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GFF Griffin Grp.

0.625
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Griffin Grp. GFF London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.625 00:00:00
Open Price Low Price High Price Close Price Previous Close
0.625
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Griffin GFF Dividends History

No dividends issued between 28 Mar 2014 and 28 Mar 2024

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Posted at 06/3/2007 13:09 by 25cent
Griffin Group (LSE: GFF)

Griffin Group at first sight is the best value share on the market:

Historic PE = 2.1


Discount to tangible net assets = 61%


Earnings per share (EPS) up 135% in the year to 30-9-2006


Directors own 25% of company


Four years of profitability


The FD bought 1m shares at 3.25p in November
The company creates investment companies and floats them on Plus Markets (was Ofex).

What can possibly be so bad that I haven't bought a shed-load? The answer lies in the directors' remuneration in the Annual Accounts. The most recent (2005) show that the Chairman, Stephen Dean earned £84,000 and the FD Vince Nicholls £48,000. However their bonuses were £2.7m and £591,000 respectively. Total directors' remuneration was £3.6m. This was more than six times pre-tax profits and 34% of turnover.

The company will not reveal the bonus formula, but it's been approved by the remuneration committee, so it must be OK, right? This brings us to my favourite sentence in the Accounts.

'The Remuneration Committee currently consists of Stephen Dean, Chairman.'

Turnover fell by 2% in 2006, and gross profit by 12%, so how did EPS rise 135%? Administrative expenses fell by £0.65m. The bonuses are not revealed in the preliminary results, so we'll have to wait for the 2006 Accounts to see why.

There is no broker forecast for 2007 and since the bonus plan is a secret, visibility of earnings is rock bottom. Even its paid-for analyst, Growth Equities & Company Research, says: 'The credibility of this company's management is not high.'

I still keep looking at the PE and asset discount. They are at crazy levels even with the unsatisfactory director payments. The directors could make the share price jump if they wanted to by cutting their bonuses. However, capitalisation of Griffin Group is a tiny £0.9m, so Dean and Nicholl's holdings are worth only 7% of their 2005 pay-packet. A rise in the share price is small beer compared to their bonuses.


(From m.f)
Posted at 15/3/2006 12:00 by plainz
Jaknife -i know released a repost, just to keep this in public view.

Author: JakNife
Subject: The Dean factor, why you should avoid GFF





I wrote the post below over on ADVFN last night on a new Griffin Group (GFF) thread, it focuses in particular on the Chairman of Griffin Group, Stephen Dean, and it struck me that perhaps there is a new generation of potential shareholders who would appreciate reading about Mr Dean before they think about purchasing shares in his company......


Griffin Group's chairman is Stephen Dean and controversy follows Mr Dean wherever he treads, Tony Hetherington of the Mail on Sunday refers to him as 'a colourful character', see:



and then goes on to note that:

"In 1992, Chequers Group, a company he founded under its original name of Dean & Bowes, threatened a lawsuit over a £200,000 pay-off he took when he quit as chairman, alleging it did not have shareholder approval.

In 1997, another of his companies, Dean Corporation, admitted 'inadvertent' breaches of company law, including paying £245,000 without shareholder approval to buy a business part-owned by Dean himself.

And in 2000, another Dean company, Artisan UK, admitted an 'inadvertent' breach of the Takeover Code. It bought am shares in technology company Enterprise Asia when it was a possible takeover target in the sights of a separate company, Weatherly."

This brief record alone should alert you to the risks of dealing with any company that is associated with Stephen Dean, but there are other reasons as well.


1. Links to illegal Spanish boiler rooms.
The Mail on Sunday covers this in detail in these two articles:






2. Incompetent Manager
Stephen Dean has been the director of many UK quoted companies but Griffin Group is currently his main "UK operations". Griffin Group used to be known as "Cater Barnard (USA) plc", see:



and used to be a subsidiary of Cater Barnard plc. In turn Cater Barnard plc was the vehicle that Stephen Dean used to use for his main UK operations. Its publicly available accounts show that at 30 September 2000 its net asset value per share was 12.27p. Over the following two years these accounts show a disastrous decline in shareholder value to a mere 0.051p per share at 30 September 2003. This represents a massive 99.6% destruction in shareholder value. It strikes me as more than reasonable to describe any director who has presided over an era of such monumental destruction in shareholder value as "incompetent", I would offer the above as evidence of my why I personally have formed the opinion that Stephen Dean is an incompetent manager.


