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MIL. The funding is a done deal. With over 20% of ISC in funds, there is no way that they will allow their +%20% holding flounder. The forthcoming secondary issue will be a success. There will be a dilution of EPS but cash in the bank will be used wisely. Buyers are coming back, but remember the bourses around the world have fallen causing valued stocks to be written down significantly. It is my firm belief this stock will re-bound ahead of the market in the near future. Buy for short term appreciation 10-15%+.
Time to join youa t the wailing wall!Bought in heavily on Tuesday after Mondays sharp fall.My guess is there is funding problems.Only £7,000 in dealings todays and over 1/3 of the share value wiped away
Perhaps short term weeping.They still have the banks support and the fundraising should happen to prop up the share price.At this level the share is worth buying and diluting with previous buys.My view is that tomorrow the share price will have recovered some of todays loss with a lot of upside later
I am crying like a baby.
Your observation of May 18th refers.Start the panic process!
just a tempory drop, nothing to panic about.
MIL. I trust you all escaped a while ago. I did try and warn you.
MIL. Apart from rumours....the buyers do seem to be returning....there have been 2 x significant trades today which could either be buys or a rollover of 225,000 shares. These trades have though occurred on a day when a poster on ADVFN claims to know that a bid will be soon and that it has been muted as circa 15p. Coincidence? maybe I'm getting like cynic in my old age... not convinced yet, but will be very happy to be wrong. Still holding.
MIL. Kevkj - I think you are very brave if you believe that todays BB banter is an indicatifor a strong buy. The poster that raised the Aegon & Hartford rumour has yet to reappear and justify it and the suggestion of 2 companies, was purely a confirmatory posting stating that there are 2 independent insurance companies in the US by the names of Aegon and The Hartford....and this was because there is no singular company called Aegon & Hartford. I don't believe todays RNS means anything significant, especially as there have been 2 recent equity issues. Until there is further evidence, I stand by my HOLD stance, nothing further.
I think we have the start of leaks from Mil. Todatys RNS states it is in line with takeovers rule 2 . Also strong speculation 2 american companies are sniffing,these companies are aegon and hartford .
MIL. ....... FSA over its continued failure to meet its regulatory capital shortfall. ‘We have an excellent relationship with the FSA and all I can say is that discussions with them are progressing,’ said Easter.
MIL. Tebbutt to soldier on as Millfield boss Published: 18:15 Wednesday 12 April 2006 By: Simon Evans, News Correspondent Paul Tebbutt is to continue at the helm of ailing IFA group Millfield following the news that he has been fined £35,000 for giving the Financial Services Authority (FSA) ‘misleading information’ in September 2004. Tebbutt is on holiday in Florida but Alan Easter, head of sales and marketing at Millfield, said there was no question the board would force Tebbutt to step down. Easter said: ‘It’s taken 18 months for the FSA to come to a conclusion on what was essentially a procedural error by Paul. The board won’t be asking him to resign.’ He said Millfield (MIL) had not received any correspondence from the Alternative Investment Market (AIM) on which the company is listed. Tebbutt has a 1.34% stake in Millfield, which is worth just £134,000 at the current share price of 8.5p. In May of 2005 Millfield’s share price was 40.25p, which would have valued his stake at £640,000. Under Tebbutt’s stewardship Millfield has endured a eventful 2006. In March the group issued a profit warning. Just weeks later it revealed it was the subject of a takeover bid, rumoured to be from Dutch life group, Aegon. Easter told Citywire discussions with an unnamed company regarding Millfield’s takeover were continuing apace. He also revealed that Millfield was still in talks with the FSA over its co
MIL. KEVJK Don't panic it looks worse than it actualy is and is only a paper loss at present. What makes things look worse than they are, is any eve of a public/bank holiday, lots cash in profits. Makes them feel better over the weekend. Good news will lift this one.
Thanks for that its cheeered me up a little. Lets just hope it does not take to long. Any ideas or knowledge
Read my earlier posts. The business is generating £10M monthly turnover with costs down from £49M to £29M, following the merger this is now turning tooperational profit, the 1600 advisers are QUALITY high performing advisers, it is for this reason that there are currently discussions with numerous potential parent organisations who all want to get involved. Watch this space when the Takeover is announced.....the SP has to bounce back to a sensible level. 11p was cheap, Goldman Sachs hold 10% of this company, Invesco have about 26% these guys will want a proper return on their investments and they purchased at substantially higher than 11p. Keep your nerve - avoid the doomsayers outlook, you have not lost or gained anything until the shares are sold. Hold Tight. Not too long now.
