|Eliza Tinsley Group
||EPS - Basic
||Market Cap (m)
Eliza Tinsley Share Discussion Threads
Showing 551 to 573 of 575 messages
|Don't worry Dave - its still being paid and in fact NPower are still giving us rebates!!|
|Excuse me I'm from the electricity supplier, if the light is still on can somebody please pay the bill or WE will switch it off !|
|That'd be me!|
|Who is going to be last out and switch off the lights?|
|Trust me as someone who's worked for a big 4 firm - the pay is nowhere near that good!
Its all about covering overhead and giving the partners their nice fat paycheck at the end of the year!|
|I am open to offers of employment at £440/ hour (I will only charge for extended lunch breaks at half that rate)|
|There is no way anyone except the secured creditors (and the pref's) will get anything given the level of debt and estimated recoveries.
And as for the charge out rate - the one's that are worse, are the rates for the fresh out of school types who don't know a thing - £80 hour???????|
|Well, that's it folks. Big thud as the post arrived this morning with the Administrators' report.
The three things that stood out were:
a) Although couched in formal jargon there is a strong sub-text that the management were seriously incompetent, particularly in not passing on cost increases in the Off-Highways Division (the Administrators demanded higher prices and shorter payment terms and got it due to "a strong element of customer dependency due to sole supply...") and in the consumer products division by agreeing to terms that were "onerous" and "penalty and rebate clauses which strongly favoured the customers".
b) the hourly rate of £410 for a partner in the administrators is obscene.
c) Secured creditors (the banks) are owed about £16m and others £30m. "It is currently anticipated that there will be insufficient funds to repay the secured creditors in full". That means that there is no way that shareholders, who are at the very bottom of the pecking order, will receive a bean.
So - write it down to zero and treat it as a lesson learned. In my own case, I bought these for the yield and I should have got out when the end of the dividend was first announced in June 2004. I would at least have salvaged 22p/share. However, I was foolish enough to believe the Directors' statement in that announcement, which was:
Following two extremely difficult years in which radical and costly actions have
been taken in order to protect the commercial position of the Group in the face
of extremely tough and challenging world dynamics, the Directors believe that
the current financial year ending 31 March 2005 will substantially benefit from
these past actions and return the Group to more acceptable levels of cash flow
|This is really quite sad. I've followed TNL for a long time, but never felt confident enough about its prospects to put money in. There were plenty of times when as an investor one could have made money with this company, but, unhappily, rather more times when one could make a loss.
One hopes that something can be salvaged from the mess, and that jobs will be saved. It would leave an unpleasant taste if the outcome were that some of the directors were to buy bits of the business back from the administrators for peanuts and start all over again, seeing as the board was unable to save the business as a whole. Still, I hope that someone is able to keep the bulk of the business operating, and if it turns out that the current board picks up the pieces, so be it. I for one, though, would need a lot of convincing to back those on the current board if the remnants of TNL ever came to market again.|
|administration a certainty.watch for major write offs in stocks debtors and as for good will zero.equity nil unsecured creditors at best 10p in pound more likely nil.board have been making things up as they went along.|
|Down the tubes as they say.|
|I take it that this is a result of the new F.D., Paul Skertchly, who started at some point this month. The report said that he "has extensive experience of business turnaround and restructuring". He obviously took one look at the books and decided there was no hope.|
|In cynical mode - the mooted takeover was presumably called off because the would-be bidders weren't offering enough; now they'll be able to buy it for a song.
