We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I have followed this chat for a long time with some interest and think I put my opinion forward.
Front the start the company was flawed by bad accounting errors and a company valuation far higher than what it should have been, Mr Thompson and the crew ran a rip you off company praying on the weak and putting uplifts into contracts which no doubt has made some smaller business suffer.
Now that Mr CEO is involved he is inexperienced, probably oversold and overwhelmingly out of his zone as is most of the board.
The company now find that there misguided strategies have all be wrong, and all the rip off and false figure are effectively bringing the company down.
I feel very bad for the staff as most of them are honestly and hardworking and were not involved with all the wrong doings.
That must be horrible for the staff working there, and with the morale of remaining staff so low, it won’t be long before the business is worthless. I don’t know how it’s possible to make such an almighty mess of things.
https://www.chroniclelive.co.uk/business/business-news/doubts-grow-future-utilitywise-firm-15789101
I agree, any value left will be swolled up in costs and some doggy accounting to favor priority shareholders as for us mere mortals we’ll get nowt .
Completely agree it beggars belief
It’ll be because he is a politician and because of the uncertainty, I’ve heard he’s lost the dressing room at least (understandably)
The new buyers will give him the boot
So Mr F survives another day ! Shocked he didn't fall on his sword , even more shocked some of the larger II didn't boot him out. What next ?
well there's half a million £ saving getting rid of him straight away , he surely has lost confidence in the city , other shareholders and most of all the staff. hang your head in shame and his sidekicks , you know who you are.
My view is that there must (hopefully) be good value in the corporate arm , maybe INSE would rescue this and merchant services to into the long grass and get back selling simple procurement deals , we all know he wont listen
Without raising 10 million the answer is simple ... it can’t go on. The company now is formally up for sale so any new buyer will have to commit to the outstanding debt plus 10 million. In my humble opinion share holders never come out of a situation like this smelling of roses so any body thinking there about to make a fortune dream on.
The repayment was avoidable and fully preventable, and sparked further problems. New leadership lost the control completely and have always been out of their depth. If this is the definition of the 'legacy issues' it was fixable but they failed. Addressing your point around investor confidence I would suspect this was heavily if not entirely down to a failed strategy which cost millions, a failed water campaign along with other multi-utilities which cost millions, unnecessary/misdirected redundancies, adding huge central cost needlessly and diverting the business away from what it was good at
this is either the dumbness question ever asked on this blog or else one of the best...… but WHAT HAPPENS NEXT?
as regards our holdings and anything else such as money etc? anyone care to elaborate or maybe not so elaborate but give us a clue.
To miss one deadline to file accounts could be seen as misfortune, to miss two looks like carelessness.
BF hasn't just failed to get things back on track, but after 2.5 years he still appears to have less of a grip on what's going on than most of the contributors to this board.
Whilst no-one can argue that BF has failed to get things back on track, the slide began back in June 2017 when they announced that they had to re-pay nearly £8m in overpaid commissions. What's also interesting is the following extract from that RNS - "Approximately £5.7m of this amount relates to contracts that commenced prior to September 2016, the majority of which relates to the period January 2015 to August 2016, with the balance of £1.9m made up of contracts that were placed after that date."
So there can be little doubt that those 'legacy issues' have played a significant part in the declining share price / company valuation. That, couple with declining investor confidence, cannot be discounted.
No doubt, it will be a post of some poor member of staff holding a p45 . mobile.twitter.com/utilitywiseplc?lang=en Followed by a BF post about “a thousand ways to ruin a company” The fact that the board didn’t kick him out yesterday shows they are also culpable.
No, I've better things to do and clearly you have an axe to grind but again are clearly in the minority but it's unequivocally clear that the contributors to the drop off a cliff in the share price has been down to the new leadership over the last 2.5 years where previously the share price was over 80x higher, and has little to nothing to do with what you mention
I agree with you ... I’am not an ex employee but an investor that has lost serious money .My observation which I think says it all that if they can’t secure 10 million funding through there 3 major shareholders who are listed as Neil Woodford, Standard Life and one other Major fund house then clearly they have zero confidence in this business surviving. It’s fundamentally a floored business model that’s been open to greed and serious over stating, personally I don’t think it has a future in this format and the value is now lost .
Disgraced? Hardly you sap
Provide evidence to disprove my hypotheses. Genuinely could not give a f@ck what you think.
Could be just what we need.... ?? anyway, suspension beckons so no more buying or selling for a wee while.
Gla
"A disgraced tycoon ... who snapped up Beckingham Palace for £11.5 million"
https://www.dailymail.co.uk/news/article-2581969/Beckingham-Palace-sold-insurance-tycoon-11-5m-got-Aston-Martin-two-Jags-thrown-in.html
Can anyone shed any light on the AGM. It says all resolutions were duly passed, which doesn’t resonate with the general chat on here over the last few months...
Thanks for that and I agree that he must see something of value here...
Gla
Previous chairman of Hastings group sold his shares for 160m. Must be able to see some value
Anyone know Neil Utley? He holds 2 million shares in UTW..
It’s A new day and I’ve Seen greener pasture elsewhere, I’ve sold most here now with a profit from 1.7/ 1.9, not bad for a few days holding. Good luck (Hur)
Agree although his arrogance will probably stop him from doing so although I suspect he will be getting pressure from all areas... I think it’s more likely he will be pushed by the buyers
Do this company a favour and do the honourable thing. There is still hope of saving this but your flawed decision making and ridiculous strategy has to end, go on be a man .