The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Just look at Harwoods dealings with Fulcrums share price...as somebody commented on their board - like having a pile of horse droppings on you.
Some musical chairs on the board, but I would still like a far more radical shake out!
The Group also announces that Martin Rowland will join the Board as a Non-Executive Director, effective 6 March 2023.
Mr Rowland is appointed as a representative of Harwood Capital Management Limited ("Harwood") pursuant to a relationship agreement between the Company and Harwood
In accordance with Listing Rule 9.6.13, on 12 November 2008, DLG Equity Holdings Limited, of which Martin Rowland had previously been a Director, together with its subsidiaries DLG Finance Limited, DLG Bidco Limited, DLG Holdings Limited, DLG Acquisitions Limited, Data Locator Group Limited, Epic Care Limited and Call Connector Limited, entered into administration. The companies subsequently entered into creditors voluntary liquidation and were liquidated on 21 May 2012 with a shortfall to creditors of £35.3 million.
Is this getting better or worse?
Perhaps a natural outcome when you get consultants in because you don't know how to run your own business.
It's very frustrating and results where due I believe on the 14th!#¥
A late Friday RNS with Grand Old Duke of York tendencies. What should have been a straight-forward sale of assets and either return of capital or a decent investment strategy has turned into a shareholder lock-in. Very disappointing and I'd imagine the market will have grave concerns on future apples getting sold off their cart!
At least they have set a date by end of February
But the update was lacklustre with things slowing
They are a good company but must get new management and quickly...
Results now delayed to 27th Feb.
Maybe now time to start to worry?
Probably not much to worry about, but a good opportunity to vote against the directors and their bonus & incentive schemes if you're platform easily allows this (ii do)...
Audit results now expected 14th Feb. More overtime for Grant Thornton. Is there anything to worry about?
The shares have re appeared on my account @ £121.5 just waiting to see when they reopen and at what price.
Yes that would be a shock!
This may be a correct view if they were suspended with a view of going bust, but fortunately in this case its correction of a technical error and they will return initially at the same suspended price. Perhaps ii put 0 because technically you can't presently get your money back.
My ii account has them at zero (and thousands of pounds wiped of the total ) and showing a loss of 100% That would be a shock if someone wasn't expecting it.
...just suspended at the prevailing price until the error is corrected.
No doubt Grant Thornton will be laughing, and putting in their extra invoice when finished. We keep saying it but this management (?) need voting out of office, because they clearly won't go on their own accord, and are wrecking a perfectly good conglomerate.
Answer my own question ZERO. will be some people panicking I suspect!!!
To be fair they did use consultants - so made it clear they had no idea what was going on in their own business...and most shareholders waved through the disposal. The share price is still edging upwards so not sure what to make of that!
Does anybody know if the suspension is still going ahead on the 4th?
Will the share price be shown as zero or just at todays closing price?
Any thoughts on when reopens and at what price.
Certainly need to get rid of the management quickly before they waste all the sell off proceeds. As long as this lot remain in charge it's more of a value trap than growth possibilities...what dropped potato next!!
Because of the shambles in the auditing process, they can't decide on a final dividend, so it will be delayed this year.
To top it all, as they're so late in auditing, the shares are due to be suspended from Jan 3, as they'll then be in breach of FCA disclosure rules - for how long, nobody knows. The audit committee was due to meet and report in "early December": that dog didn't bark either.
Sack the chairman.
Will this affect the January dividend? Usually declared about now, goes ex Divi mid December pays mid-January.
Did they get the values wrong on the sale of Carrs billington?
It's too later to anything now surely. Due diligence must have been done prior to sale of CBAO . Why did they change accountants?
Wtf is the Board of Directors up to!!!!!!! They must have known in the months that they were negotiating the deal that there could be an independence issue with the audit. Why has this only come to light now! Yet again shareholders are left with serious doubts about the Board of this company. The chairman is proving a complete disaster; the Finance Director has serious explaining to do? As for the bloody audit committee, what on earth is going on?
"Optimal time for purchaser to swoop, just after the £44m lands in carrs bank account and before they fritter it away."
Up 3.5% to over £1 is it starting to happen?
Rights and Issues Investment Trust plc which under the capable stewardship of Mr Knott had built a substantial position in Carrs finally exited with presumably a stonking loss. Simon K having retired the trust is now under Jupiter's team , and they have clearly decided that, like many of us, they have had enough of this management team, that can offer no vision and no rewards for long-suffering shareholders. Sp may briefly pick up now that the big seller is out of the way, but fundamentally this is going nowhere under a management team that lacks vision, energy , and is toally misaligned with s/holders. Optimal time for purchaser to swoop, just after the £44m lands in carrs bank aco**** and before they fritter it away.
The comparisons show the problem - Wynnstay in Sept trading update say feed demand is unseasonably strong and profit expectations remain / NWF in 29th Sept update say feed volumes are higher than last year and margins are 'robust'!
Received dividend today and for the first time am not reinvesting it in Carrs.
My only thought about Whynnstay and NWF is that animal feed processing is highly energy demanding so maybe sale of Billington may be beneficial in the long run.
Should there be any attack on dividends then I'm out as well.
CJ66 - You are so right about good management, very much in short supply in GB companies. Many of the current breed make their companies an easy target for acquisition by foreign predators and asset strippers.