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(CGG.L) Coburg Group PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 30-10-09 | RNS |
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RNS Number : 6884B Coburg Group PLC 30 October 2009 Coburg Group plc ("the Company") Result of AGM The Company announces that at its Annual General Meeting held earlier today, all resolutions were duly passed. For further enquiries please contact:
Colin Aaronson Grant Thornton Corporate Finance +44 (0)20 7383 5100 This information is provided by RNS The company news service from the London Stock Exchange END
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| 07-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3338A
Coburg Group PLC
07 October 2009
Coburg Group plc
Results for the year ended 30 April 2009
Chairman's Statement
Overview
Whilst it was gratifying that sales for the year were only slightly down at £3,544,000 in a difficult economic environment and that the Loss before tax was slightly reduced at £123,000, we were nonetheless very disappointed to have to report another year of trading losses, given the hopes we had for a positive result.
During the year we continued with our programme of cost reductions and we were on target to produce a breakeven position for the year ending April 2009. However, during the second half of the year there was a dramatic change in the sterling dollar exchange rate which had the effect of substantially increasing the cost of green coffee purchases.
The inevitable delay in being able to pass some of these cost increases on to our customers contributed to the loss reported above. While this was a disappointing loss, it was an improvement of £10,000 over the previous year and hides some real fundamental improvements in the underlying profitability of the Group. Since the end of the financial year, the margins have recovered after price increases were successfully passed through to customers and we look forward to reporting first half profits in this new financial year.
Recently, in a trading update we reported that Caffe Nero our largest customer had taken the decision to do its roasting 'in house' and that this would have a material adverse effect on profitability of the Company particularly in the next financial year. The financial effect on the current year will be mitigated by the transitional arrangements that we have entered into with Caffe Nero to ensure a smooth transfer of their business. Gerry Ford, CEO and Chairman of Caffe Nero, said recently: "Coburg has successfully maintained the high quality of coffee that we demand with an unblemished record of on-time delivery and we would like to thank them for all their work since the inception of Caffe Nero. We wish Coburg every success for the future".
While we are disappointed by the loss of an important customer your board remains confident about the long term prospects of the business as it concentrates on supplying outstanding coffee to a wide spread of catering and retail industry outlets. In view of the fact that Caffe Nero's departure takes place relatively late in the financial year, and with the Company being ever more conscious of the need to control costs, we expect to be able to report an improved performance in the current financial year.
Chris Birkle the Managing Director of the Company since 2005 is relinquishing his executive responsibilities. Chris has done a great deal to improve our factory processes, internal systems and, generally, to raise the profile of the business in the industry. He has also been responsible for the restructuring of the group into two operating companies. Coburg Coffee Company Ltd specialises as a contract coffee roaster. The other, Caf?'Or Coffee Services, acts as a coffee distributor supplying our well established coffee brands. I am delighted to report that Chris has agreed to remain on the board as a non-executive director of the Company. He has also agreed to provide consultancy services to the group as appropriate.
I will become part-time Executive Chairman of the Company and am pleased to report that Bryan Stockley, currently our Production Manager, has accepted a new role as General Manager of the Company and will be responsible for all day to day operations. With previous experience in general management at Ashbys, I am confident that Bryan will bring all the necessary skills to the role.
In order to mitigate the financial effects of the changes in our business profile it has been necessary to make a number of long serving factory employees redundant. This is very much regretted and I would like to thank them for all their hard work and support over the years.
There is no doubt that we shall have a very difficult time during the next year. However I believe that there will be increasing opportunities for consolidation in our sector. The board continues to look at a number of acquisition and co-operation opportunities.
