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ERG Erinaceous

1.65
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Erinaceous LSE:ERG London Ordinary Share GB0033838276 ORD 0.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.65 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.65 GBX

Erinaceous (ERG) Latest News

Real-Time news about Erinaceous (London Stock Exchange): 0 recent articles

Erinaceous (ERG) Discussions and Chat

Erinaceous Forums and Chat

Date Time Title Posts
29/6/201108:00Erinaceous Group plc2,994
30/11/200715:59Lost contract-
29/11/200714:09Erinaceous Group - High Growth Property Services Co677
06/8/200711:22Favored US-quoted Oil & Gas producers3
04/8/200720:40Best Performing Energy Stocks - What Next?2

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Erinaceous (ERG) Most Recent Trades

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Erinaceous (ERG) Top Chat Posts

Top Posts
Posted at 25/3/2008 14:39 by the big fella
I am surprised the share price is above a penny.
Posted at 19/3/2008 15:21 by harty1
Yvain

Not my understanding with regards to top people and none of the so called names who have left had been with them long in any event as far as I can see so what do they take other than what they may have brought with them? There is plenty of consolidating going on, Giles, Towergate, Broker Network, etc and its a weekly event. Rates are and will move up, insurers are looking to cover positions and if an insurer purchases then they have the readies!

I think it will go for more than £ 100M - If I'm wrong then so be it but thats my view and I think this part of ERG have continually overperformed when compares with ERG itself and are quality businesses with good loyal staff

I do accept that they may look to try their luck and push for a distressed sale but there's no guarantee they'll get it
Posted at 13/3/2008 22:54 by yvain
Report in today's insurance times that Zurich are on the verge of acquiring the insurance division but surprise surprise talks have stalled on price. Allegedly they're not willing to pay the £100m demanded. Unbelievably ERG are still pretending they don't have to sell and saying it's one of a range of options being pursued as part of an ongoing strategic review. That would be the review which was supposed to be finished in January!

Presumably they had agreed a price and Zurich have discovered on due diligence that the business is walking out of the door. No doubt a deal will be done but it's obvious who's in the strong negotiating position!

At under £100m that's final confirmation, if anyone needed it, that the group can't afford to pay the debt back.
Posted at 08/1/2008 09:10 by andrbea
would be nice if a bidding war developed over the prime assets

eg Caan had a rumoured interest for all or part of ERG (Dec 22)
and this story too from Jan 7:

Towergate was recently rumoured to be considering a bid for the insurance services arm of troubled property group Erinaceous. About 20 staff at Erinaceous have left the ailing firm over the past few months to join Towergate.Industry heavyweights on Towergate's board include deputy chairman Patrick Snowball, who was formerly a director of Aviva and executive chairman of Norwich Union.



nia dyor
Posted at 06/1/2008 19:23 by chesty1
Yes Yvain & the share price has already given way....!

ETL was a dead dog BUT yet the share price went from 18p to over £1 in 3 days trading..

Shorters can also help the share price given the right piece of news.

Anyway I am long & happy to take the gamble after making plenty of money out of PRG from 49.5p to 75p in a week so more than happy to play ball here.

Are you short OR just out at a loss.??
Posted at 22/11/2007 16:36 by tubruk
A more detailed and seemingly better informed explanation for the price monitoring extension from Contract Journal...

Erinaceous: price monitoring annoucements
(22 November 2007 12:00)

Erinaceous was the subject of two regulatory announcements at the end of trading on yesterday's Stock Exchange. Wednesday's trading in the group's shares resulted in a 'price monitoring extension' being triggered in the after-hours settlement period.


However, this development signalled neither a surprise new buyer of Erinaceous's shares nor an existing shareholder bailing out.

During the day, shares trade on two different price levels – one price for buying and another for selling. The difference is known as the spread and the often-quoted figure of 'the mid-price' is the average of the two values.

At the close of trading, a company's orderbook for that day gets "uncrossed" according to a complex numerical algorithm. Once this uncrossing process is complete, a closing mid-price is announced.

Occasionally there can be a glitch in this system, triggering an automatic message. This is what happened to Erinaceous yesterday. After the five minutes that this process would normally take, Erinaceous still needed further unravelling, hence the second message.

Erinaceous has 20m shares and yesterday only 320,000 of them were traded, so hardly a bed of activity.

Earlier this week, two of the group's founders (and still current leaders) Neil Bellis and Lucy Cummings announced that they had resigned with immediate effect.

They had been under pressure to jump ship by Fursa Alternative Strategies, which holds 19% of Erinaceous's shares. It had called for an extraordinary general meeting to boot them out, a consequence of the disastrous collapse in the group's share price throughout the year.


