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Agree entirely with ANON321, they were suspended last year because the auditors went through 4 or 5 years of contracts to kitchen sink any problems. What kind of decision is appoint a different auditor this year ? The company had legacy poor controls an aggressive accounting we know that, however a skilled CEO would have managed their way out of this mess. Stand down NOW
Moneyspider - your posts are nonsense. Look at the facts.
The whole reason that the company is in this mess and the share price has suffered so much is down to the new management and in particular BF. Wouldnt the EX CEO have sold way earlier if it wasnt to do with him?
The new accountancy rules only had a very small part to play in the depletion in the share price. The shambolic debt position has been caused by poor supplier management by BF et al, adding huge central cost whilst laying off good people in the sales function who built the business up. On top of this, spending millions on a failed Strategy (no matter how much you blame 'legacy' or dress it up), the same on water which represents tiny margins and the same goes for Insurance and to a lesser extent merchant services. The multi-utility aspect has been a mess and a complete divergence from what the business was always good at. The list goes on and on, not least 2 share suspensions.
How BF has not been ousted is quite incredible.
Every chance. The ex CEO Geoff is the only one who has done well out of this. I am amazed that he can take money out of the business whilst the accounting had some many issues. If he paid the money back the company would be in a good place. Come on do the right thing!
I have sat quietly whilst the current management team have eroded my holding from £200K to peanuts in two and have to now voice some major concerns. As an ex employee I have had dealing with the CEO and Im afraid to say that he has shown himself to be completely out of his depth and utterly incompetent. Time to step down and do everyone a favour , instant overnight saving of £400K .
I read with interest in the RNS once again that all the problems and challenges are "legacy" however you have to take accountability. If you cant retain staff then its easy to point the finger at external factors , however the fact is you have not listed to the SMT and allowed a lot of talent to exit . Replacing high value / margin energy services with insurance , what a joke . Appointing different auditors after being suspend last year , joke . Blaming late accounts this year on funding , again a joke.
Step down and take responsibility , go and retire before you do harm elsewhere
And hay presto two late trades ... looking forward to tomorrow .... gla
Only 79 million shares issued and at this rate of SP wastage you will be able to buy a controlling interest for about £400k. Quite frightening really......
I thought we might have seen some big buys today, maybe any interested parties are waiting for the SP to get to a penny.....
Tune in tomorrow....
400 k a year for what ? Nothing short of a disgrace !
That's right, look at flyb, the proposed sale price is only 1p and currently is trading around 4p, UTW cab be the same.
Pooks
If the company is sold the buyer acquires the assets and the liabilities. The company is worth exactly what a buyer is willing to pay. Hopefully, there will be more than one interested party.
Gla
I hear from my broker UTW is for sale .... who ever buys it will obviously buy the debt as well which effectively values the shares at zero, unfortunately losses will be born by the share holders, things certainly don’t look good.
The chances of seeing 1p today are growing , I just hope this doesn't go lower. As this is people's hard earned money in here. What a shambles !
only 0.11% of Woodford's Income fund but yet another hit for his disastrous performance
I'm glad I got out with my just under ,4 grand profit when I did. Things have taken a turn for the worse , good luck tho who hold but seriously worth thinking about moving ones wealth to a place where it can have a chance to go up. I put my profits in ujo , multibag in the making . Good luck
Hmmm
Regent Gas Holdings might be interested in making a bid here, from memory they built up a reasonable stake here last year....time will tell...gla
I'm afraid they have significant debts and the value of their customers would not cover this …. first steps to administration.
the seperate parts and secured values, even incl debt covered from current secured deals should be worth significantly more. there wont be a beter opportunuity to acquire such a large client base.
Lets hope they find a buyer and get rid of brin and brenden at the same time - i hold those two reaponsible for the demise of the business - ive had the displeasure of working with them and theyre full of cr&p!
Well let’s hope a buyer is found and or additional financing put in place , surely the company has to be worth more than circa £5m... ??
It’s a pity suspension of trading starts on February 1st as am tempted to buy a few and hold, it will be very interesting if some large buys start appearing. Gla
I have friends who work here in relatively senior roles and they still expect the results to come out before the end of the month.
They also tell me that having worked there only with the current CEO he is one of the most inspirational and disengaging people they've worked for. Half way through the current financial year and they've not even been given an update on the bonus scheme for the last financial year let alone an incentive for the current year. They work in IT and I know they're looking for a way out
If you do go, then I would be inclined to ask the CEO exactly what he has done to merit the obscene sum of £400k per year. Their water offering has been a failure,, the customer numbers have not grown at all ( even though the ceo spouted some ridiculous targets which he will fail to hit by a monstrous margin .) There have been numerous redundancies, and key members of the management team have upped sticks and left. Instead of specialising in energy management , they now sell insurance and internet services. ( probably makes them a fiver a year, and next they will be selling package holidays and ice creams ) Accounts are late for the second time and it looks like a second suspension is looming. To be two years into a job and still blame legacy issues is a complete joke. Best of luck with your holding, but unless the CEO is ousted, I can’t see how this company has any chance of surviving.
Yes I will be going. It's not that far from where I live. Will be interesting to find out where they see things going and to explain about the problems in getting the accounts signed off. Would have thought the auditors would be finished by now. Clearly it been a big job dealing with legacy issue's and most likely the different customers. With the company being in a close position they cannot talk about what's going till they announce it to the stock market, which is very so annoying, but we might get some more information about the bank support and the position in regards to the different company's that might have been over charged in the past and how they are dealing with that,. Should be interesting.
If you do go, give them our thoughts on their management and lack of details they provide ??
ok thanks.
I believe you can - send them an email for confirmation but in the past I believe you could just turn up.