moving

At twiter
Aim Buster ‏@AIM_Buster 15h15 hours ago
#Globoplc $GBO
Have started to scale in for the push up. Excellent company. Interims due end of Sep

from the British Bulls tonight..........

GLOBO
Last Signal:BUY
Last Pattern:BULLISH HARAMI
Last Close:31.00 Change:+2.25 change+7.83%

Confirmation Status
Signal Update Our system’s recommendation today is to BUY. The BULLISH HARAMI pattern finally received a confirmation because the prices crossed above the confirmation level which was at 28.75p

another nice start of the day to 33.25p +2p, hope it last

Very volatile of late, but I still think this is undervalued and in due course will be higher and more stable. Here's hoping anyway.

MORE from Motley fool........

http://www.iii.co.uk/articles/267365/are-these-3-aim-stocks-set-soar-boohoocom-plc-monitise-plc-and-globo-plc

Similarly, mobile apps specialist Globo (LSE:GBO) also has huge potential. It focuses on creating efficiencies for companies using mobile devices and, in the last five years, has increased profit at an annualised rate of 36%. Furthermore, Globo has increased its bottom line in each one of those years, indicating that it is a very consistent performer.

Looking ahead, Globo is forecast to continue its strong performance by posting a rise in net profit of 21% in the current year, followed by further growth of 17% next year. And, with its share price having fallen by 20% since the turn of the year, Globo has a PEG ratio of only 0.2. This indicates that it has a very wide margin of safety, thereby moving the risk/reward ratio further in the investor's favour.

In addition, with Globo having only a modest amount of debt on its balance sheet (its debt to equity ratio stands at just 24%), it seems to be sensibly financed and all set to post stunning share price gains over the long term.

35.125p +1.125 (+3.32%)

ahead of interim results tomorrow the shares are rising with volume today

getting on with the spike and reaching 37 at one time, very busy at the moment, as there is some larger trades on the offer side, most likely do not want to wait for figures and take their profits.

36.125p +0.1.125p

another supper results from the company that makes it so undervalued.......

"Globo"

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
Financial highlights

• Revenue up 56% to €72.4 million (H1 2014: €46.5 million)
o GO!Enterprise revenue up 126% to €44.9 million (H1 2014: €19.9 million)
o CitronGO! and GO!Social revenue up 6% to €21.3 million (H1 2014: €20.1 million)
o Telecom & SaaS revenue grew 16% YoY to €5.0 million (H1 2014: €4.3 million)
• The Group continues to build on its strong recurring revenue streams:
o GO!Enterprise EMM & MADP had a renewal rate of the prior year's licences of roughly 99%
o 68% of GO!Enterprise MBS project revenue was generated by repeat orders
• H1 Gross profit margin increased to 59% (H1 2014: 58%) primarily due to the increased proportion of direct sales
• EBITDA increased 55% to €34.2 million (H1 2014: €22.0 million)
• Last twelve months (LTM) EBITDA was €63.1 million
• Profit before tax rose 37% to €22.0 million (H1 2014: €16.1 million)
• Earnings per share increased 14% to €0.049 (H1 2014: €0.043)
• Net cash generated from operations increased to €21.0 million (H1 2014: €16.6 million)
• Free cash flow1 of €7.2 million (H1 2014: €4.2 million)
• LTM free cash flow of €10.3 million
• Net cash position increased to €47.4 million (31 December 2014: €40.4 million)

Outlook
• Our positioning within the field of Mobile Enterprise creates strong momentum for further growth in enterprise customers and new project wins.
• Strong business momentum is expected due to the traditionally stronger second half of the year and continued US expansion.
• Our current cash position and cash flow covers all of our operating requirements and will enable us to pursue selective acquisition opportunities in the near term. In order to grow the business through more sizeable acquisitions, we continue our High Yield Bond discussions. Globo maintains a prudent view on the methods of financing its acquisition led growth.

Commenting on the results, Costis Papadimitrakopoulos, CEO of Globo, said:

"We are proud of the continued success of our growth strategy. Over the course of just a few years, Globo has been positioned as one of the leaders in the Mobile Enterprise space and our business continues to evolve in a number of different business areas. Our International operations and growing US presence are driving opportunities for our customers and the Enterprise transformation towards mobile systems and applications is accelerating.

We remain committed to increasing shareholder value, both through organic growth and strategic investments in technology, expertise and market reach."

36.875p +1.875p

Steady buying after the supper results, with top of the mark the 100K buy @ 37.2975p
expect some movement soon

comment - cheap as chips

Globo - Focus on cash management

Strong beat, but known. As we published in Globo:
_Strong_H1_beat_'EUR"_It's_not_all bad_in_Greece, Globo's 1H revenues beat our revenue estimates by c17%, mainly driven by Go!Enterprise and MAPD sales.
Turning to profitability, gross margin was 1.3 percentage points above our 58% forecast at 59.3% due to better direct sales and EBITDA of 'x¬34.2M was comfortably ahead of our 'x¬30.9M forecast while EBITDA margin of 47% was slightly below our 50% estimate.

Focus on cash management 'EUR" shining a light on DSO's: with all of the key metrics having been reported at the end of July, investors' attention should be focused on cash flow management. Free cash flow of 'x¬7.2M was up significantly on last year's 'x¬4.2M. Net cash has improved as a result to 'x¬47.4M from 'x¬40.4M as of December.

Despite this, high growth has led to a significant increase in the cash outflow from working capital ('x¬15m in 1H15 vs 'x¬9.3m in 1H14). Globo management has also used the

1H release to shine a light on Days Sale Outstanding (DSO's), the company argues that a simplistic approach to DSO's does not fully capture the underlying movements as LTM revenue does not include the service component of licence sales (recognised as deferred revenue), but this is included in their receivables. Their definition of receivables also excludes prepayments to vendors. Under the new disclosure, DSO's have increased by 15 days to 129 (from 114 days in LTM 1H14). In expansion mode. Globo has signed a conditional letter of intent (LOI) to acquire a European mobile Bring-Your-Own-Device (BYOD) and Mobile Security Software provider. While the name of the target is still undisclosed, the company had previously flagged that it would use M&A to accelerate the growth strategy (see Globo:_In_expansion_mode).

The company has also highlighted that while the current cash position enables it to pursue selective acquisitions opportunities, high yield bond discussions will be continuing. In addition, Globo intends to continue with their U.S. expansion which now accounts for 21% of total group revenue. Valuation. We estimate Globo trades on a 2016E EV/sales of 0.5x, EV/EBITDA of 1.0x and P/E of 3.3x.Globo - Focus on cash management

Good numbers again, let's hope we're out of this down channel now.

still moving ahead after yesterday's smashing results. The way they go short term soon will be on the overbought position, so looking closely at the Level 2 and sold at 39.34p

Hopefully shorts closing their positions too.

Who has been buying all along on reaching lows?
FVC more than double their holding and certainly did not report at 4% or 5% but well over 6%, is that the lot they wanted.? ..............

. Forum Venture Capital GmbH
. from 11,209,375 to 23,526,495 with over 6% or 6,296%
. Date of the transaction and date on which the threshold is crossed or reached: 12th October 2015

It seems the buying by V. Capital have stop lately and since the shares are moving lower, SP have had a bad day with a spike down to 30.25p at one time, has bounce since to 33p -5p

The shorters attack goes on today and moving under 30p .......

an old article ..........
By Alessandro Pasetti - Tuesday, 29 September, 2015

That was quick!
You’d have recorded a 35% pre-tax gain if you had followed my advice to consider Globo (LSE: GBO) at 28p a share on 16 September — a “top pick“, as I described it.

The obvious question now is whether its shareholders will enjoy a true value story, or if rapidly rising returns are destined to fade away — let’s delve into its interim results, which were released today.