3. Fat Cattery
But the issue that I personally find more disturbing is Mr Dean's preference to make money for himself, even when shareholders are suffering so much pain.

The total net assets of Cater Barnard plc at 30 September 2000 were approx £14.5m. However the accounts filed up to 30 September 2003 show that payments of the order of £2.35m were made by Cater Barnard plc to Mr Dean and to his personal offshore companies. Hence whilst shareholders suffered a disastrous decline in their investment Stephen Dean feasted heartedly on the carcass of Cater Barnard.

What stops him doing the same at Griffin Group?


4. Griffin Group Overvalued
Regarding Griffin Group itself, this is nothing other than a glorified investment company, its latest accounts can be read here:



As an investment company I would suggest that the main point of reference for calculating a measure of value is its net asset value per share. As at 30 September 2005 the above accounts show that GFF's net asset value per share is 4.71p, well below its current share price of approx 6.75p. In any case, see 2 above for an explanation of what can so easily happen to net asset value per share.

Conclusion
It is rare that such clear red warning lights are flashed in front of investors' eyes, buying shares in Griffin Group would be complete madness.


Note
You might reasonably infer from the above that I have a very low personal opinion of Stephen Dean and his businesses. I hope that I have made it clear exactly where my post is fact and where it is opinion. If anyone believes that I have made an error of fact or that I have expressed an opinion and not made it clear enough that my comments are merely my opinion then please feel free to either post here or email me at:

cweston51 at Yahoo.co.uk

and I will endeavour to make whatever corrections are necessary.

regards

JakNife
Posted at 17/12/2005 22:28 by encarter
Results look great to me and I don't understand why you think Stephen Dean is happy for his companies to lose value and would intentionally make loss making investments.
At least you admit GFF make money and if they continue to do so the share price will rise, watch!
Posted at 17/12/2005 19:20 by encarter
I'm not defending Stephen Dean i'm defending GFF I don't care about him and I don't really care about Cater Barnard. There's no advantage to Stephen Dean in the decline of GFF, financially or reputation wise. He's made mistakes in the past but people learn from their mistakes, maybe at the expense of investor like yourselves but he'll make a lot more money if GFF prosper than if they don't.

Results prove that they are doing well and recent deals show that this trend is continuing. Next results will be good so i'll see what happens from there.
Posted at 17/12/2005 10:16 by encarter
The Net Asset Value of GFF isn't falling though because they have hit on a winning formular and there's nothing wrong with issuing loan notes it's done all the time to raise cash, in this case it got 750K for GFF to invest.
But in your opinion you should never buy stock in any company which issues loan notes?
Someone would pay more than 6p a share for these because they will be able to sell them for 10p soon. On P/E alone the share price should be double, don't forget that these results don't include the 750K loan or the money made from deals since September. Next results will be even better.
You obviuosly lost money with Cater Barnard but now you have a chance to make it back with GFF.
Posted at 16/12/2005 22:25 by encarter
Price was agreed as part of the sell off deal, all it means is directors have made a killing but not at the cost of GFF. P/E is now 4.4, £1.65M cash £900k investments. Plus all the cash they've made on deals since September. Do the math, the only way these can go is up.
Posted at 16/12/2005 16:12 by rarther
Final Results

RNS Number:8212V
Griffin Group PLC
16 December 2005


GRIFFIN GROUP plc
("Griffin" or the "Company")

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005


Financial highlights:

* Turnover up 220% to #10.58m (2004: #3.31m)

* Net Profit before exceptional items up 107% to #938,597 (2004: #453,642)

* Goodwill impairment write off amounting to #372,712 treated as exceptional
item

* Earnings per share before exceptional items up 48% to 1.38p (2004: 0.93p)

* Net current assets #2,557,016 (2004: #1,115,638) including cash at bank of
#904,451 and publicly tradable investments of #925,152

* Net assets #1,913,909 (2004: #1,700,375) equivalent to 4.71p per share
(2004: 4.3p)

* UK operations continued to be buoyant achieving six new AIM admissions and
completed a number of corporate transactions

* US operations have continued to struggle in difficult market conditions in
their sector resulting in a trading loss of #65,591 before goodwill
amortisation of #105,744 and the exceptional goodwill impairment write off
of #372,712

* Disposal of the US operations to the US management team completed shortly
after the year end date


CHAIRMAN'S STATEMENT

I am pleased to be able to report another year of record results for the Group
reflecting a further significant improvement in the performance of the Group
during this last financial year.

