pyueck
02 Feb 2018
Re: Oh dear Pleased to see he has finally been removed with immediate effect. Overall can't believe this one is back near £1 a share again. Are transport stocks getting dragged down with outsourcing companies, they do have a lot in common really!Looks cheap to me, once debt renegotiated could be a good time.ThanksPhilip
marktime1231
01 Feb 2018
Re: Oh dear You have hit the right note there about financial controls.One of the jobs of group finance is to ensure strong financial controls across reporting entities ... if you know the systems and procedures are sound then so should the data be. You test, improve and enforce the controls by internal and external audit, under a programme of review set by the audit committee. Adam should have been accountable with Emma Mercer his long serving Controller and recently interim CFO making it all happen.Except the Insolvency Service are finding a dreadful mess, unable to get a clear picture even with Mercer strapped in.Adam was running a shambles, who recommended him to FGP?FGP have been really stupid, the whole point of non-execs is to put up reassuring people who are competent and command the trust of shareholders. As you say it raises questions about the judgment of the chair and board, they pick the wrong guy AND ignore the distrust of shareholders. Not just Adam who should go.
pyueck
01 Feb 2018
Re: Oh dear Well the market was updated last September to say that he was standing down and a replacement was being found. However he is still in position.To me a good Chairman of an Audit Committee is vital to ensure that a companies controls are operating effectively. It needs somebody with a track record of being able to run companies with good control environments.Mr Adam may have many qualities, but:a) he was CFO of Carillion, and then shortly after he left the company announced huge write downs and then proceeded to collapse;b) the results in the period he was CFO are under investigation by the FCA; andc) former Carillion directors including himself are under investigation.How investors are therefore supposed to have any confidence in Mr Adam as Chairman of the Audit Committee is beyond me. He should be sacked with immediate effect, not wait to find a replacement. He should be having no part or influence over FirstGroup's controls.His appointment and the long time taken to bring about his departure is a damning indictment of the FirstGroup board.
marktime1231
01 Feb 2018
Re: Oh dear I was just about to post about Richard Adam who was Group CFO at Carillion for a decade until Dec 2016. He either knew what was going on and jumped ship, or he didn't know what was going on. Surely he will be subject to investigation.A strange choice then to chair the Audit committee at First Group, despite 23% dissent at the AGM they were still keen to appoint him to the board. No point saying you want to listen to sharedholders but then don't. SELL.Similar roles at Countrywide, where you might imagine they are having a rethink, and until very very recently at BMT Group where he was resigned.
pyueck
21 Jan 2018
Oh dear Carillion CFO head of audit committee Head in hands Firstgroup. Please come on. Richard Adam, ex CFO of Carillion from 2007 to 2016 is head of the audit committee at Firstgroup. Considering the firm is being investigated for its financial statements before the time he ‘retired’ and the firm collapsed shortly after leaving I highly doubt he is the right person to be chair of the audit committee. Please sack him.
magoo100
19 Jan 2018
Re: Jeremy Corbyn and Bolivia - FGP rela... You make a valid point about the labour government but I don’t think it would ever happen,they would have have to strip British Gas and British telecom and put them back in tax payers hands first,and that would be a long task,I personally wouldn’t vote labour and idol threats would never come to fruition if you ask me,plus I personally think these companies are a lot better run than when nationalised,only my view.
pyueck
19 Jan 2018
Re: Jeremy Corbyn and Bolivia - FGP rela... Mangoo I don’t deny that in many ways things are looking bright for fgp, the biggest reasons I say this is that debt is finally coming down and high interest debt can start to be refinanced from the end of this year. However I have not really seen any evidence of the company diversifying or winning significant business in their key markets of the us and uk. The uk market is still a key market, although as I have said for a long while I wish the company would look at spinning off its us operations as I believe they would have a higher valuation on the us markets. I still think that Jeremy Corbyn poses a huge risk to this company, imagine if a labour government had two terms in office, I would imagine there would be no trains and probably buses in private companies hands. This would be a disaster for Firstgroup, especially after their huge investment in their fleet which we are just starting to pay off at a slow rate. Rightly or wrongly a labour government will look down on any company that either make a profit from taxpayer projects or lose so much they have to shut up shop. Companies only hope is to run a tight line between unprofitability and preventing collapse or Jeremy and his mob will be shitting you down.
magoo100
19 Jan 2018
Re: Jeremy Corbyn and Bolivia - FGP related! Firstgroup already know what challenges lie ahead and they will be diverting there attention away from Britain and entering new countries to look at rail growth etc,still think there is good times ahead
pyueck
18 Jan 2018
Jeremy Corbyn and Bolivia - FGP related! Well I have been to Bolivia, whose president is one of Jeremy Corbyn's mates Evo Morales. They have a lovely new cable car in La Paz, and guess what is nationalised and has Evo Morales' face all over it Stalin style.The latest odds are 5/6 for labour to have the most seats at the next general election, and even if they don't get a majority could probably still form a government with the SNP's help. In short as much as it pains me to say it do people think the market has really priced in the more than 50% chance that Jeremy Corbyn will soon be prime minister. Based on his comments this week, any business running public services, including transport will be taken in house. As FirstGroup does trains and buses, does this not make investors a little worried. Back to Bolivia, when you get into La Paz you are greeted to a town squares full of protestors and processions. The buses are death traps, old buses used in the 60's in the US. The trains got closed about 10 years ago. But the cable car's are great. I think we should send those Momemtum supporters to Bolivia, see how they enjoy it.
theprior
14 Dec 2017
Re: Tram Accident Yes, case of tragically bolting the stable door after.....TP
raptor66
07 Dec 2017
Tram Accident Big Fine and possibility manslaughter charges coming for FGP??
hairyhelmet
27 Nov 2017
Re: Market sees this as a jam tomorrow c... I have followed Firstgroup for many years and it is a business that can only make investors money by clever dealing. Simply holding forever does not work with this one. No dividend and no growth. However, every once in a while they manage to get it right and the share price rises as the mood changes. I feel that that time is almost upon us and indeed that this could be a great buying opportunity. But as ever with a big transport company many many things can and usually do go wrong. If I have left you confused then welcome to the world of Firstgroup.
pyueck
26 Nov 2017
Re: Market sees this as a jam tomorrow compa... Magoo, they don't think it is a jam tomorrow company, it is a jam tomorrow company!Next year however I have always said is the big turning point. High cost debt should be able to be refinanced at lower rates. That change starts next year and continues almost every year at about £250-300m a year until 2024.The bonds maturing in 2018 and 2021 are over 8%, if that could change to under 5% then bingo cash should roll in.
magoo100
24 Nov 2017
Market sees this as a jam tomorrow company Getting a tad worried here,could easily hit new lows soon
theprior
16 Nov 2017
Fao Pyueck [link] to read that tfl have now acted.TP
