Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
It did indeed explode around four years ago due to incompetent leadership.
Regretfully many of the second tier of incompetents remain in post, stealing a living from shareholders whilst simultaneously recruiting their successors on the basis of ethnicity, gender pretendery and political correctness.
Doesn’t bode well….
Nice to see you’re articulation Steve 72.
As always I broadly agree with your assessment though I have to add that the recent (yet another) restructure of the regional element of the construction business is interesting (camouflaging more black holes perhaps?). As is the “consolidation” of group level compliance orientated functions that have not been hitting the media spotlight. The sceptre of significant disallowed costs on a couple of major contracts is also apparently not being taken into account.
No doubt the “pro Davies happy clappers” will be vociferous in their vilification of my comments but I just couldn’t resist posting in support!
Now that’s a most astute observation.
If this should include the Kier supply chain finance scheme then I suspect a glut of cans and associated wrigglers...
So, despite average monthly net debt remaining at circa £430m and a far from inspiring update, the contributor talking more sense than most on this board put together, faces abuse by those who believe that they better understand the construction market. That for me reinforces the view that many may be chasing significant losses rather than waking up and smelling the coffee. I (and I’m NOT a Steve 72 clone!) remain of the view that KIE have seriously excessive debt, an insufficient asset base and lack private sector client market confidence. Should any investor buy KL > £35m then I suspect further influences are at play.
I, as they say, am OUT.
I reckon you’re right on the money Steve, particularly with the prepack, which I felt was their only option. However as it now appears that the assets were almost all stripped pre Davies, I just cannot see where any value could remain. Im not sure the banks will have an appetite for a prepack having already had their fingers burnt underwriting the RI.
I’m now resigned to waving bye bye to my modest stake whilst looking forward to the accusations that we are one and the same individual which are thoroughly amusing!
Totally agree with Steve 72 who seems to have a very good handle on realities of KIE.
Facts over sentiment every time for me.
Steve 72, you appear to have a very good handle on the realities facing KIE and I concur with a lot of what you’ve said. Those contesting your views patently have little real understanding of the markets that KIE operate in (one even suggesting that Crossrail 2 is virtually complete prior to its commencement!) Many demonstrates a failure to grasp that margin is key to success (not turnover and trumpeted contract wins). With debt climbing and AAM continuing to dump shares, it suggests you’re right on the money. Let’s see what January reveals...
Probably because they are making it nigh on impossible to take out a policy with them - they've given me a cracking quote but the website refuses to accept payment, referring to a helpline which redirects to the website. I'm taking my business to a reputable outfit and suggest many others are doing the same!
I don't think AD stood a chance with the dysfunctional management he inherited. I reckon D Day for KIE will be 18th January at the latest.
Jeez Pods, seems the KIE spin doctors have got you well and truly addicted... or are you just a contributor to the KIE propaganda machine?
Jst008, I have to disagree with you as the management of KIE appears to have been pretty poor in recent years.
Growing turnover and seemingly disregarding margins, together with three very poor acquisitions seems to be at the core of KIE’s difficulties.
Agree with your view of the people, but the acquisitions may also have seriously diluted this historical asset. When all is said and done, the legacy of past leadership looks too big a mountain for Davies and co to overcome.
Who is gonna be interested in a business that has almost zero assets? Analyse the Living offering and it’ appears to be all smoke and mirrors, same with a Property. What you hear from alleged “Kier big gun” is likely to be utter tosh (unless of course PRC see an opportunity to further infiltrate UK infrastructure......)
Steve 72, Good to see some construction insight on here at last. Fully concur with you.
Quite, usually bang on 0730.
Barring (a highly unlikely) government intervention IMHO the apparently asset devoid KIE is going down the pathof either a pre pack administration, Forced merger or a VERY expensive and risky RI.
Couldn't agree more Wyndrum, yours appears a minority voice of reason amongst an apparrent mass of rose tinted spectacled positivity!
So here we are, even the most positive of posters seem to have awoken to the scent of coffee....
Which way will KIE go?
Yet another touch and go liquidity situation (apparently at least the fifth In the last 20 months). As I see it there are three possible outcomes:
1 Kie do a Carillion
2 Kie do an Interserve
3 Kie are acquired for next to nothing and absorbed into another entity.
Hold on for the white knuckle ride or await the rabbit exiting the hat.....
Ianbr1968, Both GT and Kier went through a period of rapid expansion, chasing volume of work whilst ignoring margins. The BIG difference is that when the bean counters running these organisations finally realised that there was too little revenue to sustain them, GT had an asset to cash in on in Linden Homes. Kier however had already stripped its housing arm of the land bank in an attempt to prop up its finances and maintain dividends and had/has nothing else of significant value. In short GT are indeed the more stable whilst Kier remains an asset stripped victim on a financial knife edge. As for another Kier rights issue, taking into account the hit the underwriting banks took on the last one, it is my view is that the only winners would be the shorters.
For major re-organisation, read: Replacement programme of experienced, capable professionals with naive, cheap , pc tickety box graduates and apprentices on accelerated promotion pathway with little regard of competence.
The damage done to the Kier business between 2010 & 2018 Is the key issue that no one seems to have properly researched or communicated. Plus many of those complicit remain in Influential positions, substituting “yes Mr Mursell” for “yes Mr Davies”...
Hi Paradrummer , Forgive my skepticism but when exactly would this ”AGM at Tempsford” have been...?