Member Info for Former_FDM

You sound very bullish in your opinions here and below. You should opinion it as a ''Buy' or "Strong Buy"

Yes the director buys are for trivial amounts.

It looks like they are trying to signal support but without actually buying

In 2018, the Ministry of Labour in Ontario Canada ruled that the fee FDM charged a worker $30,000 who left an RBC job early was prohibited under the Employment Standards Act.

FDM changed the wording of the contract but kept holding onto the Exit fees in UK till 2022.

The contract, which I have seen, was transparently and knowingly illegal

FDM were reported on in The Toronto Star following the case above with the headline "Ontario must end abuses by temp agencies"

if you think it is my personal feelings do copy into google and read the article in the Newspaper

I don't have any shares in the company ( if I did I'd have sold them as soon as they dropped the exit fees )

I would be astonished if FDM could compete with Professional Service Companies without the exit fee. FDM kept wages at about half the going rate for those doing the work, with no way of leaving, which is how the company made money

If you think the Flavell's can turn this around without the 'leaving fee' you should perhaps reinvest at this historically low price.

I am pretty certain that they cannot

The terms of business were and are illegal, however the 'illegal' exists in FDMs employment and training contracts with the students

From the clients perspective it was just a very good deal that was not available elsewhere

FDM had to stop the £20k bond ( they weren't fees ) 2 years ago

As I said earlier FDMs only USP was the 2 years employees had to work for a client at well below market rate - which no longer exists

Believe what you want; I'm telling you what I know from working there and from speaking with Sheila Flavell

FDM had to change their business model it is, it was, and it always will be illegal

FDM were forcing students to take on a £20k debt to work for them

FDM would then sell these students on to a temp contract with an employer on the understanding that

1) the student would stay 2 years at the same pay rate.

2) The student couldn't leave or find better paid employment or they would be hit with a £20k fine

It was an excellent deal for the business that took the student for 2 years - it is however indentured servitude - which was not explained to the company the student worked for

How this model got a stock market listing in the first place is what baffles me; the model is only suited to a small time employment agency breaking laws and hoping no-one notices

When the Flavells finally go, you will see this business laid bare in the Financial Times

FDM's model was based upon Indentured servitude. Since this was exposed FDM have dropped their 'secret sauce'

They are essentially a temp agency except the employees could not leave within 2 years, or earn anything like a reasonable wage, or they'd face a £20k charge

There will be no new directors when the Flavells go as the company's success can quite easily be seen as being built on this massive illegal advantage