At the start of the year, Erinaceous shares were worth 400p. They are now worth under 16p.

Bellis and Cummings were not sacked and they have walked away with compensation running to £395,000 and £341,000 respectively.

A spokesman for Erinaceous said: "The group has a recovery plan and the next development will be the publication of this strategic review. That will decide the group's future course."

Fursa is the largest shareholder. While it can be categorised as a hedge fund, it has been supportive of moves to turn the business round.

Consensus Business Group, one of four bidders rumoured to have been looking to buy Erinaceous outright, has signed a declaration not to make an offer for the group within six months but with a string of waivers that can nullify this position. One of these the announcement of a change in a majority of directors.
Posted at 21/11/2007 22:55 by ch2175
Yvain - this explanation courtesy of Mr Rubin on iii.
When you have a seller of a significant chunk of a company, the broker acting for them goes into the market and conducts an auction. This is for two reasons: (i) to try and get the best price for the seller, (ii) to try and get all the shares placed. Pretty soon there are a lot of people in the market who know this is going on, and if there is a significant variance between the likely auction price and the currnet share price, this could cause mayhem in the market in these shares until such time as the auction is concluded and the quoted share price discounts it in. So the LSE will agree with the broker to suspend the shares until this cycle has gone through.
Posted at 24/9/2007 19:31 by topvest
Well we all thought this was a problem child and boy its gone down fast! My view is that this is in real trouble now. I supsect the Lipmans may be running their rule over some parts of the Hercules Property empire again, particularly the insurance and auction businesses. Someone's loss is another's gain!

Overall, this has been an odd journey. ERG bought Hercules for a low price, the share price reaction very mooted. I sold out about 6m later, before a massive bull run on the ERG share price which ultimately looked overvalued, then the fraud at the commercial property co. broke and it's been a steep decline ever since. It seems to me that the ERG management team were a bit too racey for their own good!

This comment is very relevant here I think..

Among Warren Buffett's many timeless market aphorisms, one has stuck in my mind as particularly apt : "It's only when the tide goes out that you get to see who's been swimming with their trunks off."
Posted at 23/9/2007 09:01 by b00m
I sold out a few weeks ago at a > 50% loss.

My feeling was that Erinaceous had become a bad news company and the impression I had gained of the behaviour/tone of senior management felt wrong. The way that multiple possible bidders shied away from an apparent bargain was very telling. The helicopter story was the last straw. The market really doesn't like that kind of thing and it's a bad omen anyway that management can let it happen.

With bids off the table, the share price clearly wasn't going to improve without fundamental and unlikely-seeming changes in the story.

The recent rise in share price is IMO just the usual opportunistic pile-in ahead of results and could quickly reverse unless results are surprisingly good. Once bitten, I didn't have the courage to join in. If I had, I'd have sold again on Friday.

I'll be watching with interest and if the story improves I might be back in as a recovery play, but for now my money is elsewhere and already showing a gain.

I had begun to feel bad every time I thought about ERG and looked at the price. Ridding myself of that worry was in itself a good move.

For anyone nursing a big loss and still sitting on their holding, my advice is to get out immediately if results don't stunningly confound expectations. I have made that mistake before, and can be a long, long time before you get your money back, if ever - you're better off taking it out and backing a better company with a more optimistic outlook. Watch ERG as a potential recovery play and get back in if/when it's on the up. B&C forced to walk the plank, credible new managaement, assurances regarding financial viability and traction on debt reduction would be my minimum requirements.

b00m
Posted at 01/9/2007 19:32 by patricktrfc
Sat / Kristini

Just got fed up watching the share price drip lower every day, I know it is well oversold now, but when Partygaming went to 22.75 I couldn't resist, jumped ship and made back a fair bit of my loss on that. Just got the feeling with the article about Bellis helicopter Intercompany balance and all that, that there was a concerted short effort being pushed and I couldn't afford to lose any more. Sods law as soon as I sell the share price starts to shoot but at least I had PRTY profits.


Now have Sondex at about 4.04 avg so in profit there too and looking for a £5 bid price.


Sat

I have only a certain amount of liquid funds to trade at the moment so tend to jump kitchen sink like from one stock to another, I still think ERG will rise now, especially after Friday's close so keep the faith....:@D

P


Kristini -
well done on your short! I personally have no problems with short positions, unlike a lot of rampers on other boards, it's a placed bet with your own money either way, on this one your judgement was better than mine.



See you both around soon, keep winning


P
Erinaceous share price data is direct from the London Stock Exchange

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