Konrad P Legg
Chairman
Consolidated Income Statement
FOR THE YEAR ENDED 30 APRIL 2009
2009 2008
£000 £000
Revenue 3,544 3,586
Cost of sales (2,514) (2,289)
Gross profit 1,030 1,297
Distribution costs (308) (494)
Administrative expenses (806) (910)
Group operating loss (84) (107)
Loss on sale of property, plant and equipment - (5)
(84) (112)
Finance costs (39) (21)
Loss before tax (123) (133)
Tax - -
Loss for the year (123) (133)
Loss per share expressed in pence per share:
Basic (0.52) (0.56)
Diluted (0.52) (0.56)
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 APRIL 2009
Issued Share
share premium Other Retained
capital account reserves earnings Total
£000 £000 £000 £000 £000
Balance as at 1 May 2007 1,190 418 437 (1,498) 547
Loss for the year - - - (133) (133)
Decrease in share option reserve - - (2) - (2)
Balance as at 30 April 2008 1,190 418 435 (1,631) 412
Balance as at 1 May 2008 1,190 418 435 (1,631) 412
Loss for the year - - - (123) (123)
Decrease in share option reserve - - (9) - (9)
Balance as at 30 April 2009 1,190 418 426 (1,754) 280
Consolidated Balance Sheet
AS AT 30 APRIL 2009
2009 2008
£000 £000
Assets
Non-current assets
Goodwill 198 198
Intangible assets - 12
Property, plant and equipment 358 465
556 675
Current assets
Inventories 211 255
Trade and other receivables 446 413
Cash and cash equivalents 2 2
659 670
Liabilities
Current liabilities
Trade and other payables 741 640
Financial liabilities - borrowings
Bank overdrafts 70 40
Interest bearing loans and borrowings 96 125
907 805
Net current liabilities (248) (135)
Non-current liabilities
Trade and other payables 6 84
Financial liabilities - borrowings
Interest bearing loans and borrowings 22 44
28 128
Net assets 280 412
Shareholders' equity
Called up share capital 1,190 1,190
Share premium 418 418
Other reserves 426 435
Retained earnings (1,754) (1,631)
Total equity 280 412
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 APRIL 2009
2009 2008
£000 £000
Cash flows from operating activities
Cash generated from operations 66 165
Interest paid (27) (9)
Interest element of hire purchase payments paid (12) (12)
Net cash from operating activities 27 144
Cash flows from investing activities
Purchase of shares in subsidiary undertaking - (9)
Purchase of tangible fixed assets (6) (48)
Net cash from investing activities (6) (57)
Cash flows from financing activities
Loans advanced in the year 29 -
Capital repayments in year (80) (33)
Net cash from financing activities (51) (33)
Increase/(decrease) in cash and cash equivalents (30) 54
Cash and cash equivalents at beginning of year (38) (92)
Cash and cash equivalents at end of year (68) (38)
Notes
1. Basis of preparation
These consolidated financial statements have been presented in
accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union and interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC) and
have been prepared in accordance with AIM rules and the Companies Act
2006, as applicable to companies reporting under IFRS.
These consolidated financial statements have been prepared in
accordance with the accounting policies set out in the annual report
and accounts for the year ended 30 April 2009, and under the historical
cost convention, except where modified by the revaluation of certain
financial instruments and commodities.
The Group incurred a net loss of £123,000 during the year ended 30
April 2009 and at that date the Group's balance sheet showed a retained
loss of £1,754,000.
The Group's financial projections indicate that the Group requires
additional cash resources to continue to meet its liabilities as they
fall due over the next 12 following the loss of a key customer as
disclosed in the Report of Directors and note 25 in the annual report
and accounts for the year ended 30 April 2009.
In order to ensure the company can continue as a going concern the
directors are:
* Discussing its banking facilities with its bankers; and
* Have negotiated a supply agreement with Caffe Nero to supply green
coffee which would provide additional working capital.
The Group's major shareholder has also indicated his willingness to
provide additional funding via a loan from his company, Tudeley
Holdings Limited, to bridge the forecast shortfall in funding should it
be required.
2. The consolidated financial statements incorporate the financial
statements of the company and all principal subsidiaries for the year
ended 30 April 2009. The results of any subsidiaries acquired during
the year are included in the statements from the effective date of
acquisition.
3. Loss per share for the year ended 30 April 2009 is calculated on the
consolidated loss on ordinary activities after tax of £123,000, divided
by 23,790,914, being the weighted average number of ordinary shares in
issue during the year.
4. The financial information set out in this announcement does not
constitute the Company's statutory accounts for the year ended 30th
April 2009 or 30th April 2008, but is derived from those accounts.
Statutory accounts for the year ended 30th April 2008 have been
delivered to the Registrar of Companies and those for the year ended
30th April 2009 will be delivered following the Company's annual
general meeting. The auditors have reported on those accounts; their
reports were unqualified and did not contain statements under S237 (2)
or (3) Companies Act 1985.
