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||Market Cap (m)
|Household Goods & Home Construction
Mcinerney Share Discussion Threads
Showing 176 to 198 of 200 messages
|http://www.savemcinerney.com/ is a website on which Mr David Nabarro has listed his reasons as to why we as shareholders need to do something about the Mcinerney situation.
Please give it a read.|
light at the end of the tunnel
Rating agency Fitch has said it expects further falls in both residential and commercial property prices in Ireland
t added that the full effect of the mortgage market stress has yet to be seen and said that while arrears levels continue to increase, very few houses have been repossessed so far. It also expressed concern about the slow pace of banks foreclosing on mortgage arrears|
Record fall for British house prices
British house prices plunged a record 3.6 per cent on the month in September, mortgage lender Halifax said, in a further sign the housing market is rapidly losing steam after a pick-up last year. Halifax said the fall was the biggest since records began in 1983.|
A survey of the property market carried out for the Irish Independent shows that house prices have continued to fall over the past four months.|
TWO of Ireland's leading companies, regional airline Aer Arann and well known housebuilder McInerney, face an uncertain future after both went into examinership|
Former Anglo Irish Bank number two Willie McAteer has lost a fortune on his stake in the crippled housebuilder McInerney.
Anglo Irish lent huge sums to the company while Mr McAteer was the bank's finance director.
Shares in McInerney hit new lows last week after reports that it was considering going into examinership.|
Readymix say things have gotten worse
Building materials group Readymix has said that the exceptionally challenging trading conditions experienced since 2007 have deteriorated even further during this year. In line with the exceptional weakness across the construction sector, the firm said that demand for products continues to decline, and revenues from operations are down 3pc from last year.|
David O'Brien, an analyst with Goodbody stockbrokers, remains pessimistic.
"Following an impairment of 156m in full year 2009, McInerney is left with a negative equity position to the tune of 92m, with net debt of 236m. Given the company's ominous financial position we remain negative on the company|
|mci was ca 7.5p in June
With news of new cash injector (Aug 9) looks like it's trying to edge back up;
up 12% today
no volume though and an ugly spread.|
|McInerney fights for its life this week
|Our underlying operations are sound but our capital base and |
| structure would impede the ability of the Group to trade |
| through to an expected slow market recovery phase. Goldman |
|Sachs International has been engaged as financial adviser to |
| assist the Group in a review of its strategic alternatives. |
| To date, Goldman Sachs International have completed a full |
| review of our structure and operations. They continue to |
| work jointly with our senior executive team and will report |
| back to the Board in due course. The Board are of the view that a restructuring or new equity raise is the correct strategy for the Group and is in the best interests of all stakeholders. However, there can be no guarantee of success. Any such process may involve significant dilution of existing equity holders. We will give a further update on | progress with the interim results at the end of August, unless there are any material developments before then. |
|In the meantime, the Board seeks to continually achieve increased cost efficiencies and has undertaken a number of specific actions in recent months. These included continuing |
| head count reductions and significant cuts in remuneration for Executive Directors and Non Executive Directors.|
|O/T check out IRG. DYOR & GL|
|HOUSE prices are likely to plunge by a further 16% before the bottom of the market is reached, according to Goodbody Stockbrokers.
This comes as figures show 200,000 homeowners are facing a negative equity nightmare this year
|Property prices continue to fall
|House prices still far from bottom, warns economist
Bailed-out banks 'stifling credit' to lower-paid workers|
Land rezoned for 800,000 more homes than needed|
|300,000 home owners facing negative equity
HALF of the country's homeowners will soon owe more on their mortgage than their house is worth
BANK of Ireland last night warned it is planning a new round of hikes in mortgage and business loan rates
A report from NCB stockbrokers has outlined that as many as 45pc of householders could owe more on their mortgage than their house is worth.
NCB economist Brian Devine says that house prices, as officially measured, are still overvalued|
|Trouble in paradise as value of that second home in the sun dries up
Selling that holiday home to get out of negative equity is not all that simple
|Quinn must be perplexed at the goings-on over at McInerney
Sean Quinn says he bitterly regrets his investment in Anglo Irish Bank, but the Cavan man must be stunned by what's happening over at McInerney, the housebuilder, where his insurance company has a stake of almost 5pc.
The score card of the current management team is pretty dismal and now a key member of that management team, chief executive Barry O'Connor, is stepping aside in an attempt to buy up its Spanish operations. Shareholders are understandably pretty upset at O'Connor already, but they will be even more upset if the Spanish assets are sold without getting the maximum possible value from the transaction.
The company's balance sheet is currently insolvent to the tune of 92.5m and the company is in breach of its bank covenants. The tale of woe doesn't stop there.
Writedowns in 2009 alone came to a crippling 127m and the company only has a market value of 26.2m. The decision of the company's management team to buy land banks in the run-up to the housing bust was a catastrophic error, although the company comments this week, presumably not ironically, that at least having access to land won't be a problem "when the market returns to growth''.
A more cautious battening down the hatches approach in the pre-credit crunch period would have saved the company's shareholders, including Mr Quinn, an awful lot of pain. Now the talk is of money being raised from existing shareholders, diluting the stakes of those hapless shareholders who don't want to incinerate any more of their cash. This presumably includes Mr Quinn?
Despite the appalling performance, the remuneration of directors actually rose last year to 3m as an executive director was compensated for loss of employment to the tune of 843,208. The Spanish deal with Mr O'Connor could make sense if the price is right, but after everything that has happened, shareholders are right to be deeply sceptical and also deeply annoyed.|
house builder McInerney's annual report shows that managing director Barry O'Connor was paid just over 574,000 last year, almost unchanged from 2008|