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.