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MIL. - looks like they already know the outcome to me: Millfield Group PLC 30 March 2006 Millfield Group plc Disposal The Board of Millfield Group plc ('Millfield') announces that contracts have been exchanged and completed today for the disposal of its interests in RSTGroup Limited and RST Audits Limited to James Ormston, the Managing Director and principal shareholder in RST Group Limited. Under the terms of the arrangements 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 been repaid and the balance of £100,000 will be repaid over the next six months. It is intended that these amounts will be applied as additional working capital within the Millfield Group. The 20% interest in the capital of RST Group Limited and the 19% interest in the capital of RST Audits Limited held by Millfield Group plc have been sold together with the remaining intra group debt (with a book value of approximately £3.5 million) to Mr Ormston and to a company associated with him, for a consideration of £2. The RST Group was primarily engaged in the provision of accountancy services and advice and also engaged to a limited extent in the IFA business, which Millfield had hoped to expand. In the event this has not proved to be practicable and this transaction repre
MIL. SMALL-CAPS: LONDON SCOTTISH BANK LOOKS BONNY TO INVESTORS By Delphine Strauss Published: March 30 2006 03:00 | Last updated: March 30 2006 03:00 *Millfield Group, a parent company for independent financial advisers, rose 9 per cent to 9.12p after saying it had received a preliminary approach that could lead to an offer.
MIL. Thanks jaak!!! I am much more buoyed by the info. discovered by us all and am holding for now, even if it drops further...I think there may be a few more MM games to come...as with 70%+ in the hands of institutions, then shares must be at a premium.
Like i mentioned it, very simplifyed, first compagnie: instead of buying my own equipment and paying my own people i source the work out. If i hold another compagnie and give this compagnie low price contracts then i create high profit for my first compagnie and the other compagnie is just wobbling around. But it´s a legal construction.
MIL. Those were the historic figures 118mns as at 31st March 2005. Since March 2005 the ISC has been increased to 123Mns So 22nd Feb 06 and 6th March 06 %s are based on that. Lansdown sold 2Mns shares Feb 2006 reducing the holding to 2.08%. Apart from that there is accord. My info agrees with Directors Holdings.
MIL. Courtesy of Decoy on ADVFN: I have copied this up to date list from another site... Shares in issue: 118.6m 0.175p Ords Major Shareholders Amount % Holding AMVESCAP PLC(dup) 25,702,650 21.67% Goldman Sachs Group Inc 13,533,396 11.43% Insight Investment Mgmt Ltd 9,402,832 7.93% Artemis Inv Mgmt Ltd 6,935,739 5.85% Landsdowne Partners 4,467,905 3.77% Epic Specialist Investment Limited 3,865,457 3.26% F&C Asset Management Ltd 3,680,457 3.10% Other Directors Amount % Holding Paul Andrew Tebbutt • 1,594,490 1.344% Mike Duncan • 210,000 0.177% Richard Mansell Mansell-Jones • 110,000 0.096%
MIL. jaak, why do you think these major institutions/Directors hold so much stock? care to give us your thoughts?
Why they all stay in? What all compagnies do now, put the work out to contract. And the same compagnies who hold 73%decide about the contracts. Good construction but not for me.
MIL. substantial holdings; Latest I have As @ 31st March 2005 (Annual Accounts); Amvescap 21,5% Insight 7.96% Artemis 5.87% Lansdowne 4.88% Epiv 3.27% F&C 3.11% ISC 118Mns RNS releases 22nd Feb 06 Lansdowne 2.08% 6th March 06 Goldmans 11.43% Caveat. You may have to do some RNS research to see what changes took place between March 2005 and Feb 2006 to confirm the above.
MIL. Have I missed something ...... or do institutions now give away money.......or does it all lie in the fact that MIL are touting their investors financial products and therefore they are providing a service that otherwise they would have to pay others for? Maybe now MIL are 1 of the largest companies in their field (according to the website), recent corporate events have settled down after the merger with Inter Alliance Group, and the sp. is at an all time low.... one of their major investors sees them as a synergistic arm to their organisation for instance.....I think i've lost the plot now, sorry. Just trying to make sense of it.
MIL. Continued..... Lansdowne seem to have been the only ones reducing which they did twice in February. The directors have brought recently at circa 26p and hold: Paul Tebbitt 1.22% ISC Mike Duncan 0.18% ISC Bryan Beeston 1.31% ISC So, all are going to want value for money if the deal goes ahead.....or an upturn in sp. if it doesn't. Is GedW around to offer any insight??????
