Colliers Intl Share Discussion Threads

[loverat] 25/1/2012 09:02

The RNS designed to trash the price yet lower and the price First Service will end up paying.

Pure greed and manipulation on an unprecented scale.

As scrurbs pointed out in not so many words - incompetance on a scale rarely seen on AIM by the directors of this company.

Well done Horrell - you've destroyed a company in the space of just over a year.

Not seen since IPM.

[loverat] 25/1/2012 08:55

You are witnessing the systematic and organised destruction of your company before your very eyes.

[loverat] 25/1/2012 05:39

Agreed that is likely.

But if one is being more cynical they might issue a trading update for H2 and put a negative spin on the forward looking statement and force the shares down further for them to declare they have 'no value'. We know what happened with the last company that pulled that stunt.

And the other thing - they stated that the approach was a 'discount' to yesterday morning's share price but by how much? A 'discount' would suggest not a significant one but who knows what they have planned. They may even be trying to screw shareholders completely here.

The problem here is obviously the directors of this company and First Service. In nearly all companies that I have researched and traded/invested at rock bottom levels there has been a vast improvement in fortunes of the share price at least in the short term. Here it seems someone is controlling everything from the share price movements down to the nature and timing of announcements to cause maximum damage to shareholders. That you cannot fight against.

You just have to hope that your investment does not go down the pan and seek publicity for the apparent organised and systemic way shareholders are being wiped out.

Interestingly I contacted around five people yesterday about this. All replied expressing concern or interest - apart from one that is - Mr Horrell.
Perhaps the cat's got his tongue as he is not normally known for being 'quiet' as this article suggests.

I wouldn't be here otherwise," Mr Horrell says. He believes the Colliers UK business has many strengths, although "they don't shout about them." Well, not yet, anyway. "You know me," he smiles. "I am not renowned for being quiet."

[rsouler] 25/1/2012 00:39

Looks like this was jut a case of continuing to operate from luxurious offices and pay top wages to staff and directors... at the expense of the company and its shareholders who will have 1p/share foist on them. R.I.P.

[cornelious_billy bee] 24/1/2012 15:10

Gross mis-management, dereliction of duty, contempt for shareholders, running company and shareprice into the ground, possible conspiracy with major shareholder to defraud shareholders. Have I missed anything out?

[rsouler] 24/1/2012 15:03

Amazing, a company of this stature hitting the buffers like this. Where do all the huge operating costs come from? Surely with the writing on the wall for a year or more, they would have been cutting their overheads and wages. Quite obviously they knew that commercial finance/mortgages had become near impossible to get for all but listed PLCs. Their operating costs should have been cut by a third over the last 18 months. Plain suicide imho.

[loverat] 24/1/2012 14:01

I would not worry about him. They will probably pension him off with a similar sum they are trying to palm off the other 70% of shareholders with.

Some 'legend' he was.

[kfp] 24/1/2012 12:14

Can't understand why Ritblat and another director bought 600k each @ 16p and never averaged down @ say 2p.I wonder why ?
wink wink.

[loverat] 24/1/2012 10:58

Indeed - it seems to them (and possibly Horrell too) saving a few bob means more than their reputation.

I have done alot of research on problem solicitors and have done quite alot to highlight wrongdoing in that profession. Some time ago I also did alot of research on some AIM directors and their companies and practices. Most of it concerns smaller companies but this could turn out to be a very good case study because this is not some tinpot outfit.

The trading patterns over the last year will be interesting - so will seeing who was shorting this share down to 1p. Then aligning Horrell's past statements with how this all pans out in the end will decide his reputation I feel.

Action groups and the like rarely work but publicity and exposing this kind of behaviour does. One thing that is a common factor between the website link above about the solicitors listed and the behaviour of AIM directors (and on the face of it, First Service) - is pure and simple greed.

My investment hopes may not have been realised here but it goes much deeper than that because people lose money through underhand behaviour everyday and it diminishes any trust remaining in these markets.

[gerryjames] 24/1/2012 10:24

Tight gits.

A two billion dollar turnover, 50m net earnings and they couldn't at least double 70.4% of the MC...........£20m enterprise value this. They're trying to nick it.

Good luck.

