Mouchel Share Discussion Threads

[pug151] 27/4/2012 17:05

agree red dog most likely route but anything else and this one will rocket

[red dog] 27/4/2012 15:47

should have clarified value of shares not number of shares you hold, 999RP

[red dog] 27/4/2012 15:47

No. The results were worse than I anticipated and the company warned shareholders very clearly that they may raise money by consolidating and diluting the shares. This is the most likely route. So your shares could become a fifth or a tenth of what they are now etc

[999rp] 27/4/2012 08:31

what a drop, a year of bad results can sure make a share price fall,
have we reached the bottom yet!!

[pwhite73] 27/4/2012 07:52

Probably why she's so wide awake unlike you.

[ukinvestor220] 26/4/2012 08:43

i think sally drinks alot of coffee

[htrocka] 21/4/2012 10:31

My sympathy sally..I too reduced my holdings drammaticaly...and am currently on a 'free ride'....what put me off was the results and the size of the debt...25 times the income....in relative terms..it's like having to pay a 750K house mortgauge on a 30k income.......frightening and it would NOT be allowed (you'd be breaking the law if you managed to get one...yet MCHL have a pro-rata one). In truth, this not only requires..but demands dramatic restructuring. To be honest...the best outcome now would be a take over.

[the corpse] 20/4/2012 13:39

Oh dear, sally you have my deepest heart felt sympathy for your gargantuan losses but hey they were self inflicted so sod off.

Can't be long before the dreaded d4e dilution is showered upon long suffering holders.

RIP sally.

[sally 1] 20/4/2012 13:26

I DID LOSE A FORTUNE ON THIS COMPANY.I DO NOT OWN ANY SHARES IN MOUCHEL .I DO NOT AGREE WITH SHORTING ANY COMPANY.I WILL SAY THIS; YOU HAVE BEEN WARNED .OPEN YOUR EYES AND READ GRANT RUMBLES STATEMENT REGARDING DEBT .I CAN SAY NO MORE.

[rgjones] 19/4/2012 21:02

Sally using capitals constantly implies you are shouting, writing correctly implies intelligence.

Allegedly you lost loads on mouchel, and now you are back with unsubstantiated rumour.

Please stop, you give me a headache.

Mouchel as a going concern, looks spent, personally waiting and hoping for a takeover and invested accordingly.

Good luck everyone!

[pikey01] 19/4/2012 14:54

We thought you had bailed-out sally. How comes you know so much?

[sally 1] 19/4/2012 12:59

WATCH IT HERE; THEY ARE CLOSE TO WHAT THEY ARE GOOD AT SCREWING SHAREHOLDERS.THE DREADED DEAL WITH THE BANKS IS LOOMING.

[whoppy] 18/4/2012 00:09

Hi pikey, As you know the pipeline reduced by £670m to £1.5Bn. Pipelines probably only look forward 5 years. A proportion of Sheffield was probably included in that but none of the work in the pipeline has an asset value hence it's not in the share price Obviously only bids won create value from the pipeline and help the sp, which of course from these low levels will be material. Also just because a project has a value of 2Bn the design fees to Mouchel will be much smaller as the bulk of spend goes on the actual construction, maintenance, materials, wages etc, so you won't have seen 2Bn in the pipeline. Pipeline figures are usually on the basis of value to the company rather than project value.
Now that it's cleansed they can focus more on their existing clients and put the effort into winning work from the remaining 1.5Bn.

Highways Agency are their biggest client and it's mooted that Balfour/Motts have won Area 10 contract but they lost out on a technicality regarding their pricing for Area 2 South West contract and might have made the same mistake with Area 10 although I am sure they will be given a chance to correct it if so. We will have to wait and see, but again nothing is in the share price for it.

Looks like they have appointed a new IT man. At least they are talking about business growth which sounds more positive.

Mouchel appoints Chief Information Officer
17 April 2012
Infrastructure and business services Group Mouchel has appointed Michael Gates as Chief Information Officer (CIO).
Michael will be responsible for all existing and future IT services of the company, including the delivery of services to Mouchel's clients across the business. This will involve driving business change, innovation and reshaping the way Mouchel works using modern technology.
Mouchel is currently in the process of identifying a strategic IT partner to further enhance its ability to provide its clients with truly innovative and transformational solutions.
Grant Rumbles, Chief Executive of Mouchel, said of the appointment: "Michael has an extensive background in IT consulting and management of business change. He also has an intimate understanding of Mouchel and has been actively involved in the creation of Mouchel's revised strategy. His experience in leading IT change makes him well positioned to play an important part in our future business growth, where his recognition of delivering real innovation to our clients is enabled by the effective use of modern technology."
His role begins with immediate effect.

[pikey01] 17/4/2012 20:54

whoppy, you say the Sheffield bid wasn't in the SP, which would imply it wasn't in the "pipeline" numbers mouchel circulated either. So where'd the £2Billion go? The pipeline didn't reduce by £2B when grumbles came onboard, nor in the last set of figures.

So was it never in the pipeline figures? (No cheating and suggesting mouchel only counted part of it in the pipeline as it was a JV, that's not how these numbers work historically)

The whole "subcontracting" thing only came about recently - until January it was CarillionMouchel JV.

[whoppy] 12/4/2012 15:02

Not really..as it is, this is at rock bottom and the PFI job was never in the share price ?G.Rumbles already made clear those type of 25 year contracts are not where Mouchel wants to go. It would have been nice if Carillion had won but MCHL would only have had a sub contractor role.

