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Is Harwood buying on the cheap…?
Similar thing happened at Premier Foods with the internal promotion of Alex Whitehouse and Duncan Leggett. Then the share price went from 5p to £1.40 over a few years. External appointments over the previous years had dragged the company to the bottom by selling off lots of Iconic brands. Therefor I am hoping this will be a good move.
Page was an unmitigated disaster as chairman & CEO as I laid out in August and I personally am glad to see the back of him . Elevation of CFO is imv a surprise given hes hardly been in the business any length of time but suspect that Harwood engineered it thus as hes likely to be more collegiate. CFO appointment is very interesting given his background in PE- no one in right mind would move to Carlisle unless that is one sniffs a big opportunity! The fact is that this company has never managed to make most of its assets & expertise, and hopefully that will start to change. That said, ag market is weather & broad economy dependent and nuclear is govt dependent so still a business with v little control over its markets.
Bit mean to mark the shares down when the ceo is finally leaving - although to call it a 'leadership' change may have been a stretch. Also still don't like that Harworth is acting like a glove puppet, so don't expect shareholders to be the main focus when you have a hand up your bottom!
Still it will be worth keeping a watching brief to see if they can successfully re direct the company....
Https://www.lse.co.uk/rns/CARR/outcome-of-shareholder-engagement-eufnq0gifns24ab.html
snouts in the trough got a tweek!!!
Thanks Fevertree re time to sell the other half - I have put it amongst Monty Don's 'jobs for the week' with turning over the compost heap!
Did try and say everyone possible should vote against all the Directors - their Trading update did say '...thereby freeing up key resources to focus on priorities in the remaining businesses'.
I presume this means engaging more costly consultants to help them free up (sell) the other 2 businesses so that they can concentrate on...ohh we seem to have nothing left.
Fortunately I did put some of the previously sold monies into NWF who have similarities - but with some management as well!
Good luck those remaining here, it seems the best option is to wait for a takeover or breakup but much capital may be destroyed before that happens, as it's not exactly an AI type opportunity. For that reason I'm out....
Give it time Samson.... best outcome is a Harwood-engineered break up with the Specialty Ag business going to a new home, and the nuclear engineering business being sold to Rolls Royce or similar nuclear focused engineering group with the heft and competency to exploit ythe tech and IP within the specialist engineering ops. Oh and there's cash on the balance sheet as well....
Send in the Clowns!!!! This is In the category of "You couldnt make it up " announcements. Page as Chairman defenestrated the previous CEO (who'd arrived with great fanfare) and thad him out within barely a year. We then had the ludicrous age of the extension search for a new CEO that dragged on for months until, guess what, miraculously the man to lead the company was there already...one Peter Page. And now guess what, the Board thinks he's not the man. So if he isnt, and they could find anyone who fitted the bill before, then who is ? Answer son a postcard to Harwood Capital... Rudderless company seeks saviour...
This announcement hasn't have much effect on share price at the moment. If they couldn't find a replacement CEO previously what chance now? I thought we were out of the woods and heading for £1.50 share price.
How on earth does BoD get out of this mess10 Sep 2022 12:53
personally, I think it is beyond them, as amply demonstrated by the presentation, and the subsequent sp reaction. There was
1. No vision, no enthusiasm from Mr Page. More crucially there was absolutely sense of energy or urngency, rather the feeling that yet again the BoD is justifying their sinecures and trying to manage decline
2. Nothing her to reward long-suffering shreholders: no special dividend, no share buy back, no acqusition....absolutely SFA to convince s/holders this management team is looking after our interests
3. So light was the presentation on growth prospects or new opportunities, or why the engineering business sits with specialty ag that Mr Market is clearly worried that the BoD and managemetn is not competent to invest the proceeds wisely
4. Shrinking to get bigger only works with acquisitions. If not s/holders' money is dead here for years to come
Finally some decisive action from the board to end the baleful reign of Peter Page; the update was clearly the final straw and no doubt Harwood read the riot act. The only wonder is that Page isn’t out the door immediately, but given he was previously chairman, kicked out the previous CEO, oversaw a wasteful & fruitless ceo search culminating in his own appointment, it is hardly surprising!! Page can’t go because there’s no one competent to replace him w/i the company as the CFO has barely been there a year. Utter shambles and staff deserve far better. Best outcome is a bid that breaks this pointless construct up and allows long suffering staff to have a positive future. Dreadful management & stewardship under Page who is fully responsible imo for the absolute mess he leaves behind. Good riddance ( when it finally comes)
"Following the strategic disposal of the Agricultural Supplies division, completed in October 2022, the Group has incurred higher central costs in the course of concluding the transitional services agreement, now expected to complete before the end of calendar 2023, thereby freeing up key resources to focus on priorities in the remaining business"
As predicted.
