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Hi, could someone provide a link to the forum set up after Blueshare please? I'm a member, but accidentally deleted it.
Case completed. No judgement till after Easter
https://www.ft.com/content/cc261650-0292-43f3-946b-8d7bb53c014a
Hi, if anyone is in contact with the administrator of the other WTG forum, could they please let them know it's down? Cheers.
Thanks...
Allegedly, during the negotiations to sell a chunk of the company to Slater Gordon one of PWCs executives leaked some information which enabled them to get it cheap. Watchstone are suing PWC for £63M
Scuse my ignorance but refresh my memory what is the PWC case about ?
Thanks for this. That works out at around 9 pence per share. I wonder if they'll distribute that to us shareholders. Not too long to wait until 30th January when the PWC case is to be heard.
Watchstone Group PLC
Settlement with KPMG LLP
RNS Number : 3297G
Watchstone Group PLC
14 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR")
Watchstone Group plc
("Watchstone" or the "Company")
Settlement with KPMG LLP
Further to its announcement on 30 November 2021, Watchstone Group plc (LON:WTG) announces that it has agreed terms for the settlement of its claim against KPMG LLP (Claim number CL-2021-000673) ("KPMG") (the "Settlement").
Under the Settlement, which is made without admission of liability by KPMG, KPMG will pay Watchstone a sum of £4.95m in full and final settlement of the claim.
Watchstone Group plc
... Group cash at 31 December 2021 of £13.0m (31 December 2020: £16.7m)
So with a cash burn of over £3m a year lets hope the board can get things sorted out,
re: litigation, before the end of 2025 !!!
;-)
GLA
Update on outstanding legacy matters
Our claim against PwC proceeds in the High Court with the trial expected to begin in January 2023. The claim against PwC is for damages or equitable compensation of £63m plus interest and costs. Our claim against our former auditor, KPMG, in respect of its audit of the Group's accounts for the year ended 31 December 2013 has been filed and KPMG's defence recently received. This matter is not expected to go to trial before 2024.
Our appeal for the recovery of historic VAT paid in the ingenie business was heard by the First Tier VAT Tribunal in December 2021 and we were notified in April 2022 of the Tribunal's judgement in favour of HMRC. This was, of course, disappointing but having taken advice, we are now appealing that decision to the Upper Tribunal. Finally, our Canadian subsidiary's claim against Aviva Canada is ongoing and is expected to go to trial in H2 2023.
2022 outlook
We will look to prosecute our remaining litigation assets for the optimal return for shareholders. Central costs will continue to be carefully managed at reduced levels consistent with the needs of the organisation.
Once again, we would like to thank our shareholders for their continuing patience whilst we work to realise optimal value from our remaining assets.
I found this while poking around yesterday
Chairman and CEO's Report
During the year the Group has significantly progressed the realisation of its litigation assets including the formal filing of its claim against its former auditors, KPMG LLP ("KPMG"). This is in addition to continued work in respect of the claim filed during 2020 against PricewaterhouseCoopers LLP ("PwC") and older claims against Aviva Canada Inc. ("Aviva Canada") and HMRC.
Now all trading businesses have been disposed our plan remains optimum resolution of legacy matters and then to return cash to shareholders.
The ongoing impact of COVID-19 in the UK during 2021 resulted in the target revenues of the disposed ingenie business falling short of the required target for additional consideration. However, the timing of the sales proved fortuitous, and the Group was spared the financing requirement which would likely have been associated with ownership of this business through this difficult period.
On 30 April 2021, we listed on the Aquis Stock Exchange to continue to provide a trading facility on a regulated market. We subsequently delisted from AIM as required by the AIM Rules.
Notification from the Serious Fraud Office ("SFO") of their decision to cease its remaining investigation means we can confidently now draw a line under this part of the Company's history with no material outstanding litigation against the Group. We move forward in a strong position to realise maximum shareholder value from the four contingent assets we are pursuing.
