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Ok thanks for holding the share price up!!
No ......it's I've just sold 3 grands worth to buy the missis a new patio suite !!!!!!
The shares are certainly holding up in the current circumstances…is this connected to the Edison report on shareholder value or flight to quality or both?
Report is here.https://www.edisongroup.com/publication/optimising-value-for-shareholders/30466
Undoing the work of Hugh Pelham?
Review of strategic options
The Group's portfolio is managed in three divisions, with financial performance reported accordingly. Each division has a strong market position and considerable potential for growth although, operating in different markets, the Board recognises that there are limited opportunities to benefit from synergies.
The Board has therefore decided to conduct a review of its strategic options across all three divisions, which will include input from external advisers. The Board will update investors at the time of the Group's interim results in April 2022.
Latest results confirm we are back on track following departure of Hugh Pelham. this paragraph may explain it all
"In succession, Hugh Pelham joined as CEO, bringing experience in the engineering sector and in international markets. An initial review of the Group followed which confirmed the underlying strengths of its businesses and identified opportunities for growth, leading to the separate reporting of our Agriculture businesses."
In October 2021, it was agreed that Hugh Pelham would leave the Company.
very good update from wynnstay hope carr's is as good .
Thx Fevertree, you’re probably right! Wishful thinking on my part??
I think that's unlikely - more likely is that the auditors are rushed off their feet, short-staffed and having to deal with accounting complexities presented by c-19.Other companies have delayed their results.
Delay due to finalising the much discussed split; (??)
Carrs Engineering Limited and
Carrs Agriculture Limited.
I don’t think they’ve ever been late and imho there must be something going on post HP departure?
"Carr's (CARR.L), the Agriculture and Engineering Group, announces a revised date for the publication of its results for the full year ended 28 August 2021.
The Group's external auditor, KPMG LLP, has requested additional time to complete its audit work. As a result, the Group now expects to announce its results on 7 December 2021, a short delay to the previously planned date of 22 November 2021."
Anything to do with Mr Pelhan's rapid departure ?
I have given some serious thought to this and decided that it is worth a decent weighting. I think Pelham recognised the potential esp of the 'nuclear' side and was agitating for a split but overplayed his hand. Not hard to understand why: a sea change in attitude toward nuclear currently underway. Uranium has bee on a tear as investors realise that grandiose green energy solutions cannot supplant O&G in any acceptable timeframe without enormous cost. The green lobby has got ahead of themselves and we now face a burgeoning energy crisis thanks to energy demand massively outweighing supply. When the FT and Economist are changing their minds on nuclear its time to sit up and take notice. Carrs is a jewel in this respect with Walischmiller and NuVision particularly well placed to take advantage. I think once investors start looking at companies likely to benefit from rebirth of nuclear, Carrs will start to attract some real interest.
This would explain his rapid purchase of over 1/4 million shares.
I was shocked to check back in on the company as it is on my watching brief to see Pelham jettisoned so quickly. I agree with you - I think Pelham stirred up the pot, and not for the benefit of the greater good. I think your assessment comes pretty close
Quite possible Pelham saw Carrs as a perfect opportunity to make himself very rich. Sleepy provincial company, the perfect patsy etc... Borrow money at zero interest backed by PE, do away with tiresome scrutiny of public markets, bulk up engineering business through a series of debt-driven deals ; sell to larger outfit or relauch via an IPO 2-3 years later and become very rich!
My guess is that he had quickly lost the confidence of his management team, who may have taken a dim view of his machinations, and they instigated an internal coup. ................Brian Clough and Derby County springs to mind
Two conspiracy theories;
1. MBO proposed by Engineering Division
Or
2. Offer or Sale for Engineering Division
In both cases there was a disagreement (Engineering Directors & HP)
His position becomes untenable and he’s left no choice but to resign.
Hugh Pelham’s or any CEO’s departure for whatever reason causes a bit of a shock if not expected. The company statement is quite clear that Trading is on track and also I would imagine Hugh Pelham during his short tenure left a stronger engineering business for the future, in addition the recent rise in Oil prices has to be good news for the engineering division. Looking forward to the Prelims in November with confidence.
From what I can gather living in Carlisle area, , as you would expect, no leaks circulating from the Boardroom.
Also nothing related to Trading issues which are expected as previously announced.
He maybe was not the right man for the job, and matters came to a head?
He bought an awful lot of shares in 3 tranches in just a few months. Did he use his own money they don't seem to have been awarded for bonuses. If he offloads them will this will affect the share price? Something going on here would like to be a fly on boardroom wall.
hmm not good when you lose a ceo in such a short time must have been a big row somewhere here. but i have to say i was not impressed with his performance in that investors interview that he did earlier in the year.
as i said at the time it was like watching paint dry.
the recent selling also shows that this announcement had been anticipated by those in the know.
Hugh Pelham is leaving with immediate affect after just over 12 months in the job. Any thoughts on why? Conflict of Ideas? Got a better job?
thankyou for your reply we are both singing from the same hymn sheet here.
totally agree with that assessment .
HP to supply the Source??
I think market is now waiting for Nov FY numbers which should be good so priced in already. It’s the numbers for next few years that will drive the price. I see they have opened up a new Retail outlet in Skipton which sounds positive. If the engineering side comes good under HP stewardship and the Farm side continues at a steady but consistent pace then I’m holding fast and probably picking up more shares soon. They’ve been stuck in this range for to long and need a boost, hopefully HP will provide that profit across all 3 divisions! ATB!
i stand corrected.- thankyou for putting me right on that.
although i still see that hugh has been made ceo to strengthen the engineering section of carrs.
please do post your opinion.