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I am just smiling how you all portray Adzy as the pantomime villain...I have read all of his posts and links...whether he irritates you or not , he is usually right...this is your money you are investing , I suggest you listen to him, especially when you disagree, a fierce critic has far more vale than blind faith...no names mentioned...
NMC missed a trick, they should have had their rights issue when the share price was £35 -£40 to fund future growth ..then it wouldn't have the debt problems it now has, and existing shareholders wouldn't have had their holdings diluted too much .. if they go for a rights issue too soon then there will be a bigger dilution of equity for existing shareholders.....
The really crass thing they did, was to buy back shares rather than repay debt - done no doubt to keep up appearances...an inept response to everything that followed...
Mrd...it breached £ 9.00 briefly earlier at £ 9.028...that is significant and the march upwards can now start ..even if it does take the scenic route.
I sound like Boris Johnson but :
1....It's governance matters will be resolved.
2...The Freeh report will exonerate current senior management, but not removed directors
3..It's accounts will be cleared of any misreporting
4...There will be a reforming of it's strategy going forward which will include
(a) a clear out of senior management
(b) a rebalancing of equity versus debt, to reduce existing debt and a possible rights issue to fund future growth
(c) future dividends to be suspended until funding and liquidity is fully strengthened.
Any dissent ?
My comments on fishbones assertions.
1...Confusion over shareholdings and consequences...
This will have negligible consequences for financial performance because all such discussions / confusion/regulatory attention etc. all take place in the 'cloud' far away from the ground where all business transactions and performance take place..
I would further assert that this wrangling at a sharehder level is a 'perverse benefit' to the current board and senior management , now that the culprits and their footsoldiers have been removed...my experience as an FD is that you run a successful business in spite of sharehders interference rather than because of it , so let them fight it out amongst themselves , and allow directors and senior management to run the business themselves , which based on the previous 5 years accounts, they have been doing very well..
2...Work seemingly over valued....this is a possibility and is born out by the seemingly high debtors figure which equates to 90 days worth of sales, which it has to be said are quite high, they are, however, not unusual for the Gulf States where there tends to be a cultural norm of late payment of invoices..
3...Inflated assets and cash balances...assets values and cash balances are inversely related...if you have paid more for your assets than you should have , then you will have less cash left over..so how can cash be overstated , .besides cash varies on a daily basis by as much as $1 million so you can't assert anything whatsoever from the levels of cash reported .
4...Zero corporate governance ...repeat of point 1
5...FCA intervention ...repeat of point 1
6...Frantic selling/margin calls... This has everything to do with banks selling shares held as collateral to repay personal debts of the removed directors ..this is normal business practice...as soon as a bank thinks it is in danger of not having its loans repaid , it will sell all collateralised assets to reduce the bank's potential loss ..if they get less for these collateralised assets, than the outstanding balance on the loan then they will simply chase Shetty et Al for the reduced remainder of the loan ..which is what is happening ; hence, the current arguments over share ownership to meet their own personal debts.. I don't think it has anything to do with control of the business..
My concern remains over the amount of corporate debts and their ability to refinance/ roll over their existing loans and enter into new ones to fund future growth...this is where the current shenanigans might have an effect...
The final point which Banana didn't mention was M.W's assertion that it wasn't declaring ALL balance sheet debt ...this refers to lease liabilities which are classified as debt ..this isn't really debt as such because it is matched off against 'right of use assets' shown under fixed assets....IFRS requirements now require both the cumulative cost of renting these assets which are the lease liabilities, with an equiva
MoneyBags...thanks for that..I will amend next week..
UOG not VOG at 3.55 pence.....apologies for the confusion...
MoneyBags...thanks for that..I will amend next week..
UOG not VOG at 3.55 pence.....apologies for the confusion...
AHH.Heimer..you answered my question. ...thanks..
Heimlich 111..yes I did have a problem trying to abbreviate your name so I can align the columns up...how would you like your name to be abbreviated..?
I can include all of your name though, if you wish , just let me know what name or abbreviation you prefer ..
My apologies...I will add it in by footnote...I remember now, it was because it was a US stock but I will still include it and just base performance in US$
I make it that your entry price would have been $11.36 and the price on Friday night was $13.14. giving you a
return of 15.7 %. which would put you in 6th position.. Is this correct ?
