Simon K

Hi all,

I know several users work in the investment world, so need to a little help. I brought a load of shares a long time ago, company was called Premisys ( some sort of medical company ). During the years this got renamed and its epic was renamed to ASITE.

Anyway, cant pretend Im upto date with my shares, logged in and noticed that my ASITE shares are worth nothing / zero, and looks like these dont exist anymore.

Ive tried looking around the net and it seems google keeps coming back with a company called ASITE, epic aste, which isnt the same.

So, to the trader guys, with all the various s/w you lot use, can you shed any little on these shares / whats going on with the company ?

Epic = ASITE

Also, I brought a load of shares in Ultrasys too, again these seem to be worth nothing and suggest the company has now disappeared. Any help with those too would be great.


MAny thanks gents.

SBK

dpb

Were they not paying some kind of dividend at some stage , bit remiss

Chip

Do you bring or buy the shares

Skoobie Dhu

iTrader: (3)

Do you mean Ultrasis? they're alive and well. If it is them they have quite an active thread on the ADVFN free forum.

As for Asite, Epic was ASE, according to the ADVFN free forum, they delisted sometime in 2009.

Suggest you subscribe to the ADVFN.com free forum and follow things on there.

Don't listen to the advice of the posters on there without doing lots of research, there are folks on there with multiple aliases who make a living out of telling lies.

Simon K

Hi Skoobie,

Thanks for your help. I use Barclays Stockbroker site, and the shares regarding Asite, ASITE ORD GBP0.01, seem to show n/a. When a company de-lists, what does that mean to people that had shares in them ?? I had £1K's worth at the time, does that mean my shares are now void / gone ??

You right, I was also refering to Ultrasis, ULTRASIS ORD GBP0.001 . I brought them back in 98 / 99 for 33p a share, and they went up to 75p, then collapsed. It was a friend who worked for the company that told me they would go up so buy some. I got greedy and should of sold at 70 - 75p.

SBK

GlesgaKiss

Is there any cash in your account? Sometimes companies can still appear in your account after they've been sold, in which case you should have cash proceeds. Or they could just simply be no more. You could always give Barclays Stockbrokers a phone and explain your situation - you've just checked your account and these companies are still showing but at zero, and what does this mean?

Or send them an email via the online form in your account.

alloy

Its delisted, you therefore have an investment in a private company.....

This RNS from 27/3/2009 is relevant:




ASITE PLC ("ASITE")

Proposed cancellation of admission to trading on AIM of the Ordinary Shares

Proposed re-registration as a private limited company

Proposed capital reorganisation




The Board of Asite announces that it will be seeking shareholder approval to cancel the admission to trading on AIM of the Ordinary Shares (to "delist"), to re-register Asite as a private company and to effect a capital reorganisation. The resolution to delist, to be proposed at a general meeting to be held at Cheapside House, 138 Cheapside, London EC2V 6BJ on 20 April 2009 at 3.30 p.m., is not conditional upon the resolutions to re-register Asite as a private company and/or to approve the capital reorganisation being passed at the General Meeting.

It is expected that, subject to Shareholder approval at the General Meeting and the consent the holders of B Shares, the cancellation of admission to trading on AIM of the Ordinary Shares will be effective from 7.00 a.m. on 28 April 2009.

Full details of the proposed delisting, re-registration of Asite as a private company and capital reorganisation, including details of what action Shareholders should take, will be set out in the circular to be posted to Shareholders shortly. A copy of the circular will be made available on Asite's website www.asite.com, and a summary is given below. Unless otherwise defined, terms used in this announcement have the meaning given to them in the circular.

Delisting and Re-registration

For some time the Directors have been reviewing the merits or otherwise of the Company being a public limited company with its Ordinary Shares admitted to trading on AIM. The following factors were taken into account in their review:

The Company would benefit from substantial administrative cost savings as a result of the Delisting and Re-registration. Such cost savings include professional fees associated with the admission of the Ordinary Shares to trading on AIM (including legal, accounting, broking, London Stock Exchange and nominated adviser costs). In addition, further administrative costs and professional fees will be saved because of the Re-registration, including lower accounting and audit fees. The Directors estimate these costs to be in the region of £100,000 per annum. It should be noted that the Company's non-executive directors do not charge fees for their services.

The Re-registration would result in reduced internal administrative costs by removing the Company's ongoing compliance obligations as a publicly quoted company and free up further management time.

Reduction of the costs referred to above would help to reduce the Group's ongoing requirement for further funding (which may prove difficult to secure in the current economic environment) and also provide the Group with resources to invest in business development.

The Directors believe that the Delisting would enable the Company to implement its strategy with more flexibility and without needing to comply with the reporting and other requirements imposed by AIM.

Despite being admitted to trading on AIM, the Ordinary Shares have a very low liquidity.

