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...should now all be out of the way I think. So for me it is time to buy. Order intake is up 18%, the revenue restatement is overdue/sensible, the dividend will return and the sp has over-reacted to the point where the shares look cheap. GLA GS
I find it interesting that there isnt a statement from the Chairman in the RNS. You'd think he would have commented on such a terrible update.
So if this is their main supplier clawing back and adjusting sales, then what about the other energy suppliers who they provide sales to? It is likely that more will take a robust view after reading this and more losses may come out. I can't see this business with all its debt being attractive. Ofgem are also changing the rules all of the time to support business to change supplier and not be held to long term expensive contracts. A Quindell indeed - think that this will be sold to someone soon for a percentage of its debt.
PS The only way this will survive is with a rights issue - and that will only happen if in the next 6 months management has proved to Woodford et al that they have steadied the ship and have an investable business. There has been a steady drip feed of new bad news from this management team, so I am naive.
...is the large sales that took place on Friday afternoon. Someone knew. And yet again the powers that be will look the other way.
Means nothing. Probably have a vested interest in ramping the share.
Yes - as credible as their last one at £2
Liberium Capital just put out a 'Buy' rating, target 105p !
Did you read the re-statement of profits (now losses) for each of the last 3 years?
When you look into the history of this company, the founder sold a huge chunk of shares and made himself a lot of money. He must have known about this potential problem coming up and should put that money back into the business to help us shareholders who have been lied to. This company is an AIM shame.
Scorpion they have made material profits, your posts are misleading and if you are a shareholder i'm not sure what you are trying to achieve with your messages. I support the decision to get the bad news out and the changes made (including not paying a dividend. The new management has been doing this since the change over so i don't agree with your comment re trustworthiness either.
another of Woodford's recent failures, not invested here but I have some in his equity income fund which has been equally disappointing compared to my other fund winners, the blokes losing his touch
Under the "correct" IFRS they have never made a profit They have no distributable reserves They are not and cannot pay a dividend They have to repay commission to a supplier for over charging - tip of the iceberg Gross margin has been decreasing Revenue fell off a cliff in July The debt is now almost = to market cap Management is about as trustworthy as my ex girlfriend given that every RNS nrings more and different cr*p from the black box And now we know why management bought no shares
Scorpion they are changing their accounting policies to IFRS (where it should have been anyway) and not paying a dividend this year due to the recent write-offs. The market has reacted badly but the company is still a going concern and will recover.
Save yourself from a crappy Monday and don't look for it.
Save yourself from a crappy Monday and don't look for it.
Where is this 'RNS'; I can't see it anywhere; not on Investigate; not on MoneyAM, not on here??
The way I read this, it would appear that the company is another Quindell and has artificially mis-stated profits for ever and a day - in truth it is loss making every year and now customers are not renewing so it doesn't even have any revenue. With its inability to ever pay a dividend going forward and its debt pile, it's only a matter of time when this goes bust
What a crap update. This company never ceases to disappoint.
At least we've hit 70p again, long may it stay!
Word of warning though one institution sold half of their holding. Could the MMs be trying to excite the waiting public!! Or is their a lot of call for the share ?? Time will tell ??? AFC.GL.
Ex div date for final dividend should be around mid Nov, I would expect the BOD will pay a dividend of some sort to steady the ship, but this might not be the 4+pence expected. This is purely speculation of course..
...if the dividend is safe here in light of recent developments?
As it's a side of the business that a lot of shareholders are unaware of.