Thank you. I am not 100% in the know about this - so forgive me if I am proved wrong- but as I understand the situation nobody has stolen anything from the company. My take on it is that somebody in our MENA region has reported that our contract wins are better than they are actually are (to the tune of circa $5m) and that figure was reported by SJC to the city as part of our H1 update. These figures have now been shown as incorrect, so SJC has done the honourable thing and offered his resignation as it has happened on "his shift".
I hold shares in speedy and vp, these companies operate in the same markets the only difference vp is a far superior company and you wouldn't get an rns like this from them cos their management is far better hence more successful and far more profitable hence city loves them hence no worries.
hit hard with the rns yesterday, did not help with getting a downgrade from brokers panmure Gordon. only a week ago liberum capital had it as a buy with a target price of 88p. I still like the company but would like it at a lower price.
Thanks redarmy and dalesflyer. Fraud in a company is never going to be good but it has seemingly been swiftly and appropriately dealt with. I'm puzzled (again I guess because I'm new at this) why someone nicking £5 million could devalue the company to the tune of many million more. Surely if a company is worth £300mill and someone nicks £5mill the company should (once the dust's settled) be worth £295mill. Does this mean that the company is technically undervalued with today's tanking and prices should pick up??? I'm liking your positive thoughts redarmy, even if they are biased. Reputation is everything in some business, but in plant hire the quality of your kit is probably more important to most customers..
Fair comment and apologies if I have got this wrong. I am alway's suspicious when people come onto a forum without giving a balenced view, not showing any true insite into the how a business works and not giving any indication of what their interest is within that company. You coming on here and throwing in words like fraud (when an independant investigation has not yet even begun), led me to believe that you may have an agenda against the company.
I have never worked for speedy and have no agenda.i speak as someone who understands what fraud in a company can do to investers confidence,if it was your company you would be on the ball. just look at rsa another fraud job that inevitabely will cost ceo his job.
Is obviously a person with a personal agenda. Please keep your thoughts to yourself as bitter ex-employees are so obvious and frankly quite embarrassing. Get on with your own life, get over it and move on.
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