Mar City Share Discussion Threads

[the shuffle man] 25/2/2015 14:18

LBO they are highly unlikely to be buyers following the departure of the NED. The likelihood is they will be looking to reduce their stake but obviously will want to maximise value so don't think they will just dump on the market. Why would they want to short when they already own a shed load.

[lbo] 25/2/2015 12:56

Are Hendersons sellers, shorters or buyers after recent events is the real question?

[bigdazzler] 25/2/2015 12:23

It's fair to say that investors and the market are doing the talking and it's not the thumbs up.

There is always the possibility there will be an attempted rally at some stage but I'm still convinced this will see the lows around 20p.

[a2584728] 25/2/2015 12:12

Thanks for your response.

[prospector77] 25/2/2015 10:33

A2584728

I agree that the company clearly made a mistake using a profit forecast in the trading statement which used 3.5m of profits from a properties they were going to hold for investments, but the Ltd company owing money to the plc was in the public arena as per H1 2014 report. Anyone investing in the company knew there was a married couple on the executive team and therefore had the ability to discount this is their estimation of the company. Brown was clearly only a NED because he works for a 12% shareholder. I haven't seen him coming out and saying he resigned due to corp governance issues; maybe he was fired or maybe Hendersons are going to sell their shares and don't want to be insiders, time will tell. But taking all of the above into account he didn't excel in his position and allowed the company executive team/auditors take 2015 profits in 2014 using the revaluation as the excuse and therefore idea that he is "extremely smart" has no basis other than your opinion, in fact he is culpable.

[fillipe] 25/2/2015 10:24

What a lot of humbling!

[a2584728] 25/2/2015 08:25

We need to see an explanation into what happened, I believe the FD has or will be changed therefore there should be some new routines to avoid this happening again and any new NED appointed will have history to assist in his duties.The only way the BOD can regain investor trust is by performance and ROI, all again IMHO.

[joe say] 25/2/2015 08:22

How wrong you are with director responsibilities - read the companies acts - they carry as much responsibility as exec directors and hence the pressure in recent years for NED fee increases

[bigdazzler] 25/2/2015 08:18

A2584728 25 Feb'15 - 08:12 - 618 of 618 0 0

The NED's can only read the accounts put in front of them by the executive, they have to trust them to be candid in their board reports, for £20k ish PA they cannot be expected to know what is hidden behind the numbers. All again IMHO.




Then surely you are saying the board are at fault. If that is your thoughts then without change amongst the board how can there ever be investor confidence and trust?
No return of confidence no return of positive price action.

[a2584728] 25/2/2015 08:12

The NED's can only read the accounts put in front of them by the executive, they have to trust them to be candid in their board reports, for £20k ish PA they cannot be expected to know what is hidden behind the numbers. All again IMHO.

[a2584728] 25/2/2015 08:07

Prospector77 Out of interest, where do you believe the blame lies for an on target announcement, followed by a profit warning 3 weeks late and the problem with not knowing the financial health of a company.

[bigdazzler] 25/2/2015 08:06

Silly me I thought the role of a non exec was to ensure that the company was being run correctly and fairly In the interests of its shareholders. This would include 'small' factors like finacial information being correct and finacial risk being taken by the company was proper and justified.

[a2584728] 25/2/2015 07:57

I would have thought that Someone " in control with the day to operations of the business" would have an idea if a project was financially sound?

[a2584728] 25/2/2015 07:50

It's an opinion, non execs are not there to run the business, that is the job of the executive, MB,s investment record speaks for itself, clearly the board thought he was smart enough as they offered him a role??

[prospector77] 25/2/2015 07:40

A2584728 - how do you know michael brown is an extremely smart investor?? He's been a fund manager less than 5 years and was a cricketer beforehand?! as an "extremely smart" non exec he should have been on top of all the numbers - there was nothing being concealed to those that asked the right questions, especially if you were a board member. I'd suggest saving your "enormous" amount of sympathy for someone who needs or deserves it.
You order post below about Mrs Ryan running he finances is just blatant speculation and a lie.

[a2584728] 24/2/2015 22:20

I think Mrs Ryan was in charge of the finances of the company and Tony was running around the country running site issues.

[a2584728] 24/2/2015 22:18

Michael Brown for the avoidance e of doubt is an extremely smart investor and as a non exec had nothing to do with the day to day running of the business, he will be more upset and annoyed than anyone after he believed the Ryan's story and supported them in hard cash.I for one feel an enormous amount of sympathy for him.

[bigdazzler] 24/2/2015 20:32

Don't know what level of shares are in safe hands can't be bothered to look, That's for fundies and account crunchers I leave my analysis for TA.

However with the latest RNS on the loan surely thats an open invitation for shorters to sell down in the hope of getting the bank to sell off and cause a massive stock overhang and further selling pressure.

As i said I let others comment whether this is the case as not my area of expertise.

But certainly raises a lot of question marks for me without being to blunt on a bulletin board.

[topvest] 24/2/2015 20:13

Looks to me like this company and its husband and wife team have got themselves in a dreadful pickle. One to avoid. Can see it going bust.

[the shuffle man] 24/2/2015 19:06

Henderson own 12% of the company could be a big overhang if they decided to come out.

[ben gunn] 24/2/2015 17:18

Mar Collapse
"Tony and Maggie Ryan" says it all as far as I am concerned.

[lbo] 24/2/2015 16:01

So was this non executive to blame for everything? It said on the Mar City homes website he was an investment manager for Henderson.

[grahamburn] 24/2/2015 15:30

With all due respect to Michael Brown's abilities, will his resignation be a great loss to the Board or the Company?

From the RNS announcing his appointment last March showing a sparkling and impressive record of directorships:

The following details in relation the appointment of Michael Brown are disclosed in accordance with in accordance with Schedule 2(g) of the AIM Rules

Current directorships Past directorships held within
last five years
------------------------------------ -------------------------------
Burnley Cricket Club Limited None
Burnley Cricket Club (Bar) Limited

[bigdazzler] 24/2/2015 15:06

lol no worries 'Ringo'