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Margin calls work both ways so they receive money back as the liability decreases.

At 1.185 the outlook looks brighter for Alpha and with some commentators predicting 1.2 in the near term this should have a substantially positive impact on the swap liability and thus share price. The last time the GBP/Euro rate was circa 1.2, the share price was in the region of 13.5p. Perhaps a little catch up to take place on the share price?

Now has anyone actually looked at the performance of this fund. Wish I had that 3 years performance at +97%. Anyhow suggests good stock selectors.

Short to medium term i see buy backs to bolster the share price, combined with a property sale to manage the liability which is looking in better shape than a month ago. Longer term a potential issue of shares but a way off at this stage. All IMHO.

Well buy backs occur when the management feels shares are undervalued. The fact they'll keep in treasury supports this. All good especially when judged against the director/ARC buys. Very interesting to watch for Monday.

Anyone have an opinion on the above trades just gone through....the bid dropped in the proceeding 30mins....bid now back up.....surely price would have dropped significantly had these been sales. Having said that buys should have had the opposiite response. Interesting given where we are in the bid process.

Whilst a different sector, it does remind me of what's happened/happening at Lamprell. So my instinct tells me there's more bad news to come as new people come in and start inspecting the pipeline of deals and profitability further. The bogey here is whether today's announcement, and no doubting its truth, whether indeed helps prepare the market for a lesser than originally anticipated bid from Carlyle. If this scenario comes off then perhaps a bid of £3.30 to £3.50. Anyone agree/disagree?

i'd agree with the put on file commentary but given a legal firm is now presiding it still comes to their opinion of the strengtg or ortherwise of the evidence - if deemed strong enough, waht do the board do with that? Separately does Nat start down the litigation route regardless of the legal firm's opinion, which as an ex-director becomes an option as he's no longer carry a conflict of interest (assuming the majority of the board had recommended an offer). Then the question becomes the ability for the Berkie's to raise the finance to close out the deal when all this is out there. My sense is there's many more twists and turns in this saga yet and the legal firms appraisal will be decide this until then i think we'll see plenty of volatility.

Def a strange one this. I guess much will depend upon the evidence much unknown to the public as Nat decribes it. Now that he's an 'ordinary' shareholder what are his options? Perhaps there's a price at which he does become more confortable to walk away quietly with dignity and a greater part of his fortune in tact. be interesting to see how the market reacts tomorrow. At one level an obstacle is removed from the negotiating table for the offer to be 'recommened' but on the other hand he makes some accusations which are hard to put to one side....any thoughts?

With so many questions out there from conflicts of interest tio outright fraud, how could a takeover be allowed to proceed. Surley the FSA or the SFO have to step into this....you could not make this stuff up.

With CWR due to announce how they will be funding themselves by end of Sep combined with the continuing product developments, I wonder whether we'll see a turn for the good for this share. Huge potential if they succeed or even appear to be on the right path.

Genel are cash rich. Anyone believe that they might buy out HOIL's stake in Kurdistan?

Thanks for the transcript. Mention of 'return to growth....', roadshow presentations in April, hiring Goldmans to help organsie debt - these are hugley encouraging signs not those of a management about to hand in the keys to the bank! It's in the banks interest to see this company turned around so would expect that they've endorsed the strategy. There's no guarantees and of course there's risk but the rewards for seeing this turn aorund could be huge IMHO. Today is a further buying opportunity.

There was nothing new in that article whatsoever. Yes mentioned every option was being looked at includinghe sale of the business. got to ask what the point of the article was? Goldman's is not hired to simply do an debt/equity swap. Sale of part of the full business, rights issue (in time to come in my opinion) more likely. All IMHO and good luck all.

Thanks. I would have thought issuing of results and strategic review announcements would happen on the same day. Why separate results on 29 Mar and review on 2nd Apr?

Not doubting you but have Mouchel said they will be making an annocunement of their strategic review on 2nd April? If so, I must have missed that. Things are looking good. Always thoought that this would only pick up with a change in the macro environment which seems to be happening quicker than most envisaged.

Can only see this appointment as a very postitive sign. At the very least Goldman's are not about to take on a client about to go bust. Restructuring expertise is what they'll offer. Really encouraging to see things are progressing.

well there's something starting to stir.....adviser for restructuring?

Would this be to advise them on a taker over approach?

Would be good for Mouchel to release an RNS each time a deal is won so creating more awareness of deals won. 20 February 2012 MOUCHEL Consortium has been named on a £60m Government 'cloud' services contract for the provision of Software as a Service (SaaS), under Lot 3 of the new framework agreement. 'Cloud computing' - the sharing of resources, software and information over a network (normally the Internet) - forms the cornerstone of the pan-Government ICT strategy, which seeks to reduce the cost of software applications, programming and computer hardware provision. Head of Mouchel Consortium and Technology Services, Ian Watson, said: "The importance of this framework is further underlined by the fact that, according to the Government, cloud computing should account for half of its new ICT spending by the end of 2015." Ian added, "Unlike other government frameworks, this one will include a large number of suppliers on each of the lots, so competition may well be fierce." Mouchel's partners, HighQ and Nextenders, are providing cloud solutions which support secure document management with innovative enterprise social collaboration tools and online procurement of goods and services through eTendering and eProcurement - services that will be provided through the Mouchel Consortium service delivery model.