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The RNS issue relates back to the Inter Alliance and Millfield merger in late 2004. The combined board (7 Directors) signed a letter of intent to provide £3M of personal guarantees. The FSA signed off the merger. The board then had dissagreements leading to the departure of the Inter Alliance Directors who then removed their intent to provide guarantees, leaving CEO Paul Tebbutt holding the baby. The FSA fine relates to a potential 9 day delay between PT identifying the personal guarantee shortfall and advising the FSA. They would have preferred to hear sooner. This was an administrative error that PT has had his wrists slapped for. He remains a regulated individual, he remains a CEO at Millfield. He could have appealed to the Financial Markets Tribunal however the Legal Bill to defend his position would be greater than the value of the fine. No panic here. The reason why the SP is down is because unhappy EX Inter Alliance advisers are selling shares in low volume at low values (often less than the deal cost - which has been reported to LSE on RNS) these combined with other verbal attacks on certain notice boards are causing the SP and Market Cap to be lower than it should be, these reasons are contributing to others becoming interested in Parenting the company. The business and the 1500 plus advisers are all strong performers a valuable addition to any corporate portfolio. As soon as the bidder has been announced the SP will bounce back, take a look at earlier SP
MIL. RNS Number:4266B Millfield Group PLC 12 April 2006 12 April 2006 Millfield Responds To FSA Fine Imposed On Paul Tebbutt The board of Millfield notes that the FSA has today fined Paul Tebbutt, Chief Executive of Millfield Group for personal regulatory breaches from an action occurring on 30 September 2004. In reaching its decision, the FSA has taken into account Mr Tebbutt's previously good compliance history and that during investigations he was open and cooperative with the FSA Supervision and accepted the decision. This personal fine has no impact on Millfield Group, or its board structure. Mr Tebbutt will remain Chief Executive and remains an Approved Person. For more information, please contact:
MIL. OK Thanks.
Because I don't have any faith in this company nor its share price. This supposed takeover may never happen. I hope that you make a fortune.
MIL - nominee - why do you say that?????
Need I say anymore. Hope I am wrong.
MIL. I'm not usually right unfortunately uncletom...LOL.
MIL - .. but there's still a 1.5p spread, and the sp is sinking!
MIL. RNS Number:3033B Millfield Group PLC 10 April 2006 Millfield Group plc Issue of Equity The board of directors of Millfield Group PLC on 5th April agreed to allot 466,667 new ordinary shares of 0.175 pence in respect of the final tranche of deferred consideration of the purchase of the goodwill in acquiring the business of Mr Gary Bignell in March 2003. Application has been made for the 466,667 ordinary shares to be admitted to trading on AIM Looks like they are tying up loose ends, and as someone on ADVFN has said, it is a god sign that tis deal has been completed in shares and not cash.
MIL. Thanks uncletom - nice to know i've got more company here! The answer to your question is no....as I think that there are so few pi's in this share with circa 30% ISC in free float, that the MM's are playing dirty tricks....and I don't want them to knick my shares on a sudden plunge, that they have performed for their amusement only. I am keeping an eye on it constantly though and could regret it. I tend to feel that there is more positivity than negativity in BB postings and articles for now, so staying put. I will advise if I change my view.
MIL - Dinky, good digging around. Like you, I am of the 'hope and hold' camp, having bought probably at its recent peak rather than trough. Over the past few years the company has slumped and then recovered, although never slumped as low as currently. I am sure that a buyer will be found, but it certainly won't be the quick turn around and quick rise that I had hoped. Its a definite hold for now, but if you don't mind me asking, have you set a stop loss, and if so, at what level?
mil lets hope we have some news soon then!
MIL. Hiya - I believe the comparison has been made because the 2 businesses are in the same field...and consequently, would supposedly be being targetted by the same buyers. Just my take on the situation. You have a great day too!
MIL thanx got your point ,its quiet clear when you read it like that.I am slightly confused though is there a connection with sesame or why is there business mentioned in an article about MIL. Sorry if Im being thick,not quiet with it yet! Thanx again and have a good day!
