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Down 17%, clearly a vote of no confidence.
Suspect the banks will want their money back now or at least a huge fee / hike in interest rate (as they have done before). The previous BoD certainly misjudged the Spanish Purchase, from £30 million with no debt to this... Wouldn't want that on my CV.
The directors only thoughts were to increase their salaries, bonuses and share options year on year. Just look at the last 3 years annual reports to confirm this. Went from debt free with £30m in the bank to this position. The thing is that there was no need to make any acquisitions at all. There are many people who have been made redundant because of the crass errors of the overpaid BoD. They should be made to repay their bonuses which were certainly not deserved. I dumped my shares at 15p making a small loss. It glad to be out; have made the money back on other shares now.
Try one of the nags at a racecourse if you are going to spend 5k, less chance of losing it.
Me too, the annoying thing is the bonuses that the CEO was awarded and took before the crash. They should have at least been deferred to see if his decision to buy Teltronic was a good one (which it clearly was not) He also managed to triple his salary in 5 years. Those bonuses should have be clawed back, was certainly not deserved. He's been off sick for months now and the new BoD seem to be even worse. At least they won't have to send anybody to receive a business award this year. The only good thing is that all the founders/directors have lost money. I got out at 19 with a small loss and have now made the money back investing in companies who aren't as badly managed as this one.
Should have dumped these before Xmas and spent the cash or gambled on an AIM share.
If the deal goes through, the shares will be suspended at 17:00 on February 17th and delisted the following week, you should then receive 20p per share some time after that.
They will issue an RNS with the outcome of the court and shareholders meetings.
I hope this is the end today. The directors (current and previous) have wrecked this company and destroyed the shareholder value that they had a duty to protect. I am sure that they will just take their next position and carry on regardless. It's amazing that they get away with it but I am sure they have a list of excuses that they trot out during interviews, it can't possibly have been their fault, can it. Would have been a safer bet to put the money invested here on some random choice in the 3:30 at Kempton :-)
As fishy as a haddock's bathing costume.
Remember that one of the Sepura founders is the ex GS managing director.
There is a list of directors who will lose their positions in the document published on December 16th. I am sure they will be over rewarded though.
Not as quiet as the Sepura boardroom, just the steady drip of cash into pockets.
jamesroo, Yes, they are certainly qualified to mismanage the economy but please don't put ideas into their heads, the country is already phookd.
f1game, good summary. The BoD had just been lucky until they made the huge gamble with the "Spanish Acquisition". Looking through the annual reports the company was stable but any delays in the order pipeline were bound to cause cash flow issues. After they had hamstrung themselves with the massive loan, this was an accident waiting to happen. The board also spent a massive amount on the new HQ and the directors increased their renumeratiion, bonuses and share options while cutting budgets and laying off staff. When the delays happened to the order pipeline they were caught out and the shareholders are now picking up the tab while the executives continue to milk what is left in the bank.
This is not quite the same BoD as did the placing, new Chairman, interim CEO, change of Non-execs. They haven't shown any greater ability than the previous lot though. Considering their brief was to turn the business around, there is little evidence of a strategy and they seem to want a quick exit. Of course they will be well rewarded from the executive trough before they depart in their expensive cars.
Considering they have dumped millions of shares at circa 20p looks like they want rid, I suspect they will be voting Yes.
The only certainty is that the directors will be rewarded regardless of the outcome. You can see the ridiculous salaries and bonuses (given to those who wrecked the company) in the annual reports. With long notice periods and Hytera announcing that they will be honouring the Long Term Incentive Plan for directors (£2,000,000 at least) it's no wonder the directors just to take the money and run. Hopefully most of the engineering staff will have left and just the inept managers will be left to e-mail each other with status reports and hold meetings for the entire day to discuss how awful their minions are. Meanwhile the shareholders have to absorb the losses.
The optimism on here is remarkable, unfortunately given everything that has happened since the initial T/O announcement, I think we are heading for more disappointment. I would love this to turn into a bidding war but I think it's just wishful thinking.
If Sion Kearsey has decided to throw in the towel along with his 10,000,000 shares, that suggests to me that it is over. From 20,000,000 to 2,000,000 in 12 months, I bet he is full of admiration for the BoD but I guess he doesn't need the money.