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Harry
U will be dead before you see the benefit - calm down Winner style.
Blackrock really did make life difficult. They wanted out for whatever reason.
Their % holding made it very difficult for the brokers to manage the disposal - my supposition only.
The rcent sells were in my opinion buys at a price agreed - I have not done the maths but it looks like the sells earlier at the end of the week roughly equate to the sells at a higher price.
I am certain that the backlog/overhang had to be cleared before the A/cs disclosure.
It is just what I think - but phps something u may consider. Sells are not necessarily sells and may be buys.
Harry,
Not even looked at the data, just the sp which hasn't budged an inch, if things were really in a perilous state we would be in the teens, but we are not, just awaiting the accounts to be signed off and an update on operations, and lastly will the dividend be maintained or reduced and played early December as per usual.
Pretty large sell trades again today. Its obvious someone out there knows a little bit more than we do here which is a concern. FCRM lack of news, albeit good or bad is not helping. When is the next trading update, or is this now likely to be a part of the revised accounts statement.
Ji5006
Thanks for the update, all helps.
And Harry - ADVFN is just like LSE. Free to register and look - just another train of thought.
Harry
just read the comments on ADVFN
The comments were that the accountants/auditors may well not be reappointed because they may be responsible for the situation - in that they did not point out the need to comply with the IFRS rule. That's all Harry.
What are the 'adverse comments' on ADFVN has anyone an idea.
As for the delayed accounts. Its clear the last CFO probably left because the accounts were not in line with any new IFRS and the new CFO and Auditors are correcting this problem as others like JI5006 have posted. As to whether this proves to be the end of the problem only time will tell but trading patterns/volume on this lightly traded AIM stock over recent days concerns me.
All theory of course but hope they don't issue some nasty surprises
RX
I agree that the transactions out and then in sggest that Blackrock position may be gone.
Adverse comment about the Auditors on ADVFN suggests they are dragging their feet.
Maybe a change by the company coming.
It may be that the Coy sees that the Accountants did not explain /clarify the need to adopt the new IFRS rule = though the CFO should have been aware.
The A/Cs can't be released until these are signed off. Sit and wait
If all the reported large transactions were purely sells and there was no one else in the market for them the share price would crash drastically, however this has not happened, so my belief is that we are seeing exchanges some ii moving out, but somewhere in the background someone is buying.
Plus all through this sorry saga of the sp decline the news coming out of FCRM has in the main been positive bar Dunamis, and that only due to the EU ruling.
The accounts not being signed off is a distraction, but it's going happen sooner or later, my only other thought is that some other news could be attached with the update when it arrives, as to what that might be is anybody's guess.
Certainly some big volume trades coming through that do look mostly sells by institutions, unless very rich individuals.
Are they selling out for any reason or just the uncertainty, that in turn tends to cause a price fall, which they want to avoid, so makes them sell etc...
The last RNS from only the 16th July did however say that ;
'There is no change to the Group's underlying performance or cash resources and the Group remains committed to paying an increased dividend for the full year in line with the Group's previously stated dividend policy.'
This would look like being a circa 1.5p final (circa 6%) or total year 2.25p = a dividend yield of 9% - The last trading update on the 27th March was also very positive (bar Dunamis) with an order book up to £47m from £38m, so unless the wheels have fallen off since, I'm still more a 'Bayford' follower than the sellers, but like everyone I'm just getting impatient as to who is correct!
Jl5006
What makes you think Bayford are taking Blackrock remaining shares. Surely on the volume involved it would just be a bookbuild by Bayford brokers. Not sure the trades we see reflect this but high number 'sells' still concern me. Like you I'm hoping an RNS will clarify matters but its still a long way to months end in respect of delayed financials as you suggest. This factor alone continues to impact the SP downwards.
All theory of course and lets hope no news means good news.
Looks like most of the remaining sluice from Blackrock has been picked up.
If by Bayford - we will see an RNS.
The results will be out very soon - latest end of this month.
Or ano - because the threshold for non uk reg coys is 5% not 3% as is the norm for AIM.
We shall see soon.
After those late sells and considering sp action was upwards i would like to think we will get a holding RNS early next week, hopefully Bayford increasing their holdings by another 2% ish.
30p stop?
After today's late showing of high volume 'sells' I'm beginning to have real concerns as to the as not yet 'signed off' accounts. My opinion remains overly cautious that whatever is presented, now after such a long delay, will be viewed negatively whether good or bad news.
All theory of course but holders 'dumping' shares in the 'millions' is worrying. On this basis my 30p 'stop' looks a possible but I really hope my concerns prove wrong.
JI5006 Thanks for calling them.
Well we must hope they get them signed off pretty quick and I really hope there are no little 'add ons' that may be viewed negatively. If as they're stating then ok but still the SP.may come under pressure simply because without knowledge many look at the 'numbers' and some will view only EBITDA on the downside.
All theory of course but be nice to see RNS on Bayford increasing their holding or something positive. I'm guessing next trading update is close??
Harry I spoke to them - just the ac sign off
Aldo, I have noticed that buys have been marked down as sells for quite some time now. In fact I think that the majority of sells this week were actually buys given that all my buys but one appeared as sells. I don't know why that is, but now we know why the sp has gone down today.
about £140k offloaded at 23.5p
dear god . . .
Another 11% down.
Results must in imminent.
Hope your correct. Maybe it will stop the daoly SP slide
I am led to understand that the delay will not be much longer. Phps next week.
I agree long delay is worrying, but way back they stated at 29th March they had only drawn £3 million of their £20 million debt facility, so the company's bank position seems assured. The problem seems to be an accounting one of profits taken to reserves on contracts signed up. If the EBITDA is £1.1 million less the profit is still up nearly 20%. I am hoping the fact that they put this figure out more recently will mean it has been agreed by their accountants. The interim dividend was increased a small amount & my broker has met with the company & thinks the overall dividend will be increased. Will await the figures with interest & hope for a recovery in the price if the figures have not been changed again.