Share Name Share Symbol Market Type Share ISIN Share Description
Davenham Group LSE:DAV London Ordinary Share GB00B0P32071 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.95p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 32.0 -29.8 -159.1 - 0.24

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Date Time Title Posts
03/10/201116:47DAV ONE OF TARA*S TEN FOR 20101,877.00
05/3/201012:10Davenham -- prospects for growth986.00
16/11/200916:30 Worth Ј3325M [Two years ago] NOW JUST 7P, OR TWO MILLION14.00
23/11/200513:25the start of something good????!!!!1.00

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DateSubject
21/1/2011
08:53
mandalsputin: 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.
20/1/2011
13:24
lufc5: Just out today. BUSINESSSMAN 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 has requested that the firm posts its request for the EGM on its website, so that all shareholders are aware of his request. Murtagh 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. 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, sparking a potential administration. However, he has also written directly to the lead bank, Royal Bank of Scotland, stressing his commitment to maximising their returns. "I'm not saying that it can definitely be saved. I'm just saying that fir 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.
20/1/2011
13:18
grlz: Murtagh buys up Davenham shares and calls for second EGM www.thebusinessdesk.com Mike Fahy By Mike Fahy - Assistant Editor TONY Murtagh, the entrepreneur behind The Money Group, has increased his shareholding in troubled Manchester-based lender to more than 5%, giving renewed vigour to investor David Anthony's campaign to take control of the firm. Murtagh said that he was one of a number of Davenham shareholders who were not informed by the company of last week's extraordinary general meeting tabled by Anthony, where his proposal to remove the company's current board was rejected. He has said that he now plans to requisition a second extraordinary general meeting and has pledged his support for Anthony's proposals, which involve the removal of current chairman James Kerr-Muir and managing director Paul Burke. Anthony wants to appoint himself as chair and Gary Jennison as CEO. Murtagh's purchases helped to push Davenham's share price up from 2.25p last week up to 3.4p yesterday morning, before falling back to around 2.75p. He said that Gary Jennison "would make a great CEO" and argued that their stated strategy of reinvigorating Davenham's asset and trade finance arms of the business should be given a chance. Anthony's resolutions to remove Davenham's current directors received 4.4m votes in favour last week, and just under 10m votes against. However, there are more than 26m shares in circulation, so shareholders responsible for around 45% of the company's total equity did not vote. Anthony conceded that an element of this was likely to be due to voter apathy given the share's lowly value and the minimal chance of a return on their investment. However, he believes that although the board was able to call on the support of a few key investors including Kingswood Property Finance - the London-based firm which bought a 29.13% stake in Davenham in December - many of the smaller shareholders who had not been notified of the meeting would be in favour of his plan. Anthony added that Davenham had not posted his document spelling out his reasons for the EGM on its website, although it did distribute it to shareholders alongside the EGM notification. He acknowledged that the firm hadn't breached rules by leaving it off the website, but felt that it should have been included to ensure shareholders were properly informed. "People have said that I should requisition another meeting, but I would only do that if I were satisfied that these issues would be dealt with. Otherwise, what's the point?" Other shareholders have also expressed anger at the fact that they were not informed of the meeting. Jason Snowdon, who owns around 0.65% of the company, said he was "appalled" by the fact that he was not notified. He added that he "fully supports" Anthony's view that the current board should be removed. A spokeswoman for Davenham said that the firm was "content that it has complied with all of its obligations" in keeping shareholders informed. Davenham is in the process of winding down its loan book and has told investors that there is not likely to be any value left in their shares. The last figures published by the firm in November showed that it had £90m of loans left to collect but it owed its banking syndicate £111m. Its circular to shareholders prior to the EGM stated that the board had the support of the banking syndicate. It also warned that if Anthony's resolution was passed, the syndicate could recall its loan, sparking an insolvency process. Murtagh questioned this logic, arguing that the banking syndicate should be willing to speak to anyone with a reputable plan to recover its assets and hailed the turnaround that Jennison embarked upon in his last role as CEO of Secure Trust Bank. He also said that the salaries of Burke and Kerr-Muir combined amounted to more than £300,000 - money which he believed would be put to better use by employing more collection staff. "If I were looking to turn it around, I'd be willing to work for nothing and take my reward if the share price came back again," he said. He has said that he intends to call another extraordinary general meeting "in due course" and has told shareholders who hold shares via trusts or nominee accounts that they should make it known to nominees if they intend to vote.