[scburbs] 24/1/2012 09:03

kfp,

Only someone who wants to try and disrupt the business of Colliers International (Regus bid for MBE when it was 74% owned by MWB and MWB was in the middle of making a takeover offer). I agree it is very unlikely.

[loverat] 24/1/2012 09:02

Well, interesting to see what pans out. Sounds like they are offering a couple of million quid tops. Surely someone of Horrell's standing can squeeze more than that (unless he is part of the scam)

Anyway - Horrell has presided over a company which has treated its shareholders with contempt and failed them totally. If he surrenders now he will go down in history as being one of the most poorly performing CEO's in such a short space of time.

Quite a turn up after being 27 years with Jones Lang LaSalle and I suspect the stain on his reputation from this will be dificult to shake off. Nobody likes losing their money to incompetants and stitch ups.

By the way - myself and a couple of friends are currently setting up a new external website - 'AIM Directors from Hell' in the not too distant future based on alot of research we have done on directors in the past.

The site is very similar to this format but hopefully a little improved. Might see some of you folks over there!!



ADVFN equivilant:

[kfp] 24/1/2012 08:50

Who else is going to bid when someone owns 30% ?
bloody AIM !! !!

[scburbs] 24/1/2012 08:38

If First Service agree to throw the banks a bone they will probably be less supportive of COL as a stand alone entity. If Horrell was his own man with the financing under control then today's announcement would have confirmed that an offer had been rejected!

If I were a competitor I might be amused by the prospect of taking over COL and eliminating Colliers UK from the supposedly global Collers International brand. Colliers International need a UK business. Sadly in the current climate they could probably go and buy another one, but it would certainly be very disruptive. I don't think a competitor would do this (as it would almost certainly lose them money and none of them are short of people) but its a nice idea (from my perspective).

[loverat] 24/1/2012 08:00

scburbs

You are probably right regarding the intentions of the parties at play. Although the bank is quoted as 'supportive' and in theory they could continue without the offer. The question is - is Horrell in their pocket and deliberately in this scam.

Or is he his own man?

The answer to that question will be revealed soon I feel.

[topvest] 24/1/2012 07:56

No doubt he will be offered a nice job (and salary) by First Service.

[scburbs] 24/1/2012 07:54

Sadly this looks to be unfolding as I feared. Horrell expands the business into the ground, leaving the business without the financial firepower to do anything other than fall into FS's lap on the cheap (reject the offer and FS will cut them adrift and buy from the administrator). Terrible performance by management, I haven't seen much worse given it has been obvious that Horrell's expansion plan without sorting out core profitability was a recipe for this moment.

Where is the trading statement anyway?

[topvest] 24/1/2012 07:49

Looks like a 1p bid or bust then. The share price had got it right then!

[loverat] 24/1/2012 07:49

Tony Horrell commenting as to why he joined Colliers...

Yes certainly looks like they want to grow the business - and take the vast majority for themselves and away away from the majority shareholders Mr Horrell represents. Let's hope Mr Horrell fulfills his proper duties to shareholders and does not end up getting accused of coluding with this scam.



"Rubbish," he says. "I've come here because of an avowed belief from the Canadians that they really want to grow the business."

[loverat] 24/1/2012 07:37

Well, don't look like First Service are going to be too popular unless they come up with something a bit better than that. Perhaps someone ought to look into who was shorting this.

Anyway - there may also be other players watching what unfolds as the RNS mentions the possible scenario of other offerers.

[mathisvale] 24/1/2012 07:31

Effective technique - short a company all the way to the floor, then buy back the shorted shares for peanuts and then make a discounted offer for the rest of the shares. The other shareholders will be nursing big losses and will be glad to sell.

Next year the company swings back to the black and lo and behold it is suddenly worth a lot more than the offer price

[loverat] 24/1/2012 07:26

Yeah but what about shareholders who held this at 16p last year?

They won't be best pleased that the price has been shorted down to 1p and then as soon as it starts to turn, FS get on the first plane and slap in a crummy offer.

Still, be interesting to see what happens.

[bigbigdave] 24/1/2012 07:08

Well done bottom fishers here.....

[kfp] 23/1/2012 09:18

But if they are undervalued,why are there no director buys at these "bargain prices" ?