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Real-Time news about Bakery Services (London Stock Exchange): 0 recent articles
|cwem: Waxman - 'Obviously you need more BKE'
Strangely enough, that's what I was considering, once the dust has settled from the new share issue. It's speculative, I admit, but RW does seem to be doing something.
The other directors have effectively been bought out, the jobs of people in the bakery business have been secured (subject to future performance) and perhaps the bakery business will survive if it's free from the constraints of being a listed company. There's no doubt that some poor decisions have been made but, as a director, he's probably made the best decision, now, for the future of the business.
RW has repeatedly said that he was also looking to increase shareholder value and, given a rather bad situation, that is what he now appears to be trying to do. An AIM shell with several large shareholders, one of whom might be linked with the new share issue and any reverse takeover. He's got a well respected firm in on whatever is going on (interestingly the lead partner is Head of Media) and things have finally started to move.
Which direction the share price will go? Who knows? But I'm betting, in a small, managed risk sort of way, that it will eventually go up.
Happy New Year|
|jim_bently davis: It matters not in the least to me as I am out of both, (BKE and COH) however I trust that some-one somewhere will look at the facts over BKE.
First of all there is a common denominator that being Richard Worthington.
BKE trades laconically for years, year on year making loses.
The latest reporting of annual results is a disaster, and naturally the share price falls.
Worthington as Chairman makes his usual apologetic statements yet never seems to attend to his duties and obligations.
When the share price is at an all time low, in steps known associates of Worthington, ie Warm Welcome, and starts buying, so too does Diggle Investments which is Worthington's investment vehicle.
It seems to me there has been a conscious effort to drive down the price of BKE at the expense of the small shareholder.
I trust the authorities take a closer look.
Say what you will, I have been a constant critic of Worthington's ethics since he previously dumped BKE, I trust the FSA take an interest.|
|millsig: Someone - was it Jim - complained a few months ago about the large spread on BKE that made them untradeable. Saffy also hints at large spread.
This graph shows the bid/offer spread over the past 12 months.
free stock charts from ADVFN.COM
It also shows a 365 day SMA showing an inexorable decline in the share price.
Note that the rise in January was sufficient to reverse the 365 day trend,
but the increase in spread that followed was disgraceful.|
|10jimb: well come along to the BKE AGM I may bring a finacial journalist with me, and symbolocally burn millions of my shares when I call for the sordid mess to be wound up.
See what that will do for Worthy's reputation
I simply will not allow such incompeetance to continue.
But lets wait for the Accounts due out any minute soon---if they show more loses I promises the board some really great publicity-----you see I am such as losssssser that I can afford to write of my BKE share----all in a good cause and if that exposes the gross incompetence at BKE by those entrusted to run it---all well and good.|
|10jimb: lololol all very nicely packaged but not quite as tighly as you may think. First deal with the placing BKE made a few years back---wher is thaqt money today.
Next read the Times Business article I referenced here some posts back. Bently had every interntion of not demerging COH, it was intended to stay under the BKE wing.
You state, Richard Worthington has a track record as a serial entrepreneur where is said track record, and please mention the cosmetic business as any idiot could have made money in that sector during the time involed.
I never mentioned a conspiriacy I mention incompetant management which I stand by. as Betly told me that he employed the wrong man to oversee Millars and could be bothered to oversee the overseer, tha OK but where was the finance director when Millar was going to the wall---too busy chasing off the Eastern European bandits no doubt!!!!!!!
His responsiblites were to BKE and its shareholders as well as COH and his share options.
Bentley as CEO of BKE also had a duty to his shareholders to ensure that the appointed finance direct was doing his duty as required under company law.
I cant see any credble CEO allowing a finance director to perform as poorly as Worthington has done at BKE----unless of course----unless what went on behind closed doors may have had something to do with those very jiucy share options-----now theres potential grounds for a potentential consiracy therory if ever there were---buy unfortunately its only groundless speculation as we will never know all about this web of entanglement.
Finally you are right about sentiment, the thing that is driving the support for COH right now is its increase in share price---when that falls the more clearer thinkers may look harder at the sentiment behind BKE and JLH|
|cwem: Couple of points in response:
The letter of intent to start up COH was signed in 1999. The first COH store in Poland opened in 2000.
Funding options for increased expansion of COH, including demerger from BKE, were flagged up in July 2001.
Demerger went ahead, following the issuing of a circular to all shareholders and an EGM, in December 2001. BKE ended up with a stake in COH, without the necessity to issue further equity, a reduction in risk to its assets should COH fail,and the freedom to focus on development of existing business within the UK (Don Miller and Inbake).
This does not strike me as cowboy or fraudulent management - if anything, the management has shown a willingness to take risks to develop its business but coupled this with a prudence which has meant that BKE has carried on trading and maintained a positive(ish) cashflow through some fairly adverse circumstances.
As for the 'conspiracy' - what conspiracy? Richard Worthington has a track record as a serial entrepreneur / turn-around specialist who is involved in a number of companies in the UK, US and Poland. Of course he has stakes in these companies both in his own name and in the name of Diggle Investments, an investment vehicle company he started up in the 1990's (I think). He may well get director fees from these companies but the real money for his retirement nest-egg is going to come from increasing the value (share price) of these companies, not deliberately driving them into the ground. He would be acting against his own interests if he had conducted business in the way you have suggested in previous posts.
