Member Info for Fevertreeman

Exactly right - all of these announcements are being driven by HAA's desperation to get his size 10 mitts on 500k cash (not shares, cash) before the whole construct falls over. Ethiopian news this morning not grerat; Reuters reporting E authorities have detained 70 UN drivers

Placing to stave off bankruptcy.,,,, that's a great use of shareholders' funds. Adamsa has had oodles of shareholder money which he has unceremoniously abused. Why would anyone in their right mind hand him over more cash to fritter away? beyond parody.

So many stale bulls of Levine; it would be nice if he admitted he has seriously damaged his shareholders but no such luck with him. I see this possibly hitting 3p but then will hit another wave of selling.....no one wants his equity basically because trust is broken, Atome zeitgeist notwithstanding.

Based on the facts to date, that would be a resounding YES

There are so few grown ups here, but nice that s/o else has doubts about Madoff :)))))

Agreed: this is just another example of this man's ability to distract, throwing out another Q&A for naive punters to try and extract positive signs of progress when there has been none for years
Its all getting pretty desperate for Adams, having nothing to show but destruction of shareholder value (by the way, he and the other directors aren't exactly backing this with their own money now, so why on earth would shareholders, points that won't exactly have gone unnoticed with the hold out 33% finance crowd).

Extension remains subject to "TKGM's on-going compliance with the regulations and the MoM's requirement for TKGM to re-confirm by 31 January 2022 that it has procured the necessary Project finance."

Given Adams has been unable to close out financing in benign circumstances of no civil war, rising commodity prices, and plentiful funding available in a virtually zero rate interest environment, what chance has he got of persuading the 335 hold-outs now?

I was shocked to check back in on the company as it is on my watching brief to see Pelham jettisoned so quickly. I agree with you - I think Pelham stirred up the pot, and not for the benefit of the greater good. I think your assessment comes pretty close

Quite possible Pelham saw Carrs as a perfect opportunity to make himself very rich. Sleepy provincial company, the perfect patsy etc... Borrow money at zero interest backed by PE, do away with tiresome scrutiny of public markets, bulk up engineering business through a series of debt-driven deals ; sell to larger outfit or relauch via an IPO 2-3 years later and become very rich!
My guess is that he had quickly lost the confidence of his management team, who may have taken a dim view of his machinations, and they instigated an internal coup. ................Brian Clough and Derby County springs to mind

I don't disagree -the issue is that Kefi is not a competent partner and HAA has proved time and again to be not up to it

piling in to this surefire winner......no wonder HAA wanted hard cash not shares in his own company.

I think they can 'steal' it, and if I were them I would and hand the project over to s/o competent to fiance and deliver it as that is clearly not HAA

TIme to shut up shop. HAA does not pass go for £500k, does not get remaining 33% financing, runs out of money, and relinquishes license under understandable pressure from locals. kefi delists, and everyone bar HAA loses money because of course he was on a ridiculous consultancy fee for leading and orchestrating a total car crash

...can't call them investors, as this is now a punt on red or black thanks to the staggering incompetence of HAA. I predict HAA is at the end of the line

and institutions that backed the Liquidnet transaction will be asking questions.

Be careful about the cash bit

No it was not! it was a rational reaction to poor outlook and underwhelming revenue numbers, back up by 1.9m shares traded.

As an aside, by general consensus the previous CEO was considered a disaster. At time of merger the combined TP ICAP business was valued at just short of £1.3bn. Since then they have made a number of acquisitions, including splashing $700m on Liquidnet. ..........Market cap of combination is now £1.1bn

The question to ask oneself is why as an institutional investor do you need exposure to this business? Good as a trading share for sure but as a settled component of a fund portfolio (outside of special sits) I think it is hard to make a justification:

1. Core voice broking is in secular decline -reason why Spencer sold the vb business to Tullett but kept teh e-business which he subsequently sold (two brilliant trades).
2. Better value elsewhere for income seekers
3. Other financial companies are less dependent on central bank behaviour

They only provide revenue figs on off quarters; has always been the case.

I know the company well. Well worth reviewing the interim statement released in Sept. There were quite a few industry players who felt they'd overpaid for Liquidnet at the time and it seems they may be right, otherwise the sp would not be trending down. It is a very difficult business for analysts and investors to model as there are so many moving parts. Essentially the Energy business has been the jewel in the crown of the core voice broking business and continues to be so. Other areas that are fast growing eg the analytics business now rebranded as Parameta that provides OTC market data for financial customers are still small.