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Another day another revelation from Pat Val, Times saying that top two execs actually sold share options that were not recorded/disclosed in the accounts! Dear oh dear what a complete joke and total breakdown of internal & external Corporate Governance. AGM next week will be interesting, wonder if they will serve cake & coffee?
No doubt there is another book coming from Mr Tim Steer on this disaster! Perhaps they will rename the company Titanic Cakes.
this was the sentiment of the directors towards the shareholders when they embarked on their program of quantitative easing , cans of worms rather than custard powder come to mind here.......................
Simple, the directors are helping themselves to your money. The floated the company to gain cheap finance and now they want to take it private again on the cheap and there is nothing anyone can do to stop this.
What is actually going on here?
It's even worse than that. Looks dodgier and dodgier. Quote from The Times:
An adviser to leading shareholders in Patisserie Holdings has warned that company announcements show that twice as many share options were cashed in by the two executives this year as were disclosed as options granted to them in the company's accounts.
So according to FT the current CEO and former finance director made millions cashing in share options a few months ago. Meanwhile the small shareholders could be looking at a 90% loss in the share price when it starts trading again. This is wrong but there is nothing that the shareholders can do. Will Paul May be granting himself further options at 50p to reward all of his hard work? Think that he deserves it
Any idea ?
Oh yes...didn't think of that..another placing coming !
If they are being paid by the hour, one can expect a leisurely search and a colossal bill, as usual.
Can't take very long to find out what was going on.
If the ex-CFO acted alone he was in effect committing IDENTITY FRAUD by pretending to be Patisserie, who therefore should not be bound by these fraudulent overdraft agreements. Why should innocent victims suffer? The banks would only have themselves to thank for sloppy adherence to their otherwise strict underwriting criteria.
LJ ,had about 160 M value of shares in this stock,do you honestly believe he didint know what was going on? if one is a major investor in a company you are brething down all BOD necks ,legalised theft from PI....hesll pick up more shares when relisted at 50p or so....and so it contin ues
...and the external auditors the rest of the Board, management, finance team etc etc were where exactly while he was busily doing all this alleged “stuff”? Eating delicious cream cakes down Basingstoke way?
Bank’s KYC procedures working well here again I see.
My sympathies to anyone with a stake in this one, I almost bought at 270p a few years back. The numbers in terms of sales, margins, debt levels and cash generation always looked solid. I don't understand what has happened here:
1) Has the CFO just siphoned off money and filled the gap using off balance sheet overdrafts?; or
2) Has the CFO been fiddling the numbers to make the performance look better than it actually was and using the off balance sheet overdrafts to top up cash in the accounts to fill the holes?
I sincerely hope it is 1) and not 2) ... the company would then have a good chance of re-establishing itself.
No supplier issues I bought 2 cakes today from Basingstoke branch...which by the way was packed and fully stocked...
It should have been a straightforward company, it clearly wasn’t!
I guess to be fair you want to ensure everything is captured. If this is a fraud case there might be other off balance sheet borrowings yet to uncover or dodgy loans given out etc.
You dont want to do an RNS stating the position only to say in another 5 days whoops found something else.
I expect the immediate fundraise was to pay hmrc and the banks and thus avoid winding up
This is a pretty straightforward company. I can't see why a draft Balance Sheet couldn't be drawn up in a few days. Maybe it was and that's how LJ and advisors came up with the amount of finance required. But it should be published for all the shareholders to see.
Agreed, outside shareholders deserve to have some idea of what’s going on and the timing on share trading resumption etc.
As I said before I don’t understand how the Board and advisors came to the conclusion so quickly that the rescue rights issue at that level was going to be sufficient. I can’t believe they dug right to the very bottom of the accounting and banking mess in just a couple of days! Especially when the FD was off answering questions down at the local police station! If Sir Walter Scott will permit me “Oh what a tangled web we weave, when first we practise to deceive”.
GLA holders.
CAKE should provide investors with a formal RNS stating when the shares are due to resume trading.
At this rate, it is going to be after the EGM which makes it a gun to the head of current investors.
Clearly, current shareholders of CAKE are going to suffer a 90% loss in their holdings. They won't even get some cake vouchers in goodwill!
I want to know if the class action against Grant Thornton is taking place? Who is going to organise this?
This weeks private eye has an interesting article about Luke Johnson.
Does anyone know if PV are having supplier issues? I would imagine most are nervous about supplying with credit?
Looks like owner Johnson was sitting on a pile of 40 directorships before this one went bellyup...
And GT was "auditing" a hefty chunk of those 40 companies...
No wonder he and GT never bothered checking the books.
Strange there has been no word on lifting the suspension, given that the money is supposed to have been sorted several days ago.
Not v helpful having no guidance
Expect 30 or 20p and a huge down spike then anyones guess.