18/1/2011
11:49
lufc5: Take special notice of the very last part of this article!!!!! TONY Murtagh, the entrepreneur behind The Money Group, has increased his shareholding in troubled Manchester-based lender to more than 5%, giving renewed vigour to investor David Anthony's campaign to take control of the firm. Murtagh said that he was one of a number of Davenham shareholders who were not informed by the company of last week's extraordinary general meeting tabled by Anthony, where his proposal to remove the company's current board was rejected. He has said that he now plans to requisition a second extraordinary general meeting and has pledged his support for Anthony's proposals, which involve the removal of current chairman James Kerr-Muir and managing director Paul Burke. Anthony wants to appoint himself as chair and Gary Jennison as CEO. Murtagh's purchases helped to push Davenham's share price up from 2.25p last week up to 3.4p yesterday morning, before falling back to around 2.75p. He said that Gary Jennison "would make a great CEO" and argued that their stated strategy of reinvigorating Davenham's asset and trade finance arms of the business should be given a chance. Anthony's resolutions to remove Davenham's current directors received 4.4m votes in favour last week, and just under 10m votes against. However, there are more than 26m shares in circulation, so shareholders responsible for around 45% of the company's total equity did not vote. Anthony conceded that an element of this was likely to be due to voter apathy given the share's lowly value and the minimal chance of a return on their investment. However, he believes that although the board was able to call on the support of a few key investors including Kingswood Property Finance - the London-based firm which bought a 29.13% stake in Davenham in December - many of the smaller shareholders who had not been notified of the meeting would be in favour of his plan. Anthony added that Davenham had not posted his document spelling out his reasons for the EGM on its website, although it did distribute it to shareholders alongside the EGM notification. He acknowledged that the firm hadn't breached rules by leaving it off the website, but felt that it should have been included to ensure shareholders were properly informed. "People have said that I should requisition another meeting, but I would only do that if I were satisfied that these issues would be dealt with. Otherwise, what's the point?" Other shareholders have also expressed anger at the fact that they were not informed of the meeting. Jason Snowdon, who owns around 0.65% of the company, said he was "appalled" by the fact that he was not notified. He added that he "fully supports" Anthony's view that the current board should be removed. A spokeswoman for Davenham said that the firm was "content that it has complied with all of its obligations" in keeping shareholders informed. Davenham is in the process of winding down its loan book and has told investors that there is not likely to be any value left in their shares. The last figures published by the firm in November showed that it had £90m of loans left to collect but it owed its banking syndicate £111m. Its circular to shareholders prior to the EGM stated that the board had the support of the banking syndicate. It also warned that if Anthony's resolution was passed, the syndicate could recall its loan, sparking an insolvency process. Murtagh questioned this logic, arguing that the banking syndicate should be willing to speak to anyone with a reputable plan to recover its assets and hailed the turnaround that Jennison embarked upon in his last role as CEO of Secure Trust Bank. He also said that the salaries of Burke and Kerr-Muir combined amounted to more than £300,000 - money which he believed would be put to better use by employing more collection staff. "If I were looking to turn it around, I'd be willing to work for nothing and take my reward if the share price came back again," he said. He has said that he intends to call another extraordinary general meeting "in due course" and has told shareholders who hold shares via trusts or nominee accounts that they should make it known to nominees if they intend to vote.
