Re: placing!!!!!!!!!!!!! The first half dividend is to be 28p v 32p last year. That is a cut in my book.It will be revealing to see the price of the offering.
Re: placing!!!!!!!!!!!!! Continuing to pay and and even raising the dividend and at the same time doing a capital raise seems dumb---------- ---------- ---------- ---------- -Hi Baker2005,I have to agree with you.They should have cut the dividend.Cobham raised funds without cutting the dividend. It led to further profit warnings, a change in management, more fund raising, cuts to the infrastructure, a collapse in the share price, and they are still in the mire.Callun
events and action BUYimho today's drastic price fall is bit of a shock but my immediate instinct was to average down - so i did!the basics of this co,remain and hopefully recent events will ensure that they never again become too involved with dicey partners. galliforn is better controlling its own destiny!
Re: placing!!!!!!!!!!!!! Baker 2005Shareholders are just nominees these days. It is fund managers who are in control, and they are just another cog in the City gravy train ripping off the punters whether pensioners or investors. As for non execs, those at GFRD as at most other companies have been shown as Tiny Rowland put it ' to be Christmas Tree decorations'
Capital Raising I will be greatly surprised if the placing and price (or formula for same)is not already in the bag.The price will reflect today's trading.I expect an announcement after close today.The grim part of all this is the weak board/senior executives.Obviously the fund raising proposal was hawked around the city for weeks.Thus the shorting. Chinese walls are impossible to construct.
Re: placing!!!!!!!!!!!!! 0.9% margins on 3.5B of construction revenue. You wonder why such companies bother. If they haven't been able to make money post 2009 recovery, how are they going to do so as things cool off now. Continuing to pay and and even raising the dividend and at the same time doing a capital raise seems dumb. Do they think share holders are stupid ? - talk about robbing Peter to pay Paul...
Re: placing!!!!!!!!!!!!! Gloat schmoat!!!!Massive restatement of the debt position!!! No comment from the FD!!! It just gets worse!!! Looks to me like they're still unravelling the problem. Hence the open end on the placing.
Re: placing!!!!!!!!!!!!! Off you go then majl1. You have had your gloat. Now run along please.
Re: placing!!!!!!!!!!!!! BOD clearly fallen for the snake oil salesmen in the City, as £150m could be generated by passing on the divi for 2 years. So without cutting the divi substantially, this is just a fee generating frenzy for the sharks.Clearly construction is a big problem quite apart from the Aberdeen shambles. 0.9% margins before the bad stuff are just not enough to absorb the inevitable justified or not rows by the clients.
Re: placing!!!!!!!!!!!!! Sorry. What was I saying. Just read the IMS in more detail. That's actually a cut in dy! No wonder the sp/mkt cap is still falling. Not with a bargepole.
Re: placing!!!!!!!!!!!!! Well success these days seems to comprise not making money, but rather not losing it! So GT. Ive dodged the bullet again. They don't call me twinkle toes Fred Astaire for nothing Ive banged on about these before & not in a good way. Results out: house building good & construction a bottomless pit of woe. So admission today theyre basically short min £150m cash (against mkt cap max £700m). So major placing underway. Dont worry though, theyre still maintaining the high quality order book. Phew, thats ok then thought they might a major long term issue in construction. Wot a larf. Note no info yet on no. shares to be issued, price p share, or expected net & gross proceeds (ie the cost of the underwriting). None of that bodes well. But don't worry, they've promised to give you a bit more of your own money back.Yes yes -I know I'm just an old cynic ..............
Re: Results Oh well, PIE -EATER, at least the rest of my portfolio is having a better day!
Re: Results Moi aussi.At least did say longer term.........and am content that the fundraising is being done so as not to hinder the there two divisions.
Re: Results Meant to say top up timing!
Re: Results Oh dear, I got my top timing a little bit wrong!