Member Info for Pooks

Like you Ubik-Fresh very similar situation, i’am of the same opinion it’s now going to take 12- 18 months to transform this business into making healthy and sustainable profits. I said some time ago I was doubtful that all the bad news was baked in the cake. Hopefully the new CEO will bring some of his own trusted team and get rid of the Old .

Hi Theborn… it’s certainly getting interesting , if it wasn’t for my own cash at stake I’d be savoring the journey. It’s to be hoped that this Management Gamble doesn’t backfire.

My point entirely hxulcolrdoh … how on gods earth this CFO can get away with this is unbelievable and unacceptable… it just stinks .

Interesting timing…

I’am clearly not a forensic company accountant but I do know when I can smell bull ..it .

Could not agree more with you … what staggers me is the mind blowing impairment charges for the first six months trading, it’s clearly masking some very unsavory accounting from the resent past.

After a quick read .. Why has this financial formula not been put into practice until now. And why has it been wrapped up and parceled in such a way that it state’s impairment costs have rocketed to 80+ million in six months.. Just Not Believable

What the hell is IFRS9 ?? Could somebody explain this too me , what does it mean and how this has impacted on the profits. Thank you in advance.

They have dumped every bit of bad news and more in the first half….. THIS is Not NEW in corporate behavior. Please use common sense in all this ,why would any company do this in a six month trading. Period … reason to clear the decks for the new team .I’ve always suspected they’ve hidden the carry over of defaults from the old Door step lending daysDon’t forget my friends if the new team discovered such behavior the old management could be held to account even though they no longer work there. In one way what has happened is not a bad thing at least no more skeletons in the closet ( we hope) . The company now is geared for growth.

Hi Pon 105 … From what you’ve heard in the industry what do you make of the new CEO ?

Theborn … thank you , the points you make are clearly valid and hugely important in assessing the reality of today. Call me old an old cynic but new brooms want the pantry floor clean before they move in, especially those with a glowing past .

Impairment charges ( defaults on loans) presumably have more than doubled from 35 million to 85 million, I find that hard to believe in only a six month period. It really wouldn’t surprise me if any overhanging debts from the past have been finally bundled together and written off making it a clean sheet for the new boy , but hey ho we will never get to know that .

You can see it coming

Just classic… if you can work out the twisted logic.

👍

What’s the ut ??

Every day this week at approximately 4.30 someone is buying a large holding approximately 200k … somebody out there is building a substantial position, now one million.

Interesting article today in AJ Bell’s weekly Magazine. Vanquish has dropped 20% in the last 14 days blaming possible defaults on old loans.. personally I think most was written off ( I hope so ) otherwise what’s been the point the over the last 4 years .

They also point out that Vanquish could be Vanquished from the 250 if the trend continues.

I agree bigpunt … any fool can loan money in this market.

There’s only 2 shares today at 14.13 that are in negative territory in FTSE 250 and guess what .. yep Vanquish is one of them … market sentiment is certainly against this stock