Hi Rhigos, Yes I would like to buy BRK shares but this provision worries me for the following reasons, 1) it is a provision so costs could be more or of course less, 2) it took 5 years to become apparent it seems, 3) The new CEO was not an internal promotion but was brought in from outside and started in April 2017 just months before this was announced, 4) No further news about the issues being settled after 7 months. I am not a buyer as yet.
Thanks Peermade. I found the bit about legacy matters arising from the former Spearpoint business and cost £6.5m in 27 July 2017 trading update. This figure is also in Final Results 21 Sep 2017 as an exceptional cost. There is a statement:
"Statutory profit before tax fell principally due to the previously announced £6.5m legacy matters provision"
As this is a known expense it will be in share price so looking forward I do not see it as an pediment to SP rise. I understand you may want to know details of what the matters were that led to the need for £6.5m provision. I too am curious.
Hi Rhigos it relates to the trading update on 27 July 2017 and relates to the acquisition made in late 2012, so nearly five years back. It might be a case of great altruism by Brooks or there could be more to it? You never know but maybe offshore means lax regulation and sharp practice happened which Brooks stumbled upon years later. If this was the case then who knows where it might end. No updates since then so maybe all has been settled but would expect some notice from Brooks that it has.
I'm not aware of 6 million provision. Would you be kind enough to explain tax haven issue to me or point me in direction via a link that explains issue.
SP up about 2% today and closed yesterday +5.5%. Looks like some one, perhaps an institutional investor buying big. I sold some last October for a 5.9% loss as began to lose faith in BRK. Now back in black on original purchase.
Well maybe the buyer knows more than me or is just spectacularly brave with his money.
We still dont have news on the tax haven issue. Was 6 million enough of a provision or not enough. These issues scare me so I want to be sure the problem is conclusively dealt with.
Does anyone know what is happening about the issues related to the old Spearpoint acquisition in Jersey and Guernsey, and if the provision of £6 million or so is the last we will hear of this matter. I think there is also some Dublin based fund being wound up that has some issues with it.
I thought we would have an update by now. I am loath to consider a purchase until we have some proper clarity on these matters
Not content with supplying the very very questionable board of directors to Stanley Gibbons, now Les Jerrais (Jerseys Finest Finance Brains) have just torpedoed a nice price rise in Brooks Macdonald. Who or what was Spearpoint and looks like Brooks are suffering from Corpral Jones claim of "They don't like it up 'em".
Shorting a rising stock....is much worse when it is done by your resident posters that seemingly are your buddies and convince 'long' holders to give up!
What many pi's fail to grasp is the extent that shorting is taking place. Often we tend to think that the 'shorter' is gone, 'he' is out of the way? You'd be wrong in many instances, for 'he' the shorter, is often joined by others that keep the stock down !
Some stocks fall after GOOD NEWS!
Shorting or normal profit taking?
The main reason for many pi's selling, is they are afraid they'll be left in losses AND because of the fear of shorters !
Quindell has consolidated 15 for 1 and guess what? The shares are tanking! Probably being shorted again and not just by the professionals. Ordinary investors are having a go as well (if you can't beat 'em....?). At current rate Quindell 'could' fall back to pre-consolidation highs of 45p eventually...confirming Gotham City's price of 3p ? (45/15=3p)
This is what shorting COULD do to your investments!
BUT, where does that leave the genuine investor that has put stocks like QPP into ISAs or their pension funds?...holding losses again!
* Once pi's know the stock is being shorted...they'll SELL UP IN THEIR DROVES !
We can't both WIN !
The 'shorts' therefore 'win' their bets, whereas the 'longs' lose the best part of their investment, possibly for some time to come......and just when you thought this couldn't go any lower, THEY'LL SHORT THE STOCK AGAIN !
* Thanks for all your support. We are now heading towards 5,000 votes!
(that's A LOT of irate investors!)
Investors are saying something? They are voting in their thousands !
Bookmark the links if you wish to 'pass the LINK/s on'.... or read later?
BE A PART OF IT
# The big problem with shorting is that THEY (the shorters) WOULD most likely lose most of their money IF they just 'bet' on the price going down without trying to 'help' it down?
So, there is the 'catch 22' scenario. No one would know of an RNS to be released that will contain BAD NEWS, if they did and then 'shorted' the stock, then they are guilty of 'insider trading'.
The only sure way to short a stock and WIN is to spread dis-information to defame the company with help from other posters that are in concert with them. To ENSURE that they don't lose the biggest part of their 'short', ironically, then, they must deramp with (seemingly) believable posts.
When the pro's do it, they simply get the media or well known 'crooked' tipsters, analysts or brokers to do it for them. (say no more). .They're all involved together!
# The campaign against shorting is for the benefit of the 'cheated' investors that cannot control their investments due to the dirty tricks played out by co-ordinated shorting in order to tank the sp to abnormally low levels.
When the campaign is complete, the results will be reviewed by Govt legislators re- further action! The branch of the FSA ie FCA will be asked by Davide Serra to conduct an investigation into short selling practices, with the view to either:- an outright ban on short selling, or to be better and more vigorously regulated !
Hedge fund chief, David Serra wants the FCA to investigate 'shorting' practices http://goo.gl/5ZvXAU
"This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for ..."
Bespoke wealth manager Brooks Macdonald, whose attractions Growth Company Investor highlighted at 279.5p in 2009, is seeing growth across all parts of its business.
The provider of fee-based discretionary asset management and financial services for private clients and pension funds, with offices in London, Hampshire, Manchester, Tunbridge Wells and Edinburgh, recently unveiled finals to June that delighted on every level.
CEO Chris Macdonald reported 78% pre-tax profits growth to £5.7m, on revenues up 61% to more than £35m and from earnings up 70% to 38.1p, hiked total dividends from 5.5p to 9p. Last year, he explained, we were pushing with a headwind. However, this time around, we benefited from a tailwind.
Funds under management grew 57% to £2.186bn at Brooks, reflecting its robust model, consistent investment performance and new business generated alongside IFAs and professional introducers. Growth was achieved across all areas, from SIPPs, now representing 42% of funds under management, to private portfolios and the emerging managed portfolio service. The bulk was delivered organically, augmented by office openings, alliances inked with introducers and last year's Lawrence House acquisition.
Since year-end, Brooks has hit the acquisition trail again, buying Braemar, manager of over £500m of property and £45m in specialist funds, in a £4m deal, set to enhance earnings over the medium term. Longer-term, Macdonald sees the forthcoming Retail Distribution Review (RDR), which will shake-up the distribution models of most financial services firms, as a huge positive for his business.
If you are yet to bank at least some gains, consider doing so now, with the shares swapping hands for almost 24 times historic earnings. But make sure you stay meaningfully invested, since further bountiful growth is on the way.
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Monday 11 October, 2010
Brooks Macdonald Grp
RNS Number : 1938U
Brooks Macdonald Group PLC
11 October 2010
Brooks Macdonald Group PLC
The Company received notice that Collin Harris, a Non Executive Director of the Company, today purchased 3,293 ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of 905p per share.
Collin Harris's beneficial interest in the Company following this transaction is 3,293 Ordinary Shares representing approximately 0.03% of the Company's total voting rights.
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