Time to sell the other half! Dreadful update from our heroes! This company continues to show it’s a basket case to manage - too many factors outside its control like weather, farmers’ whims, contract delays @ cut price competition ( engineering). What factors it can control, the management regularly messes up!
The fundamentals of the company are good - but it's whether the muppets on the board do further damage - has left me having already sold 1/2 some time ago, but similarly unsure as to stay or go on the rest!
(have held these shares some 15 years - were great, but now slipping mainly due to the mgt vs NWF or Wynnstay as closest somparators)
Thought the resumption of trading after almost three months (three months ...) suspesion would cause a bigger sell off on eventual resumption.
The Board has made two prior year restatements to continuing operations, both related to revenue recognised under IFRS15 (Revenue from Contracts with Customers). The first restatement relates to the timing of revenue recognition for a small number of contracts with a single customer in China, where an adjustment to correct the approach taken in previous years has been made, to adhere to IFRS15 requirements on enforceable rights to payment in the event of termination of contract by the customer.
The second case relates to contracts directly related to Mechanical Stress Improvement Process technology and specifically whether these contracts contained two performance obligations (the conclusion reached in prior years) or one. This is an area which requires significant judgement and after careful consideration, the Board decided to account for the contracts as having one rather than two performance obligations. The impact of this change has been reflected on previous years' results as a prior year restatement.
The Board has also made two prior year restatements to discontinued operations, both related to revenue recognition. Firstly, in prior years the Group had incorrectly identified itself as acting as a principal when recognising revenue related to fertiliser sales, made through one specific supplier. A review of this transaction highlighted that the Group was acting as an agent, rather than principal, under IFRS 15 guidance, which means the net proceeds from the transaction, rather than gross sales, should be recognised as revenue. A correction to reduce both revenue and cost of sales in the prior year has been made. A further correction to reduce both revenue and cost of sales has also been made in respect of intra-company transactions which had not been netted off in prior years. In both cases there is no impact on profit.
Results to be published Thursday 23rd. We shall see!!!!!!!!!!!!
I emailed Carrs at close of play Monday asking on behalf of small investors what was happening and when would trading resume, using the contact us facility on their website promising a reply within 2 days. So far no reply.
Getting worried now. Is a deal being done on the quiet? If there is no problem with the accounts (as they say) then why the delay?
Doubt if my paltry holdings will defeat 124500 shares awarded to Peter Page,382700 for Neil Austin and all the other free shares awarded to directors for " performance" bonus.
If no restart to trading next week I for one will be emailing Carrs to find out why.
...more like us as shareholders to blame - how can 98% of those voting, vote to keep the directors
Answer because so few of us vote. (I did vote against all directors)
It can be done - I remember at Lupus some years back all the directors were voted out - the company saved and morphed i to the now Tyman.
C'est la vie..!
It is amazing. Just demonstrates that the City is rotten to its core.
Out now at 09.53 . amazingly Peter Paige got 97% approval.
Did the AGM go ahead? Can't find any report of it.
It's abysmal - I hope the new Directors are going to get their oar in quickly and deal with management who have repeatedly talked of dates being slated in and then missed them.
I was expecting notification of audit results at 7 am with the AGM being at 12 noon.
Was the 27th wasn't it?
When will trading restart?