Mayflower Share Discussion Threads

[soysoy] 25/2/2005 12:06

Sorry to say i will not be able to give you update untill Aprill
when the report will be published
The Mayflower investigation is the first inquiry by the AIDB, set up in May as part of a new independent regulator for the accounting profession to deal with allegations of misconduct against accountants
and also the
It is understood to have been ordered by Trade Secretary Patricia Hewitt under Section 447 of the Companies Act, which allows for confidential investigations where there is suspicion of misconduct.
It is not known if former Prime Minister John Major, a Mayflower director in 2000, has been interviewed as part of the secret inquiry launched last year.

[soysoy] 11/2/2005 10:19

jaknife MR DOOM AND CLOOM YOU NOW HOW TO WIND EVERYONE UP
I GIVE YOU MEDAL

[scribbler101] 11/2/2005 01:23

Jak - I don't think "taken for granted" applies; any more than I "take for granted" pre-emption rights; a (fairly) open market; or equal treatment in takeovers. I know it to be a fact. I know how the system works.

If we did NOT have limited liability all would be different. But most observers believe it to be a fundamental stimulus of economic success.

[scribbler101] 11/2/2005 00:42

JakNife - You talk much sense, but also much "Can't Recommend A Purchase", as the analyst said about the Maxwell Mirror float.

If we did not have limited liabiliry we would not have bought MFW shares.

[mrba5hir] 10/2/2005 22:24

and what was the point of this action group ?

shareholders (and I wasnt one) have been well and truely shafted.

[mrba5hir] 10/2/2005 22:23

"....we are extremely pleased to have now completed the sale of all the US operations with a positive result for the business, employees and creditors."

LOL.. haven't they forgot a group of people they are NOT pleased for ?

[soysoy] 10/2/2005 21:54

Home > News > Article

Deloitte announces the sale of the remaining North American Commercial Vehicle Operation of Mayflower Corporation PLC

Feb 10 2005
Nick Dargan and Nick Edwards, Joint Administrators of Mayflower Corporation plc (Mayflower), have announced the completion of the sale of the business and assets of the group's remaining North American Commercial Vehicle Operation to the Commercial Vehicle Group (CVG) for a cash consideration of $107.5 million (£60million).

Nick Dargan and Nick Edwards commented, "Following ten months of intensive negotiations, we are extremely pleased to have now completed the sale of all the US operations with a positive result for the business, employees and creditors. Throughout the period, along with the support of the US management team and employees, we remained focused on maximising value for the heavy truck and light vehicle operations in the USA."

The part of the business acquired by CVG was the only non-captive producer of complete truck cabs for the commercial vehicle sector with full service engineering and development capabilities. Throughout the UK administration period it continued to trade normally. For the year ended 31 December 2004, this part of the business recorded revenues of some $207 million and EBITDA of approximately $25 million.

When Mayflower was placed into Administration on March 31, 2004, Deloitte partners were appointed as administrators to Mayflower and certain UK subsidiary companies.

[soysoy] 09/2/2005 22:01

9 Feb 2005, 08:23 GMT - Mayflower Vehicle Systems (MVS) is a division of Mayflower Corporation Plc, an auto components business based in Buckinghamshire, England. MVS is the only non-captive producer of complete truck cabs for the commercial vehicle sector. Products include cab frames and assemblies, sleeper boxes and other structural components.

MVS has operations in Norwalk and Shadyside, Ohio and Kings Mountain, North Carolina and has a technical facility in the Detroit, Michigan area. Major customers include International, Volvo/Mack and Freightliner.

For the year ended December 31, 2004, MVS recorded revenues of approximately $207 million and earnings before interest, taxes, depreciation and amortization of approximately $25 million.

Financing for the acquisition consisted of an increase and amendment to Commercial Vehicle Group (CVG)'s existing credit facility. The company said it expects the acquisition to be accretive to earnings and provide positive economic value in the first year.

"The acquisition of MVS' North American Commercial Vehicle Operations is consistent with our strategy to remain focused within the commercial vehicle cab and to maintain a number one or two position in the markets we serve," said Mervin Dunn, CVG's president and CEO.

"This transaction provides several strategic advantages to CVG. It provides CVG the opportunity to be the only supplier worldwide to offer complete cab systems in sequence, integrating interior trim and seats with the cab structure. MVS also has the same customer base and buying group as CVG which will provide strategic cross-selling opportunities for all product categories."