So there you have it Jim, I fundamentally disagree with you on your interpretation of the history and current status of BKE.
I could have disagreed with you without writing posts but, given that share-prices are driven by sentiment as much as financials, I wanted to present a counterargument to the rather alarming claims you have posted.
I'll keep my modest holding in BKE, I don't think that it's all over for them just yet and perhaps, just perhaps, there really is something in the pipeline.
|10jimb: Its just the shear incompetance of both Wothington and Bentley that gets right up my nose, especially when there are so many good people, hard workers, struggling to make it.
I dont think there are many people interested in a SHAG, as usual the great British propensity for complacency has overruled common sense.
However, I have it on record that both Worthingtom and Bentley told me they were actively seeking shareholder value for BKE.
All I can say is that there has better be some signs of this for the AGM, otherwises heads will roll.
I am not looking for a rant, I am looking for people to live up to their words and perform as we, the shareholders, are paying them to do.
How can both Bentley and Worthington justify taking wages from BKE?
Almost 7 years of share price decline inj a sector where you cant fail to make money.
Its not a question of the value of my investment, thats worthless now. Its a question of poor performance by people who mouth off they can do better.
But that all said, when I was corresponding to Worthington over the proposed cash call for COH in November, I mentioned that I would be dumping my BKE HOLDING AS THE COMPANY WAS A BUMER AND GOING NOWHERE.
IT WAS WORTHINGTON THAT TOLD ME, WITHOUT PROMPTING, THAT WOULD NOT BE A WISE MOVE AS THEY WERE WORKING ON SOMETHING TO RETURN GOOD SHAREHOLDER VALUE BACK INTO BKE.
AFTER 9 MONTHS, IT IS NOT UNREASONABLE TO ASK WHERE IS IT??// is it?|
|johnwattston: Disasterous Spread makes BKE untradable.
I really don't care what anyone says any longer, I have started on this path and I will continue until until we have some sense brought back into this company through a management change
or the company goes to the wall. Either way I will not simply sit by and watch a very shoddy management at work..
The Company today finds itself with a 50% spread hanging over the share price, this makes trading in BKE really quite impossible.
In my book there would be no credible company executive that would allow this to happen at the expense of the shareholders who support them..
Worthington, I suggest with respect, you are all seeing through rose coloured glasses.
What happens if COH falls onto harder times--will he react as he has done with BKE, and just take out more options? In other words do nothing!
THERE IS A MARKET PLACE OUT THERE FOR BKE, BUT IT IS NOT SIMPLY GOING TO WALK IN AND SIT ON EITHER WORTHINGTON'S OR Bentley's LAP|
|10jimb: The problem is a total lack of innovative direction. They have told me they are looking for opportunities to create shareholder value, well thats fine, but they have been looking for six years since that time the share price has crashed and no-one cant tell me there have not been, and still are, massive opportunities for coffee shop type enterprises.
What most don't realise is that Richard Worthington, the boss of COH, is also the Non Ex Chair, and financial director of BKE, and his investments vehicle, Diggle Investments hold shares in both.-----I seriously believe that the Market has its eye on this situation, which is why COH is not better rated.
Obviously, after a very negative 6 six years during which the share price has fallen from 10p to being almost worthess, its time for a change at the top. I, as a major shareholder, am not proepared to see my company pay out good money in wages for pretty dreaful results, year on year, and this is why I have infomed Mr Bentley that I will be asking for his resignation at the next AGM, unless of course he pulls his finger out and delivers on his promises, it really is all up to him.
They were his promises not mine, and believe me if you make me a promise you had better keep to it!|
|10jimb: Again I have to point out to you that I DO NOT POST ON iii. I am not Waxman, although I like his posts and agree with most of them on COH, but obviously not those where he states to sell BKE.
If you felt you had a genuine beef with BKE and stated your case, I would have an opition, either to agree or disagree with you. In either scenario I would be stating my views consicely and clearly and trustfully in a professional manner.
I do not deramp COH,I state my opion, which is what these BBs are for. I have no intention of buying in to COH at the current price level or therabouts as the share price, in my view, is worth around 14p maybe a tad less. And the Company has still to perform and show the market what it can actually make.
I clearly stated the price of COH would fall today, and it did as in other places I am quite an experienced day trader. However, as for going long on COH( VERY VERY LONG) I would have no problem, but would want to get in cheaper than the current levels.
Yes, you bet, I have a beef with Richard Worthington, but I dont hide behind it as we are currently in dialogue over the performance of BKE, and as to some concepts at COH of which I am still a small shareholder.
I would welcome you on this BB, although I dont think you could deramp this share anymore than it is at present, as its a bloody disaster, and as a major shareholder I am quite prepared to publicly state the fact, which is why I have asked Keith Bentley to step down. I have also directly taken Richard Worthington to task over his apparent switching this from a reasonably performing company into a total disaster dog!
With that last statement in mind, I would ask all COH holders to carefully reconsider the RNS as if BKE can be this badly mismanged so to cvan COH if the going gets as tough as it cold easlity do!!
I see COH falling further! However good luck if you continue to hold!|
Bakery Services share price data is direct from the London Stock Exchange