In the year ended 30 September 2005, turnover increased 220 per cent. to
#10,585,325 (2004: #3,310,569) as a result of an increase in completed
transactions in the period. Administrative costs rose as a result of the
additional business at #4,426,320 (2004: #1,495,352). Net profit before taxation
and the exceptional goodwill write off amounted to #938,597 (2004: #453,642) and
earnings per share (excluding the exceptional goodwill write off) amounted to
1.38p (2004: 0.93p). Shareholders' funds increased to #1,913,909 (2004:
#1,700,375) equivalent to 4.71p per share. The Directors do not propose to
declare a dividend (2004: nil). At the end of the year, the Company had cash on
hand of #904,451 and investments held as short term stock of #925,152.

Griffin Corporate Finance Limited ("Griffin UK")

Griffin UK has undertaken ten corporate transactions in the year and established
six new AIM flotations and one Ofex flotation. The corporate transactions and
publicly floated companies cover various industry sectors. The corporate finance
fee income amounted to #3.16 million and trading of investments totalled #5.8
million.

The new AIM and Ofex admissions promoted by Griffin UK are as follows:

Interbulk Investments plc Initial investment into an intermodal transport
business

Ionian Estates plc Initial investment into a Croatia property
development business

Process Handling plc Initial investment into an international pneumatic
conveying solutions business

Euro Investment Fund plc Initial investment into a specialist packaging
business providing a Child Resistant Senior
Friendly solution to the pharmaceutical industry

Croatia Ventures plc Under new management

Nanotech Energy plc Under new management

Firenze Ventures plc Just admitted to Ofex at the year end

Griffin UK's policy is not to maintain large long-term holdings in these
companies and, whilst a management agreement exists whereby Griffin provides
administrative support to these new AIM companies, Griffin UK looks to input
appropriate new executives into these companies at an early opportunity, once
the strategic direction of each company is determined.

Griffin Securities Inc ("Griffin US")

Your Company has today completed the disposal of the US subsidiaries and trading
operations to the US management team. The disposal is effective from 1 October
2005 and the disposal proceeds were $825,885 all payable in cash on completion.
The disposal proceeds represent the net assets disposed of plus $200,000
goodwill.

Trading performance in the US operations has been disappointing and lacks the
growth potential that your Board is seeking for the Group. The results of the US
operations in recent years are set out below:

2005 2004 2003
# # #
Turnover 1,563,826 1,681,627 396,452

(Loss)/Profit before taxation
and goodwill amortisation (65,591) 140,600 (222,212)

Goodwill amortisation (105,744) (105,748) (105,748)
Goodwill impairment write down (372,712) - -

(Loss)/Profit before taxation (544,047) 34,852 (327,960)


The board has decided that it was in the best interests of the Company to
dispose of the US operations due to the lack of potential growth and profits
from the US business, to ensure management time remained focused on the
profitable operations in the UK and to obtain an inflow of funds from the
disposal of the US operations by converting the US balance sheet assets into
cash.

At the same time as the disposal the US directors on the Group board, Adrian
Stecyk and Chrystyna Bedrij, resigned as directors of the Company to concentrate
on the management of the US operations. Your board wishes to thank them for
their hard work over recent years and wishes them every success with the future
trading of the US operations. No remaining members of the Group board have any
interest in the US operations disposed of.

Under the AIM Rules, as Adrian Stecyk and Chrystyna Bedrij are both directors of
the Company and interested in this disposal, the transaction is to a related
party. Accordingly the terms of the disposal have been reviewed by Stephen Dean
and Vince Nicholls, the independent directors, who after consultation with the
Company's Nominated Adviser, believe the terms of the disposal to be fair and
reasonable insofar as the shareholders of the Company are concerned.

Directors' Share Dealings and Shareholdings

In relation to the disposal of the US operations, as set out above, Adrian
Stecyk and Chrystyna Bedrij have today disposed of 1,305,113 ordinary shares of
5p each at 3.25p per share and no longer hold any shares in their personal names
in the Company. First Financial Securities Limited, a company in which Adrian
Stecyk holds a beneficial interest, has today disposed of 3,134,593 ordinary
shares of 5p each at 3.25p per share and now holds 5,422,643 ordinary shares of
5p each (13.33%). Global Investments Limited, a company in which Stephen Dean
holds a discretionary beneficial interest, has today acquired 1,539,706 ordinary
shares of 5p each at 3.25p per share and now holds 8,000,000 ordinary shares of
5p each (19.67%). Vince Nicholls has today acquired 2,900,000 ordinary shares of
5p each at 3.25p per share and now holds 4,000,000 ordinary shares of 5p each
(9.83%).