5. Copies of the annual report and accounts will be posted to shareholders
today and will be made available to the public on the Company's
website, www.coburg-group.com and at Unit 3, Harrington Way, Warspite
Road, Woolwich, London SE18 5NU. The Annual General Meeting of the
Company is due to take place at 11.00 a.m. on 30th October 2009 at the
same address, at which resolutions will be proposed as set out in the
copy of the notice of AGM appended below.
Notice of AGM
Annual General Meeting
The directors advise that this document contains the formal Notice of the Annual General Meeting of Coburg Group Plc which you will find on page 48. The Notice convenes the Annual General Meeting of the company to be held at Unit 3 Harrington Way, Warspite Road, Woolwich, London. SE18 5NU for 11.00 a.m. on 30 October 2009 at which the following resolutions will be proposed:
Ordinary Business
* To receive the company's financial statements for the year ended 30 April 2009 together with the directors' report, the directors' remuneration report and the auditors' report on those accounts.
* To re-appoint Konrad Legg as a director who retires by rotation.
* To re-appoint Horwath Clark Whitehill LLP as auditors of the company to hold office from the conclusion of the meeting to the conclusion of the next meeting at which accounts are laid before the company at a remuneration to be determined by the directors.
Special Business
To consider and if thought fit pass the following resolutions as Ordinary Resolutions:
4. To approve the directors* remuneration report for the financial year ended 30 April 2009.
5. THAT in substitution for all existing authorities to the extent unused the directors be and they are generally and unconditionally authorised in accordance with Section 551 of the Companies Act 2006 (*the Act*) to exercise all the powers of the Company to allot relevant securities (within the meaning of that section):
* up to an aggregate nominal amount of £250,000 for cash; and
* up to an aggregate nominal amount of £600,000 where such securities form the whole or part of the consideration for the acquisition of any other company;
provided this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution save that the directors may allot relevant securities pursuant to an offer or agreement made by the Company on or before that date as if such authority had not expired.
To consider and if thought fit pass the following resolutions as a Special Resolution:
6. THAT in substitution for all existing authorities to the extent unused, and subject to the passing of the resolution 5 the directors be generally empowered pursuant to Section 551 of the Act to allot equity securities (within the meaning of Section 560 of the Act) pursuant to the authority conferred by resolution 5 as if Section 561 of the Act did not apply to any such allotment provided that this power shall be limited to the allotment of equity securities:
(i)in connection with a rights issue or other pre-emptive share issue in favour of ordinary shareholders where the securities respectively attributable to the interest of all ordinary shareholders are proportionate (as nearly may be) to the respective number of ordinary shares held by them but subject to such exclusions or arrangements as the directors may deem necessary or expedient to deal with fractional entitlements arising or any legal or practical problems under the laws of any overseas territory or the requirements of any regulatory body or exchange or otherwise; and
(ii) otherwise than pursuant to sub-paragraph (a) above for cash up to an aggregate nominal value of £250,000;
provided this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution save that the directors may allot relevant securities pursuant to an offer or agreement made by the Company on or before that date as if such authority had not expired.
For further enquiries please contact:
Chris Birkle Coburg Group PLC +44 (0)20 8317 6410
Colin Aaronson Grant Thornton Corporate Finance +44 (0)20 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FSUFLMSUSEDS
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| 07-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3338A
Coburg Group PLC
07 October 2009
Coburg Group plc
Results for the year ended 30 April 2009
Chairman's Statement
Overview
Whilst it was gratifying that sales for the year were only slightly down at £3,544,000 in a difficult economic environment and that the Loss before tax was slightly reduced at £123,000, we were nonetheless very disappointed to have to report another year of trading losses, given the hopes we had for a positive result.
During the year we continued with our programme of cost reductions and we were on target to produce a breakeven position for the year ending April 2009. However, during the second half of the year there was a dramatic change in the sterling dollar exchange rate which had the effect of substantially increasing the cost of green coffee purchases.
