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If the shares have been placed at 50p, does that mean that all shares are worth 50p or is this a placing to existing directors looking to make money at everyone else’s expense? Paul May sold £4m work of shares recently - £4.18 a share, has he now bought back in at 50p a share? Further information is required on who bought the placing shares
The Company's shares remain suspended from trading on AIM. At present, the Directors do not expect that suspension to be lifted at least until (a) there is there is greater clarity disclosed to the market around the financial position of the Group and (b) they are satisfied that the Company's financial reporting function is appropriate for a quoted company.
I said "should" not "will" . I am not a shareholder here and have not read the RNS that closely. Just had another scan through and I can't see anything about the existing shares. But if not tradeable at the same time then you would have to describe the placing shares differently, I think.
It's an unbelievable situation unless someone's just trousered about £30m quid. But that doesn't seem to be the case. Intrigued as to what happened.
@ Ipad I agree that the placing shares that require approval can't be traded because they don't yet exist.
But I don't see anything in the RNSs which says the current Ordinary Shares are going to be UNsuspended until the investigations and assessments of the Company's position are known and disclosed. This could take some time in my view...
Where do you read that ALL the existing shares are to be traded on the 18th?
@ nohearts thanks for clarifying the date. Mine are as bad....
GLA
R
The shares that require approval are not tradeable because they are not issued until they are approved. But the existing issued shares plus the new placing shares that can be issued without approval should all be tradeable at the same time when the company is unsuspended.
Of course I meant the 18th.
Fat fingers
@ Ipad I agree and that's why I ask the question.
@ Nohearts where did you find the date of 28th. I read 18th as the date the 10M firm placing shares can be listed and traded?
Thanks
R
I'd be very surprised if some shares are tradeable and others not. Is that legal ?
The placing shares become tradeable ordinary shares on the 28th, and are no different to any other ordinary shares.
The whole of the Ordinary shares (including the new ones) remain suspended. However it won’t take that long to unsuspend - my guess is a couple of weeks. By that time they should know the exact hole in the accounts, be able to give some steer on the restating of the previous years accounts, and most importantly understand what if anything is the underlying profitability of the business.
Hi
I am indirectly invested here via a Share Club, and I am trying to understand the arrangements for resuming trading.
My understanding from the 15.44hrs RNS on Friday 12th Oct, is that only the 10 million "FIRM ADMISSION" placing shares will be tradeable from 08.00 hrs on 18th October. The remaining placing shares would only be tradeable after an EGM authorises their issue and these are called "CONDITIONAL ADMISSION" shares.
Finally the RNS suggests that the existing Ordinary shares (that we all hold) will not be suspended for trading until the BoD has a better understanding of the Company's finances. In which case this could be months/years away?
Is my understanding correct? If so, how is the traded price of the FIRM ADMISSION shares going to be linked to the value/MC off the whole Company?
Any knowledgeable shareholders out there? Thanks in advance
GLA
R
A very tasty slice...yum yum!
If cake opens at 50p top slice ;-)
If this opens at 50p on Monday then some people will make a killing. Just need to look past a bent CFO (allegedly)...
Patisserie Valerie in Basingstoke absolutely rammed today just like most weekends...this is a profitable business. A little tidy up of a few underperforming sites and it will be fine. I'll be buying a couple vanilla slices on my way home just like I do most weekends...the best cakes on the high street bar none.
That's why investing on Monday is a very risky proposition.
Valuation reduced? Surely it’s completely univestable if you can’t trust the numbers, auditors, management or directors? It is for me anyway.
They will be looking into those other companies in which he was director to see if there any related party transactions. The difficulty at the moment that we do not know whether this was straight forward defalcations in which case the underlying business is profitable or there has been persistent understatement of expenses /or overstatement of revenues in which case the valuation will be seriously reduced.
The directors are looking to role out a new porridge range in a few years. Need to spend some time looking into and testing
Guess who was Quindell Broker
Italian - there isn't enough being reported in the public domain - those interested should look up Christopher David March at Companies House. Anyone with 39 Active appointments, a fair few of which have only him as the active person, tends to tell its own story.
not enough information yet in the public domain for anyone to form a sensible opinion as to where this is all going imho.seems they had to press on with placing and loan as a matter of urgency but would not seem to have been enough time to undertake any detailed analysis as to what has happened .my opinion only
Looks like they overexpanded too fast, combined with some creative accounting, and inadequate auditing.
Hope they don't check the Internet search history of that weird FD bloke. He looks well dodge!
"The company said an initial investigation into its accounts showed that instead of having £28m in the bank, as it last reported, Patisserie Holdings is nearly £10m in debt.
It said annual underlying profits “could be” £12m in the year to 19 September compared with £26m reported last year"
https://www.theguardian.com/business/2018/oct/12/finance-director-of-crisis-hit-patisserie-valerie-arrested-chris-marsh
Well Grant Thornton have form. Remember Globo for one. Trouble is auditors nowadays seem to believe all those neat & tidy spreadsheets etc that are put before them, sign off the accounts & submit a fancy bill. All that keeps them in the company's good books & in line for all that nice creamy consultancy work. Auditors should be terriers not poodles.
With a CV like that...wonder why they employed Marsh.
https://www.dailymail.co.uk/news/article-6268589/Patisserie-Valerie-finance-chief-arrested-20million-black-hole-chains-funds.html