JUST GROUP OFFICIAL THREAD

Good Evening All,

With regard to above comments concerning possible shareholder funding, my post copied from Monday morning, which some of you may have missed at that time of the day, is now repeated below. I reiterate the comment relating to our proposal, at this stage, your declared interest does NOT constitute a pledge and neither is it a firm commitment.

Thanks to all those who have declared their interest to date.

I would reiterate we have made a very significant step forward yesterday.

We(GOS) have an important meeting scheduled for tomorrow afternoon in London and further critical meetings scheduled for next week. As previously advised, I will keep you informed of developments.

To answer several posters very valid question, if there was a rights issue, we would fully expect essential information to be provided to shareholders, in particular, the %age of rights still held by JUST relating to BUMs, following the negotiations held with Universal in the summer/autumn. Whilst we believe the %age has been renegotiated, we understand the %age is still reasonable in relation to the commitment from Uni to fund future episodes of BUMs, but we are still seeking clarification of the exact terms in the revised contract and we are attempting to seek an explanation as to why this information has been witheld from shareholders to date.

I again assure you we are working in a professional manner to ascertain all relevant facts whilst, at the same time, securing the future of Just Group.

I would also assure all shareholders that we are investigating, as a group, all relevant historical facts in relation to particular contracts to ensure that all deals have been completed in the interests of JG shareholders, this investigation also extends to Companies outside JG.

I will advise of progress as and when I am able but this is not now likely to be until next week. In the meantime, I would assure shareholders that appropriate steps have been taken, and we are currently receiving legal advice, to ensure JG's bankers, Nat West, do not take premature action in this matter which would clearly not be in the best interests of shareholders or creditors.

Regards,


CHRIS.

Copy of post relating to funding proposal:
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Chris Jones - 24 Dec'01 - 04:54 - 6970 of 7393 edit


Good Morning everyone,

I hope you're all up bright and early making the most of the day? I haven't been to bed yet! Thus, the e-mails I sent inviting further discussion, please phone on my office number as indicated particularly as I'm editing at 6.30! TIA.

I reiterate we have a genuine backer for Just Group and, following further discussions this weekend, I have e-mailed DN yesterday to request an urgent meeting with a view to securing the funding. I sincerely hope the lengthy negotiations and the amount of research conducted will prove to have been worth all the hard work and effort. (This will be one Christmas I will never forget, I can assure you).

I promise to keep you informed as much as possible given the difficult circumstances, which I think you all now understand.

With reference to the posting/query above, the "40 presentations" are not of any real significance to the potential backer due to:

1. Institutions have a different investment criteria and strategy to individual investors (we're living proof of that!)

2. Independent research we have carried out on the global potential for Just Group and

3. The agreement reached at our meeting with Ian Miles and David Newcombe on Thursday morning at Just Groups Head Office, relating to a further investment from Ian Miles.

On the above basis, as an excercise, in the event that, for example, we have a shortfall, I suggested to IM/DN last Thursday that Shareholders could be approached to provide their support in the form of a commitment to buy X amount of shares prior to a formal rights issue to assess the likelihood of a successsful rights issue. On this basis, I advised, on behalf of GOS, it should not be difficult to get the rights issue underwritten which we were advised, to date, had not been possible as no one or institution would take the risk of failure.

The proposal was discussed along the following lines (altho we used larger numbers at the meeting, which now will not be necessary due to a substantial backer, subject to contract) and accepted by Ian Miles, Chairman, and D Newcombe, Group Finance Director.

A. Out of a total of 28,000 current shareholders - being extremely realistic, assume that the majority would not be in a position to invest further.

B. 140 (0.5%) shareholders prepared to invest £50K: £7.OM

C. 140 " " " " " £30K: £4.2M

D. 140 £20K: £2.8M

E. 140 £10K: £1.4M

F. 140 £ 5K: £0. 9M

G. 1,400 (5%) £ 2K: £2.8M
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TOTAL: 2,100 Shareholders £19.1M


The total amount of shareholders in the above instance is less than 5%.