Strength
Globo’s stock price has risen 8.2%, to 38p, so far today — and rightly so, in the wake of a solid trading update.

Recent news about its strategy also bodes well for long-term value.

Strength is in the numbers, and although its growth rate for net income per share is lower than that of other key metrics and may point to a risky investment, you should pay attention to a few other details at this stage of maturity for this tech business. In fact, its most relevant financial metrics indicate that the group is on the right pattern of growth, driven by mobile.

Its interim results for the years ended on 30 June showed:

Revenue up 56% to €72.4m (1H14: €46.5m);
A 55% rise in EBITDA to €34.2 (1H14: €22m);
Last twelve months EBITDA at €63.1m;
Pre-tax profit up 37% to €22 (1H14: €16.1m);
Net operating cash up €21m (1H14: €16.6m);
Net cash increased to €47.4m (31 December 2014: €40.4m).
Based on the value of its current assets, its price-to-tangible book value, cash flow and earnings multiples, I don’t see why Globo could not double to 74p, or at least trade closer to its 52-week high of 64p over time.

While it’s true that its lowly earnings per share (EPS increased 14% to €0.049 versus €0.043 in 1H14) could get lower following the issuance of its upcoming high-yield bond, your focus over the next four to six quarters ought to be on its revenues and core cash flow profile, both of which in my view suggest that Globo deserves a valuation some 15p to 25p higher, based on fundamentals.

!

spread ( 29.25 - 29.50p)
Bought back at just below 29.50p

reason:
Had two days of large drop after already moving lower from the top, and now holding around this low price, as buyers are nibbling, seems ready for move forward after yesterday,s canceling the issue of bonds.
There is still a seller on the order book, the bolt is introducing 5K every so often on the offer side, as buyers are now taking charge, most likely some are closing the short positions also
TA SP under lower BB and Indicators at oversold position

Research by a private investor

Suspended pending a response to report last night from Quintessential Capital Management in the US. GBO refutes all allegations made in the report.

A few post from different places commenting about the report and then the report

stoaty1 23 Oct'15 - 11:59 -
I find that story a bit hard to believe, as i do the fact that 60% of the revenues are fiction. If true then their FCF is remarkable (proven by audited growing bank reserves). But at the very least the company need to provide clarity on some of the points raised. The report is so dodgy, but throw enough mud and all that!
-----------
Jdb2005 23 Oct'15 - 11:25

RCT - ever present & not an investor !! Strange must have changed into a bear with no clothes on !!

I spent times this summer with GBO developers in Greece & can vouch for their integrity & dedication working on orders from European & US customers. How all these morons can claim businesses are not buying GO!Enterprise suite of programs, shows their total ignorance of situation.

OK Costis wanted to achieve rapid growth through timely acquisitions and must have been badly advised in US on bond issue - Greek debt/political upheaval was known before this happened. Markets then dived as result of fears China's growth rate had fallen from 7% to 6.2%.

Yet today US, UK & European markets are buoyant - so a lot can change in short space of time.

Confident GBO will attract more institutions going forward. And be at 80p+ by Xmas.
------------------
Alchemy30 23 Oct'15 - 11:22

Quintessential rightly or wrongly have been used as the vehicle to bring the allegations out as they are US based.

Its the allegations that are of consequence (if they're true) rather than trying to smear the person who said them.

Dan's Financial Times piece should be all that is required to make a decision, I would argue irrespective of any rebuttal from Globo.
------------------
Juicyshares 23 Oct'15 - 11:15

The question is: is Quintessential Capital Management even a legitimate business?

Their website looks generic with vague wishy washy statements.
Their contact address is given as 330 Madison Avenue, New York but they do not appear on the register of New York state records

hxxp://www.dos.ny.gov/corps/bus_entity_search.html

No mention is made of funds under management.
Alexa shows their global ranking of websites is around 9 millionth, to give this perspective that's about 4 million places below my village shop.

Under News and Events there are 4 articles written by the supposed managing partner for the Epoch Times between 2010 and 2011 which is a Chinese interest site

From the epoch times website:
Epoch Times is an independent, global news source, headquartered in New York, with a focus on uncensored China news, culture and science

There web traffic is sol low that no stats are provided
From Alexa "We do not have enough data to estimate these metrics"

There are just 3 links: one is to seekingalpha, one takes you through to an Italian cooking school in Milan and the 3rd is an Israeli cultural site

So clearly a quality company fund management company then....??
The report is risible
--------------
AL75 - Today 09:02
I have not yet read the full report but I have no doubt that this report is written by shorters for shorters, in other words, I doubt any of the suggestions of facts stated in it have any truth or can be proved. How else would Tom Winnifrith know about it and brag about its issue a couple of days ago.

Sadly, we live in an era where the internet gives these parasites oxygen to spread their nonsense for personal gain. I personally think it would be a huge step forward to creating a level playing field if the authorities could in some way use trolling laws to close these people and shorting rings down.
------------
Today 08:15 Nottspie
the shareprophets sponsored short on this (along with others) must be "excited". If this comes out good for the company, which I sincerely hope it does, some naive investors who dont understand the shorting betting war zone will be ruined. Stops no good now, you have potentially lost everything you own. Of course the derampers dont tell you this when theyre on here shorting.
---------
Today 08:12 colonel.decker
Now take your time and prepare your RNS
This is what the shorts were hoping would NOT happen.
Itchy bum time for shorty. See how the tables are quickly turned.
-----------
Dan McCrum FT

http://ftalphaville.ft.com/

Globo: lots of sales, fewer partners
Dan McCrum | Oct 23 10:49
Globo plc is a small technology company founded by a champion windsurfer in Greece 18 years ago and listed on Aim, London’s junior market, by reverse takeover in 2007. Since then it has raised more than €100m from sales of its stock and debt.

It has some legacy businesses, and has made acquisitions, but its biggest business is now Go!Enterprise, software designed to create a secure bit of space for your employer’s data on your personal phone.

However, according to a critical report published by Quintessential Capital Management, a small New York Hedge Fund run by Gabriele Grego, there appear to be problems with reported sales and profits. QCM tried to register an interest to buy the product with 40 different partners, resellers and distributors listed by Globo, without success.

Globo “completely refutes all allegations made in this report”, and has requested a suspension to its stock so it can provide a more detailed response. In the meantime, the question for investors and auditor Grant Thornton is who really buys Globo’s product?

The company has long attracted short sellers. It has a complex corporate structure, has reported growing profits but no cashflow, and in January 2014 Ennismore Fund Management published a report looking at aspects of the group’s corporate governance and financial reporting.

It also received attention this year when it attempted to raise first $180m and then $120m in high yield debt financing in the US, an expensive form of financing for a company with €104m of cash on the balance sheet.

On Globo’s website it claims many large public businesses as customers, including the investment bank Lehman Brothers, which failed in 2008. The Go!Enterprise business is responsible for tens of millions of euros of reported revenues every year.

The company also lists a series of Distributors/Resellers and Specialised Partners on its website. One is the Mezza Group (UK) Limited “a leading supplier of innovative software, web solutions and internet marketing”. Mezza’s phone number is answered by a fax machine. Its website gives as contact details a London residential address where 50 companies are registered, many with Greek directors.

Mezza’ directors aren’t Greek. One is Federal Infosystems llc. Globo lists as an Asian reseller a Federal Infosystems Inc, and in its description says the group “included Go!Enterprise Box in their portfolio solution to provide customers with a holistic mobility solution”.

Federal Infosystems Inc, however, with a logo which matches that on the Globo site, is a laptop repair specialist based in Mumbai. “We only do laptops”, a representative said. Asked about Globo, he said “we are not dealing with them”.

