Register
Login:
Share:
Email Facebook Twitter


London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England


Assetco Share Chat (ASTO)



Share Price: 325.00Bid: 310.00Ask: 340.00Change: 0.00 (0.00%)No Movement on Assetco
Spread: 30.00Spread as %: 9.68%Open: 325.00High: 0.00Low: 0.00Yesterday’s Close: 325.00


Share Discussion for Assetco


Thread View

Please login or register to post a message on Share Chat.

Posts per page:

Sirlosealotmark1
Posts: 504
Opinion:No Opinion
Price:310.00
RE: Shareholder Legal Action
3 Feb '19
I got raped by these left with 3 shares now
 
seeingtom
Posts: 271
Opinion:No Opinion
Price:310.00
Shareholder Legal Action
2 Feb '19
Hi All,

Anyone aware of an Assetco shareholder lawsuit against Grant Thornton? I was one of the many shareholders that they failed.

Thanks!
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
RE: Morning
1 Feb '19
Now offering 294 to sell on ASTO. 20 shares will cost 315
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
RE: Morning
1 Feb '19
£2.25 net asset value at interims, the £21m is worth a further £1.72 and if they get the interest as well that's another £1.75. So you're talking a share price of £5.72
Buildanestegg
Posts: 1,267
Opinion:No Opinion
Price:290.00
RE: Morning
1 Feb '19
If the judgement interest alone for 9 years is taken into account at 8% then compounded you have an interest figure alone of £22m plus £21m award
Plus £19.6m cash as of last accounts
Plus legal costs award.
What does all that equate to?
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:288.00
RE: Morning
1 Feb '19
They won’t appeal. Already fined and that judgment was adamninv indictment. Also got enough on their plate with CAKE
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:288.00
RE: Morning
1 Feb '19
I think it suffered yesterday as WEST had 45,000 on the bid all day. They appear to be gone now.
Buildanestegg
Posts: 1,267
Opinion:No Opinion
Price:288.00
RE: Morning
1 Feb '19
Good morning

Should rise significantly.
The award of £21m
Then you have interest and the legal costs which have been absorbed in the annual accounts.
Will the judge charge the losses from 2009?
Nine or Ten years compound interest.
In the County Court the interest is 8%.
This judgement of interest could be anything from 1% over base rate to 8%.

Interesting as the claim with interest is for £40m
May not be far off that.

The judgement is 500 pages so an appeal is in my opinion highly unlikely.

Should be a good day today.

So last cash balance figure £20m
Full claim paid £40m with interest.
Plus legal costs.
Current mcap £35m

???
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:288.00
Morning
1 Feb '19
After yesterday’s manipulation let’s see if true value will out today.
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:288.00
Stuff
31 Jan '19
Notice how WEST are now off the book? Should motor tomorrow.
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:288.00
Stuff
31 Jan '19
AssetCo decision finds auditor liable for trading losses caused by management fraud
31/01/19

Bryan J has handed down an important ruling on the scope of auditors’ duties and the loss of a chance principle, holding Grant Thornton liable to its former client for damages of more than £20 million as a result of “a catalogue of failures over two audit years that were of the utmost gravity and that went to the very heart of an auditor’s duties”.

In his judgment, which runs to almost 500 pages, Bryan J found that Grant Thornton was liable for losses which were sustained “through AssetCo’s (continued) trading in a fundamentally dishonest manner in reliance on the negligent audit” ([962]), subject to a deduction for contributory negligence. The judge rejected GT’s argument that such trading losses fell outside the scope of an auditor’s duty.

Following a wide-ranging analysis, Bryan J also held that AssetCo’s claim was governed by ‘loss of a chance’ principles to the extent that it depended on the hypothetical actions of third parties, even if those third parties appeared before the Court as witnesses ([459]). However, having assessed the evidence before him, he concluded the likelihood of each of the contingencies upon which AssetCo relied for its counterfactual as 90-100%, with the result that it was unnecessary to apply any discount ([873]).

In awarding damages to AssetCo, the judge dismissed each of GT’s seven defences on factual and legal causation, scope of duty, mitigation, giving credit for benefits and circuity of action, as well as GT’s application for relief under section 1157 of the Companies Act 2006.

The decision is likely to become a leading judgment in auditor’s negligence cases where an auditor has failed to detect that a company is being run fraudulently by management.

The judgment is here.

Richard Blakeley and Tom Pascoe appeared for the successful claimant, AssetCo plc, instructed by Mischon de Reya LLP. Michael Swainston QC appeared in previous hearings for AssetCo.
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:288.00
Thoughts
31 Jan '19
Either a massive buy order or a desperate short can’t buy a single share and can sell at 292
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
Stuff
31 Jan '19
Well they want the full ask now and you can sell at 290 so must be a buy order in
tqhussain
Posts: 1,538
Opinion:No Opinion
Price:290.00
RE: Stuff
31 Jan '19
Grant Thornton are a big outfit, hopefully they will pay up without appealing
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
Stuff
31 Jan '19
Given they've already been fined I doubt Grant Thornton will appeal

In 2015, AssetCo made a claim of negligence against former auditor Grant Thornton, in respect of the audit of AssetCo's 2009 and 2010 accounts.

In 2017, Grant Thornton was fined GBP2.3 million over its failings on AssetCo by the UK Financial Reporting Council.
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
RE: Stuff
31 Jan '19
Is what it is. It’s worth 400p and will get there sooner or later.
nkhatt
Posts: 2
Opinion:No Opinion
Price:290.00
RE: Stuff
31 Jan '19
Stuff you are right. £21 million + interest + cost of litigation (has to be at least a couple of million!) clearly takes the SP over 400p.
Not sure why stock is still available at 300p? I guess risk of GT appealing?
Themis
Posts: 897
Opinion:No Opinion
Price:290.00
RE: Stuff
31 Jan '19
Yes, but not shifting the price up much is it.
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
Stuff
31 Jan '19
and another £30k live buy
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
Stuff
31 Jan '19
£2.25 net asset value at interims, the £21m is worth a further £1.72 with costs & interest on top.
tqhussain
Posts: 1,538
Opinion:No Opinion
Price:290.00
future..
31 Jan '19
if/when they got the money there is a chance they could redistribute to shareholders via special dividend.
Fourprinces
Posts: 3,783
Premium Chat Member
Opinion:No Opinion
Price:290.00
Stuff
31 Jan '19
£30k live buy just dropped




Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk









Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.