Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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AssetCo decision finds auditor liable for trading losses caused by management fraud 31/01/19 Bryan J has handed down an important ruling on the scope of auditors’ duties and the loss of a chance principle, holding Grant Thornton liable to its former client for damages of more than £20 million as a result of “a catalogue of failures over two audit years that were of the utmost gravity and that went to the very heart of an auditor’s duties”. In his judgment, which runs to almost 500 pages, Bryan J found that Grant Thornton was liable for losses which were sustained “through AssetCo’s (continued) trading in a fundamentally dishonest manner in reliance on the negligent audit” ([962]), subject to a deduction for contributory negligence. The judge rejected GT’s argument that such trading losses fell outside the scope of an auditor’s duty. Following a wide-ranging analysis, Bryan J also held that AssetCo’s claim was governed by ‘loss of a chance’ principles to the extent that it depended on the hypothetical actions of third parties, even if those third parties appeared before the Court as witnesses ([459]). However, having assessed the evidence before him, he concluded the likelihood of each of the contingencies upon which AssetCo relied for its counterfactual as 90-100%, with the result that it was unnecessary to apply any discount ([873]). In awarding damages to AssetCo, the judge dismissed each of GT’s seven defences on factual and legal causation, scope of duty, mitigation, giving credit for benefits and circuity of action, as well as GT’s application for relief under section 1157 of the Companies Act 2006. The decision is likely to become a leading judgment in auditor’s negligence cases where an auditor has failed to detect that a company is being run fraudulently by management. The judgment is here. Richard Blakeley and Tom Pascoe appeared for the successful claimant, AssetCo plc, instructed by Mischon de Reya LLP. Michael Swainston QC appeared in previous hearings for AssetCo.
Either a massive buy order or a desperate short can’t buy a single share and can sell at 292
Well they want the full ask now and you can sell at 290 so must be a buy order in
Grant Thornton are a big outfit, hopefully they will pay up without appealing
Given they've already been fined I doubt Grant Thornton will appeal
In 2015, AssetCo made a claim of negligence against former auditor Grant Thornton, in respect of the audit of AssetCo's 2009 and 2010 accounts.
In 2017, Grant Thornton was fined GBP2.3 million over its failings on AssetCo by the UK Financial Reporting Council.
Is what it is. It’s worth 400p and will get there sooner or later.
Stuff you are right. £21 million + interest + cost of litigation (has to be at least a couple of million!) clearly takes the SP over 400p.
Not sure why stock is still available at 300p? I guess risk of GT appealing?
Yes, but not shifting the price up much is it.
and another £30k live buy
£2.25 net asset value at interims, the £21m is worth a further £1.72 with costs & interest on top.
if/when they got the money there is a chance they could redistribute to shareholders via special dividend.
£30k live buy just dropped
And there’s no stock available so tightly held bid just keeps rising and rising
free float is very small then, sp contiunes to rise!
According to their website:
http://www.assetco.com/Investor-Relations/Shareholdings.aspx
Number of shares in issue: 12,211,163
The percentage of AIM securities that are not in public hands: 97%
Seems very dated information (6 December 2017)
Wow big newd
if they get around the 40m amount that will take the cash position nearly double the mc.
just looking at previous rns's they are looking to get around 40m
£21m plus more to come from the court case and this time last year they had about £19m cash on the books.
court case won
In a judgment, which was handed down this morning in AssetCo's case against Grant Thornton LLP ("GT"), AssetCo has been awarded damages of approximately £21 million before an additional amount for interest on the damages and costs of the litigation.
There will be a further court hearing before the end of February to determine the final sum and to hear any grounds for permission to appeal that GT put forward. The Company shall update shareholders on any further developments regarding the litigation against GT as and when appropriate.
Categories: All Advance Notice of ResultsCompany Announcement - GeneralDirectors' DealingsDividendsExecutive ChangesHolding(s) in CompanyMergers, Acquisitions and DisposalsNon-Regulatory NewsResults and Trading ReportsTransaction in Own Shares New Contract signed with Abu Dhabi Government Tue, 22nd Jul 2014 10:45 RNS Number : 9728M AssetCo PLC 22 July 2014 ? Providers of management and resources to the fire and emergency services in the Middle East Date: Tuesday, 22 July 2014 Immediate Release AssetCo plc ("AssetCo" or the "Company") AssetCo signs new contract with Abu Dhabi Government Following the Company announcement on 30 June 2014, the Board is pleased to announce that the ongoing contract for the supply of Fire Services in Abu Dhabi has now been agreed between AssetCo and the Abu Dhabi Government. The newly signed contract (which originally started in March 2011 and then extended) will now run until November 2016, and is expected to generate revenues of approximately £18m pounds per annum. The Company continues to trade in line with management expectations and will update shareholders on its progress during the year.
Yep... That's what makes this a risky trade... Though, I did do rather well earlier in the day considering I held my position only for about 10 minutes or so... Not really a trading day... Outside cutting and laying new floorboards in the dining room for the MRS.... I can see this hitting the 275p range again today....
She goes... Sub 300p... This could get interesting again and there's still 2.5hrs of trading... At the end of the day that fantastic Rns regardless of ASTO's past history! GLA!
TYPO.... I CAN'T COMPLAIN!!!
ASTO has done rather well today! There's a lesson to be learnt today... Next time I'll just give the Mrs. the credit card and tell her to enjoy! But I can complain, I still made a nice easy profit today. Looks like she's re-tracing and will go sub 300p soon..? Perhaps there may be an opportunity for 1 more trade..? Aaargh... It's difficult to judge as most of the trades are on the ISDX! GLA!