Other claimed partners also appear to be based from residential addresses. For instance Mobile Services International, run by Jhamil Abdala from a house in Florida. We described Go!Enterprise to him, and asked about Globo products, but his company doesn’t offer them. “It’s G… L… O… B… O… the company you’re after? We used to have a partnership with them, buts it’s not active”.

We spoke to Costis Papadimitrakopoulos, Globo founder and ceo, and asked why it is hard to find sellers of his product, and if the sales reported are genuine. He said “I’m really surprised by that”. He said “the business exists, yes, of course it exists.”

He said he was not sure how much business Globo did through Mezza, maybe €300,000 or less. He said it was a company doing solutions on top of Globo’s platforms.

He also said Globo had been the victim of a “bear raid” before, in 2013. “There is a combination of things the market does not like, or does not see,” he said. “If you see it from one angle it makes sense.”

Globo’s former auditors, BDO, resigned in February 2014, to be replaced by Grant Thornton. The letter issued by BDO at the time said the reason was an “inability to agree a mutually acceptable audit scope in relation to our involvement in the work of component auditors needed to obtain sufficient evidence on which to base the audit opinion on the group financial statements”.

Mr Papadimitrakopoulos said the disagreement was about the proposed cost of BDO’s work.

We asked him to suggest resellers and partners to approach about Go!Enterprise. He suggested Ingram Micro, a US listed company, and Metis, a longstanding partner. He did not provide a contact at Ingram Micro, instead supplying us with a vendor agreement signed between the two companies in 2013. Ingram Micro does not comment on specific client or vendor relationships, a spokesperson said.

Metis SA is based minutes away from Globo’s headquarters in Greece and claims offices in seven countries. Metis’ contact details on its website are an address and phone number in Belgium. Perhaps surprising for a group which says it employs 140 people, the Belgian number redirects to the mobile phone of chief executive and founder Thanos Giamas.

He said he had know Globo a long time, that it was a critical partner. As an example of the work Globo does for Metis, he said “using an EMM environment asking Globo to provide specific apps for us”.

Asked about sales of Go!Enterprise, he said Metis had recently sold 100 licences of Go!Enterprise to the Lithuanian Ministry of Finance, at a price of €50 each, a deal worth €5,000.

Mr Giamas could not recall which part of Barcelona the Spanish office of Metis is in, “its in the center”, he said. Italy “isn’t open right now”. The Brussels office he said was based in a university campus and hosts 10 people, and there are locations in Lithuania, Cyprus and Boston.

Mr Giamas also said his company is involved in a number of acquisitions, and is in a transformation phase. “All the details of where we are, who we are, our faces, is going to change from our website”.

