Member Info for Franalex

Hope you are right but there are two flaws in your argument. The share price of Pendragon, a direct competitor has barely move for weeks and presumably are sharing in this boom. Secondly, we have no clue about their assets. It is taking so long to clarify the accounts, they could be facing asset write-downs and possibly the need to recapitalise the balance sheet. Until we see a clarification RNS all comments are just total speculation. If you track back on these Boards you will find individuals predicting massive share price increases on companies with problems and the vast majority were wrong.

Why? Could go either way depending on the extent of the bad news and the impact on the balance sheet. It is taking a ridiculous amount of time to get the numbers sorted which suggests it is more complex than first thought.

Downward drift continues. That should be good for Board remuneration which moves in an opposite direction to shareholder value.

May well be volatility depending on what news emerges but their direct comparator, Pendragon, has been fairly stable, albeit at a low level, in the same sector, for several weeks.

Oiky, fortunately I sold mine at c£4.50 as I needed cash and the max price of my current holding is 70p, a point at which many commentators thought the only way was up. Have some pretty sick BT, Centrica and Marks tho!

“Market meant to act rationally”.

As some wise individual once said, “ markets can generally behave irrationally for longer than an individual can remain solvent”. Remember these shares once traded above £5.

Agree that this is shocking governance for any organisation and an indication that the Board had no grip on what was going on. In these situations, no news is generally not good news and suspect a recapitalisation of some sort may be being looked at.

Maybe the reverse. Wonder how long it will be before Lloyds propose a share consolidation to deflect attention away from the woeful share price performance. It worked in some respects for RBS and a large amount of the public have forgotten that the current price (bad tho it is) is after the consolidation.

Actually it is a 10 year drift down and down accompanied by Board remuneration up and up.

Do not think there is a normal. Depends on what they find. If there is more than already declared then they will need to provide updates. I think they may have expanded beyond their ability to control the business. They took over my local Mercedes dealer that I have had vehicles from continuously for 30 years and ruined it so badly that I went elsewhere after my last PCP ended and I know I am not alone.

Agree. History suggests that once you start looking a myriad of issues arise. Just look at Patisserie Valerie, NMC and Finablr in the recent past. All suspended then the really bad news came out.

Suspect any acquirer will want it done through a pre-pack.

No idea but thought I may try and ask that question at the AGM, albeit a virtual one. Have been told that it is not possible to attend either in person, which I understand, nor by any electronic means.

A huge fee fest for KPMG, which must sweeten the pill for a business that has been censured so often for its audit standards. Google KPMG and censure and you struggle to decide which one to look at first. The reward for an incompetent audit is just more administration work for another of the big 4. Something seems wrong.

Annual report issued today. As has been the case for years, the Executive Directors remuneration bears no similarity to shareholder value. Obviously, no comparator for CEO as new appointment although suspect he will be happy with the £0.5m bonus. Remuneration of CFO is over 100% above last year for overseeing further value destruction. What will they get paid if we ever see value creation?

Looks like another fee fest merry go round for the accountants. Report done by Grant Thornton whose audit work failed to spot the huge fraud at Patisserie Valerie and who have been censured because of their standards. With the control failures in Carillion, NMC and Finabler also in the recent past just what value does a clean audit report carry?

Can only agree. Personally, I think it has not had this since Mike Averill was CEO, now a non-exec at Biffa.

If you read my posts you will see I am a very long term holder who follows the sector very closely. My comments which have been completely consistent are my observations on how this business has been managed, observations supported by the long term price trend which have moved from over 130p at the time of the Carlyle bid to below 20p now. I have always said that there is potential here if managed correctly. I find it amusing that posters emerge from the woodwork, pretending to be experts.

Not new news and price has continued to fall since this statement. They seem to manage to create one crisis after another. Compare their recent share price with Augean which is run by a former Shanks Director who has been in the industry for 30 years and actually knows what he is doing.

Have been waiting almost a decade for them to deliver on the promises that underpinned the Board’s decision to reject a 120p bid from Carlyle Group because it under valued the business. Just one issue after another which to me is largely due to continually appointing individuals with no, or little, sector experience. A once good business that has been mismanaged and has hugely underperformed the sector. I hold on in the hope of an activist investor shaking the management up or a bid.