Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Well well well, who would have believed this, H&T partnership. The CEO of this company is my good old friend Chris Gillespie. So who is Chris Gillespie. The most experienced and successful guy in the UK for home credit. This is the guy who took the PFG share price from £6 to £35. This is the guy (ex CEO of Provident Personal Credit) who had to leave Provident because the CEO of PFG (Peter Crook) just didn't see eye to eye with him and wanted him out. Chris Gillespie resigned from PFG as he could see the company crashing as Crook wanted to make changes that would devastate PFG, he was proven right. The same guy the chairwoman had to get on her knees and beg him to come back and sort the mess out, which he did. Chris Gillespie is a born and bred Provident man and to me this means one thing, he is helping Vanquis with his advice, how to turn things around. This is best news to come from Vanquis in years. If they listen and learn from him the company will be onwards and upwards sooner rather than later.
Chris… is that you?
Nobody else would hold such a high opinion of a ‘has been’ who is stuck in the 80s. Certainly not the man to advise on how to turn things around.
ITK24. No it isn't. What on earth are you talking about, stuck in the 80s. Chris Gillespie was asked to come back to PFG and sort the mess out in 2017.
How did that work out for him?
He came back to PFG to help them out with no intention of staying and that was for a very good reason. The changes to the structure of the company, which he was so dead against, had done irreversible damage which could not be corrected. The company had changed to employed agents from self employed agents and that was the big mistake, it was never going to work, that's what put the company on its knees. Gillespie left PFG after he sorted out a lot of the problems but he knew PPC was doomed. PPC had 1.8m customers and today that is zero. He went from PFG to H&T where he became the CEO.
The most sickening thing about all this is, the BOD kept silent and the catastrophic impact this was going to have on the share price, the poor investors who were oblivious to what was going on were going to take the hit.
That's all history now. I think having H&T onboard is a positive step and will be very good for Vanquis.
Certainly is history but the business was doomed whether or not the sales force was self employed or not . In this highly regulated industry self employed agents must be a nightmare to control.
If we close above the 50 DMA, that would be very bullish, IMO. Pleasing SP action today so far.
Fingers crossed they build on this and we see significant appreciation from here. GLA.
Yes Pooks you are correct, it was doomed anyway. The BOD knew this so why make the changes when they did, it was unnecessary, considering the company had operated this system for over 100 years. They could have close it down gradually still using self employed agents. The BOD crashed the company and share price for no reason. The government wanted to shut down all companies who used doorstep collection (cash). due to health and safety and money laundering issues. They used the FSA to do so and succeeded.
Standanddeliver … what was never reported was the agents compensation ( EU LAW ) 2 years average earnings. Would be big money.
You know very well Pooks, they are the experts at hide and seek. We can seek as long as we like but they are so clever at hiding things. I wonder why they never disclosed the figure, probably too high to tell us. Just add this to other things they never told us.
LWHL - I think we have closed marginally above the 50dma. Could anyone confirm?
Yes, I think we did. If we close above it again tomorrow (and better still, the day after too) then IMO that would be a confirmation. GLA.
Thanks!