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Now that is a concern. Will read up on him now. Gut feeling tells me to bail.
Basically all that read this stuff:
FCRM recently appointed a gentleman called Dominic Lavelle to the Board. Slight concern after reading his 'resume' and CV. He is a specialist in the reconstruction of companies in difficulty/administration.
Question. Where is this gentleman's expertise in any of FCRM business platforms?
HC
Thank you for this HC. I suppose the million dollar question is whether the management are up to getting the price to those figures ?
Sam
If you read my last two posts it may help. Alternatively contact investors@fulcrum.co.uk. You will get a reply from Craig Baugh but its unlikely he will give you a specific date for Annual Report.
Frustrating but this sadly appears to be the norm for FCRM. There exist a group of stakeholders, management, that will gain significantly if SP targets are hit. We have 52p, and 105p, quoted as being the 'hit price' on vested options. In the background you have Bayford, and the main shareholder Turner. Their just playing a waiting game is my guess to take FCRM into private ownership in what is really a 'shell' company registered on far flung shores where tax issues are kindly.
All theory of course but lets hope the next financial calendar update helps.
HC
Slightly concerning that just no news seems to be coming from this company..... on anything. I have 33 companies that I have invested in and this is the only one that has not filed accounts or given a trading update. I have a small investment thinking that with all the green agenda this was a good company to invest in but am now wondering if I have done the right thing. Any comments welcome
Pip - Ji
Annual Report Date. Year end 31st March 2021. At any time during the following six month period, and no later than
1st October 2021. Further delay only if an application for extension to LSE has been made (apparently not). My last post explains.
Hope this helps.
HC
Pip
I've contacted FCRM Nominated Broker and PR company. To date the only response was from Craig, no second name given. Same answer he gave you so I contacted LSE. They provided basically what's below on AIM Companies. Not sure it helps but I intend to keep the pressure on until I get some indication on FY Results date.
Concurrently, the London Stock Exchange has also confirmed that the temporary measures put in place last year to allow AIM companies to request an extension of their reporting deadline remain available until further notice. The temporary reliefs for AIM companies are:
An additional three months to publish the annual audited accounts (i.e. within nine rather six months of the financial year end date). An additional month to publish its half yearly report (i.e. within four months rather than three months of the financial half year date).
As well as reminders of the temporary reporting reliefs in place, the joint statement also serves to alert investors to the changes in reporting timetables and remind companies of their reporting obligations under the Market Abuse Regulation. The joint statement additionally highlights the guidance for companies that the FRC issued in December 2020 related to corporate governance and financial reporting during the COVID-19 pandemic.
HC
The initial e-mail I used was investors@fulcrum.co.uk and this was replied to by a chap called Craig Baugh who turns out to be the 'Sustainability Officer'. My e-mail was addressed for the attention of the CEO.
I cited the FCRM Investor Report and also the current FCRM website statements about maintaining communications with stakeholders including shareholders but this has made no difference.
My intention is to wait until Monday and see if there is any news. If there is not then I will write a personal letter to the Chairman - Jennifer Babington - and send it recorded delivery. My main issue is the late reporting of the EOY Results, the lack of transparency regarding the financial calendar and the failure to keep shareholders informed.
I have gone through AIM Rules and Company House but can find no specific regulation that stipulates a financial calendar should be published. There are rules for maintaining an orderly market and announcing results in a timely way. I think FCRM are beginning to sail close to the wind on the latter but I am not a professional and that is simply my frustrated opinion.
Pip
Do you have a name on FCRM curt reply to you. Gonna go on the attack as a shareholder. Pretty sure they will have a Compliance Officer I can upset.
HC
Harry - My first e-mail to FCRM was made as a shareholder enquiry and I felt the reply 'bringing the company reporting in line with other businesses' was simply guff to fob me off.
This last e-mail was more of a challenge in as much as I asked whether the failure to keep shareholders informed (via website financial diary) was by oversight or intentional. Furthermore the delay in reporting without providing a reason allows for rumour and market speculation of problems - it didn't go down well last time this happened. The one line reply barely answered the question.
I think we will hear something next week.
Pip
Appreciate your efforts to get info from FCRM. Lets hope we get what your asking for soon.
HC
Ji
Think we all get cold feet and dump shares on a whim. Sometimes wish I'd dumped but waited then got burnt. Gambling really with a bit of research. Was always luckier at poker.
Not sure I said I'd be happy at 50p just a theory that if Turner et al want FCRM they may offer a price at 50p. Just a guess but I would be much happier to hold my shares in the belief that EV and the grid/power needed will eventually attract some rich VC to get involved. If that happens then FCRM will prosper. Also to.consider is the Government push on EV infrastructure with huge incentive offers and tax breaks to those that install/promote EV. Think if Tesco, Morrisons, Sainsbury, start mass EV charging point installs at their properties because they get 'green tax credits' for doing this. Its already in play and we need to project 5 years.