The Globo share price has collapsed from a high of 62p in June, to 29p as of the close on Thursday.
------------------
the report http://www.shareprophets.com/partners/GBOBR.pdf
Globo Plc
Our Final Opinion: It’s a Greek Parmalat
By Quintessential Capital Management – Investigative Research Team
Acknowledgements
We would like to provide our most sincere thanks to the few brave and inquisitive people who
have contributed to the creation of this report. Your help has been crucial and will not be
forgotten. Most sincere thanks also to Mr. Simon Cawkwell giving us the idea to look at this
stock.
About QCM
QCM is a long/short global equity fund. We invest through a concentrated portfolio of highquality
securities acquired opportunistically when fear or uncertainty create a sizeable gap
between price and intrinsic value. Our short activity focuses on activist short selling, whereby we
seek to uncover and expose deeply troubled corporate situations (e.g. frauds, illegal activity,
failed business models, etc.) through state-of-the art investigative work.
On the short side, we only act when supremely confident on our thesis and, so far, we enjoy a
spotless success rate. Our latest short, American Addiction Center, has dropped over 70% in the
two weeks following the release of our report12
.
Executive Summary
Quintessential Capital Management has opened a short position on Globo Plc stock. We have
been investigating Globo Plc after studying several online blogs containing allegations of
fraudulent accounting and other questionable behavior. After months of deep due diligence and
information-gathering activity on the field, we have collected overwhelming evidence suggesting
the existence of what appears to us as a large-scale conspiracy to deceive investors and creditors
through pervasive and systematic accounting manipulation.
In a nutshell, we are of the view that Globo Plc is massively overstating its revenue and profit by
generating fictitious sales invoices from shell companies created and controlled by Globo to pose
as legitimate clients. In order to justify the resulting cash shortfall, other shell companies pose as
suppliers to Globo and generate fictitious expenses, part of which are then capitalized. The
results of our investigation suggest that the Company relies on its fabricated financial statements
to issue shares and to secure credit to cover its ongoing expenses and to finance the acquisition
of legitimate businesses, in the hope of diluting the "fraudulent" part of its business and
eventually listing itself on the NASDAQ.
While a minor portion of its business is authentic, the results of our investigation strongly
suggest that at least 60% of Globo’s turnover is fabricated. The Company’s alleged activities, in
our view, suggest possible criminal behavior and to cause its total demise if exposed.
Company Description
History
Costis Papadimitrakopoulos founded Globo Plc in 1997 out of a small office in Athens, Greece.
Costis has followed an unconventional career path for a tech entrepreneur. Costis initiated his
career as a professional windsurfer. He then joined his family business, a food processing
company. This experience apparently involved plenty of travel abroad, especially in Eastern
Europe, where Costis claimed he formed many business contacts which, as we will see later,
might play a part in the subsequent Globo affair. Following his family business experience, he
then completed a degree in Electrical Engineering and subsequently started Globo.3
According to our research, in 2007 Globo went public not through a customary IPO, but by way
of a reverse merger with an Israeli shell company4
. While a legitimate instrument, reverse
mergers have historically been used by numerous fraudulent companies to float their shares and
their reputation is doubtful, since they allow a company to go public while avoiding the scrutiny
and due diligence typical of an IPO.
Over the years Globo showed an impressive sequence of increasing sales and profits (albeit with
increasingly negative free cash flows) and was active in M&A transactions, both as a buyer and
as a seller. In 2013 and 2014 it acquired Notify and Sourcebits, two California-based mobile
software companies for $5m and $12m respectively. Each transaction was performed at a
valuation of 1x sales so Globo acquired $17m worth of sales.
In 2012, Globo sold 51% worth of Globo Technologies (GT), a subsidiary engaging in software
development and distribution, to Globo’s management. Although the consideration was about
$15m, the terms of payment were unusual and one of the net effects of the disposal was to
effectively decrease the amount of trade receivable on Globo’s balance sheet5
. This is because at
less than 50% GT assets, including receivables, get consolidated and treated as a long-term
investment.
Following its US acquisitions, Globo’s CEO has moved to Palo Alto in order to lead Globo’s
expansion in the United States, although the company’s headquarters remain in Athens. In June
2015 Globo attempted to raise $180m on the high yield bond market.6
The move raised many
eyebrows in the investment community7
since these bonds would be issued at a very high
interest rate. According to its financial statements, Globo sits on $104 of cash (though most of it
3 https://www.megabuyte.com/free2air/18779/megabuyte-interview-costis-papadimitrakopoulos
4 http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=23809915
5 http://lordshipstrading.blogspot.com/2013/10/globo-gbo-wake-up-and-smell-houmous.html
6 http://www.morningstar.co.uk/uk/news/AN_1434706989487905400/globo-wants-to-issuehigh-yield-bonds-to-fund-acquisitions-(alliss).aspx
7 http://www.morningstar.co.uk/uk/news/AN_1442242423577575800/globo-says-high-yieldbond-issue-delayed-by-market-uncertainty-(alliss).aspx
--- Strictly Private & Confidential ---
4
NSREEP\286964.2 - 07/18/15
held in banks with speculative credit ratings) and it is unclear why it would be willing to pay a
8%+ interest rate while having cash sitting unused in the bank. The bond issue was first reduced
to $120m and then suspended altogether because it failed to generate sufficient interest from
perspective buyers. According to our research, prior to their attempt to issue junk debt, Globo
tried unsuccessfully to raise a senior secured loan of $120m from a large global investment
management firm. The apparent inability of Globo to pass serious creditor due diligence
lately should be seen with concern.
Business Model
Roughly 90% of declared revenue originates from Globo’s Mobile Products and Services
division. Essentially, Globo sells two main product categories: first, it helps businesses develop
customized mobile applications for their specific needs (Go!AppZone). Second, it sells readymade
applications for so-called BYOD, or Bring Your Own Device needs (Go!Enterprise). As
employees frequently prefer to use their own mobile devices for work needs, BYOD apps allow
the user to connect to the company’s servers and securely access their work email, calendars,
files, etc. This is a common feature and is supplied by a number of large competitors including
IBM, Kony, Microsoft, SAP and many others.
Globo claims as many as 3 million active users, 340k enterprise users and 13 million of device
licenses in place. We shall see later on how such statistics seem enormously inflated vis-à-vis
objective metrics such as the number of downloads executed from Android or iOS platforms.
Allegations
Numerous analysts on the web question the real nature of Globo Plc and the following
allegations frequently recur in one form or another89
:
• Accounting Inconsistencies: Globo shows consistent revenue and earnings growth over
the years, yet generates overall negative and decreasing free cash flows. The discrepancy
between earnings and free cash flow is primarily due to receivables, capitalized R&D
expenses and purchases of intangible assets. Some investors have speculated that Globo’s
sales and profits may be overstated, using aggressive capitalization of intangibles to
“cover up” any cash flow discrepancy.
• Lack of Proven Customers: Some analysts have raised doubts as to the authenticity of
all or part of Globo’s client base. Globo does not disclose the identity of its main
customers, but does mention a few names on its reports. Attempts to verify the
authenticity of such supplier/client relationships have repeatedly failed. Surveys of
various IT departments have shown that Globo’s applications are not known in the
industry.
• Doubts on product quality: The validity of Globo’s products has been put into serious
question. Product reviews accessible online are overwhelmingly negative. Attempts to
8 Ennismore research
9 http://lordshipstrading.blogspot.com/2013/10/globo-gbo-wake-up-and-smell-houmous.html
--- Strictly Private & Confidential ---
5
NSREEP\286964.2 - 07/18/15
test Globo’s products have shown a barely functioning software, particularly prone to
freezes and often causing a dramatic slowdown of the devices where it is installed.
• Suspicious financial management: As mentioned earlier, Globo’s decision to raise
funds in the high-yield bond market seemed strange for a company claiming large cash
reserves. Many investors have expressed skepticism as to the actual existence of Globo’s
bank deposits.
• Corporate Governance Concerns: the presence of some board members has raised red
flags. For example, a blog written by Ennismore Fund Management, a hedge fund with a
short position on the stock, observes how Mr. Barry Ariko, a member of Globo’s board,
has been a non-executive director at Peregrine Systems. The latter is a software company
that went bankrupt in 2002 following an accounting scandal. It should be noted that Mr.
Ariko himself was not personally charged in connection with this episode.
--- Strictly Private & Confidential ---
6
NSREEP\286964.2 - 07/18/15
Financial Analysis10
10 Source: Capital IQ
--- Strictly Private & Confidential ---
7
NSREEP\286964.2 - 07/18/15
At first glance, Globo’s financials look impressive. During the last five years, revenue and
earnings have been positive and growing at 35% and 65% compounded respectively. A closer
look, however, suggests a different picture. While earnings have been increasing, free cash flows
(as defined by Capital IQ) have been almost always negative and steadily decreasing.
“Investments” (especially capital expenses and intangibles) have outpaced operating cash flows.
The shortfall has been covered with cash raised through creditors and stock issues. Since 2007,
when Globo went public, it claims to have generated Euro 119m in operating cash flows, while
investing 145m and raising 145m from credit and stock issues.
Generally, software companies are highly cash generative and require relatively little
reinvestment in the business in order to grow. In Globo’s case however, a combination of
increasing capex, intangibles and trade receivables seems to prevent the company from
ever generating cash flows from its profits. It is also notable that, unlike many of its peers,
Globo capitalizes its software development expenses, including a substantial portion of workers’
salaries.
Some observers have raised a troublesome concern: could it be that Globo’s cash flow
generation problems actually indicate the presence of an accounting scheme?
Mechanics of the Scheme
Based on the evidence obtained through our extensive research, we believe strongly that most or
all of the allegations concerning Globo Plc are well founded and, if anything, they tend to
underestimate the gravity and scale of the irregularities being committed.
As far as we understand, Globo started probably as a legitimate company. In its early phase,
prior to its reverse merger in 2007, Globo seemed to be involved mostly in software development
and in various digitalization projects, mostly in Greece. For example, we learned that Globo
performed a number of low value added services to government entities, such as digitizing
various forms of official records.
The situation changes following Globo’s listing in the stock market in 2007. It would seem that,
at this point, Globo’s executives started getting greedy and initiated or intensified a large-scale
scheme to inflate Globo’s financials at the detriment of creditors and investors.
The most important part of the scheme involves so-called “satellite companies”. These are
essentially empty shell companies, located in various countries (especially Cyprus, Panama and
Greece), which Globo uses to generate fictitious sales and costs in order to inflate revenue and
profitability. The resulting fictitious financials are then mixed up with legitimate ones to give the
impression of a larger and rapidly growing company. We suspect that, fabricated financials make
it possible to raise additional funds from creditors and shareholders with the objective of
acquiring legitimate companies and, presumably, to dilute the "fraudulent" part of the business
over time.
--- Strictly Private & Confidential ---
8
NSREEP\286964.2 - 07/18/15
Nature of satellite companies
From our trusted sources, we know of more than 20 suspected satellite companies located in 8
different countries. These companies are often located in shadowy jurisdictions (e.g. Cyprus,
Panama) and we understand are controlled by directors close to Globo’s executives. We