18/1/2011
09:04
lufc5: Errrr.......Hummmmmm Murtagh buys up Davenham shares and calls for second EGM 18th January 2011 By Mike Fahy - Assistant Editor TONY Murtagh, the entrepreneur behind The Money Group, has increased his shareholding in troubled Manchester-based lender to more than 3%, giving renewed vigour to investor David Anthony's campaign to take control of the troubled firm. Murtagh said that he was one of a number of Davenham shareholders who were not informed by the company of last week's extraordinary general meeting tabled by Anthony, where his proposal to remove the company's current board was rejected. He is urging Anthony to requisition a second extraordinary general meeting and has pledged his support. Murtagh's purchases helped to push Davenham's share price up from 2.25p last week up to 3.4p yesterday morning, before falling back to around 2.75p. He said that Gary Jennison "would make a great MD" and argued that their stated strategy of reinvigorating Davenham's asset and trade finance arms of the business should be given a chance. Anthony's resolution to remove Davenham's chairman James Kerr-Muir and managing director Paul Burke received 4.4m votes in favour last week, and just under 10m votes against. However, there are more than 26m shares in circulation, so shareholders responsible for around 45% of the company's total equity did not vote. Anthony conceded that an element of this was likely to be due to voter apathy given the share's lowly value and the minimal chance of a return on their investment. However, he believes that although the board was able to call on the support of a few key investors including Kingswood Property Finance - the London-based firm which bought a 29.13% stake in Davenham in December - many of the smaller shareholders who had not been notified of the meeting would be in favour of his plan. Anthony added that Davenham had not posted his document spelling out his reasons for the EGM on its website, although it did distribute it to shareholders alongside the EGM notification. He acknowledged that the firm hadn't breached rules by leaving it off the website, but felt that it should have been included to ensure shareholders were properly informed. "People have said that I should requisition another meeting, but I would only do that if I were satisfied that these issues would be dealt with. Otherwise, what's the point?" Other shareholders have also expressed anger at the fact that they were not informed of the meeting. Jason Snowdon, who owns around 0.65% of the company, said he was "appalled" by the fact that he was not notified. He added that he "fully supports" Anthony's view that the current board should be removed. A spokeswoman for Davenham said that the firm was "content that it has complied with all of its obligations" in keeping shareholders informed. Davenham is in the process of winding down its loan book and has told investors that there is not likely to be any value left in their shares. The last figures published by the firm in November showed that it had £90m of loans left to collect but it owed its banking syndicate £111m. Its circular to shareholders prior to the EGM stated that the board had the support of the banking syndicate. It also warned that if Anthony's resolution was passed, the syndicate could recall its loan, sparking an insolvency process. Murtagh questioned this logic, arguing that the banking syndicate should be willing to speak to anyone with a reputable plan to recover its assets and hailed the turnaround that Jennison embarked upon in his last role as CEO of Secure Trust Bank. He also said that the salaries of Burke and Kerr-Muir combined amounted to more than £300,000 - money which he believed would be put to better use by employing more collection staff. "If I were looking to turn it around, I'd be willing to work for nothing and take my reward if the share price came back again," he said.
13/1/2011
13:28
chad0x001: 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
08/1/2011
09:05
themoneymonster2: I have 1% more a less with 250k shares. Whoever bought the 260k odd at 3.75p on Friday bought themselves 1% of the company. I bet we will both be voting for a new bod! I wonder if someone is buying in the Market? Mm's were desperate for shares on Friday and it was apparent there was a buy order being filled. They tried to move the share price down to force a few weak sellers to sell low, don't fall for this tactic in the coming week as they will try it again! Any press coverage yet? I reckon we could see 10p on Monday so it's going to be a mad scramble to get in first thing at 8am. Tiny Market cap and not many shares in issue mean not much buying and the share price flies.