The inevitable delay in being able to pass some of these cost increases on to our customers contributed to the loss reported above. While this was a disappointing loss, it was an improvement of £10,000 over the previous year and hides some real fundamental improvements in the underlying profitability of the Group. Since the end of the financial year, the margins have recovered after price increases were successfully passed through to customers and we look forward to reporting first half profits in this new financial year.
Recently, in a trading update we reported that Caffe Nero our largest customer had taken the decision to do its roasting 'in house' and that this would have a material adverse effect on profitability of the Company particularly in the next financial year. The financial effect on the current year will be mitigated by the transitional arrangements that we have entered into with Caffe Nero to ensure a smooth transfer of their business. Gerry Ford, CEO and Chairman of Caffe Nero, said recently: "Coburg has successfully maintained the high quality of coffee that we demand with an unblemished record of on-time delivery and we would like to thank them for all their work since the inception of Caffe Nero. We wish Coburg every success for the future".
While we are disappointed by the loss of an important customer your board remains confident about the long term prospects of the business as it concentrates on supplying outstanding coffee to a wide spread of catering and retail industry outlets. In view of the fact that Caffe Nero's departure takes place relatively late in the financial year, and with the Company being ever more conscious of the need to control costs, we expect to be able to report an improved performance in the current financial year.
Chris Birkle the Managing Director of the Company since 2005 is relinquishing his executive responsibilities. Chris has done a great deal to improve our factory processes, internal systems and, generally, to raise the profile of the business in the industry. He has also been responsible for the restructuring of the group into two operating companies. Coburg Coffee Company Ltd specialises as a contract coffee roaster. The other, Caf?'Or Coffee Services, acts as a coffee distributor supplying our well established coffee brands. I am delighted to report that Chris has agreed to remain on the board as a non-executive director of the Company. He has also agreed to provide consultancy services to the group as appropriate.
I will become part-time Executive Chairman of the Company and am pleased to report that Bryan Stockley, currently our Production Manager, has accepted a new role as General Manager of the Company and will be responsible for all day to day operations. With previous experience in general management at Ashbys, I am confident that Bryan will bring all the necessary skills to the role.
In order to mitigate the financial effects of the changes in our business profile it has been necessary to make a number of long serving factory employees redundant. This is very much regretted and I would like to thank them for all their hard work and support over the years.
There is no doubt that we shall have a very difficult time during the next year. However I believe that there will be increasing opportunities for consolidation in our sector. The board continues to look at a number of acquisition and co-operation opportunities.
Konrad P Legg
Chairman
Consolidated Income Statement
FOR THE YEAR ENDED 30 APRIL 2009
2009 2008
£000 £000
Revenue 3,544 3,586
Cost of sales (2,514) (2,289)
Gross profit 1,030 1,297
Distribution costs (308) (494)
Administrative expenses (806) (910)
Group operating loss (84) (107)
Loss on sale of property, plant and equipment - (5)
(84) (112)
Finance costs (39) (21)
Loss before tax (123) (133)
Tax - -
Loss for the year (123) (133)
Loss per share expressed in pence per share:
Basic (0.52) (0.56)
Diluted (0.52) (0.56)
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 APRIL 2009
Issued Share
share premium Other Retained
capital account reserves earnings Total
£000 £000 £000 £000 £000
Balance as at 1 May 2007 1,190 418 437 (1,498) 547
Loss for the year - - - (133) (133)
Decrease in share option reserve - - (2) - (2)
Balance as at 30 April 2008 1,190 418 435 (1,631) 412
Balance as at 1 May 2008 1,190 418 435 (1,631) 412
Loss for the year - - - (123) (123)
Decrease in share option reserve - - (9) - (9)
Balance as at 30 April 2009 1,190 418 426 (1,754) 280
Consolidated Balance Sheet
AS AT 30 APRIL 2009
2009 2008
£000 £000
Assets
Non-current assets
Goodwill 198 198
Intangible assets - 12
Property, plant and equipment 358 465
556 675
Current assets
Inventories 211 255
Trade and other receivables 446 413
Cash and cash equivalents 2 2
659 670
Liabilities
Current liabilities
Trade and other payables 741 640
Financial liabilities - borrowings
Bank overdrafts 70 40
Interest bearing loans and borrowings 96 125
907 805
Net current liabilities (248) (135)
Non-current liabilities
Trade and other payables 6 84
Financial liabilities - borrowings
Interest bearing loans and borrowings 22 44
28 128
Net assets 280 412
Shareholders' equity
Called up share capital 1,190 1,190
Share premium 418 418
Other reserves 426 435
Retained earnings (1,754) (1,631)
Total equity 280 412
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 APRIL 2009
2009 2008
£000 £000
Cash flows from operating activities
Cash generated from operations 66 165
Interest paid (27) (9)
Interest element of hire purchase payments paid (12) (12)
Net cash from operating activities 27 144
Cash flows from investing activities
Purchase of shares in subsidiary undertaking - (9)
Purchase of tangible fixed assets (6) (48)
Net cash from investing activities (6) (57)
Cash flows from financing activities
Loans advanced in the year 29 -
Capital repayments in year (80) (33)
Net cash from financing activities (51) (33)
Increase/(decrease) in cash and cash equivalents (30) 54
Cash and cash equivalents at beginning of year (38) (92)
Cash and cash equivalents at end of year (68) (38)
Notes
1. Basis of preparation
These consolidated financial statements have been presented in
accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union and interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC) and
have been prepared in accordance with AIM rules and the Companies Act
2006, as applicable to companies reporting under IFRS.
