Am I reading this correctly?

Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?

http://www.newsweb.no/newsweb/index.jsp?messageId=216779&lang

Originally posted by Dosko

Am I reading this correctly?

Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?

http://www.newsweb.no/newsweb/index.jsp?messageId=216779&lang

 

So you registered here just to ask that ?

Dosko
Joined: 8/20/08
Posts: 1

Originally posted by IKShadow

Originally posted by Dosko

Am I reading this correctly?

Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?

http://www.newsweb.no/newsweb/index.jsp?messageId=216779&lang

 

 

So you registered here just to ask that ?

Dosko
Joined: 8/20/08
Posts: 1

well...wouldnt one need to register to post a question anyways? Just because a person has 1 post does not make them any less of a contributor than someone with many posts.
 

Yes, I did register today.

I've been a long time browser of these forums but have not really felt the need to register up until now, as I didn't really have anything to say :)

Sorry if I breached any etiquette rules.

eh, dont worry about it.  You havent breached any rules.......yet lol

dont we all start out with 1 post? i fail to see the logic in this.....

Dosko,

Welcome to the forums!

Don't worry about a "breach of etiquette", as there wasn't one .

Anyway, it sure sounds that way after reading that post. It isn't surprising, and I imagine we'll see more people heading out in the coming months.

In answer to the original post:

NO.

At least, not the way I read it.

Jan Inge Torgersen, a controller and primary 
insider is leaving the Company. In that relation he 
has sold 14.000 shares at an average price of NOK 
14,01 totalling 196.140 NOK.

After this transactiom Mr. Torgersen does not have 
shares or options in the Company.

For further enquiries:
Olav Sandnes, CFO Funcom N.V.
E-mail: olav.sandnes@funcom.com
Phone: +47 92225540  

*This part tells you who and why.

*This part tells you his continuing interest in the company

*This part tells you who to contact if you have questions about this transaction.

What this tells me is that some Funcom Employees have a share plan.

So, if Funcom does well they can make an additional 'bonus' - an employee incentive plan.

This guy has left the company and must surrender his shares according to his contract.

Why did he leave?  Maybe he just is.  New job, family, retirement or just wants to?

You might be able to get more out of Olav Sandnes?  But unless you are a shareholder I wouldn't count on it - but I don't know Norwegian Law on this.

Jan Inge Torgersen is not only financial controller but also a member of the management board. He is a "key" person for Funcom. I guess it all up to Olav Sandnes now.

Originally posted by Battlekruse

Jan Inge Torgersen is not only financial controller but also a member of the management board. He is a "key" person for Funcom. I guess it all up to Olav Sandnes now.

God help them then lol

Originally posted by Gyrus

In answer to the original post:

NO.

At least, not the way I read it.

Jan Inge Torgersen, a controller and primary 
insider is leaving the Company. In that relation he 
has sold 14.000 shares at an average price of NOK 
14,01 totalling 196.140 NOK.

After this transactiom Mr. Torgersen does not have 
shares or options in the Company.

For further enquiries:
Olav Sandnes, CFO Funcom N.V.
E-mail: olav.sandnes@funcom.com
Phone: +47 92225540  

*This part tells you who and why.

*This part tells you his continuing interest in the company

*This part tells you who to contact if you have questions about this transaction.

 

What this tells me is that some Funcom Employees have a share plan.

So, if Funcom does well they can make an additional 'bonus' - an employee incentive plan.

 

This guy has left the company and must surrender his shares according to his contract.

Why did he leave?  Maybe he just is.  New job, family, retirement or just wants to?

You might be able to get more out of Olav Sandnes?  But unless you are a shareholder I wouldn't count on it - but I don't know Norwegian Law on this.

?

Originally posted by Gyrus

In answer to the original post:

NO.

At least, not the way I read it.

Jan Inge Torgersen, a controller and primary 
insider is leaving the Company. In that relation he 
has sold 14.000 shares at an average price of NOK 
14,01 totalling 196.140 NOK.

After this transactiom Mr. Torgersen does not have 
shares or options in the Company.

For further enquiries:
Olav Sandnes, CFO Funcom N.V.
E-mail: olav.sandnes@funcom.com
Phone: +47 92225540  

*This part tells you who and why.

*This part tells you his continuing interest in the company

*This part tells you who to contact if you have questions about this transaction.

 

What this tells me is that some Funcom Employees have a share plan.

So, if Funcom does well they can make an additional 'bonus' - an employee incentive plan.

 

This guy has left the company and must surrender his shares according to his contract.

Why did he leave?  Maybe he just is.  New job, family, retirement or just wants to?

You might be able to get more out of Olav Sandnes?  But unless you are a shareholder I wouldn't count on it - but I don't know Norwegian Law on this.

How in the heck can you read it any other way?

OP's original question:  "Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?"