The Directors believe that the nominal value of the New Ordinary Shares (i.e., the ordinary shares following the Capital Reorganisation) will make it easier for the Company to raise funding in future. The Company's market capitalisation is currently lower than the nominal value of the Ordinary Shares.

The Directors are aware that Shareholders may still wish to acquire further or dispose of New Ordinary Shares (or, if the Resolution relating to the Capital Reorganisation is not passed, Ordinary Shares) and, accordingly, the Company intends to use reasonable endeavours to create and maintain a matched bargain settlement facility for these shares (but not the Deferred Shares). Under this facility, Shareholders or persons wishing to acquire shares will be able to leave an indication with the matched bargain settlement facility provider that they are prepared to buy or sell at an agreed price. In the event that the matched bargain settlement facility provider is able to match that order with an opposite sell or buy instruction, the matched bargain settlement facility provider will contact both parties and then effect the order. Shareholders who do not have their own broker will need to register with the matched bargain settlement facility provider as a new client. This can take some time to process and therefore Shareholders who consider they are likely to avail themselves of this facility are encouraged to commence it at the earliest opportunity. The contact details of the matched bargain settlement facility provider once arranged will be made available to Shareholders on the Company's website www.asite.com.

There is no obligation on Shareholders to use the matched bargain settlement facility referred to above. Shareholders can effect further transactions in the New Ordinary Shares (or, if the Resolution relating to the Capital Reorganisation is not passed, Ordinary Shares) off market at any price agreed between the relevant parties. Once the transaction has been agreed the relevant parties should contact the Company's registrar, whose contact details can be found on the Company's website. It is the Directors' current intention to retain Capita Registrars as the Company's registrar.

Based on this review the Directors have concluded that it would be in the best interests of Shareholders and the Company to effect the Delisting and Re-registration. The Resolution approving the Delisting is not conditional on approval of any of the other Resolutions. The Resolution approving the Re-registration is conditional on the Resolution relating to the Delisting being approved and taking place.

Capital Reorganisation

For a number of years the Ordinary Shares have been trading significantly below their nominal value (of 10 pence each) which has meant that it is extremely difficult for the Company to raise any new funds or use the Ordinary Shares to acquire other companies or businesses. Accordingly, it is proposed that, conditional upon the resolution approving the Delisting being passed and the Delisting taking effect that every 500 Ordinary Shares be consolidated into one new £50 ordinary share, that each new £50 ordinary share be subdivided into 50 ordinary shares of £1 each and that each new ordinary share of £1 each be subdivided and converted into one New Ordinary Share (of 1 pence) and one Deferred Share (of 99 pence). The rights attaching to the New Ordinary Shares will, apart from the change in nominal value, be identical in all respects to those of the Ordinary Shares. The Deferred Shares will, for all practical purposes, be valueless (and will be non-voting and non-transferable without the Company's consent) and it is the Board's intention, at an appropriate time, to take steps to cancel the Deferred Shares. Fractional entitlements to shares will be dealt with as set out in the circular.

Existing share certificates will cease to be valid following the Capital Reorganisation and new share certificates will be issued in due course. No certificates will be issued in respect of the Deferred Shares.

Walter Goldsmith, Chairman of Asite comments:

"Like the rest of the UK economy, the Group is operating in challenging economic times. The proposal to delist, which is unanimously recommended to Shareholders by the Board, has been assessed against this background. Notwithstanding, this represents an opportunity for the Group to redeploy overhead and professional costs into business and product development, thereby further consolidating our position. We intend to build on the success of the growth we have experienced over the past two years to create the pre-eminent supplier of collaboration and procurement solutions to the UK construction and associated sectors and in doing so to create an acceptable return for Shareholders"

Simon K

Thanks Alloy. For a simpleton like myself what does that RNS mean ?? I did a search on google which explains the situation why companies delist and I should send my shares back at an agreed price. Ive missed the boat here by the looks of it, and the company may / may not give me some money. Personally Ive written it off, the shares were down to pennies, so Im probably owed £10 tops. If this company re-lists, do my shares become active again, or as far as that goes I would have to buy new ones ??

Also, BMR is going up, 5.17 and there is a lot of positive chitter chatter on expect RNS etc. What have you heard ? Colleagues / Friends still invested in it ?

SBK

alloy

RNS- Regulatory News Service

If the company re-lists then you are still a shareholder. You can attempt to sell your stock back to the company, but 99/100 this is futile.

Yes still have BMR, up 100% over past 4 weeks which is enjoyable. There is always speculative chatter with these penny shares, but with regard to the tailing and dumps these guys have down at 2p they were heavily undervalued. I think the company will need to raise a decent amount of capital to develop them but that potential dilution is just the reality of being invested in a small cap resource play.