Member Info for Franalex

Any sign of executive pay being rebased to more sustainable levels and to reflect the destruction of shareholder value in recent years to deliver a business of much lower market capitalisation?

Let us not forget he was still a director of NMC, with the responsibilities that go with it, when the directors were claiming that they knew of no reason behind the Muddy Waters allegations, that trading was in line with expectations and various other claims that turned out to be factually wrong. Either he was complicit In making these incorrect statements or grossly incompetent in allowing them to be issued without checking. I for one, do not believe a word he says.

Andrew, I think it is reasonable to assume the shares are worthless. They are showing as being 10p on my HARGREAVES account but think even this is optimistic. Just hope you were not taken in by some of the ridiculous posts on this site talking of massive recovery.

Denmark, did not say that would be for a partner, they will be £800/hour plus. But as always they will fill the assignment full of much less experienced individuals some of whom will be learning on the job and charge extortionate rates. Suspect the composite charge will be between £400 & £500 but for a huge number of hours.

PWC will continue to support the finance function, probably at upwards of £400 and hour following the abject failure of their fellow big 4 firm of accountants who carried out the audit. They just pass the fee fest from one to another with ultimately one of them picking up the ultimate prize for fee generation of an administration.

They will try and hide behind the directors “letter of representation” and the seemingly endless amount of liability restrictions in their appointment letter so you can never be sure and it needs to be led by a group of major investors to have any chance. I am sure they have already dusted off their excuses manual.

Rastuss, Agree with you, they may get lucky once but they hit the mark too often for this to be an explanation. If the auditors employed individuals with the same experience and ability they may actually spot something. As a CFO with 15+ years of experience my internal audit teams have found things that should have been picked up by the external auditors. The problem is that most of the audit work is carried out by trainees managed by individuals, up to partner level, that have no actual experience of running a finance team, hence they do not know where to look. Even in the last year or so, investors have been let down by the shoddy audit work on Patisserie Valerie, Carillion, Burford and now NMC and Fin. Members of the same family holding senior positions should always raise a red flag for close scrutiny. Happened here and in Burford and probably was a trigger for MW to investigate, would certainly have raised alarm bells with me.

Taverham. Can only agree. This and NMC have been a major scandal kept out of the news by the recent health crisis. The roles of advisors to the IPO and auditors need investigation and not by one of the other accounting companies. Far to much feel driven vested interest.

Time will tell but recent history suggests that no numbers or statements from NMC can be trusted. Suspect the hospitals will survive but shareholders either largely or entirely wiped out. I had no holding in FIN and have mentally written my NMC holding to zero.

Yes wrong on this, NMC and on Sirius, all in the last month. Quite a record. Rotten on investment advice but pretty good at dealing out abuse.

Doddle, do you still feel that after this mornings announcement from Fin?

Just hope nobody was influenced by some of the stupid posts that were being made on here last Friday. They know who they are and have gone very silent and for some it was not the first time they have encouraged people to buy shares that rapidly became worthless and totally dismissed downside risk.

Given the amount of very expensive work supposed to be done prior to an IPO this further undermines confidence in documentation and advisors if there is a potential £100m liability missing. Someone somewhere has lied and others have been grossly incompetent.

Not sure anything was more predictable. All those dismissing the NMC link were just blinkered. Anyone heard from KoH who constantly rubbished anyone with a negative view. As he did on NMC and Sirius.

Investoplan, They have but too risky for me. I was day trading profitably with NMC for about a month but then suspension came along and left with a load of shares probably worth nothing.

Latino, Well the independent investigation at NMC did little to dispel the stress, merely highlighted the fiction being issued by the Board. The are links between the two businesses, not least at Board level which hardly bodes well.

Agree trust is very important but this is UK listed, subject to U.K. governance standards with U.K. non exec directors overseen by the FRC and with E&Y as auditors. Forget the UAE etc the trust issue lies very clearly at home.

Probably looking for the next basket case to support to add to Sirius, NMC and Finablr, all so oversold.

Where have we heard this before in the last couple of weeks? Sounds like more fees for professional companies having been let down by the current lot.

Uncle Doug, how is that share price bounce going? Looking more like a bungee jump to me.