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REDHALL GROUP

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Author Kenj2     View Profile     Add to favourites     Ignore
Date posted 2014-10-14 17:12
Subject Re: Hinkley Point approval   View parent message
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Dwiggy, I noted the quote from the Interims RNS that you posted, below.

"The new management team will concentrate on profitable execution and increasing margins rather than top line growth in the short term. Once we have achieved this we can again look to grow. The Board remain convinced that the Group's future prospects are strong"

As you say the Hinkley approval should be good for RHL.
However, the latest Director Change RNS troubles me.

"Redhall Group plc (AIM: RHL), the specialist engineering support services group, announces that Martyn Everett has been appointed as a Non-Executive Director of the Company with effect from 24 September 2014.

Martyn is a Fellow of the Institute of Chartered Accountants and has experience both as an executive and non-executive director across a number of sectors including engineering, retail and media. He has particularly strong expertise in the turnaround and restructuring of both public and private businesses."

The term "particularly strong expertise in the turnaround and restructuring" causes me concern. Reading further down the RNS which lists his achievments we find:-

"Martyn was a director of Snap Equity Limited and JGLCC Camera Company Limited (trading as Jessops, the specialist photographic retailer) which went into administration on 9 January 2013 and underwent a creditor's voluntary liquidation ("CVL") on 11 December 2013."

"He was a director of the companies of global media group Chorion which underwent a CVL on 31 July 2013 following an orderly disposal and wind down programme."

"Martyn was a director of international commercial property company Kenmore Property Group Limited and its subsidiary Ashchurch Corston Limited which were dissolved following an administration to aid in its asset disposal programme on 12 November 2009."

"Martyn was formerly also a director of international engineering company B Elliott Group and certain subsidiaries which following a number of successful divestments were restructured using CVA and LVL's between Sept 2005 and Jan 2007."

These slightly abridged quotes above make it clear that we have hired a man who has extensive experience of liquidations, disposals, and wind downs.
So if "the Board remain convinced that the Group's future prospects are strong", then why have they hired an expert in administrations?
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