And of course, if the bidders were 'inside' already, you must agree it makes sense to find a few black holes in the books...|
|Tinsley (Eliza) Group PLC
31 January 2006
ELIZA TINSLEY GROUP PLC (the 'Company')
31 January 2006
Temporary suspension of shares
The Company has identified a significant short term cash requirement and is in
dialogue with its bankers regarding the necessary facilities. Whilst this
process is ongoing the board has requested that trading in the Company's shares
|Toriel. You are being too kind. I bought tentatively at 92p as a result of a tip from The Telegraph. Excellent divvies at that time. Since then Borlenghi and his Board have been here there and everywhere, failing to focus, and sending out smokescreens, the latest of which seems "a new director". Probably he is only there to see what other company assets they can be sold to pay the CEO's salary. I see now that shareholders today are bailing out at 8p a share. Fortunately I only ever had 600 of these things (I am thus not a total cretin).I would only get £48 before commission expenses if I sold my shares today. I accept this loss as a lesson in the need to diversify and also to cut one's losses on small caps when they have fallen before they become worthless. Such a shame. I believe this company has a long history dating back to when the Midlands were the workshop of the world. I'm not selling. I await either a recovery or the bitter end. At the moment it looks like the latter.|
what is a login ?
|If the appointment to the TNL board is indeed full-time, one would expect the company to announce that the director is giving up the remainder of his directorships. As far as I can tell, there's been no such announcement, so one has to presume that he is spreading a thin film of himself across many boardroom tables.
I understand that the newcomer has a reputation for tackling companies in trouble, so his association with one or two that fail is not necessarily too much of a black mark. However, I'd reiterate my earlier comment - if TNL is in less than robust health, which appears to me to be the case, I cannot believe that one day per month is enough for the guy to really get to understand the company, its competitors and the challenges to be faced.
I can only imagine that the other directors have judged the problems to be a matter solely of financial engineering, so that someone who is able to put only a little time into the job can still manage some financial wizardry with the aid of a bit of advice. The directors are close to the action, so maybe accountancy skills are what is needed, rather than an understanding of the business itself, but I'm sceptical.
There is a decent company there waiting to be uncovered, but it seems that no one can ever quite pull the covers off.|
|I AM NO FAN OF ET MANAGEMENT BUT I WOULD PRESUME THAT THEIR NOMAD WOULD NOT HAVE SANCTIONED SUCH AN APPOINTMENT WITHOUT ASSURANCES OF IT BEING FULLTIME.|
|excellent comment toriel|
|The new director (see jonwig's post and the relevant press release) has quite a clutch of board-level positions, but brings with him a worrying record as a director of companies that have failed.
I have a rather simple view on this sort of appointment. If a board member is to be able to make the kind of crucial decisions that could mean the difference between survival and collapse for a company like TNL, s/he needs to know the company inside out (and, just as importantly, the competition too).
While I accept that many non-execs bring experience from other companies and fields which can be of value, experience alone is not enough. This new appointee has 18 other directorships. Working flat out, as I hope he does, that's about a day per month per company. One might question whether he will truly earn whatever his salary may be, giving eight hours in every four weeks, but to me the key question is whether he has any hope of getting into the heart of TNL and really understanding the company and its environment. Without doing that, there's little chance he'll have any positive effect on the company.
I've followed TNL for a number of years, never buying in, yet still believing there's the nugget of a decent company tucked away somewhere. However, the board seems not to have recognized the vital need for not just expertise at board level but outstanding committment too. One day per month for a company which is quite clearly in difficulties - well that's just crazy. If this chap had an outstanding record of bringing companies back from the brink one might be a bit more hopeful, but my reading of his record does not make one optimistic.
Maybe I'll be proved wrong - for the sake of TNL staff I hope I am - but it seems to me as an outsider that the kind of strong leadership that the board must display to rescue the company is yet again missing. What a shame.|
|needeed a job,no fd of any calibre is gouing to touch.the bs is rotten to the core.how can a board state debt reduction is a priority as it increases in 6 months 30% i6 to 22 million.remove goodwill excess stocks which cannot exist and as previously stated neg equity.|
|The new director has a gem of a profile - see the Director Declaration RNS.|
|as usual positive words negative results the only reduction is in profits
stocks are up debt is up a complete shambles.|
|typical of this board,another late announcement,w454Ên we expect to see interims.|