Nice to Michu
04 Aug 2017
Administration it is Sad to see and apologies again.
Nice to Michu
12 Jul 2017
Latest RNS gives a little more hope or maybe that's just wishful thinking on my part.. still not enough info out there to know if a total shareholder wipeout.. but's that not as certain an outcome as for eg as Paul Scott has thought, im
Nice to Michu
03 Jul 2017
Re: Debt assigned to Doorway and Although I see just now in Stockopedia that Paul Scott says its 'hard to imagine that existing equity is worth anything at all in these circumstances' .. So maybe it's still going to be a total write off.. Although this comment surprised me somewhat.. if it comes out of suspension on AIM the equity will have some value at least I would expect..It's still up in the air and more detail needs emerge before drawing any firm conclusions, I would sugges
Another Jacko
03 Jul 2017
Re: Debt assigned to Doorway and So it appears it's not all over yet. I had written the remainder of my investment off so if I get anything back i'll be a happy bunny.
Nice to Michu
03 Jul 2017
Debt assigned to Doorway and working capital for Simpson Miller.. maybe/hopefully it's not all over yet ?IF this new arrangement allows the company become a going concern again then the auditors can sign off the accounts and it can resume trading on AIM.. A big IF of course (I expect a big restructuring would be required also.. and maybe a rights issue in due course too..)Some light breaking out of the darkness ?
Nice to Michu
29 Jun 2017
Re: Bank finance Insightful and much appreciated post thirty fifty twenty.Also I agree that rights issues including existing shareholders are unlikely here, in the first instance at least.. although if insolvency is avoided, in due course an all inclusive rights issue might occur.. and I'd probably not take part even if offered..my exposure is fairly small here thankfully and FRP is clearly in a huge mess now so I just take my punishment and move on. Generally, I do a lot of speculative betting on the stock market and such occurrences have happened to me before and will again.
thirty fifty twenty
28 Jun 2017
Re: Bank finance that's a very honest post NtM.technically the accounts would have been prepared on a 'going concern' basis,i.e. the ability to meet obligations 'as and when they fall due'the bank finance was due for renewal within the next 12 months and thus was an 'obligation due'.AIB obviously said they would not renew the facilities, and FRP has obviously not been able to line up renewal of said facilities thus the draft accounts could not be signed off.If a bank is prepared to pull the plug i'd think the only solution is equity finance,and I think any new equity money has the upper hand in negotiating,and thus current shareholders likely to be heavily diluted.The need for finance quickly also means that shareholders unlikely to participate IMHO.It interesting to see these sorts of situations as gives guidance on the state of the market.I certainly have revisited current investments to see if any exposure to banks pulling in horns.All IMHO, DYOR + BoLI do no have any exposure to FRP
Nice to Michu
28 Jun 2017
Re: Bank finance Paul Scott who had owned shares here in the not too distant past - but I see from his blog today has dumped a while back and stopped following this company - is saying in Stockopedia that based on his previous experience his reading of the RNS is that the bank has lost confidence in the company and that usually - but not always - spells insolvency and we should expect/prepare for 100% losses here.If that turns out to be the case then ouch financially for me and sincerest apologies for the buy posts I offered here recently.I guess it's not over yet though so there's always some sort of a chance they can find lending/ a backer from somewhere.. There are 700 odd employees here as I remember and sadly some or many of them could be the real losers here.
Nice to Michu
28 Jun 2017
Re: Bank finance Can't answer your question with any real conviction WS.. but I guess it's got to be to do with the Auditors refusing to sign off on accounts currently and so they can't be filed. ( amount or structure of debt needs to be changed and AIB not prepared to facilitate to the extent they need perhaps.. )I am a shareholder and am obviously concerned about this. But lets wait and see if they can get alternative/additional financial backing/flexibility from somewhere, hopefully
winningstreak
28 Jun 2017
Bank finance Why does the Company need support from the Bank to publishits accounts? (I am not a shareholder, grateful for that).ws
Nice to Michu
14 Jun 2017
Re: Results for year t0 31/12/16 out soon I've read some more comment on this but it's all now a fair few months out of date and so may be way off.. but I increasingly don't see this going under in 2017 or 2018... and so it has the chance to turn itself around.. to that end I've just done a small top up to bring my average sub 15p..(delayed ) Final Accounts for last year end due within next two weeks .. so place your bets.. or not..Very high risk but reward could be great if it sorts itself even somewhat out in 2017..
Nice to Michu
09 Jun 2017
Results for year t0 31/12/16 out soon sometime in June they said.That will give a little more colour.. particularly the forward looking part, hopefully.They have many hundreds of employees so whatever about the shareholders I hope this company turns itself around for their sakes.My instinct is that this will not go under and will slowly turn itself around. The CEO has already said 17 is a tough year with lots of restructuring but 18 should be the start of a comeback.. If he's right the market is say six months ahead and so this s/p would start to come back in the short term..This could be a lucrative recovery play.. my position is small but on appropriate news I'd grow it..Very high risk of course and you could lose the lot so DYOR
Another Jacko
27 May 2017
Sold I sold most of my holding in FRP, at least all of the ones in my SIPP. The last time I was in the situation of a struggling, indebted company which delayed its results was Metalrax and they went broke on me.I have taken a decent loss on these and am still sitting on a substantial loss on my remaining shares but at least I have got something back.This has been my worst investment for a number of years and the frustrating thing is it is all because the company misled the market for a long time.I guess I should have realised that when the price hit 50p the market really was telling us all something.
Nice to Michu
28 Mar 2017
Ok update given the circumstances Off the back of this mornings update I think these shares have little downside and plenty of upside potential.. assuming they deliver as they expect.. always a bit of an assumption of course.And the company unlikely to have cash flow/solvency issues while it turns itself around imhoObviously still risky but the potential reward justifies the risk, I thinkI bought a small amount more this morning. (Average now 16.5p)
winningstreak
15 Mar 2017
Not to 40p... Does not look like heading for 40 at current going rate.High risk, high potential either way (down/up)...ws
