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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hampson Ind. | LSE:HAMP | London | Ordinary Share | GB00B0P8RT68 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
03/8/2012 09:47 | Below from the above poster....small companies survival are at mercy of big companies bully tactics....a bit like Supermarkets squeezing farmers/producers margins.... Hampson complained in 2010-11 that profitability was being hit by "a consistent pattern of changes in customer scheduling requirements which resulted in higher subcontract and overtime costs being incurred". | diku | |
03/8/2012 07:33 | Interesting paragraph at the Extract below. It would be interesting to determine if there had been any conversation between Hampson and the Reporter prior to the article being published. Extract: "Payment for that contract was originally expected within a year of its September 2010 signing, but owing to "issues identified during the testing and customer approval process" will not be fully realised until as late as March 2013." Hampson crisis 'won't leave 787 short of production tooling' By: DAN THISDELL LONDON 16 hours ago Source: London trading of shares in Hampson was suspended earlier this week when the debt-burdened supplier of composite assembly tools to Airbus, Boeing, Bombardier, Gulfstream, Lockheed Martin and other airframers declared the end of attempts to sell the company and that it was unable to file its accounts for its year to end-March. However, though its share price stood at less than a penny - down from an all-time high in excess of 200p ($3.13) in January 2008 - Hampson remains a going concern and insists it is still on track to fulfil a $53 million contract to supply Boeing with lightweight mandrel tools for carbonfibre lay-up for a "major commercial aerospace programme". This is likely to be the -9 variant of the 787. Payment for that contract was originally expected within a year of its September 2010 signing, but owing to "issues identified during the testing and customer approval process" will not be fully realised until as late as March 2013. Hampson complained in 2010-11 that profitability was being hit by "a consistent pattern of changes in customer scheduling requirements which resulted in higher subcontract and overtime costs being incurred". Debt servicing and goodwill impairments have wiped out trading profits. The company lost £31 million before taxes in its year to end-March 2011 and the same again in its half-year to end-September 2011. Trouble began in 2008 with a $253 million acquisition of Michigan-based tooling makers Odyssey and Global Tooling. The move looked like a savvy bid to satisfy the growing demand for composite airframe tools until the global financial crisis and various aircraft programme delays left Hampson out on a financial limb. Lenders have been helpful, but banks have not been willing to refinance the debt, which stands at some £55 million net, exacerbated by short-term borrowing to support the delayed Boeing tooling contract. Hampson put itself up for sale in February but last week said there was no offer being discussed, though there were preliminary talks with a "third party" about the sale of the US operations. Shareholders will be left with nothing, according to Hampson | tullynessle | |
01/8/2012 14:48 | Minsky - Re Post 2541 I believe yes - see the extract below. "The division continues to make deliveries against the Group's largest tooling order, on which, as previously announced, issues were identified during the testing and customer approval process. Hampson is constructively engaged with the customer at senior management level to resolve the issues." Trading Update - July 3, 2012 | tullynessle | |
01/8/2012 14:42 | The "Treasury and Bank of England's Funding for Lending scheme" starts today - Any bank, other than Hampson's current bank, has an excellent opportunity to refinance the company and participate in a "win win" arrangement. However, all dependent on Hampson management exploring such a course of action. £80bn lending scheme open for business, says George Osborne An £80bn initiative to get banks lending to companies and households is "open for business", George Osborne said on Wednesday. The Treasury and Bank of England's Funding for Lending scheme will make money available to banks on the condition they pass it on in the form of cheaper loans and mortgages to boost the flagging economy. At a time when banks face a worrying new phase in the credit crisis, the Chancellor said the scheme would help ease credit conditions throughout the economy. Britain is mired in the longest double-dip recession in more than 50 years with the Chancellor facing criticism that his austerity measures are damaging the economy. | tullynessle | |
01/8/2012 14:39 | If this was the US there'd be a class action up and running by now. was the "Issue" delamination on the 787 fuselage? | minsky | |
01/8/2012 14:25 | Any thoughts on the next activity and of "Shareholder rights" during the period that the shares are suspended. Does any "offer" for the USA operations have to be approved by Shareholders at an EGM? | tullynessle | |
01/8/2012 14:19 | It appears that there are no holdings in Hampson in excess of 3% - see the Major Shareholders page at the link below. | tullynessle | |
01/8/2012 14:15 | Re Posts 2536/2537 The "Issue" was material to the performance and ongoing existence of Hampson. Hampson Management have demonstrated arrogance in their refusal to share any information with the Owners of the Company, (Shareholders), as to the following: - Technical description of the "Issue" - Accountable Parties - including shared responsibilities - Rectification process - Cost - Inter Company Guarantees between subsidiaries - Insurance & Warranties - Impact on Client Relationships - Confirmation that any delays were not on the "critical path" for 787 deliveries, noting that now Boeing appears to have challenges with other Contractors. - Comment from Boeing as to whether they agree with statements from Hampson Management about the "Issue", noting the apparent impact of the "Issue" on Hampson. At this stage it is not reasonable or relevant to hide behind "contract confidentiality" | tullynessle | |
01/8/2012 14:00 | Re Post 2536 Extract from Hampson News Release dated July 3, 2012 - Trading Update "The division continues to make deliveries against the Group's largest tooling order, on which, as previously announced, issues were identified during the testing and customer approval process. Hampson is constructively engaged with the customer at senior management level to resolve the issues." | tullynessle | |