investigated all of the satellite companies we managed to identify and found ample evidence
suggesting very high probability of fraud. These companies, which pose as Globo’s customers
and suppliers, tend to exhibit the following suspicious characteristics:
• They are often located in non-transparent jurisdictions.
• They show little or no evidence of ordinary business activity.
o No business address or located in residential neighborhoods.
o No websites or very generic ones.
o Little or no web footprint.
o Few, if any, employees.
o Phone lines disconnected or not available.
o Lack of responsiveness to email or other forms of solicitation.
• They feature directors serving in multiple companies, seemingly unrelated, but with links
to Globo.
• In many cases, links with Globo, e.g.:
o Directors are former Globo employees (in some cases seemingly trying to conceal
it).
o Addresses located at walking distance from Globo’s headquarters.
o Company logos or website design looking similar to Globo’s (suggesting the use
of the same design firm).
Suspicious Use of Satellite Companies
In order to generate fictitious sales, Globo seems to “pretend” to sell its products and services to
these satellite companies. In a typical transaction, Globo (or often one of its foreign subsidiaries)
would invoice one of these shell companies for a given amount, which would then be booked as
a sale even though no cash, goods or services ever changed hands. The sale would then be
booked in the trade receivables account and never get settled.
--- Strictly Private & Confidential ---
9
NSREEP\286964.2 - 07/18/15
Of course, this creates a problem: customer balances cannot stay overdue for too long without
arising the auditor’s suspicions. The solution seems to lie in satellite companies, this time posing
as suppliers. Here, the shell company would invoice Globo for a certain amount offsetting part of
the receivables. In some cases, the same shell company may act as both customer and supplier.
In other cases, it is two separate shell companies, which can then trade with each other to offset
the transactions without services or cash changing hands. Sometimes, shell companies are
apparently used directly to pay Globo’s employees. Because a large portion of Globo’s expenses
is capitalized as software development costs, the company is able to generate an accounting
profit even if revenue and expenses are of equal amounts.
What kind of expenses and revenue are being “passed around”? Since Globo’s activities deal
with intangibles, there is no need to provide any physical evidence of transactions. Globo’s
subsidiaries typically have a vendor/customer agreement in place with these shell companies and
the issuing of invoices back and forth becomes a relatively straightforward process.
These fictitious transactions seem to serve multiple purposes for Globo:
1. They inflate revenue and profit, which support the price of Globo’s stock.
2. They allow Globo to raise additional cash from creditors and shareholders.
3. They may allow Globo to elude taxation since transactions are “engineered” so that
Globo’s subsidiaries in high-tax jurisdictions stay unprofitable while profits are
concentrated in low-tax countries. It would be a big problem having to pay high taxes for
non-existing profits!
4. They seem to allow Globo to reap certain EU subsidies that require certain expenses to
originate in a particular country, for example for hiring unemployed personnel.
Below a flow chart detailing how the scheme may work:
--- Strictly Private & Confidential ---
10
NSREEP\286964.2 - 07/18/15
--- Strictly Private & Confidential ---
11
NSREEP\286964.2 - 07/18/15
The Evidence
The ones just described constitute serious allegations and we would not advance them without
being certain of their veracity. The evidence we collected is based on the followings sources:
1. Declarations of sources close to the company.
2. Analysis of Globo’s distributors and resellers.
3. Analysis of Globo’s clients and suppliers (suspected satellite companies).
4. Research on personnel involved in the scheme.
5. Interviews with industry players (e.g. IT personnel, competitors)
Globo’s partners (i.e. distributors & resellers)
Globo disclosed its “partners” prominently on a dedicated page on its website. We have
identified, analyzed and approached the majority of Globo’s claimed suppliers and resellers.
Despite the fact that we know part of Globo’s business to be authentic, we have been unable to
confirm even a single legitimate partner. In many cases, the claimed distributors tend to
exhibit a number of issues including the following:
• The company cannot be detected (e.g. no records, valid address, functioning phone, etc.).
• The company exists, but seems to operate in an unrelated industry.
• The company operates in a related industry, but does not appear to sell Globo’s products.
• The company appears to sell Globo’s product, but interrupts all communication once
Globo is mentioned in our enquiries.
We have collected a list of suspicious partners in the appendix together with evidence
questioning the validity of these companies. We have meticulously checked each and
every one of Globo’s partners (about 40) and, every time, failed to receive any
significant response from any of these companies. You are welcome to try them yourself:
in the appendix you will find a full list with our specific findings.
For the sake of example, we have included a few of the most emblematic cases of likely
bogus distributors (complemented by the full list in the appendix):
--- Strictly Private & Confidential ---
12
Distributor #1: Mezza Group
Mezza Group appears on Globo’s website11 as a “specialized partner”. We did not find other
significant partners in the UK so this one must account for a significant portion of UK revenue12.
The website13 looks generic enough and describes a company apparently involved in online
marketing and SEO (what does Globo’s enterprise mobility have to do with this?). The telephone
number listed on the website leads directly to a fax, without any voice mail present. Our many
approaches to the company by mail and its employees via LinkedIn have gone unanswered.
Mezza Group is a UK company located in South London. Yet, a LinkedIn search reveals six
employees all of whom Greek and living in Greece. Five out of six are no longer working at
Mezza Group.
11 http://globoplc.com/globo-at-a-glance/partners/#ourPartners
12 Globo does not segment revenue by country, but 13.5% would come from Western Europe and
we suspect UK is a major part of this.
13 http://www.mezzagroup.com/
--- Strictly Private & Confidential ---
13
NSREEP\286964.2 - 07/18/15
Mezza Group is located in London at 25 Norway Gate, SE16 7TR. This is what the company’s
building looks like from outside (it’s located in a residential neighborhood):
We checked if other companies are located at the same address and found 48 (!):
We studied meticulously these 48 companies (feel free to check for yourself) and have concluded
that almost all of them look suspicious. For example, almost all of them have Greek directors
(this is remarkable since this is an address in London). Most of them do not have websites or any
--- Strictly Private & Confidential ---
14
NSREEP\286964.2 - 07/18/15
Internet footprint or any employees we could identify. Is this some sort of UK den for Greek
shells?
We checked Mezza Group’s directors and found the following document:
Two obviously Greek directors Alexandros Symeonidis and Dimitris Galaktopoulos founded the
company and then left immediately leaving the directorship to a “Neil Patrick Holman” and to a
company named “Federal Infosystems”. We found no useful information on the former, but we
did come across an interesting article apparently claiming that Mr. Galaktopoulos was
involved in a fraud concerning a technology company14:
14 http://www.netweek.gr/default.asp?pid=9&cID=5&arId=29612&la=1
--- Strictly Private & Confidential ---
15
NSREEP\286964.2 - 07/18/15
--- Strictly Private & Confidential ---
16
NSREEP\286964.2 - 07/18/15
About the next director, Mr. Holman, we checked whether he was director in any other company
and found 32 (!) of them15:
Finally, you will see that a further director alongside Mr. Holman is a company called “Federal
Infosystems LLC”. This is very curious since Federal Infosystems is listed on Globo’s website
as another of its distributors in…Mumbai! (a full analysis on this distributors follows in a later
section).
Curious by these staggering findings, we actually went for a recon trip to Mezza Group in
London, its located about 20’ walk from Canada Water tube station, in a narrow residential street
called Norway Gate. It took us almost ten minutes to locate the building, but eventually we came
across a common English apartment building. On the entrance, not a single company label or
sign. We spoke to a gardener working in the area who told me he knows the building well and is
sure it is fully residential, with no offices inside whatsoever. The door was locked, so we rang
#25, corresponding to Mezza Group. We almost left after two minutes, when somebody
answered, in a sleepy voice and a foreign accent (Greek?) as if he just woke up. We said we were
looking for Mezza Group: the person simply hanged up: Mezza Group (and the other 48
15 http://www.endole.co.uk/profile/1172216/neil-patrick-holman
--- Strictly Private & Confidential ---
17
NSREEP\286964.2 - 07/18/15
businesses domiciled at #25 Norway Gate) simply does not seem to have any basic business
infrastructure..
These are the photographs we took on our field trip:
So what is going on here? Mezza Group, a company that Globo claims is its main UK
distributor, shares its address with 48 other dodgy companies all having Greek directors. The
company’s office apparently does not exist.
Mezza Group has one director, Mr. Holman, that looks like a figurehead. About its three former
directors: one (Mr. Symeonidis) is unknown. The other, Mr. Galaktopoulos, has been charged
with fraud. The third director, Federal Infosystems, is a small laptop repair shop in Mumbai that
Globo claims is its Indian distributor. The company’s phone number is inactive and its
employees have ignored any approaches.
You may draw your own conclusions. For us, this is strong documented evidence that
Mezza Group is a dummy company that has been engineered by Globo to pose as a
distributor.
--- Strictly Private & Confidential ---
18
NSREEP\286964.2 - 07/18/15
Distributor #2: Ionaworks
Ionaworks is one of Globo’s Asian distributors. The name however, sounds anything but Asian,
in fact, the word “Ionic” is curiously a synonym for “Greek”!
This is Ionaworks description appearing on Globo’s website:
The poorly designed website is not very informative and the team appears to be composed by
Chinese and Korean youngsters (interesting, since the company is located in Kobe, Japan). The
company did not reply to our email approaches and we found out that their phone line is
disconnected16. There is no address on their website but the company does provide a map
In our opinion, all evidence again points to a bogus distributors for bogus products and
services.
--- Strictly Private & Confidential ---
20
NSREEP\286964.2 - 07/18/15
Distributor #3: Abox
Abox is one of Globo’s distributors located in Barcelona.
http://www.abox.com/abox.asp
It looks small scale, quite unlike the pompous description appearing on Globo’s website (see
below) and is located on the 3rd floor of a derelict building. We approached the company and
managed to receive an answer in English.
We posed as potential clients for an “enterprise mobility solution”. The manager was
immediately eager to offer a solution by a certain “MobileGest” (we did not manage to identify
what this is!). We told him we were interested in Globo instead. The manager did not reply and
interrupted all contact with us after Globo was mentioned. All our subsequent solicitations
went unanswered.
Abox less than majestic offices in Barcelona (3rd floor).
--- Strictly Private & Confidential ---
21
NSREEP\286964.2 - 07/18/15
Distributor #4: Federal Infosystems
This is Federal Infosystems’ description appearing on Globo’s website:
From Globo’s description above, you would think this is a large scale IT provider. However, a
cursory look at Federal’s website17 would reveal that this is a humble laptop repair shop in
India where Globo’s products do not fit and are never mentioned. This company, as we saw
earlier, figures as the director of Mezza Group, another distributor of Globo’s in the UK. There
is no good reason for that and logic would dictate that Globo probably asked Federal Infosystem
to be on the board of Mezza Group to give the impression of being a legitimate company, and
not the dodgy shell it probably is.
17 http://www.federalinfosystems.com/
--- Strictly Private & Confidential ---
22
NSREEP\286964.2 - 07/18/15
It is probably a low quality business as well as these Google reviews seem to suggest:
--- Strictly Private & Confidential ---
23
NSREEP\286964.2 - 07/18/15
Distributor #5: Mobile Services International (MSI)
This is Globo’s description of MSI:
As usual, high-sounding description of a large multinational operating in 15 countries. Yet, a
LinkedIn search shows only 1(!) employee, who conveniently chooses to remain anonymous.
The company lists two different office addresses:
