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Yeah I understand that but considering the business they are in not so much the construction side but the service side is there no precedent I know we have been told to shut up about the banks But mining shipbuilding etc where rather than nationalising it Or bringing it in house is the new term they become a stakeholder Seems a lot cheaper and less grief than starting from scratch
As historical artifacts go, return tickets for the Titanic are probably very expensive fo purchase, but these shares are now worth totally Zilch! If you are a LTH, YOU are responsible for a poorly calculated decision to hold to the very end (and so later-comers, very mush so). The high-risk facts WERE clearly headlined in the months, weeks & days up to Monday 15th. The shareholders are now at the far back on the line here. The priorities here are workers jobs, Pension schemes, workers, lenders, contractors and suppliers? The directors, management, government & banks HAVE been totally incompetent here, but would a future public inquiry reveal this and when (what year?)? And if so, the shareholders will still come last. If you misjudged this big-time, you also have something in common with winners - they also make mistakes, but process that into a positive lessons and don't take it too personally. Winners become winners by dealing with failure and then striving forward. So chin-up you are in good company. But now its time to leave this crap behind and move forward.
No, that isn't how it works.
Does anyone think we may have to stump cash for debts
The man who can, this is capitalism and good companies thrive and bad ones go bankrupt, simples. Government meddling in private ventures will change the game and goal Post and they setup a precedent to bail out all private companies that are too stupid for manage their finances.
Just out of interest and this is purely hypothetical could if the government realised that there decision not to give the guarantee is gonna cost not just loads more money misery and almost certainly the next election Reverse it and throw the company a lifeline with conditions of coarse like a management task force sent in to sort it out or is it too late for that Just wondering that’s all
JB Hi, Well said, good post and positive thinking, well done. As they say no good crying over spilt milk. Its very sad that many have lost a bundle but as you say its now best to drive ahead and try to make the loss up elsewhere. Good luck for the future.
My time will be spent investing and not dwelling on what might happen here to be honest, investors need to get their head back in the game and try to make the loss up elsewhere... i have covered about a third of my loss via jd sports this morning and i have had a nice steady gain for the last month on pfc that covers about another 15 percent and a few others on the go. We cant win them all but it would be nice if the playing field was a bit more level !!
The Government have asked the Reciever to fast-track an enquiry into the activities of both current and passed Directors. Lets hope it is not a "white-wash".
If a full investigation is done and they were found to be guilty of hyping the company to attract investors could there be a possibility of getting back some of the losses? Sadly I lost £50k on this stock. I’ve written it off but just wondering if anything like this has happened before. Thanks
Graham-Wales. It would if it wasn't for the deliberate running down of it we are seeing now. And it's working. The goal is to get the public so fed up that the only option when presented with it is privatisation. By the sounds of it the method is already working. Wake up!!!
Pokerships-agreed this was always going to be a high risk, but a calculated risk is when you look at the pros and cons of a venture before committing too it. Obviously for a stock that would be reviewing the company accounts, as well as the communication from management etc... Anyways it's done and over let's just hope a full investigation is done, and an example is set to the rest of the FTSE on the consequences of such activity.
Yes, agree and issues are still to be disclosed. Snige concern regarding Auditors is well founded. It is to be hoped the FCA's enquiry will be broadened significantly. Their are individuals who must be taken to Book if the Market's integrity is to be confirmed.
BillTucker89, You are right regarding the cash flow problem, but I think it was always going to be difficult to sell assets at a reasonable price and quickly...given the situation that they faced.... Whilst punters took a "calculated risk" , whatever that means....it was always high risk that the equity would, in the end, be worthless/low value...even if a rescue had happened. I am with you with regards to a full investigation ...no doubt at cost to the taxpayer too
They should have done the suspension back in july imo, BUT knowing what we know now they would have had to lay cards on the table that are so bad i think they are still being hidden....
Jambo,this story doesn't end here or shouldn't.Illbet kept on going on about the auditors role here,we discussed it in depth back in September.Remember KPMG only rubber stamp things etc but Deloittes are the internal auditors and report to the audit commitee and must report anything of a material nature ie in excess of �8m. When the whole truth is revealed i believe negligence will be proved against at least one of the auditors.
Jambon, I do not want to rub salt into anyone's wounds but can only repeat what I suggested way back in September, the Share should be suspended. At that time a valuable breathing space would have allowed the Powers that be to achieve the prospect of a better outcome. In September I was regarded as a Scaremonger, instead of which very many Old and New Investors have suffered a lingering Death. It is a bit like a Cancer, Surgery 4/5 months ago would probably saved the Patient's life. Nothing appeared to happen and come January the tumour has gone beyond treatment....terminal
Jambon- you are spot on, which is why it's annoying when peopke on her say those who boight in July and after are gamblers. Yes we took a risk it was a calculated risk, but the deception going on in the background continued. Based on the RNS's issued, this was by no means a disaster but merely a cashflow problem, but now we know matters are different. FCA should extend thrir investigation beyong July imo
Carillion labourers might not get their salaries but it’s CEO will get £6 million over next 10 months. That’s capitalism folks.
snige could not agree with you more. The phrase has antagonised me for years, because have seen so many times in all kinds of situations problems/disasters can be avoided if long proven practices were continued. Unfortunately, and I will probably attract some hostile remarks by saying so, experience of the Older Generation is conveyed to the bin and the "new generation" want to leave their mark and completely disregard knowledge of their Peers. I have used the phrase but do not like it. It is as you say a cop out. no one wants too accept responsibility, which is an anathema to me.
Everything they knew on that final friday was known to the clln top monkeys 6 months ago imo...and like fd has said, they have other depts in different parts of the business that we were kept in the dark about and are expected to reach 2 billion total now, everything should have been layed on the table 6 months ago then suspend the shares followed by a rights issue or d4e there and then, its not really a lesson learned as this could have went the other way with right plan.... i always said i would lose the lot or make a killing... not many people predicted total meltdown...
FD,You say 'lesson to be learned' does seem to be the current buzz phrase.Block of flats go up in smoke,we will learn from this lesson.Will try this one when i next get stopped for speeding,lesson learned officer,ok to go on my way!. To me it sounds like an excuse for no one taking responsibility.Howson has mislead people and should be punished.
Has andrew davis got a new job with carillion on monday 22nd january or is it a restart back to Wates for him
#Alustu. It''s an illusion, or rather an optical illusion perhaps?
You're right. The shares should've been suspended a long time ago. Equally, I don't feel the information was deceptive at all. Print off the RNSs with a highlighter (yellow and pink) and highlight good and bad parts in a traffic light code. Straight away £800m debt and only £130m profit after tax a year says something..., addiotnally the amount of CEOs they have had, profit warnings... were talking about a company with around £5B revenue and only £130M profit... the short positions on the FCA page have it away. Still, it will better prepare us all (invested or not) for the future.