Davenham Share Discussion Threads

[lufc5] 21/1/2011 13:53

The % of votes for DA at the first egm was around 16-17%.

This time I know for a FACT that DA has the backing of "at least" 27%.

The figure of 27% does not include anyone on here other than myself and addy's sydicate. So that could rather quickly race up into the high 30's perhaps to over 40+%.

This time I believe DA will have ALL shareholders and their respective brokers notified of this significant(yet to happen) development. Buy Hold and vote for justice and value.



All imho

[lufc5] 21/1/2011 12:57

Because....all being well our possibly 'NEW' bod WILL give it a damn good go at standing this fallen giant back up straight.

[mike111d] 21/1/2011 12:49

That is very commendable and I would not argue against that principle but why leave money invested at risk here given the stated aims of the BOD, when you could have it invested elsewhere in a company where the BOD are looking to create value for you.

[spaceparallax] 21/1/2011 12:28

I think that's it Justice is very important to me - I don't mind losing money on shares when it's a fair deal, but on this occasion I feel that we're being really shafted by the BoD. My losses are pretty much locked in here and can be offset against gains elsewhere, but I don't want those gits to grab the Company for nothing.

[lufc5] 21/1/2011 12:10

I too agree.....keep on buying.....hold.....vote for justice......lol

[induna123] 21/1/2011 11:30

The point is those who already hold should vote if they get a second EGM. This board keeps saying there is no shareholder value left, if that is the case then you have nothing to lose. They say the banks will call in the loans if the new guys are put in place, that sounds like a bluff to me as wouldn't it be in the banks interest to give them a chance?

[5uchchi] 21/1/2011 09:34

Power to the people!!!!!! its great in theory but need action--Pi's like us should lead by an example by investing in shares like this to show our solidarity. But not for orphans because it might turn out to be a risky investment. So DYOR before make up your mind. This share is for people who takes risk & get rewarded by taking the risk by ten bagger.!!!!!!!!!!!!!!!!!!!!!!!

[lufc5] 21/1/2011 09:11

Current Mcap of 1.6m......that's only 5x the directors saleries. Get em out. I still reiterate this is one to buy/bought and vote for change and justice.

Power to the people!!!!

[mandalsputin] 21/1/2011 08:53

Murtagh launches second bid to oust Davenham board
21st January 2011
By Mike Fahy - Assistant Editor
BUSINESSMAN Tony Murtagh has written to the board of troubled Manchester-based lender Davenham requisitioning a second extraordinary general meeting (EGM) of shareholders.

Murtagh, who now owns more than 6% of the company's shares, has also requested that the firm ensures that its shareholders' register is up to date and that the firm posts his request for the EGM on its website, so that all shareholders are aware of it.

He has thrown his support behind ex-Hitachi Capital CEO David Anthony's bid to oust current chairman James Kerr-Muir and group managing director Paul Burke in a bid to revive the trade and asset finance arms of Davenham Group.

Anthony's proposals were voted down at an EGM last week, with holders of 4.4m shares voting in favour of his plan and holders of 10m shares voting against.

However, holders of a further 12m shares did not vote, with some (including Murtagh) arguing that they had not been informed that the meeting was taking place. The company said it was "content that it has complied with all of its obligations" in terms of keeping shareholders informed.

Murtagh, who made his fortune through The Manchester-based Mortgage Group but is now running Truro-based debt advisory firm The Money Group, also said that he would be willing to get involved in the company's turnaround if requested.

"If David Anthony wants me to help with the turnaround I'll do it. If it means me coming back to Manchester for six or seven months and working for nothing I would. I'd take my reward in the increase in value of the shares."

Murtagh added that he didn't want to falsely raise hopes of smaller shareholders - his purchases have pushed up the firm's share price from 2.25p last week to almost 5p at lunchtime today (20th January).

He said that a turnaround might not be possible and that its banking syndicate could decide against renewing the company's loans when they fall due in March.

The current board have stated that that they have the support of the banking syndicate and that its banks may recall their loans if Anthony's bid is successful.

Murtagh said that he has also written directly to the lead bank, Royal Bank of Scotland, stressing his commitment to maximising their returns. He argues that the existing management team have not been able "to produce any kind of profitability" in a sector where competitors such as Manchester-based Jerrold Holdings have thrived.

"I'm not saying that it can definitely be saved. I'm just saying that for six months or so they'd be better letting us have a go than have it limp along as if it's already in administration."