Another likely scenario, is that there are possibly no investors over, say, £20k, but a significant number adopt the attitude that they are prepared to support the Group to a small extent in order to ensure the Company survives and to have the satisfaction of seeing Just relisted,recovering and growing having learnt a serious lesson from this set back.

Therfore, say, 25% of current shareholders are prepared to invest £500 - that's x 7,000 shareholders = £3.5million raised. Or 7000 x £1000 amounts to £7M.

The power of the small investor! All creditors are paid off and the foundations laid for a full recovery.

Taking into account the sum from the potential backer (subject to a further meeting and subject to contract) and the sum from Ian Miles, the above total would actually provide SUBSTANTIALLY in excess of the total funding required and notified to GOS by IM/DN on Thursday.However, I am not sure if the amount is public knowledge and will not therefore repeat the sum involved.

It seemed a logical proposal to me, and IM and DN agreed to our approaching the issue on the above basis. With this in mind, after leaving the meeting, we then obviously telephoned the Company's house brokers, Teather & Greenwood, as one would expect following such an agreement being reached, with a request to arrange an urgent meeting in order to ensure we strictly adhered to Stockmarket/AIM funding rules.

After a further call from myself to DN on friday ( see my posting on this BB), I subsequently received an email on Friday afternoon from David Newcombe providing a legal document(11 pages) which is currently being carefully considered.

Shareholders response on this matter has already been touched upon by Darose on this bb but the above provides a more detailed analysis for your consideration.
We, as a team, would be grateful for shareholders urgent response to the above and could you give an accurate indication as possible of the investment you MAY be prepared to make in the event of a rights issue or some other form of fund raising excercise to save Just Group. I REITERATE, THIS IS NOT A FIRM COMMITMENT FROM YOU, ONLY AN INDICATION AT THIS STAGE. HOWEVER, IT IS CRITICAL TO KEEP IT AS ACCURATE AS POSSIBLE.

Please post your support here (ADVFN - JUST OFFICIAL THREAD) AND on the JAG website. Could someone post the URL below/regularly for new readers,
I would also be grateful if this post could be copied to the JAG website by someone - Rene? TIA. I also give permission to copy this post in its entirety to other websites.

A PRESS RELEASE IS BEING PREPARED concerning the recent development and will be sent out today. This may be better coming from JAG, Rene, but email me or phone today please by 11.30am otherwise it will be sent out from GOS today.

I would point out that this posting is NOT a formal offer to shareholders (or non-shareholders) of any nature or description, and neither David or myself are acting on Just Groups or GOS' behalf in a professional capacity, only as businessmen and concerned shareholders who strongly believe in the future potential of Just Group.

I stress this is merely to obtain a possible guide to the level of potential support that may be available from shareholders (rather than see the funding fail because it is, say, £2 m short, and Just Group fails to survive because of a shortfall amounting to what could be only 5% of the Group turnover in 2003). If the group is well managed and expenditure costs are tightly controlled,and properties are developed to their maximum potential particularly properties like B.U.Ms then £50 million turnover is not unachievable imho, particularly adding in Wide Eye for 2003 (BBC contract).

SO PLEASE DO NOT DELAY POSTING, TIME IS OF THE ESSENCE. WE NEED TO ASSESS SUPPORT NO LATER THAN NEXT THURDAY AT 7PM. MANY OF YOU HAVE NEVER POSTED BEFORE - NOW IS THE TIME TO START. DON'T SIT WATCHING - HELP JUST TO GET THRU THIS PERIODBY SUPPORTING THE IDEA AND SHOWING THE CITY WHAT THE ORDINARY INVESTOR CAN ACHIEVE.

Finally, I would stress that providing an indication to us at this stage does NOT in any way, shape or form constitute a binding commitment from you to the team or Just Group PLC.

We all look forward to hearing from you; in the meantime, I wish you all a very Merry Christmas and may you all be blessed with an especially Happy & prosperous New Year. Remember, sometimes YOU have to make things happen and take part.

Regards and very best wishes,

Chris Jones.