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am sure you all got the ' with immediate effect ' , letter like I did in the post this morning , I would just like to say some last words b4 I end blocking on this stock - here it goes - F@£K , F@£K , F@£K
Looks like Sage was on the slide when Flattery parachuted out, and is also now in a fight for survival.
https://www.telegraph.co.uk/technology/2019/02/11/inside-britains-biggest-tech-company-fight-survive-brutal-year/amp/
Aye the lights are officially out. Feel sorry for all those staff who spent money on shares in the last six months. A true politian to the end.
Well their Nominated Adviser has just quit so under Stock Exchange rules, if they don’t replace them the shares are de-listed, I believe
Feel sorry for all the employees made redundant but what happens now in terms of the business? It's gone into administration but what if no buyer is found? Where do shareholders stand?
Observerbill, such abrasive comments wear me down, I'll file them accordingly.
As for Inspired Energy, a completely different company I'm sure you'll agree, with well diversified revenue streams, conservative revenue recognition and a lack of skeletons in the closet. To borrow from Rudyard Kipling, if you can keep your name when all about you are changing theirs (seemingly every 5 minutes), perhaps you are not trying to escape a dodgy past!
Totally agree with your sentiments - these are sand castles. Only an unwise person will invest in shares in this industry. It’s only a question of time before they go down the pan.
Having left a fairly steady job to go and work there for what appeared to be a great opportunity I came to this conclusion. Some time ago. The biggest mistake made by BF and his band of merry men was going for an ambitious strategy when clearly a recovery plan was what was needed. As a result they’ve promised shareholders the earth and ultimately crashed and burned. This whole TPI industry is built to fuel the greed of sales people and ultimately the cut throat nature and need to squeeze margins cost them their most effective sales people who took their order book with them.
Ultimately the consumer loses. Once the market is regulated most of these companies will disappear.
Don’t judge the book by its cover
Thank you for your kind observations - what you fail to understudy that fundamentally this sector is flawed. Cash position or no cash position, the Goveryis changing the way these companies receive revenue - sort of half way to total rwgugulation - they earn their money same as utilitywise- so sooner or later they are f****d
I think you mean “hallmarks”......and you’re clearly talking boll**ks because their cash position is so much stronger than UTW’s ever was. Their revenue recognition policy is totally different which is why their investors love them.
Inspired Energy have all the trademarks of utilitywise-
Next one to go will be Inspired Emery - Sell your shares now!
Thanks - I looked at the admission doc yesterday and I did not see disclosure in the main bios bit - if it is not there it is misleading to say the least - also interesting to see that the Edison initiation did not mention it
Richard Feigen. It also mentioned the fact that they had had to pay-off a large Client to the tune of several hundred thousand £’s pre-floatation so they obviously had history!
I looked at this company on the float and decided not to invest because the docs were not correctly disclosing the background of one of the directors - it has been an absolute disgrace - I can't believe that FinnCap got away with keeping the fact that one of the senior non-execs had been censured by the FSA and had left his last job after what would appear (in most companies) to be gross misconduct
Did you guys know about this?
If that was the plan, I don't think GT would have waited to sell his last holdings as a penny share.
As Handofjohnson points out, this was on the cards at the time BF was appointed, and he has spent 2 years doing nothing to rectify the situation. There was an opportunity to take extreme steps, manage the 2 year transition from payment on contract to go live, and come out with a platform for growth.
Instead, it seems that he came in believing his own publicity, but never got to grips with the business. And if the local rag's reporting is accurate, to confirm at the weekend that staff would be paid for February, then close the doors on Wednesday is, as horsetrader2 puts it, obscene.
I find it obscene that a CEO can award himself such a high salary whilst the financial position of the company was so bad. Corporate greed at its very worst. There is something very wrong with a system that allows such large rewards for total and utter failure.
In 2012 I worked there unfortunately and it was obvious then what they were doing, glad I left after 10 months, sometimes you have you take a job to get over a short period of difficulty!
The cash payments to staff in placing orders with certain suppliers, the lying and uplifts taking place and the start of extending the time you would call people ahead of an end date.
There are many more examples of the short termism for quick profit.
......So to you just joining the party I have been stating this was on the cards for nearly 3 years.
To the idiots who questioned my motives and attempted to 'muddy the waters', i hope you are pleased to have assisted in the loss of other investors cash.
The issue as I stated over, and over, and over again was the cash flow situation. This was (and still isn't) understood by many investors.
The very minute the clawbacks came from the suppliers, the business fundamental changed and extreme steps were required at this point. All non-profit/revenue generating areas of the business needed to be stripped back at this point.
The original business received income upon CONTRACT ACCEPTANCE with the supplier. This changed to 7 weeks POST LIVE date. This drastic change meant that staff could hot target, month in, month out and not actually generate any revenue.....but still be paid salary.....remember contracts can be agreed/renewed up to 2 years before the current deal ends.... but it would still mean £0 in the bank for 2 years.
This business model CAN work if built 'bottom up' e.g. sales staff in place first, once revenue received (not just recognised) then infrastructure could be built e.g. marketing, hr, legal, admin, health and wellbeing, subsidised canteen, company vehicles, Christmas parties etc etc.
The bloated infrastructure remained in place and did not adapt to the changes in how the business operated.
The initial issue was caused in part by the former CEO but his successors had over 2 years to rectify this matter and did nothing.
Their answer was to add additional revenue streams that had smaller margins but shorter journey time from sale to revenue.
They ended up diluting the brand and becoming a 'jack of all trades'. When they attempted to sell merchant services in November it was a huge red flag that cash flow was the main issue....I raised this and got shot down.
"Oh the order book is worth too much"
"Oh the market cap is only £4million"
"Oh it must bounce back"
"Oh it will be 20p by christmas"
Where are you all now?
Morons
Could BF have just been brought in the be a fall guy taking circa £1m in salary and bonus in 2 years and let GT walk away with millions? He has something like 11 dissolved businesses under his belt before coming in. With the bullshit accounts and over nominated AQs inflating the value of the business beyond what it was worth........probably just letting my imagination run wild
It's amazing they got away with it for so long.
Now you have one of GT's sons running a claim service for people wrong sold energy contracts.
No doubt he has an extensive database of prospective clients form UW
Hopefully the SFO will end up knocking on the doors of the previous incumbents. Having seen the result of some of their near fraudulent activity has cost a lot of hard working people their livelihoods
The sooner business energy is properly governed and regulated the better. It’s just a breeding ground for corruption and greed as it stands.
The problem at UTW is that the lunatics were running the asylum, a scenario I imagine plays out in a lot of TPIs
Surely there is residual value in EIC that was owned by UTW (and subsequent shareholders) , inst that worth something to us lowly PI's
Awesome performance !
How sad for the staff, that the management team had their heads stuck so far up their own rear ends