These consolidated financial statements have been prepared in
accordance with the accounting policies set out in the annual report
and accounts for the year ended 30 April 2009, and under the historical
cost convention, except where modified by the revaluation of certain
financial instruments and commodities.
The Group incurred a net loss of £123,000 during the year ended 30
April 2009 and at that date the Group's balance sheet showed a retained
loss of £1,754,000.
The Group's financial projections indicate that the Group requires
additional cash resources to continue to meet its liabilities a
2. The consolidated financial statements incorporate the financial
statements of the company and all principal subsidiaries for the year
ended 30 April 2009. The results of any subsidiaries acquired during
the year are included in the statements from the effective date of
acquisition.
3. Loss per share for the year ended 30 April 2009 is calculated on the
consolidated loss on ordinary activities after tax of £123,000, divided
by 23,790,914, being the weighted average number of ordinary shares in
issue during the year.
4. The financial information set out in this announcement does not
constitute the Company's statutory accounts for the year ended 30th
April 2009 or 30th April 2008, but is derived from those accounts.
Statutory accounts for the year ended 30th April 2008 have been
delivered to the Registrar of Companies and those for the year ended
30th April 2009 will be delivered following the Company's annual
general meeting. The auditors have reported on those accounts; their
reports were unqualified and did not contain statements under S237 (2)
or (3) Companies Act 1985.
5. Copies of the annual report and accounts will be posted to shareholders
today and will be made available to the public on the Company's
website, www.coburg-group.com and at Unit 3, Harrington Way, Warspite
Road, Woolwich, London SE18 5NU. The Annual General Meeting of the
Company is due to take place at 11.00 a.m. on 30th October 2009 at the
same address, at which resolutions will be proposed as set out in the
copy of the notice of AGM appended below.
Notice of AGM
Annual General Meeting
The directors advise that this document contains the formal Notice of the Annual General Meeting of Coburg Group Plc which you will find on page 48. The Notice convenes the Annual General Meeting of the company to be held at Unit 3 Harrington Way, Warspite Road, Woolwich, London. SE18 5NU for 11.00 a.m. on 30 October 2009 at which the following resolutions will be proposed:
Ordinary Business
* To receive the company's financial statements for the year ended 30 April 2009 together with the directors' report, the directors' remuneration report and the auditors' report on those accounts.
* To re-appoint Konrad Legg as a director who retires by rotation.
* To re-appoint Horwath Clark Whitehill LLP as auditors of the company to hold office from the conclusion of the meeting to the conclusion of the next meeting at which accounts are laid before the company at a remuneration to be determined by the directors.
Special Business
To consider and if thought fit pass the following resolutions as Ordinary Resolutions:
4. To approve the directors* remuneration report for the financial year ended 30 April 2009.
5. THAT in substitution for all existing authorities to the extent unused the directors be and they are generally and unconditionally authorised in accordance with Section 551 of the Companies Act 2006 (*the Act*) to exercise all the powers of the Company to allot relevant securities (within the meaning of that section):
* up to an aggregate nominal amount of £250,000 for cash; and
* up to an aggregate nominal amount of £600,000 where such securities form the whole or part of the consideration for the acquisition of any other company;
provided this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution save that the directors may allot relevant securities pursuant to an offer or agreement made by the Company on or before that date as if such authority had not expired.