--- Strictly Private & Confidential ---
24
NSREEP\286964.2 - 07/18/15
We investigated these locations: the first address looks like a residential location in Florida
(strange since the only LinkedIn employee lists its location in New Jersey).
The second address lists a Regus facility in Virginia (Regus is a short term office lease
company).
Once again, evidence suggests the use of bogus distributors for bogus services (by the way, MSI
does not even list Globo products on its site).
The five cases above are only examples. The reader may refer to the appendix showing that most
remaining distributors of Globo are just as suspicious as the ones mentioned above.
--- Strictly Private & Confidential ---
25
Second, the company claims having 140 employees on its website in several countries, yet
LinkedIn shows only five, all very junior and all located in Greece.
--- Strictly Private & Confidential ---
27
NSREEP\286964.2 - 07/18/15
Suspected Satellite Co. #2: Darga LLC
This is a very interesting one. Just like Metis, Darga does not appear on Globo’s partners list, yet
it boasts a logo partnership logo on its, very basic, website:
Next, we confronted the two logos:
Are we the only ones that see some curious similarities? Let’s move along.
Darga’s website18 looks quite vague and generic. This is the information appearing on the
“contact us” page:
18 http://dargamobile.com/home.html
--- Strictly Private & Confidential ---
28
NSREEP\286964.2 - 07/18/15
There is a voice mail service, but no option for leaving a message (try it yourselves). There is an
option to obtain technical support, but the line disconnects as soon as you choose that option.
Next we visited the “sales office” address and found that Darga claims to be located in the
McGraw Hill building in the middle of midtown Manhattan, no less. We spoke to the concierge
and security guards and tried to locate the company: unsurprisingly, nobody had ever heard of
them. These are the pictures we took during our visit to the building:
The alleged owner of the company appears to be a “Craig Darga”. We couldn’t find much on
him on the web and this is the only photograph of this colorful character with his exact same
name on a Facebook profile:
--- Strictly Private & Confidential ---
29
NSREEP\286964.2 - 07/18/15
I think there is no need to be explicit in drawing conclusions about this company as the evidence
clearly speaks for itself. But it gets better:
Darga Mobile (http://dargamobile.com/home.html) website is very low budget and looks highly
suspicious. The website owner/creator is a certain “Alan Bates”19.
A search under this name shows a company, Alan Bates Design Limited, with registered address
located at NORTH HOUSE, HIGH STREET, TONBRIDGE, KENT, TN9 1BE UK. No number
is provided, but a search of this address in Google maps brings up the following location:
Zooming in shows the sign “Fosse House” which is a rental agency it seems. The address for this
location is 198, HIGH STREET, TONBRIDGE, KENT, TN9 1BE UK.
4 properties down the street (20m), guess what, is a Globo listed office at 190 High Street
Tonbridge, Kent TN9 1BE! As of June 2015 part (or all) of this property was for let.
19 is http://www.scamadviser.com/check-website/dargamobile.com
--- Strictly Private & Confidential ---
30
NSREEP\286964.2 - 07/18/15
http://gbcomp.p-o.co.uk/en/alsoatthisaddress/05506731/
There are 61 companies registered at the same address as Globo Plc 190, High Street TN9 1BE,
including the following:
GLOBO PLC
GLOBO TECHNOLOGIES UK LIMITED
HELLENIC CAPITAL PLC
HIGHAM WOOD THREE LIMITED
HOT ROCKS INVESTMENTS PLC
IFA (2014) LIMITED Active PRI/LTD BY GUAR/NSC
IFA FACULTY OF BUSINESS LIMITED
IFA INSTITUTE OF BUSINESS MANAGEMENT LIMITED
IFA INSTITUTE OF BUSINESS MANAGERS LIMITED
IFA INSTITUTE OF FINANCIAL MANAGEMENT LIMITED
The companies highlighted in BOLD have a clear connection to Globo in that a Globo director is
also a director at that company.
This provides a strong basis to the theory that someone (or multiple) people from the board of
Globo know Alan Bates and that he was contracted by Globo to create a dummy website for
Darga LLC (a supposedly US company) to create the illusion of a company which is buying their
products.
Auditing
If Globo is indeed generating significant fraudulent transactions, as overwhelming evidence
seems to show, a legitimate question is why the auditors did not pick up on this behavior. Well,
in a way they did. Until 2014 Globo was audited by BDO, but was dismissed on March 2014 by
Globo ostensibly because of concerns over pricing and scope. In the occasion, Globo’s
management released the following letter:
--- Strictly Private & Confidential ---
32
NSREEP\286964.2 - 07/18/15
The following is a letter issued by BDO with their own version of the situation:
Clearly, BDO do not mention pricing issues, but they do cite their inability to agree on an audit
scope. Of course this is vague so we investigated with people close to the company about the real
reason for the change in auditors. It turns out, BDO demanded, as part of its activity, to audit
not only Globo Plc accounts, but also the accounts of Globo’s foreign subsidiaries. Globo
denied and BDO essentially refused to proceed. Now, why would Globo refuse to let BDO audit
these subsidiaries? Given the evidence above, we can guess that all the bogus transactions with
shell companies take place not with Globo Plc, but with Globo’s foreign subsidiaries. An audit of
those subsidiaries would have entailed checking the identity of their clients and suppliers and,
most likely, uncovering the alleged scheme just as we are trying to do in this report.
BDO’s successor, Grand Thornton, appears instead willing to close an eye instead and let Globo
play its game. It is impossible to know whether this is simply sloppy auditing work or if there is
something worse going on (corruption?). The fact remains that the Greek representatives of
Grand Thornton are a small entity and could be vulnerable to all sorts of pressure or incentives.
--- Strictly Private & Confidential ---
33
NSREEP\286964.2 - 07/18/15
People Involved
According to the evidence we analyzed, the alleged scheme was probably engineered by many of
the senior executives and employees in 2007 or earlier. The CEO hired some of his friends, many
with debatable talent, questionable experience, but unquestionable loyalty. The bargain might
have been participation in the scheme, discretion and loyalty with long-term tenure and high
salaries in return20.
This of course includes the company’s founder and CEO Costis Papadimitrakopoulos. Given
the fact that most satellite companies are located abroad, we believe that the head of international
accounting, Mr. Panagiotis Martinos might be heavily involved. Also, it is hard to believe that
the scheme could be perpetrated without knowledge of the CFO, Mr. Dimitrios Gryparis. A
former junior banker at Eurobank, Mr. Gryparis never held a CFO role before. Presumably he
was hired due to his connections in banking that came in handy in order to raise credit for Globo.
We don’t know whether the entire board and the rest of the management team is involved in the
alleged scheme. Our sources claim that most board members are completely uninvolved in the
company, that contacts between them and the company are rare and that some of them have not
been paid in years. Apparently, most board members have been hired solely on the basis of their
name and reputation.
The interactions with satellite companies and distributors must have required the complicity, or
at least the tacit knowledge, of some junior employees and of key personnel in many of Globo’s
distributors, besides, of course, the directors of the satellite companies.
Most of Globo’s junior employees are probably unaware, but it is known within the company
that Globo’s products are “junk” and that nobody is buying them21. Incredibly, we heard that
Globo employees do not use Globo’s products on their mobile devices!
20 Source: interview with persons close to the company.
21 Source: declarations of former employees.
--- Strictly Private & Confidential ---
34
NSREEP\286964.2 - 07/18/15
Is any of Globo’s business real?
Yes, we believe that a significant part of Globo’s activities are legitimate and real, and this is
what makes the scheme harder to uncover. First, we have evidence that Globo Technologies, the
software company partially divested in 2012 is a real company with real sales. According to
Capital IQ Globo Technologies has sales of $40m, half of which belong to Globo that owns 49%
of it.
Globo recently acquired two US companies, Sourcebits and Notify. The former has sales of
$13m, the latter sales are unknown, but selling price was $5m and we assume a multiple of 1x
sales was paid. Summing it all up, we estimate that real sales are at least $38m vs $100m
declared in Globo’s income statement. So, about 60% of Globo’s sales may be fraudulent and
this is the same number we received from our sources close to the company, implying that most
of Globo’s legacy products i.e. Go!AppZone and Go!Enterprise are most likely fictitious.
It is to be noted how the companies recently acquired by Globo do have real (but tiny) sales to
large US accounts (e.g. Coca Cola) and this would allow Globo to boast such clients on its
website.
--- Strictly Private & Confidential ---
35
NSREEP\286964.2 - 07/18/15
Product Quality
To see further evidence of quality of Globo’s flagship products, it might be helpful to take a look
at some of their their apps reviews on Google Play:
--- Strictly Private & Confidential ---
36
NSREEP\286964.2 - 07/18/15
Reviews are overwhelmingly negative and we suspect that Globo’s employees may have
posted the few positive ones. Please note (bottom right corner) how the application has been
downloaded only 10-50k times, in stark contrasts with the millions of users claimed by Globo.
The situation is even worse for iOS users: here the downloads have been so few that the
system does not display any reviews:
Our own research confirms these findings. We spoke to several of Globo’s competitors (e.g.
Kony) and many IT providers and, almost without exception, Globo’s products were
completely unknown. We downloaded a trial version of the app on our devices and it froze
irrevocably after a couple of minutes.
36
The Mysterious Cash Balances
Many bearish bloggers have wondered whether Globo’s cash balances, totaling $104m, are
actually existent. Their doubts were based on the accounting irregularities we mentioned earlier
and on Globo’s eagerness to issue $120m worth of junk bonds at high interest rate. Also, Globo’s
annual report does not mention the name of the banks where the cash is held, but it shows the
banks’ credit rating, for the most part below investment grade:
Our investigation actually shows that Globo’s cash balances may be genuine and backed by
bank statements. The cash was in junk-rated banks presumably because it is needed where
Globo’s subsidiaries and satellite companies are located, often in low-credit rating countries such
as Cyprus and Greece.
The existence of genuine cash balances does not contradict our possible "fraudulent" scheme
thesis: the cash comes from bank credit, shares issues and, in minor part, from the legitimate
parts of the company.
--- Strictly Private & Confidential ---
38
NSREEP\286964.2 - 07/18/15
Legal Analysis of Globo Plc Activities
Our talented legal team, together with top notch outside consultants, has gone through the entire
Globo affair and produced a preliminary assessment as to what sort of liability might be
involved. The list is long and serious and includes both civil and criminal charges. The following
is a non-exhaustive list:
• Securities fraud.
• Transfer Pricing Violations.
• Misrepresentation.
• Tax Evasion.
• Breach of Fiduciary Duties.
• Lack of Disclosure.
• Classic Fraud.
The evidence seems to suggest that the above-described activities involve multiple countries.
Therefore, we would assume that many of Globo’s legal liabilities are likely to involve multiple
jurisdictions.
What is Likely to Happen Next
Given the extent of the alleged scheme, we believe that its uncovering will no doubt involve
dramatic effects including a collapse of Globo’s stock price (followed by its prompt delisting),
the opening of multiple investigations (civil, criminal and regulatory) and the initiations of
several lawsuits by creditors and shareholders.
The company will likely try to defend itself and deny these allegations, but any reader, armed with a PC and a telephone can verify our claims easily.
Conclusion
We believe we have presented overwhelming evidence on the likely existence a massive
"fraudulent" scheme perpetrated by Globo Plc. The overwhelming majority of the data we
published is easily verifiable: for example, you can easily try to call many of Globo’s distributors
appearing on its website and check whether they exist as legitimate companies and carry Globo’s
products. You can also try and download Globo’s apps and verify their quality.
--- Strictly Private & Confidential ---
39
NSREEP\286964.2 - 07/18/15
A lot of people are likely to have suffered and will continue to suffer serious damages as a result
of Globo’s activities, unless somebody puts an end to this activity. This is our humble attempt.
Appendix: Comprehensive
list of Globo’s partners and
our findings