Davenham has itself announced today that it is in talks with the company's largest shareholder, Kingswood Property Finance, about potentially reopening parts of the business.

Kingswood is currently Davenham's biggest single shareholder, having acquired a 29.13% stake in Davenham last month from ACP Capital.

A statement from Davenham's board said that is "currently assessing whether a reconstruction of the Group may be achievable, so as to permit one or more of Davenham's divisions to recommence writing new business".

"The Board wishes to emphasise that this assessment (which also encompasses a dialogue with certain members of the Group's Banking Syndicate) is at a very initial stage and may not necessarily lead to any firm proposals being put forward."

It added that it continues to believe that there will be "no value for shareholders' current shareholdings".

The last figures available for Davenham show that in November its outstanding loan book was valued at £90m while its debt to the banking syndicate was £111m.

[induna123] 21/1/2011 08:34

That RNS yesterday was designed to demoralise small holders into thinking there was only one option going forward. They're running scared imo. Hope you guys can club together and force a second EGM and vote this useless £300k a year BoD out.

[lufc5] 20/1/2011 17:20

Taken from a very honest and straight to the point post over on iii......

the board are issuing this rns because they are becoming worried that this 2nd meeting will allow murtagh and anthony to take control of the boardroom, and oust certain members who with to wind up the company.
however there is a lot more to this than meets the eye from our perspective..
why are the existing board so determined to have this company dissolved? well in my opinion there have been some dodgy goings on which they dont want to come to light, and the easiest way for them to hide what they have done is to make DAV disappear, and them runaway with the loot they have stashed offshore.

Anthony is now gathering a level of support which is worrying the existing board of crooks as he is determined to make DAV viable, with our support.!

this is a tentative game of cat and mouse, and right now Anthony is looking to be gaining strength which the existing board cannot match.

if he succeeds, which i think he will, then get ready for a viable and profitable business to emerge from here.

i wouldnt bet the house on here, but i would encourage everyone to put a couple of grand if they can afford it, because if he succeeds, you will make 10 times that within 6 months.

i do find it amusing that the board are unable to match Anthonys recent strength so have tried to dampen the momentum by inssuing an rns which ONLY applies is Anthony does not get his meeting.

they are now really worried that he is very likely to get his meeting, get his support, and oust the board to gain control and make something of this company.

[grlz] 20/1/2011 16:06

DA has c.15% and if today's large buys are anything to go by Murtagh could be inching towards 14% - if its a concert they can't go above c.29% without forcing a mandatory offer. Murtagh paid 5.75 yesterday... today chunky buys have been going thru @6.4p

Murtagh has already said he will get financially involved (i.e recapitalise DAV) if DA wins the 2nd EGM, the BIG question going forwards is faced at the prospect of being locked out of a restructured DAV will Kingswood cut a deal with DA and Murtagh?

[still waiting] 20/1/2011 16:01

keep an eye on IHUK guys, another vastly undervalued lender with profits though, and an 80's property magnate buying in as well.

hard as hell to buy but mm's doing their best to shake pi's out.

gl.

[barnetpeter] 20/1/2011 15:56

Sure but look at the mkt cap. Nothing at all! How much are the directors still taking in salary as a % of the mkt cap?

[dnfa1975] 20/1/2011 15:54

He has said that he now plans to requisition a second extraordinary general meeting and has pledged his support for Anthony's proposals


So Antyhony and murtag in concert. They must offer the highest price paid to shareholders imho if they go over 29%. 6p? Because its probably one of them buying?

[lufc5] 20/1/2011 15:44

To my mind, I've decided to hold for the inevitable vote. "WE" as shareholders can make serious changes....but only if "WE" buy and hold.....and vote when the time comes.
All imho of course.

Cheers and best of luck......

ps it's very tightly held.......I've got cramp.....lol

[joe the plumber] 20/1/2011 15:38

Lufc great research and work cheers for the input wish I had stayed never mind

[daicaprice] 20/1/2011 15:34

Well done LUFC5, afraid I bottled it @4.8p yesterday.

Good luck all.

DC

[coley15] 20/1/2011 15:31

Yep - some real gamblers out there ......

[daytraders] 20/1/2011 15:30

they say no value to shareholders in rns, but were up 30%

[grlz] 20/1/2011 14:58

major purchases going thru this afternoon 208k 100k etc all at or above the offer

[lufc5] 20/1/2011 14:11

I wouldn't be surprised to see another holdings Rns and the Tiger has another 2 or 3%. Reports Reckon he's worth £40-£50million!