The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Travis Perkins closing some Toolstation depots.
Around 4m more shares bought back since numbers2 post on 9 feb, looks like he was spot on and buybacks may of ended. Will be interesting to see where this goes without them.
Wow, big sells today...
Grabbed a position at 36.5p, but watching before anymore.,.
I think it must be a little more fundamental than that - I would hope before you put out an announcement, somebody asks - are we really sure about this...? speaks to real lack / failure of basic controls.
perhaps you should reduce directors shareholdings by the equivalent of the value of accounting errors made...?
£20m is about 40m shares. I think that's like a £40m hit. This has to be funniest thing to come out of Merseyside for years.
Should shareholders be concerned that the COO who was in charge of the operational procedures which resulted in the latest debacle and share price hammering is now the CEO ?
Music to my ears if true Urban!
Also on an optimistic note, analysts at Peel Hunt wrote in a note to clients: “We suspect the deficiency [at Speedy Hire] was caused by a combination of overly long depreciation periods (ie assets have been likely scrapped, lost or not returned) and manual processes, rather than a systematic fraud.”
Perhaps all is not as grim as first feared!
The majority of it is not lost at all, its just not on the accounts due to being accessories for the assets that have fleet numbers.
Someone in the assets team deleted all stock of non itemised accessories in error but in actual fact it is all sat in Speedy depots and workshops.
Arthuretta see Budgie's post from 26th January:
The number of shares in issue is currently 469,174,373. So probably another 4- 5 million shares to go before reaching the full £30 million limit.
Peaky Speedy only bought back 213,000 shares yesterday when at least 15 million were traded. Hardly a shed load is it.
They bought shed loads yesterday, looks like they are buying this morning as well.
Got to be close...
I'm waiting for results and inevitable drop in housing work.
The share buyback seems never ending, anyone know when it will end? I still think this looks undervalued but maybe need to wait for the results before getting back in.
I sold out yesterday as well, management may not have told the whole story here, and buy backs ended..
How are they running a company if they can loose 20million of hire equipment??!!
And on that thought I sold out on the bounce this morning at my original purchase price but missing out on the fairly nice profit I was in
It’s not really got lost has it and is it just one year or over longer period and are going to lose another £20 mil next year?
Let's hope as the investigation continues, no more management mistakes come to light!!
Only £20.4 million of inventory gone missing. No apology to shareholders, just suck it up!
At least they spent all the money when the price was low!!
Mind you, what will happen now this buying volume has gone...
With over 15 million shares traded so far today, I think we can safely guarantee the buyback budget is now well and truly spent. I reckon we will get an RNS tomorrow saying it's completed.
It's scant consolation for the gross ineptitude of Speedy's management during this latest debacle though.
Looks like the drop was over done.
Think the bad news and the bottom is all ready in the price
Clearly poor management controls, the loss will be booked, and the business moves on. Expect that some will use the opportunity to increase their holdings.
I don't think it's a bad business model, just seems management don't have a grip on it...
At 8.45am I should state. Long day ahead