At 9p its capped at 10 million that is way low for a company that will be profitable this year has turnover over 120 million and has cash over 8 million as always (dyor) Outlook 2006/07 The group has now reached a very positive stage in its development in that all major core activity surrounding the merger of Millfield and Inter-Alliance is complete. Moving forward we will continue to focus all of our efforts in developing and growing the business; the main drivers of profitability are adviser numbers, productivity, gross margin and expenses. The group is now significantly larger than many of its competitors. As such it has greater resources to allocate to future technology investment and is well placed to accommodate further sector consolidation. The group's turnover is now annualising in excess of #120m and with the advent of pension simplification ("A" day) we are already experiencing increased levels of activity in this market sector, which we believe will continue throughout 2006 and beyond. The company will report an operating profit from the 3rd quarter 2005/6 onwards and there remains capacity to achieve further cost savings in the 1st quarter 2006/7. Millfield has its credibility as a stock boosted by the fact that Invesco Perpetual has a 21% stake in the company, all of it under the jurisdiction of Neil Woodford, its Citywire AAA-rated equity income fund manager. Woodford has been a long-term supporter of Millfield and, in a small
MIL. TO KEVJC. Sell and buy RCG
If the scenario looks that bad, then cut your losses NOW ,...... as an alternative, i still think PXC is ridiculously oversold, and have even bought more yesterday evening and again just now
This has to be my worse decision ever although ERX runs it close . I bought in at 11 p ,can anyone offer me any crumbs of comfort as for a WAY OUT.
MIL. I agree with you that it was naive to believe that these two management teams (who were both failing) could come together and it would all be sweetness and light. It might also be considered naive for FSA to take an undertaking, and careless for Millfield niot to inform them in time. Too many mistakes for my liking. I'm satying away. Good luck everyone - AIM investing is speculative after all!
SprattyKen. It appears that Paul Tebbutt expected professionalism from those Ex Inter Alliance directors who signed their commitment of intent, for them to then not follow through with that intent. It appears clear that the unprofessional ones then left the new Board to stand and be counted. As stated the issue relates to a 9 day delay in advising the FSA. It could be considered that the FSA were initially wrong to allow the merger based on a letter of intent in the first place. Was that an FSA mistake? scapegoat comes to mind. Anyone wanting to read the FULL facts as recorded can find them on the FSA website. Its not hard to see exactly what happenned without added opinion of those a little to close to remain objective. As always best to do your own research.
MIL. When dealing with FSA, you can't make administrative errors. When the merger happened, all those big egos, and boardroom squabbles prove there to be poor and in my opinion unprofessional management. Maybe they had "Who's got the fastest helicopter" competitions - oh, sorry, that was BBB.
The attackers have all taken this business issue very personally, some have chosen to follow their earlier Inter Alliance Board members to new pastures within the Financial Services Advisory Industry and appear unable to get over it. Chosing instead to create a vendetta against who they percieved were the cause of their need to move companies. They appear to forget which company was in financial trouble at the time the mergrr was struck, or indeed who the directors and CEO was at that time. Needless to say their only ammunition are their poisoned tounges and desire to sell make share deals that create themselves losses, thus in a bizarre manner justifying their own views and actions. The intelligent amongst us would realise the SP will bounce as soon as the new corporate parent is announced. Then if the former Inter Alliance advisers and board still hold shares they will no doubt be even more upset as their stock value increases and their ridiculous comments are assigned to history where their views were created in the first place. DYOR
MIL. Thankyou independently!!! I have read all the negative posts and would be extremely unhappy if this were my business being attacked in this way. I looked at the fundamentals and decided to stay with this as I could not find evidence of the gross mismanagement that is being discussed......Your explanation of todays revelations though is comforting, as on the face of it, it looks poor. Many thanks for you insights...they are MUCH appreciated.
RNS continued. This bit was cut off the end !! However remember to do your own research !!