MIL. Hi debbie - I think that you have read that in the same was as I did at first...but... but the construction of 1 particular sentence is poor, so read it again with me adding a few words in brackets to make it make sense... "Speculation has been mounting that a buyer for Millfield, which announced it was in talks with potential purchasers (at the same time) as Sesame admitted it was unable to find a buyer willing to pay the right price, was likely to be a life company." I think this says that Millfields buyer could be a Life company (hence the Aegon & Standard Life connections) and that Sesame is the 1 struggling to find a buyer at the right price.
mil its a shame about the sentece:unable to find a buyer willing to pay the right price.Then we dont know what price they want. Well the RNS said bid approach so lets hope the two sides can come to an agreement.Sleep well
MIL. The announcement that Millfield could be taken over came as the distributor confirmed contracts had been exchanged and completed for the disposal of its interests in RST Group Limited and RST Audits Limited. The RST Group provided accountancy services and also engaged to a limited extent in the IFA business, which Millfield had hoped to expand. The businesses were sold to James Ormston, the managing director and principal shareholder in RST Group Limited. Under the terms of the sale, RST Group Limited and one of its subsidiaries, RST Accountants Limited, will repay £500,000 of intra group indebtedness to Millfield Group Plc. Of this amount £400,000 has already been repaid and the balance of £100,000 will be repaid over the next six months. Mr Tebbutt said the sale represented an opportunity to release management time and financial resources to be devoted to the provision of financial advice.
MIL. hannath - 6 Apr'06 - 20:29 - 655 of 656 For those of you interested or do not receive it, this is a report featured in todays Financial Adviser magazine ... MILLFIELD has confirmed it is in takeover talks as doubts were thrown on the suggestion that a life office may be its white knight. Paul Tebbutt, chief executive of Millfield Group, said the Surrey-based business was in the early stages of takeover talks with a third party. But Mr Tebbutt said it was far too soon to say that an offer would definitely be made, or what the terms of any takeover bid were likely to be. Millfield had to report a figure believed to be £1.5m for a capital adequacy shortfall to the regulator last year. He said he could only confirm a further announcement to the stock exchange about the possibility of Millfield changing hands would be made in due course. Speculation has been mounting that a buyer for Millfield, which announced it was in talks with potential purchasers as Sesame admitted it was unable to find a buyer willing to pay the right price, was likely to be a life company. Both Aegon and Standard Life have declared an interest in snapping up distributors which have potential to make profits. However, industry experts have questioned whether a life company would wish to take on the liabilities of a network in the wake of the collapse of Berkeley Berry Birch with its £11m capital adequacy gap. The announcement that Millfield could be taken over came as the dis
MIL. I actually thought the opposite, that they were trying to scare the traders who brought in last week hoping for a quick win, into selling. Could be wrong. AdamW - there are 2 camps on this share....1 that believes a deal will be done and another that thinks its going to the wall. Having got in at 11p, I am holding. You must make your own mind up. I would read rvious posts to see which camp you sit in. Good luck whatever you decide.
I note the sell price is very .low but the current buy price is close to the Sp. Any ideasd why . Is it to discourage sells?
Is this a good time to get in or do you think there will be further weakness?
MIL. KEVKJ - I think we are all in more or less the same boat. debbie - thanks for response. I can't find any news and the 12% drop is on 300k sales....so vastly disproportionate.....unles there is a big sell in the background. Looks more like a shake situation and as we are closer to year low, I am holding too. Can everyone please continue to post anything they see/hear regarding MIL. Thanks.
MIL Yes still here these bid stories are usually the same they drift between news lets hope we get some good news or a sign soon.If there really was a sharp drop because the bid was off it would probably be oversold wait for rebound but Im not thinking on those lines yet.Good luck to us!
These are turning into a disaster for me ,bought in at 11p! Can anyone offer me any light at that the nd of the tunnel. Or should i accept lossses and run now.
MIL. Are you both still in this? It's a bit of a blood bath this morning...any thoughts?