Davenham Share Discussion Threads

[chad0x001] 13/1/2011 13:28

on 6th dec 2010 a large shareholder sold 14.9% of the company and said in his leaving letter that the company should be put into liquidation.

would cost 3.5p per share to buy atm. i think this will go down to 0. I worte that a week ago.

and today this:

Davenham Group PLC

11 January 2011

11 January 2011

Davenham Group plc

("Davenham" or "the Company")

Result of General Meeting

Davenham announces that, in line with the Board's recommendation, all resolutions put to shareholders at the General Meeting of the Company held earlier today were voted down (each on a show of hands).

The full text of the resolutions was included in the notice of General Meeting circulated to shareholders, dated 14 December 2010, which is available at www.davenham.co.uk.

The results of the proxy voting were as follows:


For Against Abstain/Withheld Total
----------- --------- --------- ---------------- ----------
Resolution
1 4,374,406 9,963,583 159,436 14,497,425
----------- --------- --------- ---------------- ----------
Resolution
2 4,371,406 9,966,583 159,436 14,497,425
----------- --------- --------- ---------------- ----------
Resolution
3 4,380,424 9,967,001 150,000 14,497,425
----------- --------- --------- ---------------- ----------
Resolution
4 4,377,424 9,970,001 150,000 14,497,425
----------- --------- --------- ---------------- ----------

The Board of Davenham has noted the continued volatility in the Company's share price over recent days and would like to take this opportunity to reiterate that (whilst the Board remains open to reviewing any credible opportunities for a solvent reconstruction of the Group)

##the Board remains of the view that it is likely that there will be no value for shareholders.###

QED

[lufc5] 12/1/2011 21:30

Right what DA+GJ need is our support, and by that I don't mean putting your hands together for a round of applause.

How many guys and girls are on this bb with a holding in a nomanee account and havn't registered to vote electronically??

A MASSIVE 46% failed to even vote..........if only half of those would have voted in DA's favour...... he would have won.

If he is to call a 2nd egm I must be able to try and find people and shares willing to back him.

Looking at the % that voted for him 15.8%....it honestly looks as though only DA and myself made the effort.

PATHETIC!!!!!

[666james] 12/1/2011 11:46

Just confirmation of the decision...hope no one else has posted it

[showmethemoneyhoney] 12/1/2011 09:28

Mike,,,Give it a rest fella. Had DGA gor another 4-5 m shares in his favour, it could be a very different story..It was always a punt. Big risk...big reward..You have no financial interest....

[lufc5] 12/1/2011 02:23

Just a couple of posters from lse..........

for months Dav have been a stuck record - at some point this HAS to change and I hope DA does not give up
Recommend post | Report post nutnut
Posts: 51
Off Topic
Opinion: No Opinion
Price: 2.50
im fed upTue 21:55

with this BOD!! all they say is no value!! like a stuck record!! There not interested in the company or whats best for it!! I smell a RAT!!! Still feel that DA should not give up on this.He has great credentials.

[mike111d] 11/1/2011 18:56

IMO it would make no difference as one way or another I believe that this will be off market within 6 months and with no benefit to ordinary shareholders. I do feel for those who were duped into buying on Friday and yesterday but they really should have been able to see things for what they were, so as not to be taken in by certain folk posting here.

[still waiting] 11/1/2011 18:36

been away all day and missed the action.

will DA come back with an increased personal holding?

nice to see IHUK starting to get rerated now.

[daicaprice] 11/1/2011 16:54

Watch this space, plenty more action in my opinion.
DYOR etc.

DC

[bookiebuster] 11/1/2011 16:40

whilst the Board is open to reviewing any credible opportunity to prevent insolvency our view remains that there will be no value here for shareholders

Administration now guaranteed imho and the paper shredders are being delivered

[spaceparallax] 11/1/2011 15:07

I am becoming increasingly incensed at the Board's transparent attempts to execute an MBO on the cheap by reiterating this misleading statement of 'no value to shareholders'. Many companies have little or no hard NAV, but if a company remains viable it may still hold significant potential to earn - to describe that situation as of no value to shareholders is grossly misleading.

[grlz] 11/1/2011 15:01

DA could have picked up the ACP stake and didn't..... His attempted coup was based on getting the creditor banks to agree to his proposals above those of the BoD's but they didn't go for it, allowing the board to warn any leadership change would probably force the calling of an LPA to run DAV in administration..

[joe the plumber] 11/1/2011 14:43

It's not over until the fat lady sobgsyou will find David picking up all shares sold

[showmethemoneyhoney] 11/1/2011 13:46

Jimmy....The only hope for me was DA winning and I bailed yesterday as it appeared likely that he would not get enough support. Time is running out at Davenham...I believe there is hardly any trade clients left, all asset finance now. I think there is a deal between Kingswood and Davenham BOD for the Asset side so de list, admin and buy back in some form. Can't think of any other reason. I can't believe some people are still buying these as there was risk yesterday...there is so much more now.

[jimmylufc] 11/1/2011 13:38

SMTMH - sooner rather than later do you think - seems to me that DA will win next vote if another EGM convened and ALL shareholders aware of his strategy

Davenham effectively being run by the banks so they are obviously not interested in saving the company - don't think it shows them in as good light either IMHO.

[grlz] 11/1/2011 13:33

[OT] Now that DAV is basically over as a Manchester finance house - its a major boost to Impact Finance's Manchester operations now a competitor has been sunk ;)

Little wonder that while DAV has sunk the smart money such as Bruce Judge has quietly been acquiring a large stake in IHUK...

IHUK is everything DAV should have been - its profitable, growing and has solid and committed funding lines and the NAV is 3x the current MK... great value imho

[mike111d] 11/1/2011 13:26

The numbers were there to be seen if folk had been prepared to do the maths. Hopefully not too many have been badly burned here but the outcome was fairly predictable IMO.

[showmethemoneyhoney] 11/1/2011 13:25

Can't see anyone buying DA shares if he wants to sell as he was the person that brought some life back into the share. I think this will drop to less than 1p. Game Over IMO

[grlz] 11/1/2011 13:23

Granada whats left to pump... votes in. Harsh to blame tara, as she originally called this as a 50/50 punt and she was pumping long before DA surfaced - so in many ways she made a good call as David Anthony did come along with a game changing idea that lifted the share price .. imho

Touch reckless thinking it would go DA's way as the BoD announced they had Kingswoods backing, without mentioning their name, but it didn't take a soros to figure out the math regards the Board's voting support %

DYOR

[grlz] 11/1/2011 13:18

My personal reading of the BoD's comments is an entry opportunity for Kingswood, afterall KW did back the Board with the acp stake it purchased for c.£130k.

If the vote is to be believed PIs holding c£15k shares backed DA.

I wonder if we will see an RNS from DA regards his holding, he has 4x his stake money based on the current (falling) share price ;)

[granada7] 11/1/2011 13:12

looks like the topinfo P & D gang have left the building

[mike111d] 11/1/2011 13:12

As per the EGM result issued:

"The Board of Davenham has noted the continued volatility in the Company's share price over recent days and would like to take this opportunity to reiterate that (whilst the Board remains open to reviewing any credible opportunities for a solvent reconstruction of the Group) the Board remains of the view that it is likely that there will be no value for shareholders."

IMO, they will now one way or another, move to get the company off market, as previously proposed.

[joe the plumber] 11/1/2011 13:11

Big loss I am out something stinks here