Member Info for Harrycash

Not sure I agree on shareholder rights on AGM date. My understanding is that if you held shares in say June you would have voting rights because revised accounts were delayed to until pre AGM. This really is the talking point. The issue is against the renumeration package that was voted down and anyone holding shares had the right to vote on this specific issue. This may in part explain the mystery around the CEO sudden departure. He will have known the result of the vote beforehand and left because his salary incease was to be blocked.

All theory of course but we are seeing downside again on the SP. Only when matters at FCRM are fully explained plus positive update will we see upside. My view now is that only an offer will see true SP value.

Pinto. You may be correct but my concern.is the sheer volume of customers.needed to fill these new cruise ships. I've been.on a few, not Saga, and every cruise I took was heavily discounted. My concern.remains that the competion to Saga in this sector is huge and these major players have had the good times and now tightening up on pricing. I would hope Saga can.survive in this market. Only.time will tell.

Left posting alone for a while on Saga but the Fool piece raises the spectre of debt very well. At present the state of the economy hangs in the balance. Brexit good or bad matters not were heading for harder times as evidenced by the High Street. People just don't have enough free cash today and most have maxed out Credit. This brings us to Saga. In this difficult time how many people have money for Cruises, not many is my guess. Because of this Saga will need to discount as are all of the major cruise companies. Difference is the big players can ride a downturn but Saga can't and basically their FCF will reduce with debt margins increasing. The insurance segment is not going to save them either , short term they get a bit of a lift by the new deals they offer but again people are looking for the best deal so will 'go around' Saga and use Comparison Websites. Who on here uses these now, I certainly do.
The last factor against Saga now is the demographics of their target customers. Older people, like me. Do we want the Saga products now based on their brandname. Answer is no. What we want is value for.money and not to be placed in the 'old people' category that Saga is selling.

All theory of course and I've refrained from being too negative but really the fundementals of Saga are not good and I agree with the Fool comments to wait and see before investing further. Only possible positive is that Saga have a deal offered but at what price is anyones guess

Ji5006

Understand your comments but my guess is that any shareholder who holds shares on the Vote Date has a say and that is why the likes of Bayford possibly put the knife in on the renumeration issue. My guess is that BR had no interest so no vote. I had a Corporate Action letter from my broker on the vote but I've held FCRM for some time so maybe irrelevant.
All theory of course but obviously a major shareholder is behind the no vote and at least it shows there are checks and balances on what happens within FCRM. My guess is whoever was behind the no vote will be appointed to the Board in due course. Not sure on Aim rules but normally over 7% gives the right to ask for Board vote on inclusion.

Strange times with FCRM but again I would like to see some positive news now the AGM is done. Knowing that you read the report was there.anything on the sudden departure of the CEO

Ji5006

Thought that BR would now have limited interest in FCRM now given their reduced holding. On the vote surely its based on the Voting Day which was when?? Holdings on that day would reflect on my view that Bayford are one of the major players in the No Vote.

Ji5006

Are we to assume that a major shareholder, say Bayford, is the reason for the No Vote and attempting to control the Board of FCRM. I think in Russia its called a 'Putsch'??
Whatever the reasons for the No Vote the Board now know that they are being 'watched' but on a theory basis is it possible that now a possible takeover option is more likely. You have likely read the whole report but voting rights with a majority shareholder can force a "seat' on the Board which looks to me like a possible next step. Keep banging on about Bayford but my guess is they had a major say in the No Vote.
All theory of course but would be nice to see some up days on the SP its been a painful and slow decline

Sn. Not to sure of the relevance on your post re: Cay Islands. Are you suggesting FCRM are hiding something we should know about or is this simply a tax limitation excercise by FCRM. My take is a transfer from differing tax regime to another is quite normal as with Amazon, Apple, et al in Ire v Eng. Jurisdiction issues would suely be flagged by HMRC if there existed a irregular transfer. If there indeed exists a "smoking gun' of this nature would this explain the quick departures of both CFO/CEO.
All theory of course but maybe AGM will throw some light on recent events.

James. Good response and I will refrain from further negative comments.

James. Good response and I will refrain from further negative comments.

Gareth. Thanks for taking the time and effort to have your four pennyworth in the debate. Obviously your yet another clever chap with his head up his axxe when investing and things go wrong as with Saga. Not taking note of all opinions, only those that support your logic, is unwise. I would like to think we all learn from what we read and from our mistakes but obviously you are of a higher inteligence than me so pleasr continue to invest in crap stock like Saga.

You say Setanta are the White Knight coming to the 'table'. Remember the Crusades and the Templars coming to the 'round table'. Similar scenerio but the Templars killed everyone. (Bit of history ok). Do you know how shorts work ? VCs like Setanta build up large holdings in distressed outfits like Saga. Then they lend out the stock for a fee and then 'rump and dump' the SP so they're customers make huge profits on the 'loan stock' then give it back with a premium attached. Simple maths and called 'manipulation of an asett'. Good to take an investment course helps a lot.
Yep I still hold some shares, sold most at a loss,. Will leave for the grandkids but if by some miracle your White Knight got the SP up to say 60p sure I would sell and guess you would also.