Article:  "Jan Inge Torgersen, a controller and primary insider is leaving the Company.  ...  After this transactiom Mr. Torgersen does not have shares or options in the Company."

Seems pretty cut and dry to me.  He sold all of his stock and is leaving the company.  There's nothing else to read into this.  I think you are either reading this incorrectly, or trying to Spinnnnnn it into something it isn't.  And, I'm leaning towards believing it's the second option.

If you read Funcom's annual report and examine its BoD you sill see Mr. Torgerson's name. 

The CEO has sold 1/5 of his stake.  The financial controller has left (who admittedly had a very tiny share portfolio). 

When a company in turmoil has people on the BoD leave (especially with such a small board...like 6 people) you know things are not going well.  Quite likely he realizes that Funcom's Q2 financial guidance of 16-20 million is absolute garbage and that things are only going to get worse.

Lit

yea this is a bad sign. Can we say impending bankruptcy??

Originally posted by Battlekruse

Jan Inge Torgersen is not only financial controller but also a member of the management board. He is a "key" person for Funcom. I guess it all up to Olav Sandnes now.

It is so much more fun to Failcom squirm than to play the game. Kinda sad but I love every minute of it LOL.

Wonder if they regret pawning that garbage off on us yet? I doubt it though denial runs very high at Failcom.

Drama ........  to be a fly on the wall at FC HQ .......

Before companies anounce financial results they go into what is called a 'freeze' or 'silence' peroid.  If you are an insider, during that period you're not allowed to declare anything about the financial results, nor are you allowed to buy or sell any stock.

After you post your results, then there's some time period, which varies country to country, but generally about a week where you're still not allowed to sell or buy stock.  Once this period is over, you can sell your stock.  If this guy announced he was leaving the company a month ago, he wouldn't have been able to sell or buy stock until today (give or take a day).

Financial Controller is not a high title typically.  If your company is giving out board titles, the highest finance title is CFO.  It could be that this guy was the defacto CFO (don't really care enough to look) but a company with 20 employees can have a financial controller.

Edit*

I should also have noted, that these guys tend to move around alot, particuarly if they have a good reputation.

http://www.mmorpg.com/discussion2.cfm/post/2230239/postAction/edit

Originally posted by Vato26

Originally posted by Gyrus

In answer to the original post:

NO.

At least, not the way I read it.

Jan Inge Torgersen, a controller and primary 
insider is leaving the Company. In that relation he 
has sold 14.000 shares at an average price of NOK 
14,01 totalling 196.140 NOK.

After this transactiom Mr. Torgersen does not have 
shares or options in the Company.

For further enquiries:
Olav Sandnes, CFO Funcom N.V.
E-mail: olav.sandnes@funcom.com
Phone: +47 92225540  

*This part tells you who and why.

*This part tells you his continuing interest in the company

*This part tells you who to contact if you have questions about this transaction.

 

What this tells me is that some Funcom Employees have a share plan.

So, if Funcom does well they can make an additional 'bonus' - an employee incentive plan.

 

This guy has left the company and must surrender his shares according to his contract.

Why did he leave?  Maybe he just is.  New job, family, retirement or just wants to?

You might be able to get more out of Olav Sandnes?  But unless you are a shareholder I wouldn't count on it - but I don't know Norwegian Law on this.

How in the heck can you read it any other way?

OP's original question:  "Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?"

Article:  "Jan Inge Torgersen, a controller and primary insider is leaving the Company.  ...  After this transactiom Mr. Torgersen does not have shares or options in the Company."

Seems pretty cut and dry to me.  He sold all of his stock and is leaving the company.  There's nothing else to read into this.  I think you are either reading this incorrectly, or trying to Spinnnnnn it into something it isn't.  And, I'm leaning towards believing it's the second option.

Read what I wrote and quoted.

It says "Jan Inge Torgersen, a controller and primary insider is leaving the Company."

Note : " ... a controller..."

Does this mean "Financial controller"?  What exactly does this mean? 
As I said, I don't know Norwegian Law and Terms on this (having never delt with a Norwegian Company)
 

According to the release Olav Sandnes is the CFO.  NOT Jan Inge Torgersen.

I am not trying to spin anything - I quoted the release exactly.

Originally posted by Gyrus

Read what I wrote and quoted.

It says "Jan Inge Torgersen, a controller and primary insider is leaving the Company."

Note : " ... a controller..."

Does this mean "Financial controller"?  What exactly does this mean? 
As I said, I don't know Norwegian Law and Terms on this (having never delt with a Norwegian Company)
 

 

According to the release Olav Sandnes is the CFO.  NOT Jan Inge Torgersen.

 

I am not trying to spin anything - I quoted the release exactly.

Controller is an accounting title.  It's basically someone who supervises the financial going ons in a company.  They usually report directly to the CFO.