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Why does anyone have confidence in Donald Brown to run a legal company?
1. Since his tenure at Arden, he over saw its market cap go from 15m to 4m.
2. He has had two extra marital affairs, one with an Arden employee.
3. The price of Arden was agreed "over a pint" with his friend Biles.
4. He has never been a lawyer, nor run a law firm.
5. Not a single Arden Annual Report mentions a strategy that he came up with.
6. Arden staff turnover was running at 35% around the takeover point and now corporate finance has seen all seniors leave except for 2. All Corporate finance joiners in 1H 2020 have left also.
7. He has a better relationship with Youngs Bitter than he does with profitability, as well known in SMID cap broking.
Morning all,
Don't forget to vote if you are entitled to do so - at the extraordinary general meeting
Onwards and upwards for this Company now
Since the news announcement earlier in the week there has been support here around the 5.3 - 5.5 p mark, company is now in a far better position financially. Not forgetting they still offer an extensive portfolio of legal and professional services, with a presence in 10 countries and 23 office locations. Cannot see any problems with the fund-raising be approved at the AGM on the 15 Aug as this will strengthen the balance sheet significantly and provided the much needed working capital for the rationalisation programme.
Very postive time ahead.
I'm in
Buys showing as sells now,,,?
Clearly looking at the chunky buys showing , there’s still life in this, bought and holding for better things to come .
So many buys today, so clearly either people loading up or selling their shares they held already. Going to be an interesting few weeks that's for sure and I would expect a lot of volatility.
"Set up in 1860; Maybe the brand is worth more than 5m?"
I doubt it.
Ince itself was insolvent just a few years ago and wiped out shareholders then. They've now wiped out shareholders again!
They've burned through even more cash than I thought and were unable to make a loan repayment, even though they had supposedly got access to juicy cash from Arden's balance sheet. And covid problems in HK/PRC are not resolved and we're now heading into a recession while we know the next set of results are 'below expectations'. The balance sheet was already diabolical, with deeply negative NTAV. Have a read of the review from Paul Scott from Stockopedia.
I'll continue to follow and will invest if it looks like Donald can turn this around, but it's a timebomb at the moment.
"Really BOD - a 58% discount - a give away to the persons who could get them
Why no open offer ?? shocking"
In all likelihood you'll be able to buy then sub-5p in the open market very soon.
Judging by his absence his outlived his usefulness
Erratum was an insider trying to prop up Biles in my view. Desperate times....Here for him and his legalese language to discount my theory
Where, indeed, is erratum? Erratum by name.....
I stand by my stated concerns about the high level of partner departures at Ince which erratum tried to fob off with some chaff about junior hires in Dubai. No law firm can survive an exodus of its core breadwinners, no matter how much market smoke-and-mirrors jiggery-pokery it deploys. Buy all the cheap stock you like, it will never be worth more.
could well be a sell off in the short term, with holders fed up and moving on.... but i'll go with a new ceo putting £1million of his own cash into the company as a good indicator at current price...
Ince is proud to be named as one of the top three UK maritime law firms in The Times’ ‘Best Law Firms 2021’.
The Times Best Law Firms 2021’ lists the best firms across business, public and private client fields in England and Wales. The report, published in conjunction with Statista, was compiled from research and recommendations gathered from more than 4600 solicitors and barristers in England and Wales. Unlike many other legal publications and directory rankings, The Times Best Law Firms’ research is based on peer reviews, covering 26 different categories.
Set up in 1860
Maybe the brand is worth more than 5m?
We are seeing strong support now for this Company, onwards and upwards!
£9.1 million placed with loan facility of 1.6 million. Job done. Will move quickly up over coming days !!!!
"The Placing and the Loan are conditional, inter alia, upon the approval of the Company's shareholders ("Shareholders"). A general meeting of the Company ("General Meeting") at which shareholder approval to the Fund-raising will be sought will be held on 15 August 2022, notice of which will be set out in a Circular to Shareholders."
Maybe I'm reading this wrong, but could it be the case that punters are actually buying shares being offloaded by others...I wonder if Adrian is selling some of his shares. I'd also be surprised to see R&M doing an about face - more likely, they're offloading the rest of their shares, along with Ruffer?
Starting to climb,,, slowly slowly catchy monkey..
And furthermore, there is no bank loan unless the raise is completed. Too risky for me. I expect they are in serious trouble (insolvency?) if they don't get the bank loan and the proceeds of the full raise.
I'd also like to hear how many shares that Adrian Biles buys, given his huge holding. Unless I'm mistaken, he's not significantly contributing at the moment?
Seems like they gobble up all the stock as too good to miss, expect rns soon
I guess the following line is key: "Arden reserves the right to close the Bookbuild without further notice. There can be no certainty that the Placing will complete. The Placing is not being underwritten."
I might take a punt once we hear how many shares were sold. Then there will be the shock of the actual results, which don't sound great. I think there's some good upside if Donald can rein in the costs.
Morning , seems to good of a opportunity not to be in , so just bought , happy to hold and see what direction we go . Does seem cheap for a possible great return ,
Legal services thrive on volatile times i.e when things are good or bad.
They do less well when everything is static.
Thanks to Putin,[and others] its volatile - good news.
As long as people are greedy [boom time] or falling out -[recession] law is the best sector to be in. Until there is a global love in, man will always follow this path.
@erratum, any comment given my previous statements? I think the Arden deal is looking quite good now, a lateral move into chocolate tea pots will mean the management and other shareholders can buy shares back at 1p and then the incredibly smart moves of this company, Biles, Donald Brown will take this company to the moon. Lets just hope that people on message boards aren't too discerning and damage the stock price too much... else the company might just become *too* cheap.