Davenham Share Discussion Threads

[wooly62] 25/1/2011 11:28

DA enjoyed reasonable success at Hitachi, where he had access to substantial funding at cheap rates, but Hitachi operated in a very different part of the market to where DAV do - so what is it that makes him and anyone else think he can turn this around within 12 months (despite not having received the information that he previously mentioned he'd asked for in order to evaluate the company's viability) and how does this turn from a substantially negative net asset position into one which creates value for current shareholders? Even if some parts of the business remain viable, can they be sold off at a sufficient price to combat the debt?
Well done to everyone who's seen their shares treble recently, but I still have reservations about the fundamentals. I have to be missing something because Murtagh is no fool.

[jimmylufc] 24/1/2011 19:33

What does that mean Buffy ?!

[5uchchi] 24/1/2011 15:22

Market capital is paultry 1.28M- I know they have huge debt but still compared to the size & potential of turn around business atleast worth 20-25p a share which equates to just under £10M

[grlz] 24/1/2011 14:47

golf - Thats a different outfit with a different name - TM sold his 90% stake in TMG to GE Money for £30m in 2004, not before paying himself £13.5m in salary and dividends.

At the time TMG was orignating c.1000 mortgages a month for GE worth c.£1billion per annum (..yes a billion pounds of business) TMG was making around a £1m profit per month.

Murtagh like David Anthony has both the experience and resources to turn DAV around

DYOR

[golfer25] 24/1/2011 09:52

Murtagh, who made his fortune through The Manchester-based Mortgage Group

Was that Corum which listed on AIM and went belly up?

[jimmylufc] 24/1/2011 09:48

Understandrisk - all about what the bank want to do here ? share price appears to be holding up

[understandrisk] 24/1/2011 08:06

David a question for you. share price today is 5.5p and DAV has a balance sheet that was £24m negative at 30 June. What will the diluted value of my share be worth after you have raised new capital and you and GJ / TM have all your options 0.000000000000000055p?

[understandrisk] 24/1/2011 06:48

Interesting comments from a man the Blog is raving about. Sounds like he is preparing you for some bad news or he has read my investment paper re the competition. I will share this with later

[davidgwilym123] 23/1/2011 22:33

It's a very risky investment: the upside is large but the downside is you could lose everything, so don't invest more than you can afford to lose.

And now for something completely different:

[lufc5] 22/1/2011 17:03

Davenham revival plan revealed
January 20, 2011

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Embattled finance firm Davenham Group says it may revive parts of its business despite previously announcing plans to close its loan book.

The Manchester-based lender's board revealed it is in talks with Davenham's largest shareholder, London-based Kingswood Property Finance, about reconstructing the company.

It comes after Manchester-born businessman Tony Murtagh, who has a six per cent stake in the firm, requested a second special meeting calling for existing managing director Paul Burke and chairman James Kerr-Muir to be ousted.

A previous extraordinary general meeting was requested by former Hitachi Capital chief executive David Anthony, who has a 15 per cent stake in Davenham, who said he believed the pair had not done enough to keep it afloat.

Mr Anthony argued the AIM-listed firm's trade and asset lending divisions should be kept alive but was defeated in a vote last week.

In a statement Davenham said: "The board announces that it is currently assessing with the company's largest shareholder, Kingswood Property Finance, 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 both in the short term and thereafter."

It added: "The board continues to consider that it is likely that there will be no value for shareholders' current shareholdings in Davenham (irrespective of whether a proposal for the reconstruction of Davenham is made by Kingswood Property Finance)."

The company said it was too early to say what parts of the business could have their loan books re-opened.

Mr Murtagh has written to Davenham requesting the special meeting, reiterating calls for the existing board to be removed.

He told the MEN he was unimpressed by the firm's latest announcement.

Mr Murtagh said: "What the company needs is a turnaround plan with a new board. It needs turnaround specialists in place in the short-term before it can start lending again."

Mr Anthony added: "It is hard to see how anybody could believe the existing board could lead a reconstruction of Davenham given the way in which it has been run in recent years."

Davenham's results for the year to June 2010 showed revenues plummeted by 35 per cent to £32m, with pre-tax losses of £23.3m.

Shareholders rejected a request from the board to de-list the company but it was announced the firm would cease writing new business.

After today's announcement, Davenham's shares were down 5.1 per cent at 4.25p from 4.88p.

[lufc5] 22/1/2011 12:25

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."

[lufc5] 22/1/2011 02:14

Well................that's a first.............P White being positive.

LOL.

Any chance you could expand on your thoughts "P White"?.

I've known you from previous threads.......

[lufc5] 21/1/2011 18:28

I'm thinking mid-late Feb. There is a 28 day rule...but I'm not seriously clued up on the rules and regs.....but I can find out.

Power to the people!

[coley15] 21/1/2011 17:11

Do we know when the meeting is likely to take place?

[lufc5] 21/1/2011 17:05

Very appropriate indeed.

[lufc5] 21/1/2011 16:25

What do we think??? I can't answer for anyone else.

What do I think? Snaffle as many as you can "afford", hold on to them(gold dust) inform your relevent broker(nominee a/c) your intention to vote and "VOTE for DA"!!!!!

It is your right to vote on the shares in which YOU own.

That is the only way in which WE can achive value here.

Remember DA says he firmly believes he can turn it into a profitable business within 12 months.

Those guys(DA,GJ+AM) are 2nd to non in this business!!!!!

[spaceparallax] 21/1/2011 16:07

Great news

[mandalsputin] 21/1/2011 16:01

DJ Davenham Group PLC General Meeting

TIDMDAV

RNS Number : 9150Z

Davenham Group PLC

21 January 2011

21 January 2011

Davenham Group plc (the "Company")

General Meeting

The Company announces that it has received a requisition (from a shareholder holding 5.31 per cent of the Company's issued share capital) to convene a general meeting to propose resolutions to appoint Mr Anthony and Mr Jennison as directors in place of the current Board. The general meeting will be convened within the timeframes laid down by the Companies Act 2006.

- Ends -

For further information, please contact:

Davenham Group 0161 832 8484

Paul Burke, Group Managing Director

Hawkpoint Partners Limited (Nominated Adviser) 020 7665 4642

Lawrence Guthrie / Shaun Holmes

MHP Communications

Katie Hunt/Reg Hoare/Giles Robinson 020 3128 8100

This information is provided by RNS

The company news service from the London Stock Exchange

END
MSCSEWFIFFFSEIF

(END) Dow Jones Newswires

21-01-11 1600GMT

[lufc5] 21/1/2011 14:23

Thank you for your vocal support solarno.

I've become almost terrier like in my quest for fairness, especially when I met DA and GJ at the egm and how dissapointed they were, yet remaining positive and determined in this quest for justice.

Power to the people.
(BUY,HOLD & VOTE)
FOR JUSTICE.

[solarno lopez] 21/1/2011 14:14

If you guys on here want the justice you deserve then START BACKING THE PROTEST and get behind LUFC5 and I do not hold shares but have had these problems with management before and the fight is well worth it....being a nuisance often pays especially when you are right