strapuk
14 Dec 2016
Re: Onwards and Upwards Thanks Katonga - I was wondering the same thing but thought I was being dumb! Probably am, but would still like to be enlightened.
Katonga
14 Dec 2016
Re: Onwards and Upwards What does this have to do with Watchstone?
Larry_the_Lock
13 Dec 2016
Onwards and Upwards [link]
Roger Baron
08 Dec 2016
Re: news He is fairly consistent with his postings!
rat machine
08 Dec 2016
Re: news Really? ..... do tell
Donald Havant
08 Dec 2016
news Good news expected s
eagle51
08 Dec 2016
Re: Today's the day...... "you were very keen to mock"....................was I kyptes? Please reference the relevant posts. I usually take a strong stance where I believe something is more likely to happen than not, but mocking is not my normal style. Making snide comments seems to be yours. Are you a girl? I relied throughout on information provided by senior people in WTG, who told me there was no merit in SGH's claims. Apparently they were wrong and therefore so was I. They had all the information at their disposal whereas I didn't. As I'm a trusting sort I believed them. I will never have to believe them again as they no longer affect me. They've shown their colours - ignore this at your peril. Some kind of settlement is the best you can hope for but I wouldn't recommend holding your breath.Always follow the money. I don't believe much of it is intended to find its way into your bank account. WTG is a money box but shareholders don't have the keys.All imo/dyor
kryptes
06 Dec 2016
Re: Today's the day...... You might have forgotten but some of us well remember your reaction when some said SGH could bring a legal action and when someone said the escrow money might not be paid out you were very keen to mock. They were all fools, apparently.They were right, you were wrong, probably best to just admit it and move on. Or is that against your religion?
coldascheese
01 Dec 2016
Re: Market value =cash in bank It seems that some do not agree with the eagles long diatribe as the price is rising today pretty well back to where it was before yesterdays announcement.Watchstone as well as having a huge dollop of cash in the bank also has a very large tax loss which can be used in the future to be set against profits and of course it is quite possible that the claim should well be defeated in any event or even settled for much less that the claim amount,time will tell.Indeed Watchstone presents itself ready for an opportunistic bid from someone ready to take it on or indeed stakebuilding by others willing to take the risk. The current management team are up to the task and we shall see in the coming weeks how this plays out, but got to be a 50-50 gamble at this stage to double your money.
eagle51
01 Dec 2016
Re: Market value =cash in bank Roger - I wasn't actually commenting on either company pension arrangements (although there will be some) or their financial state - I was simply making a point about how much a collection of loss-making businesses is worth. The thing I noted is the continuing cash burn:Group Cash 31 Dec 2015: £100.3m30 June 2016: £93.8m31 Aug 2016: £89.3m25 Nov 2016: £83.1mTurnaround? What turnaround?Mukerjee was paid £435k, inc a bonus of £269k (what for?) from 7 Sept 2015 to 31 Dec 2015 (less than 4 months) plus he's been awarded some lucrative other incentives since. Haven't got a clue what his annual rate of pay is - probably 7 figures. The finance director (Williams - who doesn't seem to me to be out of the top drawer) was paid £539k, inc a bonus of £369k - what for?) from 29 May 2015 to 31 Dec 2015 (7 months). The many non-execs are also paid very handsomely. Does a small group like WTG really need so many? Or to pay out so much before anything has actually been achieved that results in profit?There's only one set of people who look set to do well out of raking over the burnt embers of the fire RT left behind. And they don't begin with the letter 'S'. Most of his creation ('cobbling together' more like) went east (or west I suppose) when SGH seemingly couldn't resist the venus fly trap known as PSD. Goodness only knows why Grech paid as much as he did for the inaccurately named beast, although I wasn't complaining at the time. It's been concerning me for a while that it might not be possible even for a magician like Mukerjee to make fires out of the burnt embers SGH didn't buy. The failure to turn around cash quickly (the rate of burn has actually increased since the summer) had already begun to concern me. The way the assured prospect of getting a dividend of £1 a share out of the escrow (which I now believe has gone forever) has been used as a means to keep people on board and optimistic also made me nervous. It was a step too far yesterday when it was (what I regard as) deviously suggested by WTG that there is still a real prospect the escrow money will come WTG's way, when an independent barrister has concluded the likelihood is that the whole balance of £50m held in escrow - plus another £3m already released to WTG, effectively pointing to an even higher cash burn in 2016 - will be paid back to SGH. I didn't believe we'd be getting all of it anyway, with payment already pushed back to spring 2017.A further concern to me before I sold was the possibility of SGH having a surge of confidence following this ruling and banging in a claim for the other £47m they're permitted to under the terms of the agreement. This, combined with the escrow fiasco, could all drag on for years unless it's settled on terms that suit SGH. In the meantime who's going to want to buy a group consisting of a few 'Terry-tarnished' loss makers that has a bit of cash but horrible legal proceedings hanging over it? The directors will carry on taking the money though and will no doubt be treated by 'ever so keen to please' non-execs to a few more options/ incentives or whatever is flavour of the month as the cash continues to flow out. Lord help you if it should turn positive - you won't be able to afford the bonuses). I have a thing about AIM directors btw. I was sincerely hoping the new appointees in WTG would be different but have been sadly disappointedOver and out (unless someone starts spouting nonsense and they're wrong with their facts, in which case I will return to correct them). GL, but mind yer fingers.
