Astaire Group Share Discussion Threads

[lr4850] 26/5/2010 17:37

Can anyone decipher the director movement between companies for us. I suspect its bad news for holders.? Is a MBO on the cards?

[elblinky] 26/5/2010 14:13

What a perfect exercise in value destruction. I struggle to understand how these guys managed to slither their way out of the primordial soup.

Astaire Group Plc ("Astaire" or the "Group")

Strategy, Board Changes and Litigation

26 May 2010



In the light of recent unsuccessful corporate activity the board of Astaire ("Board") has concluded that it cannot continue to pursue the strategy of consolidation in the financial services sector at the current time and that there is a need to revise this strategy and seek alternatives for delivering value to shareholders. Accordingly discussions are being held with a number of parties with a view to considering alternative ownership arrangements for the operating businesses of the Group.



Evolve Capital Plc ("Evolve"), Astaire's majority shareholder, has stated that it has no desire for ongoing involvement in actively managing its investment in Astaire and thus the directors of Astaire and Evolve announce that with this in mind and with a desire to improve the independence between the two companies, Oliver Vaughan, Chairman of both Astaire and Evolve, has today resigned as a director of Astaire with immediate effect but remains Executive Chairman of Evolve.



Edward Vandyk has also today resigned from the Board and from his role as Chief Executive of Astaire and as a director of Evolve, with immediate effect. James Noble and Christopher Roberts, who are directors of both Astaire and Evolve, have resigned as directors of Evolve with immediate effect but remain directors of Astaire. James Noble has been appointed as Chairman of Astaire.



In addition, Astaire announces that a dormant holding company within the Astaire Group, Corporate Synergy Holdings Limited has received, from lawyers acting on behalf of Izodia Plc, service of a Claim Form and Particulars of Claim filed with the High Court, claiming compensation of approximately £4 million plus interest in respect of alleged events which occurred in mid 2002. Astaire Securities Plc is also listed as a defendant in the claim, but solely in respect of a claim for compensation of £25,000 plus interest.



Astaire and its subsidiaries are receiving legal advice in respect of this matter and expect to present a vigorous defence to the allegations which the Group believes to be wholly unfounded. A further update announcement will be made to shareholders of both Astaire and Evolve in due course.

[lr4850] 21/5/2010 17:40

Stinks even more now. See RNS released after market close.

[acquisitor] 14/5/2010 09:22

This company stinks.

[lr4850] 13/5/2010 18:11

FSA need to look into this. Astaire has used this as a ruse to stop an offer being made for them. Crooks all of them; Dr Death, in particular.!

[targatarga] 13/5/2010 12:26

how deep are the problems here? corruption?

[lr4850] 27/4/2010 11:12

Come on ASTAIRE. Stop the shenanigans and let the bid come in.

[warpedone] 26/4/2010 07:45

Astaire isn't buying Stockcube, it's a client who they're doing a tender offer for. See the announcement on March 31st

[targatarga] 25/4/2010 07:57

next thing...astaire suffers indigestion.....the vaughans of this world do have a large ego and things haven't changed since the days of explaura holdings [pre mountcashel]. regards

[lr4850] 24/4/2010 16:59

duplicate post

[lr4850] 24/4/2010 16:59

ASTAIRE BUYING STOCKCUBE

[lr4850] 23/4/2010 19:02

Sorry FT here's the article:


Astaire to replace Fairfax as broker

By Alistair Gray

Published: April 23 2010 01:47 | Last updated: April 23 2010 01:47

Astaire is preparing to replace Fairfax as its corporate broker and nominated adviser following Fairfax's recent expression of interest in a possible takeover deal.

A tie-up between Fairfax and Astaire, whose shares were suspended last week after it disclosed a hole in its accounts, would create the largest stockbroker on Aim by number of clients.


However, people familiar with the matter said that no deal was likely to be struck until uncertainty surrounding Astaire's planned acquisition of Hoodless Brennan, the private-client house, is resolved.

Shareholders in Hoodless Brennan were given the opportunity to revoke their acceptances of Astaire's offer but it emerged on Thursday that the vast majority of them have agreed to press ahead.

Still, the deal with Hoodless Brennan is unlikely to be completed as a result of regulatory constraints placed on Astaire after it disclosed that £1.4m ($2.2m) went missing as a result of a systems failure at Rowan Dartington, its wealth management arm.

Astaire, which had a market capitalisation of £6.2m when its shares were suspended, is under investigation by the Financial Services Authority and could be fined. The money is expected to take several months to recover.

The group has suffered a string of senior departures in recent days. Lindsay Mair, managing director of Astaire Securities and former director of corporate finance at Daniel Stewart, is also expected to leave shortly.

The developments mark a shift in fortunes for Astaire, previously known as Blue Oar, whose chief executive Edward Vandyk has strived to be an aggressive consolidator of London's overcrowded stockbroking industry.

Through Evolve Capital, Mr Vandyk mounted a hostile takeover of Blue Oar in December 2008 and renamed it. Since then, his broking business have also snapped up Dowgate Capital, St Helen's Capital and Ruegg & Co.

Although many City brokers have been subject to takeover speculation in recent years, most mooted deals have failed to materialise.

[lr4850] 23/4/2010 18:57

This backoffice system blunder might be a ruse to avoid hostile takeover. Please let it happen and soon!

Might also explain the trade that took place under suspension?

[lr4850] 23/4/2010 18:55

Veryyyyyyyyyyyyyyyyyyyy interesting.

[targatarga] 23/4/2010 13:28

anyone heard the rumour about astaires bidder...tia

[targatarga] 21/4/2010 10:10

missing millions? egg on the faces again and a lack of due dilligance?

[acquisitor] 21/4/2010 07:25

I read the trade as a short position.

[lr4850] 21/4/2010 07:22

Waiting for the A flag announcing a return of these.

[skint student] 14/4/2010 05:23

Black hole! lol, very perceptive.


===================================
(From the times) April 14, 2010

Astaire admits £1.4m black hole in its accounts.

The Astaire stockbroking firm was under investigation by the Financial Services Authority last night after it admitted discovering a £1.4 million black hole on its balance sheet.

The issue relates to a systems failure at Rowan Darlington, Astaire's Bristol-based wealth management business, which left it unable to reconcile its accounts and could have left it open to fraud.

The discovery threatens to derail Astaire's planned £3.6 million takeover of Hoodless Brennan, its fellow broker, which has itself attracted the FSA's interest for its aggressive sales techniques. It is also expected to lead to Astaire being fined by the regulator.....................

[acquisitor] 13/4/2010 15:27

Could today's announcement be the final nail in the coffin for this dog?