Annoyedinvestor
19 Sep 2016
Re: SGH/PSD - Winning streak Winning streak, can I suggest you change your moniker to Whinging streak. Give it up, the Quindell phase of the company is over, and current board members are working on building a reputable company which will have value for shareholders.WS - Don't bother responding, I've put you on 'ignore'. I find your posts so tedious!
eagle51
19 Sep 2016
Re: SGH/PSD oh shut up will you, WS...............you're like a parrot
winningstreak
19 Sep 2016
Re: SGH/PSD Perhaps owning shares here is the biggest mistake of all....ws
eagle51
19 Sep 2016
Re: SGH/PSD Someone please send the directors (and KPMG) a calculator.A free audit next year would be my price for this total failure to discharge professional responsibility. 2 days in the stocks for WTG's CFO.I'd have been utterly ashamed - not that it would ever have happened.
winningstreak
19 Sep 2016
Re: SGH/PSD All I can see is a mess. Why not change the name back to Qjuindell, and admit there is much that is not well.
eagle51
19 Sep 2016
Re: NEW ARTICLE: Boring Watchstone may r... I agree CaC. Hopefully it will be quickly put to bed but I bet the price doesn't fully recover if it is.I think the terms of the warranty are such that any claims must be notified as soon as 'warranty events' are discovered. Odd that it should take SGH all this time to discover them - and after the annual accounts for 2015 have been audited and published - plus the half year to 30 June 2016 also published with a short form audit report attached saying all is as stated. And of course SGH didn't apparently see anything amiss until they'd owned and run the business for more than 6 months from May 2015 to Nov the same year. Then it all hit the fan. SGH must be in trouble if they're resorting to this kind of tactic - looking for cash from anywhere. Warranties in S&P agreements are for very specific events and deal mostly with misrepresentation. The fact they seem to have made an unholy balls of the integration process doesn't seem to have come onto their radar. I'm not saying they took over a top performing business but it certainly wasn't as bad as what they turned it into.It's always been pretty clear to me they overpaid for PSD in the circumstances - it's what happens when you chase headlong for growth and fail to take into account that there's people and cultures involved and these aren't easy to manage. SGH's strategy doesn't seem to have been all that different to a certain former CEO of QPP. It was the second time in short order everything was turned upside down for some businesses in PSD. Getting good performance out of the relevant business (and the people in it) was never going to be easy. SGH didn't manage it well in failing to devote the right level of resource to the integration and/or managing the culture changes. Just imo what's most likely to have happened. Now they want to blame others.This is what was said at the time:"Up until this deal, S&G was forecasting its 2014/15 revenue across Australia and the UK to be around £260m. PSD’s unaudited 2014 accounts put its revenue at £645m, using its very different accounting policies to S&G, with gross profit of £328m and EBIDTA of £289m.adding 2,400 staff, it virtually doubles the headcount across S&G. PSD has two strands: legal services, made up of law firms Silverbeck Rymer, Pinto Potts and The Compensation Lawyers, and costs firm Compass Law; and ‘complementary’ marketing, health and motor services, made up of eight brands including Accident Advice Helpline and Mobile Doctors.PSD will be relaunched with a “reinvigorated brand” with the aim of moving away from NIHL claims to become the leading fast-track personal injury practice in the UK. The S&G brand will be focused on “more complex situations”, both in personal injury and other areas of consumer law.With 53,000 NIHL cases being handled by PSD at the moment, there will be a moratorium on new NIHL cases while the future profitability of that part of the business is reviewed, and the existing NIHL file portfolio “will be expedited to drive claims resolution and maximise cash generation”.S&G had 70 lawyers review 8,000 cases over a period of six weeks, and concluded that an “aggressive approach to reporting performance [had resulted] in over-investment in NIHL”. It explained that the way Quindell accounted for NIHL cases – long a source of controversy – had boosted headline profits even though there was “minimal settlement experience and cash generation”.Quindell told the London Stock Exchange today that, although not finalised, PwC’s review of its accounting policies considered the approach of recognising revenue and deferring case acquisition costs as “at the aggressive end of acceptable practice”.“PwC has also identified that some policies are not appropriate, principally being the NIHL cases revenue and related balances which became significant during 2014. This was primarily due to the group’s lack of historical internal data relating to NIHL claims settlements, which is ne
Roger Baron
19 Sep 2016
Re: NEW ARTICLE: Boring Watchstone may r... You wouldn't rush to take them on as your lawyer would you?
coldascheese
19 Sep 2016
Re: NEW ARTICLE: Boring Watchstone may retur... Well, never boring with Watchstone, always something happening. This looks like a desparate move by S&G after all the time they took to check the figures.
moonowl
19 Sep 2016
Re: SGH/PSD More misreporting here. Unbelievable.
Owen Nobody
19 Sep 2016
Re: SGH/PSD You've really changed your tune Eagle all the time so confident that the Escrow money was safe.Of more concern is the company can't do it's Maths and has had to correct it's interims. what a shower.
II Editor
16 Sep 2016
NEW ARTICLE: Boring Watchstone may return cash "After the spectacular demise of former AIM darling Quindell, the phoenix formed from its ashes suffers the opposite problem. Loss-making LSE:WTG:Watchstone has been range-bound since February, although new management has its hands full knocking ..."[link]
winningstreak
16 Sep 2016
Re: What next ? When taking out Goodwill (there should be no goodwill value on loss-making assets, IMO), then the Company's net assets are below the Market Cap value of the Company. This means thatowning shares here equates to owning a right to suffer losses.IMHO,ws
coldascheese
16 Sep 2016
What next ? They seem to be starting to turn the company around- I like this statement"We are now closer to a simplified group and expect the next six months to clarify a number of additional historic matters. Operationally, we have some exciting opportunities to create value in our remaining businesses through a more focussed and realistic approach and particularly via organic growth and new product launches. We remain determined to deploy resources and energy to maximise such potential."If they can get nearer to break even there should be a 30-40% upside here to asset value.
atshdyef
02 Sep 2016
Re: SGH accounts Interesting points Eagle, such a shame it all fell apart how it did.... You haven't influenced me, but have interested me.In terms of where else is a good place for your money. I'm liking Sound Energy SOU. Ditched WTG and moved over, via blackrock gold and general, took a 10% increase there and then into SOU at 44p, touched 70p today.Worth a look IMO
eagle51
02 Sep 2016
Re: SGH accounts I know what he meant, Roger - my comment was just a play on words. If I didn't think there was upside I wouldn't be here - I'm vaguely hoping the directors (or one or two of them) read these boards in which case: "get a bloody move on and sell before you blow the lot - and stop lining your pockets with our money while you drag things out"
. Something in the back of my mind tells me Rose trousered £4m for selling PSD - can't now recall where I read it and might not be right. If he did, £250k is chicken feed.I agree others are a lot more bullish than I am about the situation here. Beach Point are clearly no mugs and they seem to like it. I don't intend selling - I've only got 15k shares and apart from JOG, where I've already got enough invested, I can't think of anything better to do with the money I've got tied up here.[link]