08/12/2010
16:00
superjane: Still waiting - The reality is David Anthony has not purchased a single share over .75, even after the share price fell back. He would have needed to notify Davenham if he had. He won't win a vote to remove directors or appoint himself CEO with just 14% Certain advfn posters seemed to have detailed information about the situation and where given what looks like a free run to ramp and then deramp the share price - Strange that David Anthony and his advisors remained silent for 3 months. Davenhams board have repeatedly said there is no value in the shares. Strange that advfn posters like grzl successfully ramped the share price to 4p, then just as easily deramping back to 2p by speading porkies about David Anthony selling... Again complete silence from the David Anthony camp? Strange that after the share price falls ACP decides to sell its controlling stake at 1.75p Raading the case studies on Kingswood website http://www.kingswood.org.uk/casestudies.html They could be acting as an agent for David Anthony, Davenhams board will probably look to confirm this under 8.3 of the City Code. If Kingswood are working in concert then under City Code they are obliged to make an mandatory offer at no less than 1.75p. Davenhams position is unstable, its banking facility is now on-demand so could be placed in to administration instantly at the creditor banks discretion. Kingswood or David Anthony will probably not need to pay a premium to 1.75p Looks like a sitch up now that 44% of the shares are held by 2 entities. No wonder David Anthony never published a shareholder circular giving us clear reasons why he should be CEO or even explain who he is. That was all leaked out by certain advfn posters like grzl. David Anthony didn't even set up an action group to play the investors champion to encourage a vote for his proposals. All very strange.
02/12/2010
22:24
howdlep: http://www.thebusinessdesk.com/northwest/news/98797-fight-for-control-of-davenham-begins.html (free registration required) Home / News / Fight for control of Davenham begins Fight for control of Davenham begins 2nd December 2010 By Mike Fahy - Assistant Editor AN activist shareholder at Davenham Group has served a notice on the firm requisitioning a general meeting of shareholders to call for the removal of the board's senior directors. Shareholder David Anthony, who has bought up shares in recent weeks to develop a stake of around 14.9% in the business, wants to convene the meeting to remove group managing director Paul Burke and James Kerr-Muir. Mr Anthony, who is a former of Hitachi Capital, is proposing that he be voted in to replace Burke and that Gary Jennison is appointed as the firm's new chairman. The Manchester-based asset finance firm incurred huge losses on its property lending book and has since been placed into run-off mode following a review by advisors Hawkpoint Partners, which declared back in June that there was likely to be no value in its shares. It has since stopped writing new business and is collecting in existing loans to repay lender Royal Bank of Scotland. Purchases by Anthony pushed the company's share price up from just over a penny to over 4p in September, forcing the company to reiterate that shareholders were unlikely to see any return for their money. A trading update issued last week stated that the firm's loan portfolio has reduced to around £80m, while its debt to RBS stands at around £111m. The current share price of 2.84p gives the firm a market cap of around £740,000. The company's largest shareholder, Jersey-based ACP Capital, is also reported to have put its 29% stake up for auction. Davenham said that it will issue a notice of when the meeting will take place by December 14.
22/9/2010
14:32
discoverytim: TIDMDAV RNS Number : 1367T Davenham Group PLC 22 September 2010 ? FOR IMMEDIATE RELEASE 22 September 2010 DAVENHAM GROUP PLC ("DAVENHAM" OR THE "COMPANY") The Board of Davenham notes the recent movements in the Company's share price and the ordinary share purchases in the Company (for the beneficial interest of D G Anthony) on 8 and 17 September 2010. On 30 June 2010 Davenham announced (following the conclusion of the strategic review) that: � Davenham would cease to write new business and that, with the support of its banking syndicate, would collect in its loan books in a prudent and orderly manner; and � the Board considered (having consulted with Hawkpoint Partners) that there was likely to be no value for ordinary shareholders in the Company. The Company would like to take the opportunity to confirm that the Board continues to consider that there is likely to be no value for ordinary shareholders in the Company (and to confirm that the Board is not aware of any developments in relation to the Company, or in relation to its financial position or prospects, which would cause the Board to reconsider that view).
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