You have a nice day and try.not to get too personal.

All theory of course, my cop out, but lets hope Saga survives and lets wait and see what the next update brings.

James you need to calm down and read posts fully before responding with 'venom', not good for your health.
Is the word 'derampers' a board game or another 'stock picker' phrase you read in one of your Investment pamphlets. If your suggesting my analogy to Saga as a dinasoar is wrong explain why. Truth is they fit this title well as did Thomas Cook et al. Comparison websites stole their customers, be they old or young, and your kidding yourself if you don't accept this simple fact. Now Saga et al are all playing 'catch up' and sadly failing in.the travel and insurance segments. As for the cruise side. Obviously you don't follow the markets very well. The likes of Carnival et al are all lowering revenue forcasts and these are the major players so, really, what chance Saga who only really cater for old farts like me. Simple question. Would I go on a Saga cruise. Simple answer. No

All theory of course but hold back on the 'venom' and read what's written not just what you want to hear. Truth is Saga is a crap investment so just accept the mistake and move on and try and invest more wisely. We all make.mistakes, and Saga was, and still is, a bad one for me, and you 4sure.

Pinto. Like you I kept averaging down on Saga but that ended once the CEO gave up. Tells you something when the CEO jumps ship leaving investors wondering what doe's he know that we don't. I sold most of my holding awhile ago, and at a loss. What I have left have a 'stop' in place. Hopefully this 'stop' will not be.matched but I remain cautious and would be nice if the SP rose enough to cut my losses but I'm not prepared to throw good money after bad as far as Saga go. There exist better buys out there I'm sure.
All theory of course but all opions help sometimes, be they good or bad.

Pinto
If you look you will see I have a 'stop' set for awhile on Saga. Obviously you.only want to read positives here. Sadly that's not the way it works. Saying the way it is hopefully.helps us all but sticking your head up your axxe simply because you invested in a crap stock is not the way to go. Your choice but easy way to lose money.

Cxs1

Not sure my posts are ever a short position. If I'd been that clever would have shorted this crap stock from 100p. What shares I have in Saga will put away for.my grandkids as you never ever know. Oh and thanks for following me on other pages where I own stocks. Obviously your as bad as me at picking 'winners' but sure you have plenty of 'losers'

All theory of course but.Saga remains a crap investment but I'm sure those over exposed will disagree.

All theory of course means I'm not attempting to ramp the price up or down just expressing my opinion on a crap investment for me, and I guess you. As for Setanta buying more Saga shares well luck to them but a similar scenerio happened at Thomas Cook by a Turkish investor and we all know how that ended. Badly.
Happily I don't work for Saga but if I did at least I might get some money back.
As for 'facts'. What else do you need to see from Saga accounts and trading updates to know the simple fact that Saga is a badly managed 'dinosoar' with debt levels that will eventually 'sink the boat'. If you really want facts learn to understand they're the accounting practices used e.g. goodwill, writedowns, debt ratios, covenants, etc, etc then tell me the 'facts'.

Micheal
Have to disagree. Debt is debt and the cruise boats are yet more of the same. Free cash flow fine but the servicing of the debt will kill Saga in the end 4sure. Maybe in good times they can keep in front of debt mountain but these are not good times. Add to this new restrictions on insurance renewals and the downturn in the travel sector it's hard to see positives for Saga. Comparison websites have destroyed the 'norm' in both insurance and travel and the likes of TCG et al show this as fact.
All theory of course but Saga are just one of many 'dinosoars' that are becoming extinct. Add bad press gives little optimism going forward.

Ji5006

Calm down give yourself.heart attack.

Have to agree the pro EU people on TV, bbc the worst, are not doing the UK or the people any favours by doing what exactly. Asking for further delays to Brexit. We have been doing this nonsense for more than 3 years so is another delay going to change this. NO
Just read they will this week in Parliment go around Corbyn and propose putting Bercow in as a 'stand in' PM. Has the world gone nuts to suggest this little arse wipe could run the UK. Problem is if they were successfull this pillock would never want to give up the job. Bit like him hanging in there as Speaker.

On a positive note. Are there in fact any positives on FCRM at the.moment. i think not.so the SP drift will continue until a positive RNS arrives.
All theory of course but the whole world is going nuts.

Very likely and then.sub 30p. All theory but fundementals on Saga are basically debt and more debt with interest charges 'eating' whatever gains are made. Have to 'premium' on debt will increase on any renewal. Saga is a 'hostage' to the lenders. We. The.small.investors mean nothing.

Gareth. With the greatest respect you don't need many more fact's on Saga woe's they're out there for all to see and really they have been a crap investment. Certainly for me. As it stands they continue to trade but will they survive?. I have my doubts but I'm resigned to the fact we will never recoup our losses.
All theory of course but only lenders and bondholders will likely see a profit. Plus of course the CEO et al.

Next Thomas Cook is likely the markets view on Saga. Can't say I disagree and rumours on being sued by CEO et al will add wood to the fire. 40p next week looks likely.
All theory of course but crap investment

Ji5006

Very confused by your last post. Who is Boulton??
As for AGM. Hopefully get something positive given the SP back on a daily slide