Source: Datamonitor Newswire

[anomalous] 09/2/2005 10:50

Parts maker mops up US arm of Mayflower in £60m deal
By Christine Seib
The Times
9 February 2005

AN AMERICAN vehicle-parts maker has paid $107.5 million (£60 million) for one of the remnants of Mayflower Corporation, the London busmaker that collapsed last April.

Proceeds from the sale of Mayflower's remaining US business to the Commercial Vehicle Group (CVG) will go to the bus company's secured creditors, such as banks and bondholders, who were owed about £250 million.

None of the money will go to unsecured creditors, including Mayflower's main pension fund, that of Dennis, its major subsidiary.

Dennis's fund had a deficit of £23.2 million at the time it went into administration. More than 75 per cent of the scheme's members will receive less than half the retirement benefits they were promised.

Mayflower Vehicle Systems (MVS) North America Commercial Vehicle Operations, the US business, was a wholly owned subsidiary of Mayflower and was sold as a going concern. Deloitte, Mayflower's administrator, sold the UK operations of MVS to Stadco, a privately owned vehicle panels manufacturer, last June for £20 million. Stadco bought only the UK operating assets of MVS and none of the parent company's liabilities.

Yesterday's sale was for all of the American operation's assets and liabilities. Last year the US operations of MVS recorded revenues of $207 million.

Nick Dargan and Nick Edwards, the joint administrators, said that yesterday's sale had taken "ten months of intensive negotiations". "We're extremely pleased to have now completed the sale of all the US operations," they said.

Mayflower went into administration after a £20 million black hole was uncovered in its accounts and a distressed-asset takeover attempt by Melrose, the cash shell, fell apart.

The administrators managed to sell the components of TransBus, one of Mayflower's largest divisions, and Mayflower Energy, the turbine and cable installation company.

[scribbler101] 08/2/2005 17:55

soysoy & jak - if you are not posting please don't post. Each time you do so wastes many people's time reading nothing. And we don't all have broadband.

[soysoy] 06/2/2005 21:51

if you want to tell them what you think fill it in

[soysoy] 06/2/2005 21:36

Mayflower Corporation plc

08 July 2004
Fundamental principles

Each of the six bodies has an ethical code to which its members must adhere. The basic fundamental principles underpinning these codes, as set out by the International Federation of Accountants, are as follows:

integrity - accountants must be truthful, trustworthy and honest
objectivity - they must maintain professional independence and not allow prejudice, conflict of interest or influence of others to override their actions and judgements
competence - accountants must not accept or perform work which they are not competent to undertake
skill - professional work should be carried out with due skill, care, diligence and expedition and with proper regard for technical and professional standards
courtesy - accountants should conduct themselves with courtesy and consideration to all with whom they come into contact in the course of performing work


At its meeting on 8 July 2004, the Accountancy Investigation and Discipline Board decided to commence an investigation into Mayflower Corporation Plc and its subsidiaries. The matter was referred to the AIDB by the Institute of Chartered Accountants of England and Wales and the Association of Chartered Certified Accountants. The initial scope of the investigation will be as follows :



The role and conduct of members and member firms of the ICAEW and ACCA in relation to the Mayflower Corporation Plc and its subsidiaries, whether as auditors, advisers, directors, employees or in any other capacity.



The investigation will include, in particular:



(i) the conduct of the audits of the financial statements of Mayflower Corporation Plc and its subsidiaries for the years ended 31 December 2000, 2001, 2002 and 2003 by Arthur Andersen and PricewaterhouseCoopers;



(ii) the conduct of a review of the interim financial statements of the Mayflower Corporation Plc and its subsidiaries as at 30 June 2003 by PricewaterhouseCoopers; and



(iii) the conduct of David Thomas Donnelly, a former Director of Mayflower Corporation Plc and Transbus International Limited.

[soysoy] 05/2/2005 07:49

soysoy - 3 Feb'05 - 20:06 - 785 of 795 edit


I thought you all might want to know that there is article in Shares Magazine. The reason is that the FSA have levied a fine of £450,000 on Pace Micro for the director's failure to notify the market that they failed to disclose the likely down turn in business due to NTL's Chapter 11 problems.

The parallel with Mayflower could be that IF directors new that THEY was a £17 million hole in the accounts and this was affecting the renegotiation of the loans with the banks.
I am expecting a break though very soon so everything comes out of the bag
BUT I HAVE SAID THIS BEFORE AND HOPEFULLY THIS LAST TIME I SAY IT

I WILL ADD THIS
Hopefully we get the FSA AND THE ADIB to fine the directors