Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The company was just 3 hours away from going bankrupt, so PIs are lucky to have any shares left at all.
The company has royally screwed over PIs for the upcoming placing. They have given all the cheap new shares to funds and banks. One of the perils of AIM -- you little people don't count.
If this tumbles to 20-50p on opening, it will be worth a punt.
The new shares should be sold to original shareholders first in order to average down their share price.
you cant. All sold to institutions.
BBC News - Patisserie Valerie chairman Luke Johnson faces investor fury
http://www.bbc.co.uk/news/business-46057307
How do I go about purchasing placing shares?
not surprised by runs.sensible step on part of company but of no comfort or help to pi seeking further information.i expect the BOD have been told very firmly not to give out any information.it will be interesting to see if anything new emerges despite this.
Agreed, i guess we have just gone off on a tangent about what an expensive joke the audit industry is. Times like these it really does show them up in front of the mirror.
I want in but can’t. Haha.
50p or less? I want out but cant haha
Who is prepared to sell out at 50p a share which is what the directors will be prepared to pay? The directors will I am sure come out making money out of this
Wouldn’t surprise me to see a “take private” offer made on Friday morning. It’s got to be easier to sort all this out privately.
Until the audit firm’s PI providers sort this out it’s hard to see the audit quality improving very much. However there appears to be more than an audit quality issue at work here!!!
The whole industry needs a rethink.
Having been an FD of a reasonable size buisness i have become utterly appalled by the decline in audit quality.
The whole game they have been playing sending newly qualified students who know nothing about buisness let alone accountancy out on 100 an hour charge out rates is grossly negligent and merely abuses their position of companies being required to use their services. I would always go for the cheapest provider as none of them actually provide any service.
No sure how the audit profession is going to live this down? Seems to be utterly unfit for purpose. Too much desktop reviewing data presented by management not enough actual checking in detail. Values all wrong. You don't get to be a partner in an audit by embarrassing the directors of your clients whereas thats exactly what is needed.
Pat Val leading institutional shareholder quote “What has come out since looks grubbier and grubbier”.
www.accountancyage.com/2018/10/19/was-lack-of-visibility-to-blame-for-patisserie-valerie-fraud/
https://www.accountancyage.com/2018/10/25/patisserie-valerie-admits-millions-in-undisclosed-shares-given-to-ceo-and-cfo/
All small shareholders should go to the ATM and demand Paul May resigns
Midas was a story of Greed, not Talent,
Icarus of Over Confidence, not Courage, and
the Cake Boys of Deception not Oversight
LUKE JOHNSON.......GUILTY.....
Tbh I think the “new low” comes when the Board eventually tell the shareholders what has happened to the reported £40m cash shortfall.
Having to be told by the press that your accounts are wrong must be some kind of new low.
Any director's up for re-election. Vote against. Put in some new director's who are completely independent. And sort this mess out . ASAP.
Re: report below - almost comical to read of "identifying lessons learned" and "the weaknesses associated with the governance and financial control environment"
Hi - don't know if any of you are interested in a view from "the other side". GT were asked to investigate and produce a full report regarding a £2 million fraud relating to Barnet Council. The full GT report and findings can be viewed online. Interesting read bearing in mind what has recently transpired re PV. Great detailed list of all the "should haves..."
And to think that it was fully audited and passed the audit a month ago. Grant Thornton were certainly on the case.....