01/8/2012 13:55 | How can Hampson management value the USA operations when the negotiations with Boeing over the "Issue" have not been completed? It is noted that the "Issue" was pivotal in changing prospects for Hampson from Neutral to severely negative. (IMS Feb 14, 2012) Also in the IMS, we were advised that rectification was in progress and that income for the year 2011-2012 would be delayed from fiscal year 2012 to fiscal year 2013. | tullynessle | |
31/7/2012 21:54 | Not just here but there are lots of PI's favourite shares that have lost momentum since around April.... | diku | |
31/7/2012 16:25 | LOL Who said this was in my portfolio? In any case - you know my trading profile by now. Distressed companies and special situations amongst others. Mind you - what was surprising here is that the fall was not followed by a spike. You live and you learn. Fail to do that and folks end up in all types of bother. | loverat | |
31/7/2012 16:03 | Funny how it's always your portfolio where this disaster happen Loverat Do you sometimes ever by mistake invest in shares which go up ? | viktormeerldrew | |
31/7/2012 15:52 | Indeed. The warning signs for me were the progressively downbeat prospects for shareholders. You quite often see that in companies but you do sort of wonder what is going on behind the scenes. I said this morning it was a likely stitch up. Anyway - when the depressing story does unfold I am going to use this as a very good case study on a website which is being set up. I already have Colliers, DTZ (pre pack stitch ups) ATG and many many AIM stocks and directors to be featured. | loverat | |
31/7/2012 15:33 | whole thing is very strange there was a confirmed buyer for the Indian ops who then disappeared from the scene, all the trading updates still mention the fact that the company is still profitable and the banking facilities do not have to be renewed until 2013 I think... so why the sudden shock? | tempramental | |
31/7/2012 15:30 | Trouble is, alot of the management of distressed companies are fools. TPs always 'walk away' or play hard ball tactics. If there is any value in this company (and that is a big if) the management should have walked away from the timewasters. At least you could respect that in a way. It has worked elsewhere, albeit because shareholders voted down one offer of 1p for PLUS markets. It seems management do not feel they have a duty to shareholders. I actually thought there was a duty to act for shareholders and not for themselves. | loverat | |
31/7/2012 15:22 | Is that so called "third party" same as the one that originally walked away?.... | diku | |
31/7/2012 15:09 | Well, the only hope here is a PLUS style situation that any decent offers are prompted by their decison. PLUS management were useless but she did secure a better deal (after shareholders kicked up a fuss) | loverat | |
31/7/2012 15:06 | Although Hampson had not been satisfied it could secure an offer for the company, it continues to seek a disposal of its American and non-US operations and has entered into "a period of exclusivity with a third party" in relation to a potential disposal of its American operations. The company also said it had entered into covenant waivers with its lenders until September 28 to get more time to implement either the disposals or a financial restructuring of its operations. | asterix96 | |
31/7/2012 14:48 | Even the possible bidders walked away....so what did they find or know through their delibrations that the insiders are not letting it known to its shareholders?....som | diku | |
31/7/2012 07:10 | the last accounts showed £224m equity value.. the auditors who sign these acs off want shot.. | still waiting | |
31/7/2012 07:08 | you won't get to see the accounts on this one... disgraceful, sorry for holders here. | still waiting | |
31/7/2012 06:37 | Yes - looks like another stitch up. | loverat | |
31/7/2012 06:34 | Still no information for shareholders - a complete disgrace.. Hampson Industries PLC Statement re. Suspension RNS Number : 8833I Hampson Industries PLC 31 July 2012 7am on 31 July 2012 Hampson Industries PLC Suspension of Trading in Shares End of Offer Period Update on strategic review As stated in previous announcements, the Board of Directors (the "Board") of Hampson Industries PLC (the "Company" and, together with its subsidiaries, the "Group") has been reviewing and assessing the strategic options available to the Group. The Company is due to publish its Report and Accounts for the year ended 31 March 2012 by no later than today, 31 July 2012, as required by Disclosure and Transparency Rule (DTR) 4.1.3. However, due to the status and nature of the remaining financing and strategic options available to the Group and following detailed discussions with the Group's auditors, the Board has concluded that the Company will not be in a position to publish those accounts within that required timeframe. Accordingly, the Company has requested an immediate suspension of trading in its shares. As part of the process of reviewing the strategic options available to the Group, the Board initiated a formal sale process for the Company on 14 February 2012. Discussions have been held with a number of potential acquirers to solicit an offer for the shares in the Company but it has not been possible to progress matters to a position where the Board is satisfied as to the deliverability of a transaction involving an offer for the shares in the Company. The Board has therefore today terminated the formal sale process. As a consequence, the Company hereby confirms that it is no longer in an offer period for the purposes of The City Code on Takeovers and Mergers. The Group continues actively to review its remaining financing and strategic options with the objective of achieving a disposal of its US and non-US operations with the support of its lenders. In that context, the Group is entering into a period of exclusivity with a third party in relation to a potential disposal of the Group's US operations. In addition, the Group has entered into covenant waivers in respect of its finance facilities (which are anticipated to provide adequate working capital headroom for the Group's operations) until 28 September 2012, to provide time to implement either the disposals or a financial restructuring of the Group's operations. The Board does not expect the conclusion of any of the options currently open to the Group to result in there being any value remaining for existing shareholders. Further announcements will be made as appropriate. | tullynessle |
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