Haha..absolutely John...the first 5 go into Europe next season to meet the best of what they have offer..
I had never heard of DEV..before....several others I hadn't heard of either...that was the objective of the competition , since every stock picked below is somebody's favourite...so all of them are worthy of being checked out..
Ok folks it's time to print out the full league table and note your respective positions...some of them have changed significantly..
Farn which is owned by Cheezy has leapt from 14th with a loss of 3.5 % to leap into second place with a gain of 31.4 %. !!
Two late entrants John747 and Heinchill have moved straight into 4th and 5th positions...
The full table is as follows , only percentages are shown because the site misaligns the columns so if it does it again, my apologies but I can't control it.
The number in brackets next to the current league position is the previous week's league position
1. (1). Morng. NCY. 55 %
2. (14). Cheezy. Farn. 31.4
3. (3). Deos. NMC. 22.1
4. (-). John. DEV. 18.7
5..(-). Heinch PPS. 17.6
6. (8). Chas. KAPE. 12.9
7..(18). SWG. GGP. 11.3
8 (6). ALTO. WMH. 11.0
9. (9). ADZY. FXPO. 10.6
10 (15). DANA. TXP. 8.2
11.(2). T'TREE. CWR. 8.1
12 (5). DANNY. H.L. 6.6
13. (4). SHEZR. FINAB. - 0.7
14 (13). PEARLS. SGI. -. 6.3
15 (12). TINAT. IMB. -. 6.8
16.(16). MARK. KEFI. -. 6.9
17 (11). CB1234. IQE. -. 7.6
18 (-). PROPS. BIRD. - 8.6
19 (7). VALL. VRS. - 11.62
20 (20). AGQUE. HUR. - 11.63
21 (10). HERESH. STAF. - 13.6
22(19). STAN. INDV. - 13.7
23 (-). CASTWY. BOD. - 17.9
24(17). MONEY. VOG. - 18.2
25 (21). MORNG. KAT. - 37.2
OK all.....that is the full league table...hope you enjoy seeing where you are on it..
Deos..do you think anyone would notice, if I financially mis-stated your league position by inflating your percentage increase with NMC ?
Hey Kabaa...if I was ever thinking of committing suicide, I wouldn't be changing my mind after talking to you or reading one of your posts !;
Popeye...well I agree with you there...but ATM it's following wider FTSE index lower but a bit faster ..just be patient because it will resume it's upward journey..
Deos...no I am still long but I am currently adjusting your position on the leader board !!
Mrd....well I did say it would take the scenic route !! Have patience...
Hello all, I am back after a few days away...have read the past 10 pages of previous comments and it's been like a soap opera.
Anyways...what more bad news can possibly be left to come out..we have had it all...besides, all of the bad news concerns the private debt of individuals...and not bad news either financial or operating performance of Corporate NMC..
I repeat what I said 3 or 4 days ago..
1....Corrupt directors/foot soldiers removed
2...Freeh report will defend current senior management but might not be so kind to removed directors.
3..Financial reports will show no evidence of misreporting because there never was any..
4..MW report not at all credible...too much 'if and why' which is mere speculation and too little 'is and because' which is factual reporting capable of being backed up by 'real' evidence...
I even have a new positive sign , which should quash any further fears or anxieties .
5...Even adzy has gone 'long'
Again I repeat that the share price has broken it's shackles and will now rise back to the summit , but not in a straight line...it will follow a scenic route..
Now onto more breaking news, to get you away from all the saga surrounding NMC...
Lots of changes up and down on the 'Alternative Shares'
leaders board....I will produce the full league table after the first two full weeks, tomorrow around 6 pm.....interesting to note that despite all the gloom and doom around NMC it has risen by around 25 %. during that time....not bad for two weeks..!
The share is now flying and will continue to do so but as I said previously it will not be a straight line up, it will take a scenic route up and down...on its way to the ultimate summit...
The directors have been removed, the reset button has been pressed, and the financial results will be positive, it will fly...just maybe not in a straight line..
Deos ..where have you got all this from ? Is it a personal fear you are expressing or do you have access to premarket data. ?