To consider and if thought fit pass the following resolutions as a Special Resolution:
6. THAT in substitution for all existing authorities to the extent unused, and subject to the passing of the resolution 5 the directors be generally empowered pursuant to Section 551 of the Act to allot equity securities (within the meaning of Section 560 of the Act) pursuant to the authority conferred by resolution 5 as if Section 561 of the Act did not apply to any such allotment provided that this power shall be limited to the allotment of equity securities:
(i)in connection with a rights issue or other pre-emptive share issue in favour of ordinary shareholders where the securities respectively attributable to the interest of all ordinary shareholders are proportionate (as nearly may be) to the respective number of ordinary shares held by them but subject to such exclusions or arrangements as the directors may deem necessary or expedient to deal with fractional entitlements arising or any legal or practical problems under the laws of any overseas territory or the requirements of any regulatory body or exchange or otherwise; and
(ii) otherwise than pursuant to sub-paragraph (a) above for cash up to an aggregate nominal value of £250,000;
provided this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution save that the directors may allot relevant securities pursuant to an offer or agreement made by the Company on or before that date as if such authority had not expired.
For further enquiries please contact:
Chris Birkle Coburg Group PLC +44 (0)20 8317 6410
Colin Aaronson Grant Thornton Corporate Finance +44 (0)20 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FSUFLMSUSEDS
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| 01-10-09 | RNS |
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RNS Number : 0452A Coburg Group PLC 01 October 2009
COBURG GROUP PLC Trading Update 1 October 2009 Coburg Group plc ("Coburg" or "the Company") will be announcing its results for the year ended 30th April 2009 by 7th October 2009. Sales are expected to be flat but with a smaller loss than the previous year. Given the economic turmoil, the Directors are pleased with the sales result. The loss, while smaller than the previous year was a disappointment and would have been considerably smaller had it not been for a very marked deterioration in the value of sterling against the dollar in the last few months of the financial year. This change substantially increased the costs of raw coffee purchases. During the first few months of the new financial year, margins recovered following price increases and as a result, the business has traded profitably in every month so far this financial year. Caffe Nero the Company's largest customer, has advised the Company that it intends to bring the roasting of its coffee blend 'in house' and is planning shortly to establish its own coffee roasting facility. This policy is in line with that pursued by their major competitors Starbucks and Costa Coffee. Coburg's relationship with Caffe Nero remains positive and the Company will continue to provide services to Caffe Nero during the transition period. The loss of the Caffe Nero business is likely to have a material adverse impact on Coburg's profitability, particularly in the financial year ending 30 April 2011. The directors have initiated a number of measures that will mitigate the financial impact of this development. Further details of Coburg's future strategy will be outlined in the Company's forthcoming annual report and accounts. For further information please contact:
Colin Aaronson Grant Thornton Corporate Finance +44 (0)20 7383 5100 This information is provided by RNS The company news service from the London Stock Exchange END
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Lol that's weird up 11% at the close!
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Well, with the loss of Costa, there isn't a business left anyway, so the death throws are long since past. Forget it - this is all done and dusted.
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Now there's a surprise...a 17.84% fall in the share price!
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| 07-10-09 |
SELL
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Of course, there is little point in selling as the shares are worthless!!
So I also guess I owe this bb an apology. I got it wrong. It has now been 2 years and the company is hanging on. I will make this prediction though - with the loss of the single most important client, a continued poor set of results for a number of years now, there can only be 1 outcome. So I will make prediction number 2 - it can't be too much longer before this comapny goes bust. Once again, my contempt and disgust goes out to the board. They've screwed this business over, time and time again. I see no great gain that they've made over the years, personally. Ok, they've taken pay, etc, but there can't be any real benefit to them in holding shares that are worthless. Indeed, I see no explanation as to why the board haven't withdrawn the company from AIM, as this just sucks money out of the business. This must be the single most incompetant board of directors I've had the mis-fortune to invest in. What does that make me!?! I've finished moaning now! More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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