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Another spectacular failure .. time for Adrian to go
And hand back his £500k on his way out of the door. Scandalous..
Absolutely!
Rewarding these Goons for failure has to stop!
No doubt we will see the obligatory share options appear as the dust settles at all-time lows.
Does anyone have a contact email address for Adrian? I would like to email him re his 500k bonus
And the 1k meals on the company whilst abusing staff.. you can’t make this stuff up it’s disgraceful
Pure arrogance and shameful behaviour by management, and now this awful trading update....
The market will take notice....
Having said that, attractive buying price is on its way for recovery to follow in due course...IMHO.
Pure mismanagement across all fronts. Debacle of an acquisition which goes against common logic. They had plenty of chances to pull out yet they persevered. Makes me think they have a hidden agenda. Completely washing off their hands of the cyber attack calling it effectively bad luck as if luck has anything to do with it. Shipping rates are at all time highs yet they manage a loss. Either they have a plan to take this to the ground and take it private or truly they are amateurs.
What a bunch of total amateurs
I agree with the general sentiment, but my God the share price is attractive...just can't bring myself to sell at these levels. There's a decent operating business under there somewhere, we just need to hope that management don't destroy it
Well said JmcJ you are right it is Cheap as chips ..... for all the puerile negative sentiment on the board no one is selling. I have a bid in the market and I am not getting filled which is a bit frustrating.
My issue is the estimates, from the RNS it does state “the final trading results for the year to March 2022 will be behind expectations”. Very vague with no indications, so it could be a small miss or a loss.
Estimates from the 1 broker for 2022 are eps of 8.05 and 11.3 and 13.4 for subsequent years. From sharepad. So yes the price looks attractive at the moment if you believe the estimates. But on a forward pe of 2 and the management comments in the RNS I am sceptical. At this price I then concerned about the debt amount of approx 30 million ? Is that right
I have debt at around 18m in my notes. Interest cover on the debt was around 10x so I'm not particularly worried that the business goes bust.
Perhaps the other chunk of money you're thinking of is the deferred consideration? This isn't debt in the traditional sense, as it is only payable under certain conditions. There's an explainer note on this here: https://www.capitalaccessgroup.co.uk/research-portal#/portal/capital-access-group/research/23_2021051710364967558
" despite IFRS requiring an estimate be included on the balance sheet as a liability of a fixed size, it is almost entirely contingent upon the revenue and cash collection of the purchased businesses. In other words, if the purchased businesses don’t meet revenue estimates set at the point of acquisition, deferred consideration is not payable on the shortfall"
erratum - you keep saying you have a bid. I vaguely remember your bullish statements in the past. I believe you are an insider so don't really believe what you are saying
Spot on the difference is the deferred consideration and most of that will roll of in the second half of this financial year. In effect this is a conditional liability that will only become payable in the event that certain levels of revenue are billed and collected by the pre merger Ince partners.
My biggest concern here is that the partners take it private. Unless I'm mistaken, all they need to offer is the highest price in the previous 12m. If the share price hangs around at these levels long enough, it becomes a significant risk. I'm tempted to buy more at this level, but I'm not going to. It's too dangerous at the moment. There could be real damage done to the brand through the restaurant incident.
I am not impressed to see the Gordon Dadds, Cardiff has a 1* rating on 'review solicitors' (based on 6 client reviews). And there is clearly some element of truth to this restaurant episode, given that John Biles supposedly has resigned - according to the legal site rollonfriday.com. As a public company, they should be concentrating on getting a 5* client rating rather than spending £1,000 on dinner.
Financially, I think there's value here *if* they can stop the constant bad press and keep an even keel.
@contraian123 .... you are incorrect in your belief about who I am and I am not sure I have ever asked you or anyone to believe what I say but you opinion is well noted.
Reviews for Cardiff office:
Facebook: 1*
Review Solicitors: 1*
Google Reviews: 1.5*
These reviews matter. This needs to be fixed.
@Canetoad .... a takeover could be blocked if either 25% (under a scheme of arrangement) or 10% (traditional takeover) of shareholders voted against the deal. Given the fractured nature of the shareholder register it would be very difficult for a management led buy out to pick the company up cheaply. In terms of the highest price in the previous 12 months this would only apply if the Biles concert party had bought shares and were involved in any takeover. That said I do not recall any of them having purchased shares in the last 12 months.
Cardiff is principally a back office location for the group and a very limited amount of legal work is done from there. Final point John Biles did not resign he retired, he is 83 years old.
"Cardiff is principally a back office location for the group and a very limited amount of legal work is done from there. Final point John Biles did not resign he retired, he is 83 years old."
I don't care what type of office it is. I want to see excellence everywhere. It's bad optics to have those reviews come up in multiple places. It can't help the brand.
Regarding John Biles, I don't know the real story, hence my caution in saying that he 'supposedly' resigned 'according to ... rollonfridays'.
Thanks for clarifying the situation with a takeover.