MIL. This is a list of "some" of Millfields institutional shareholders copied from the website...many of whom they claim have been with them from the float (& they also claim that their major shareholders hold 75% of ISC!!!)....hence I can't find any declarations of interest for most of them. Where I have found declarations I have put them in brackets at the side: Aegon Asset Management Amvescap plc (nee. Invesco) (19.06%) Artemis Fund Managers Barclays Personal Investment Management Epic Specialist Investments Limited F & C Asset Management Gartmore Investment Management Goldman Sachs (11.43%) Henderson Global Investors Insight Investment Management Limited (10.6%) Lansdowne Partners Ltd (2.08%) Morley Fund Management Scottish Widows Investment Partnership Skandia Investment Management Societe Generale Asset Management In addition, there is a declaration on 18 July 02 of a 3.46% interest from Aviva (and no declaraton to say sold). ALL have paid SIGNIFICANTLY more than this for their interests. The company floated circa £1.30ish, rose to a high of £1.40ish and has progressed downwards ever since. Interestingly, Goldman Sachs has been building their stake recently as follows: 1/4/04 upped to 3.4% (sp. approx 40p) 6/10/05 upped to 8.83% (sp approx 27p) 23/1/06 upped to 10.13% (sp. approx 18p) 2/3/06 upped to 11.43% (sp at its lowest) Lansdowne seem to have been the only ones reducing which they did twic
MIL. Me too and unfortneately some damp-squib on ADVFN seems to think they are sells from earlier...hence the fall...so if that's true, i'm sorry. I am still intrigued to go further into the institutions involved, so i'll post what i find. Oh well, bad day alround for me. Tomrrow is a new day as they say....lets hope its a blue one.
Dinky thanks for pointing those out - they might act as a small salve to my dignity and explain why the sp has held up tolerably. Although it still shows as a 9% rise, for me thats a 16% fall!
MIL. Will do. Have you seen the 2 T trades after the bell at 10.5p (750k = £78,750) & 10.62p (500k = £53,100). Makes me feel a bit better.
MIL - I think that Outlook para came from the 05 Interim report. For the 05 Final report, follow this link http://www.millfield-partnership.co.uk/press/documents/annual05.pdf Interestingly, the conculsion of their last report was that the merger had brought more stresses and resignations than benefits. That shd all be water under the bridge by now, with the company moving back towards full strength. I can't copy and paster from the pdf, but a list of the institutional backers is at page 13 of the 05 Final Report. The big 2 are Amvescap (21.5%) and Insight (7.96%). We can be sure that Amvescap won't want to be taking a loss, but might this make a 3rd party take over bid difficult?
mil please post what you find,Ithink Ive read the same as you but wont post untill verified.Sounds like we jumped a bit quick but I still have a good gut feeling have a good night!
MIL. No, I think its from a brokers note...its in the header part of the BB on ADVFN. I've just had the financial facts reiterrated too me....which are maybe not so pleasant....stating that looking at cash in isolation is pointless, which it is ofcourse..... but then, they seem to have some significant institutional backing which is much more positive. I'll look more into who they are their holdngs later.
mil sorry since when have thea held 21% I looked back to Oct I think dint see!
mil do you have the date of this rns? missed that.
MIL. 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 way, has shared in some of its pain. Today’s results suggest the company may be turning the corner and Woodford's faith may be rewarded
mil with you!Just checked on advn any rumours bid off.Wanna laugh while the ships sinking?OK,just read a board on advn "WTF whats going on" Silly me went to look if WTF had just recieved news or what was going on !! LOL
MIL. I think the MM's are having a field day.....as everyone who bought from about 8.30ish, has paid similar. Am I mistaken, or does this company have £7.3m in cash which equates to 6p per share (118.6m shares)? Holding!
mil was just thinking the same I had expected more of a 1st day rise.I dont see the point of selling in our situation although I underst and the day traders.Lets hope the floor will be caught soon.Perhaps those that missed the boat this morning will now have a chance to buy!Now I suppose there will be maybe rounds of talks which may or may not lead to due diligence.Maybe they will trade whichever way the rumous fly?I do feel that IF too little were offered it would be rejected and then who knows?If not already in dyor I reccomend see todays footprints
MIL - I got in this morning, needless to say, after the initial 25% rise. I paid just about top whack too - 10.95. Those who were in to gain that rise are now taking profit, and I expect the price to start falling again, possibly starting quite a bit lower tomorrow morning. However, I hope that news of a possible bid will push the price back up again. I just wonder now whether I bought too early today, and should have waited for a subsequent fall. Still, you live and learn.