Roger Baron
30 Nov 2016
Re: Market value =cash in bank Come on Eagle!I accept that things may be bad, but no need to start suggesting that there is a pension deficit in there as well! Where did that idea come from? As far as I am aware there has never been a suggestion that WTG has ever operated a DB pension scheme for any of the employees!
safarinorman
30 Nov 2016
Re: Today's the day...... Hi kryptes,I do not own any shares in other companies except 2 local businesses I helped set up in Africa.I would not invest, or more to the point gamble in WTG or S&G because it is now only a gamble who wins and who loses.I would never back management that have serious questions to answer.=It is easy for some who in the past encouraged others to put their money into the company, now to say they sold all their shares= TW own share prophets site gave ample warning of what was going on, it does not matter if a person is liked or disliked, in the past I always wanted to see both views of a company.I have 4 companies on my watch list to see the final outcome.I am not going to get involved in the silly comments that some do to try and make things personal, for me making profit is what I like to make.I did think the share price had fallen to far to quickly earlier today and could recover, but I did not gamble any money as I said, and I will not gamble any money in the future, but I enjoy seeing the outcome in bother companies.
eagle51
30 Nov 2016
Re: Today's the day...... What are you on about, kryptes? I haven't mocked or abused anyone except WTG's directors for misleading us - as they are still doing I believe. The wording of the agreement is abundantly clear - the money can only be kept in the escrow if the independent barrister, after WTG has had the opportunity to make representations to him (or her) about the claims, believes there is more chance of the claims succeeding than not.The RNS comment made by WTG's directors was:"....... the Opinion.......... states that a warranty claim presented by Slater and Gordon Limited and/or Slater and Gordon (UK) 1 Ltd (together "SGH"
has on balance a prospect of success and that, if successful, such claim would be likely to have a value of £53m".The barrister isn't allowed to have that opinion. He is only allowed to state whether or not he thinks the balance of probability is that the claims will succeed, in which case the money will remain in the escrow until the claims are settled. Since we know all the money is now to be retained in escrow, we know the barrister must believe the lot will go to SGH. The only thing which can be untrue is what WTG's directors have stated, which is that the £53m claim: "..... has on balance a prospect of success".The true way to describe it would have been: "the independent barrister believes the probability is that SGH will have the entire escrow fund returned unless the parties agree otherwise"....................Therefore, WTG's shareholders will receive nothing of the £1 capital return they were effectively guaranteed by WTG's directors. The situation will go on and on and it's possible some kind of deal will be done but the odds are very much in favour of the plaintiff in this case. WTG is up against a bunch of ambulance chasing lawyers who aren't known for their ethics.The price did crash - unless you regard a fall of 10% at opening a normal event. Share prices are driven only by supply and demand. There are probably quite a few people like you (and your secret admirer - stalking norman, who is among the world's most cerebrally challenged creatures - he doesn't even come over as bright in the African jungle where he spends most of his time - yawn) who see WTG as good value and are buying because they don't understand relatively simple things.Good on you for trusting AIM directors not to always prefer themselves and not to care about anything except how much they can trouser. The website's glossy though.Show me the money. Not the stuff that's going out at the rate of £2m a month; I've spotted that.
coldascheese
30 Nov 2016
Re: Market value =cash in bank RE: Market value =cash in bankToday 13:44Well price now moving back up-someones attracted by the cash and of course massive tax losses that are available that could be worth a lot to another company and if they win the court case another £50 million in the pot.Probably the best time to make a bid when the company looks really in the mire. Wouldn't be surprised to see it finsh higher today.
kryptes
30 Nov 2016
Re: Today's the day...... "Do I sound cynical? Watch the share price crash. I feel we've been very badly misled and any remaining trust in the directors is gone."So, essentially, you were wrong and many of those who you mocked and abused were right.