Difficult to know - I've read the full report. It will take some time to construct a viable response in my opinion, so not sure how long they will likely be able to hold suspension.

Can Corporations Sue for Defamation? - by Maggie Lourdes, Demand Media

Corporations can sue for defamation to their businesses.

Corporations may sue for defamation when false statements are made about their businesses or reputations. Each state has different laws regarding defamation; however, generally corporate defamation suits must meet three requirements. An actionable statement must be untrue, it must be made in writing or verbally to a third person, and it must cause the corporation damage.

False Statement

Truth is always an absolute defense to a lawsuit for defamation. Corporations cannot sue if honest, unflattering statements are made about them even the statements hurt their reputations. People may freely express facts and opinions about their experiences with corporations if their characterizations are accurate. For example, truthfully stating, "My personal opinion based on my experience is that the company has poor customer service" would generally not be a basis for a defamation lawsuit.

Publication

To allege defamation, corporations must show false statements were made to third parties. This is called "publication" even though it doesn't involve publishing the statement in a newspaper or public forum. For example, you can't be sued for writing a defamatory email that you never send. Generally, you may be sued even if you are not the original publisher of false statements. For example, passing on defamatory rumors may lead to a lawsuit.

Damages

Generally, corporations must show defamatory statements resulted in damages to their businesses or reputations. For example, if you make false statements that cause a corporation to lose customers, you may be sued for the losses it incurred in revenue damages. In some states, like Arizona, defamation suits allow for punitive damages. This means a party may be able to sue for damages beyond the actual losses suffered to punish and deter defamatory communications.