During 2021, we were the target of a mandatory offer from one of the Company's major shareholders. The offer was not hostile but the board recommended the rejection of the offer and counteroffer, and this was overwhelmingly supported by our shareholders. We would like to thank our shareholders for their support and this endorsement of our approach to obtaining value from our remaining assets. We plan to make further returns to shareholders as, and when, the outcome to our litigation becomes clearer and final resolution more imminent.
Tiger global losses $17bn this year. MF ers
Thanks for the figures, I believe the VAT claim is in the region of £2 million. I am also sitting tight in the hope of a windfall to a greater or lesser degree.
Keep up to date with events @ BlueShare.
Keep the faith.
GLA
I should look at this more frequently. I've failed to notice the filing of the case against KPMG at the end of November.
To summarise:
It is claimed that audit work carried out by KPMG for 2013 was flawed.
KPMG has been fined by the FRC in regards to this.
Watchstone claim that the dividend for 2013 wouldn't have been paid if the audit was done correctly. The dividend amounted to £6.18 million.
Watchstone paid £2.089 million for the flawed audit, £5.032 million for PwC to redo it, £0.433 million for consultancy.
In total the claim against KPMG is £13.73 million, equivalent to, 29.8p per share.
My fag packet valuation of cash and claims is now:
Cash £14.1 million
Escrow £1.8 million
PwC claim £63 million
KPMG claim £13.73 million
VAT claim re ingenie £unknown
Aviva Canada claim £unknown
Total £92.63 million.
If everything goes in our favour then we could be looking at payments of £2.01 per share. If it all goes belly up then there's next to nothing.
My own view is that the two cases relating to PwC and KPMG have considerable merit and I intend to continue holding until these are resolved.
As ever, patience will be required.
This has got to be one to hold for the patient investor, so I`ll wish all investors a happy new year, and lets hope we see some progress next year
Occasionally people post on ADVFN. Just sit tight and wait. Something good may happen. Or not... I'm hoping for the former but who knows.
Is there another live thread for WTG or is all live discussion on here ?
Quindell (QPP) should never have been allowed to survive in any form, much less this zombie for QPP die hards to cling on to as it pulled them into this gruesome financial grave. What a monstrous, bloody AIM tale from the crypt. Someone should write a book about it one day - though preferably not the insufferable Tom Winnifrith.
No need to apologise dude. Its all good. A friendly Magpie helped me. You have a good time? And.. Yes, I am a surfer. I love it. I could of trawled through several months worth of news etc however thought I would ask a simple, quick, question to get a simple, quick answer. I was not looking for someone to do any research for me. More than capable of doing that myself.. well now I am, as I am in a place with decent broadband speeds!! Your poor dogs... dry toast. I had a great weekend. Warm and sunny this time of year even at 6-45pm! ! Back for Christmas though... hopefully. Hope you have a great rest of the week.
Manx...I have been away so apologies for the delay in replying. I don't understand your vernacular. 'Chill dude'. What are you, a surfer? If I understand you correctly and you're not suggesting I am a rookie on a horse ranch who has got too warm, I couldn't be more relaxed. I am retired at 50 something and comfortable. As annoyed seems too passionate for you I will use less inflammatory language. What frustrates me is you seem to expect someone to explain what's been going on rather than doing your own research (by all means take other peoples advice). FYI I don't use butter or spread but if I do drop the toast the Labrador will get it before it hits the floor and if she misses the Spaniel will not. Have a nice weekend.
Manx..... now a delisted cash-shell but with several litigation claim assets !!
(You can find Wtg on the Aquis exchange)
You could recoup your RENE losses here but it might take another couple of years to sort it all out.
If you need a shorter timescale then you need to look elsewhere!
By the way, most Wtg LTH are a pretty chilled bunch, we have to be, after what we have been through ;-)
Good Luck.
Chill dude. If you are getting annoyed over that I would hate to see you when your toast drops buttered side down. Thanks for replying though. I appreciate it.
You drop ins annoy me. Read back over the RNSs since you last looked in and you'll know what we know.