I think the more the sums get done the more a takeover becomes likely, unless the share price rises dramatically there is no way there are enough shares to issue to cancel out any debt.

[doerx2] 12/4/2012 13:29

Surprised this is holding up!!!

[whoppy] 11/4/2012 23:27

A reminder that Amey was taken over by Ferrovial when they had similar problems to Mouchel. Maybe Ferrovial will make a similar move again now they've got the Sheffield job. They will need a lot of resources.

[magpie99] 11/4/2012 23:03

No surprise there whatsoever!

[htrocka] 11/4/2012 06:24

The effect of debt..

[whoppy] 10/4/2012 23:14

Mouchel to design new river-based car port
05 April 2012
Graham Construction has appointed infrastructure and business services group Mouchel as principal designer on the £18.9m design and build contract for a new riverside roll-on/roll-off terminal to service the Port of Grimsby's growing vehicle handling trade.
The Port of Grimsby, situated at the mouth of the River Humber, is owned and operated by Associated British Ports (ABP). It caters for all types of cargo and is the principal vehicle-import centre for the north of England, handling around 400,000 vehicles a year for a number of Europe's major manufacturers.
Currently, vehicles are delivered to the port from Europe on vessels which can pass through lock gates into Grimsby's inner harbour but customers, such as Volkswagen Group, plan to use larger vessels that will not fit through the lock gates. In response, ABP has approved a £25m project to develop the Grimsby Riverside Terminal; a scheme that will allow larger vessels to operate at a new jetty in the river. The vehicles will then travel ashore via a floating pontoon and link bridge to reception sites.
Under the scheme, Mouchel will design the 200m approach jetty roadway; the 200m pier (suitable for mooring vessels on both sides); the 30m x 80m floating pontoon and piled restraint system; and an onshore parking area and all ancillary works. Mouchel will also be responsible for design co-ordination of a 70m link bridge between the approach jetty and pontoon.
Commenting on the win, Sean Barker, who leads Mouchel's maritime team in Mouchel's Engineering and Environment business, said: "This is a significant opportunity for Mouchel's maritime team to demonstrate yet further innovation and creativity in its port design capabilities.
"The Grimsby project is one of the largest port projects in England this year and, in addition to our work at Cairnryan, which will be one of the largest port projects in Scotland this year, it provides us with a fantastic platform for future growth opportunities."
The project will involve Mouchel teams from the Woking, Liverpool, Blackfriars and Sutton Coldfield offices.

[azalea] 10/4/2012 09:42

Given the ups/downs at this level, a share to take profits as they arise, until there are signs of a turnround.

[whoppy] 09/4/2012 14:15

Consolidation could only happen after the new issue of shares, so as to align with rights of existing shareholders and institutions. Otherwise a special resolution would be needed which existing holders would not vote for. Directors would be failing in their duties if they recommended a consolidation before any known dilution.

The other responsibility for management is to have consideration for the trustees of the Mouchel pension scheme which holds a significant amount of shares and has a seat on any decision making. Although no special powers, the trustees would be failing in their duty if they recommended anything that left the pension scheme in a either a worse off position or where members views were not taken into consideration. They are a big stakeholder and so legally members benefits need to be looked after.

The only realistic way out is the banks to remain supportive and for Mouchel to get back on it's feet through the new strategy and restructuring. The repayment of debt will not be immediate and the banks will have to wait like everyone else. They will have to convert the debt into equity at a future conversion price acceptable to the business based on it's current authorisation to issue shares and any future performance milestones agreed at the banks discretion. Converting the debt will remove it from the balance sheet and enable the company to get on with matters, although the share price will be suppressed below the conversion price until exercised but will leave plenty of headroom from today's share price for future company performance to be reflected. Short term there is no way for banks to get their money back without destroying the company.

Obviously if someone, or more than one, wanted to buy the company then value could be realised sooner. It depends how strategic an acquisition of Mouchel would be to any prospective buyer.

[sally 1] 09/4/2012 13:55

I JUST THOUGHT ANY HOLDERS SHOULD CONSIDER THIS. THE BOARD OF MOUCHEL MAY BE CONSIDERING A CONSOLIDATION OF STOCK . IE FOR EVERY 10 ORDINARY SHARES CONVERTED IN TO ONE SHARE WITH A PAR VALUE OF 78 PENCE. THEN AN OPEN OFFER OF 350 MILLION AT 27.5 PENCE PER SHARE WHICH IS BASICALY A WIPE OUT .ITS A BIG POSSIBILITY IS IT NOT.

[whoppy] 08/4/2012 20:10

Looking at the number of shares this company is authourised to issue from the AGM you get approximately 85M from the resolutions passed, and half of that as a rights issue entitlement to existing shareholders (£187,000 @ 0.25p with £93,000 entitled to rights issue, then there is £14,000 cash). The existing share capital of 158M (114M already in issue) leaves an extra 44M possible, so they can roughly issue 85+44 = 129M shares. How can they do a d4e swap with so few shares and such a low sp?. Where's all the other shares going to come from. I note they have also been given an authorisation to buy back their own shares.

Schroders selling down for a reason and the answer may lie in who is accumulating them. ie: Could it enable a holding to be built for a hostile bid at a higher price and thereby Schroders get something back for their remaining holdings..who know's. They still have 9% of the company. Over 60% is still owned by the instis'