As always just theory but if we can sideline Turner et al and replace them with a good VC I still see upside to the SP. Next RNS could be significant.
HC
With £27m to be paid in installments over 3 years , and looks the Co
Will take a slice of the EV infrastructure , I believe this will perform really well over next 12-24 months
Overlooked by the market for now . Waiting for news that will get it noticed
I wrote to FCRM again over the weekend in an attempt to get visibility over the EOY results and an updated financial calendar. This was the reply:
"The new Board are actively discussing the timing and content of our future RnS announcements and we will advise on this in due course".
HC
Dont think so.
U hope a take out 50p? Turner has not that money - so as I noted b4 - I guess a demerger will be worked to enable JT to get what was dunamis.
Harry I just guessed - got cold feet - just not right.
We all guess dont we.
Remember BP bought out Chargemaster - EV charging.
Ji
Is MW still alive.?
I suppose the last RNS on contract wins is good but it be nice to see a bit more transparency on the company financials. Lets hope all will be revealed soon.
All theory but I'm seeing a take out price at 50p. Is this a good enough premium to tempt shareholders, like us.
HC
Bit Michael Winner here.
What i posted was a typical situation.
The YE is 31/3
should a trading update be made then all are aware. In the absence of any into - no Dir can buy or sell.
Until then - 8 march ..8 may is of no relevence - until the data is in the public domain.
Sorry Harry I missed this.
We know Turner bought 250,000 shares on 8 March. Therefore the EOY Financial Results (released as a trading statement) can not be issued for a period of 2 months. The earliest we will see them is 8 May. The recent release of news regarding contracts may have had a bearing on the delay.
The End of Year Report will come in 4-6 months time. It will contain the same information as the EOY Results - it's just the same data in a glossy format. Once the EOY Results are released (from 8 May we think) the BoD can trade as much as they wish - until 1 month before the Interims.
A bit overly technical. Basically no buying in the percieved 'closed period' albeit as it stands we have no idea what this will be until we backdate from next results.
Anyway. On this badis that Turner and Directors have been buying of late we must take that as a positive. Alternatively their as bad at investing as I am.
All theory but fingers crossed.
HC
Sorry PIP I meant annual results - - and that could be up to 6 months from YE.
Jl - You are mixing two terms.
Your 11:44 - Close period two month period before release of Annual Results - I agree
Your 23:06 - Cannot buy from 31 Mar to Annual Report, could be 6 months - I disagree
These are two different things. The delayed RNS is both a Trading Statement and the unaudited End of Trading Year Results (Annual Results). BoD and associates may not buy 2 months prior to the release of this information.
The End of Year Report contains the audited version of the End of Year Results and as you rightly say there can be a gap of up to 6 months between the two. FCRM released the End of Year Report in August last year.
Once the End of Year Results have been released the BoD and Associates are free to trade in company stocks. The End of Year Report has no bearing on their capacity to trade as the price sensitive information has already been released. It was after the 2020 End of Year Results (headed as Covid-19 Update released in March 2020) that Turner made his move - Phil Holder sold 225,000 shares within a week and 2 months later Turner began hoovering up stock.
Sorry PIP
Turner could buy what he wanted up to Y/E.
Purdah Local Authority term?
Dirs cannot buy from 31 Mar til the annual report - and that could be 6 months .
The comments are but guidance
Coys must file results within six months of year end.
IMHO results will be a while coming whilst they decide what they want to do.
Jl, thank you. I am better informed. However it now raises a new question with regard to Turners buys and the date of the EOY results. Turner (Bayford Group) bought 250,000 shares on 8 March which suggests the annual results can not be released until 8 May - 2 months.
I guess we have to just wait and see.
The close period (or closed period) is the time between the completion of a listed company's financial results and the announcing of these results to the public. The close period is typically regarded as the one-month period preceding the release of a company's quarterly results, and the two-month period before the release of its annual results.
The close period differs from a quiet period, where companies are required to embargo any public promotions before an initial public offering (IPO) is made.
KEY TAKEAWAYS
The close period, in accounting, is the time span covering the completion of a company's finances and the subsequent release of those financials to the public.
During the close period, insiders are prohibited from trading company shares or making any relevant information public before it is officially announced.
This period typically lasts for one month prior to quarterly or interim reports and two months prior to annual reports.
Pip
Nice theory. Could be 100% given there exist strict timelines for Director buys.
HC