Statutes of Limitations

Corporations must sue within specified times after defamation occurs. Some states, like Arizona and Michigan, have short, one-year statutes of limitation. Others states, like Indiana and Hawaii, allow two years to sue. A few jurisdictions, like Massachusetts, allow three years. Limited exceptions extend filing deadlines. In Arizona, if false statements are deliberately hidden, such as in secret communications, filing deadlines begin to run when the statement is discovered rather than when it was made

Is Globo Plc A Value Trap Or Value Play?

Over the past few weeks, Globo (LSE: GBO) has become one of AIM’s most controversial companies. However, this isn’t the first time that Globo has attracted criticism. The company has been under fire for years now regarding its accounting policies.

But after the release last night of a report from Quintessential Capital Management, which claims that a large portion of Globo’s business has been fabricated, it now looks as if Globo is in serious trouble.

The company has requested that its shares be suspended following the scathing report as management needs some time to put together a conclusive response to the accusations made.

Quintessential claims that there is:

“…overwhelming evidence suggesting the existence of what appears to us a large-scale conspiracy to deceive investors and creditors through pervasive and systematic accounting manipulation.“

What’s more, analysis suggests that more than half of Globo’s business is spurious:

“While a minor portion of its business is authentic, the results of our investigation strongly suggest that at least 60% of Globo’s turnover is fabricated. The company’s alleged activities, in our view, suggest possible criminal behaviour and to cause its total demise if exposed.”

These are very serious accusations, and shareholders should be extremely concerned. There have been few cases where such damning claims have been made and the company has pulled through.

Red flags
It seems as if the City has been wary of Globo for some time. The company’s recent failure to find buyers for a high-yield bond was a big red flag.

According to pension fund managers, the demand for high yield bonds has surged recently as the yield on more secure sovereign issues has continued to decline to record lows. With this being the case, it was pretty easy to see through Globo’s excuse that market conditions had prevented the company from selling its high-yield bonds.

Further, since 2009 Globo’s revenue has grown at a compound annual rate of 35.3%, making it one of the fastest growing companies in London. But despite this growth Globo’s valuation has remained depressed, a strong indication that the City didn’t believe the company’s growth story.

What’s next?
Unfortunately for Globo’s existing shareholders, it looks to me as if the company is a value trap. It is rare that a company survives a bear raid like the one that was launched on Globo yesterday. The company’s reputation now lies in tatters, and even if management can prove that Globo isn’t a fraud, it’s going to be difficult for the group to find business partners going forward.

Still, if Globo’s accounts are to be believed, the company had over €100m of cash in the bank at the end of June. This cash cushion will give the company some wiggle room, and the financial firepower to mount a comeback.

Uncertainty
The next few days and weeks will be full of uncertainty for Globo's shareholders. If you're not prepared to wait, The Motley Fool's top analysts have recently identified a company that they consider to be one of the market's "top small caps".

Our analysts reckon that the shares of this company could have a potential upside of 45%!

All is revealed in our new free report entitled "Is This Stock Tomorrow's Big Winner?" The company in question has a strong cash balance, proven advantage and is supported by some of the biggest players in its industry.

If you'd like to find out more, download the free report today -- but hurry, it's only available for a limited time.
"Is This Stock Tomorrow's Big Winner?"

Globo Plc. – What is missing in the Research Report?

As most of the followers of Globo Plc. are aware the US based hedge fund firm Quintessential Capital
Management (QSM) published a research report on Globo Plc (the report is available for the public from
Shareprophets.com) on Thursday indicating that above 60 % of the revenue was fake and that Globo was
actually big fraud. While I think QSM make some good points and that Globo have some explanation to do

edit 28th - http://lordshipstrading.blogspot.co.uk/
– I think there are some huge missing points here.  
But first I would like to thank and congratulate QSM. They have done an incredible job digging op dirt at
Globo and reporting that to the public. The markets needs short sellers that are willing to do the dirty work
to cover frauds etc. But as I stated above – I think they are missing a lot of things

Globo was not merged into an Israel Company:

QSM states that Globo reversed into an Israel company listed on the AIM in 2007. Just to make everything
clear. This is false. Globo did a reverse merger with a British Company listed on the AIM. The company they
merged into was named Israeli Acquisitor I plc – so maybe this is where QSM got their facts wrong.  ................

HTTP://www.proinvestor.com/uploads/boards/73484_Globo_Plc_update.pdf

GLOBO plc
("Globo" or "the Group")

Company Statement

Globo plc issues the following statement:

On Friday 23 October 2015 the Board of Directors of the Group became aware of a report published by Quintessential Capital Management ("QCM").

Following the announcement by the Company on the morning of Friday 23 October 2015, an emergency Board meeting was convened as soon as practicable for Saturday 24 October 2015 to discuss the allegations in the report and to ascertain the actions that would be required to resolve the matter. It was intended that an appropriate independent forensic accounting team be appointed to investigate the claims.

However, at the Board meeting, Costis Papadimitrakopoulos the CEO of the Group brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company's financial situation, and offered his resignation, as did Dimitris Gryparis the CFO of the Group.

Following the meeting and receipt of legal advice, a committee of the board was set up, comprising the non-executive Directors only (the "Committee"). The Committee has accepted the resignations of Costis Papadimitrakopoulos and Dimitris Gryparis from the Company with immediate effect. Gerasimos (Makis) Bonanos (the COO) has been suspended from his duties with the Company also with immediate effect, pending the outcome of appropriate investigations. All of the executive directors have agreed to make themselves available and fully co-operate with any investigations.

The Committee has initiated discussions with appropriate advisers in relation to the next steps and to ascertain the true financial position of the Company. In addition, the Committee has asked the Company's lawyers to notify the matter to the appropriate authorities and the Committee has informed the Company's principal bankers.

Further announcements will be made in due course. In the meantime the Company's shares will remain suspended from trading as per the dealing notice on Friday 23 October 2015.

It certainly looks bad news for shareholders.

yes, I imagine we can write off any value in this company now.

Written off indeed.

GLOBO plc
("Globo" or "the Group")

Company Statement

Globo plc issues the following statement:

On Monday 26 October 2015 the Company announced that Costis Papadimitrakopoulos, the former CEO of the Group, had brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company's financial situation.

Since that announcement, the Company has reported this matter to the appropriate law enforcement agencies in the UK, Greece and Cyprus.

In addition, the Company was notified on 27 October 2015 that it is under investigation from the UK's Financial Conduct Authority.

Further announcements will be made in due course. In the meantime the Company's shares will remain suspended from trading as per the dealing notice on Friday 23 October 2015

Well written piece in Investors Chronicle online.

Good to see Serious Fraud Office involved and IF CEO and/or CFO sold shares knowing of alleged fraudulent activity and didn't make a public statement, then let's hope they pay the price.

Globo Plc (In Administration) ("the Company")

London - 10 November 2015 - The Joint Administrators of Globo Plc confirm that cancellation of the Company's AIM securities will take effect from 7am 1 December 2015 pursuant to AIM Rule 1 of the AIM Rules for Companies.

The Joint Administrators do not anticipate that there will be any return from the administration for the shareholders of Globo Plc, and therefore they consider that it is appropriate that the securities are cancelled.

In accordance with paragraph 49 of Schedule B1 of the Insolvency Act, the Joint Administrators are required to submit their proposals to creditors within 8 weeks of their appointment and shareholders are also entitled to receive a copy of the report. This report will be made available to creditors and shareholders at www.thecreditorgateway.co.uk (password: Globo) in due course.

The Administration relates to Globo Plc, and not any of the Company's direct or indirect subsidiaries, which remain under the control of their respective statutory directors.

-ENDS