Group Financial Overview

During the year, the Group has achieved pre tax profits (excluding the
exceptional goodwill impairment write off) of #938,597. Due to the disposal of
the US operations after the year end, the goodwill in the group's balance sheet
has been written down to #100,000 representing the excess over net assets
achieved from the disposal. The Group's net assets as at 30 September 2005
amounted to #1,913,909 equivalent to 4.71p per share. Earnings per share
(excluding the exceptional goodwill write off) have increased by 48% to 1.38p
(2004: 0.93p) which, based on the current share price of 6.13p, puts the shares
at a p/e of around 4.44.

As at 30 September 2005, the Group's cash balances were #904,451 and the Group
also held investments (publicly tradeable on markets in London and New York) at
book values totalling #925,152, all held for short term disposal. The Group's
only debts are the convertible loan notes totalling #925,000. #175,000 of these
loans is due for repayment or conversion in March 2006. The new loans of
#750,000 were entered into just before the year end date and are repayable or
convertible by 28 September 2007. The cash balances at 30 September 2005 do not
reflect the receipt of the new loans of #750,000 as the funds were in transit at
the year end date. The Directors consider that the Group's financial position
and its trading position are very satisfactory.

We believe the Group's financial performance for 2005 supports the Directors'
belief that the economic climate is conducive to the smaller company markets in
which we operate in the UK. The Directors are actively seeking strategic
opportunities for the Company. In the last year, we have increased the Group's
profile, developed the UK operating business and increased shareholder value
substantially. The Directors believe the current year will present substantial
opportunities for the Group's future success.

The employees and advisers of the Group have worked hard to achieve these record
results and the Board would like to thank all of them for their continuing
support and loyalty.

Stephen Dean
Chairman
Posted at 15/12/2005 22:27 by encarter
DOVEDALE VENTURES PLC came to OFEX yesterday.


They also have Worldwide Natural Resources plc. Either one of which would add substatial value to GFF if they can pull of a deal. The directors have their fingers in so many pies i think they will come up with something.
Before that we will see a great set of results next week.
Posted at 30/11/2005 11:17 by encarter
pljohnson, i don't know the website.


JakNife you're correct, Mr Deans record isn't the best and that's the reason why they're so cheap but it doesn't mean the share price can't go up 50%.

I'm not interested in the past just the future. It's a fact that GFF have made alot of money over the last 12 months from shares and loan notes in the companies they have had an interest in. Usually at the expence of those companies which you might find that distasteful but it's good business for GFF and will be reflected in the Finals.
Posted at 23/3/2005 08:57 by tiredoldbroker
Well, I shall have more to say about Griffin and possible connections to unauthorised offshore investment firms (Boiler rooms).

But if you don't understand how this could impact on GFF's earnings, let me explain.

GFF can only trade in the UK with FSA authorisation. The FSA has stated in the past that 'The FSA would seriously consider taking action if there was evidence to suggest that an authorised firm was involved in a business arrangement with an unauthorised firm.' GFF appears to be involved in just such an arrangement.

Therefore, it is possible that the FSA could at any time stop GFF trading, or impose a financial penalty on it, because of its apparent links to boiler rooms. At the very least, the FSA could make GFF halt this presumably lucrative line of business. Any of these things would impact on earnings, and given that the Yanks seem much tougher than our own regulators, this could lead onto the US authorities questioning the continued suitability of the US arm of GFF as a participant in their markets. In other words, the whole pack of cards could come tumbling down.

Now, I'm quite prepared to believe that the "clever" Mr Dean has found some sort of loophole in the FSA rules, and it may be that what GFF has been doing isn't strictly illegal. But I'm sad to see "andysand" suggesting that it is no more than "not good politics" to be linked to boiler rooms. The guys who run these operations are utter scum, sharks in human form, who will lie time and again to part you from your cash, who target the least sophisticated investors, and have no decency or the least compunction about taking someone's life savings in return for worthless shares. I think that in having any kind of link to such people, GFF shows just what sort of company it is. And far from Stephen Dean being out of the way in Spain, I'd suggest that he is fundamental to the sort of business GFF is apparently doing, and has put himself very carefully beyond the reach of the UK authorities, at an early stage in the proceedings.

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