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Network Data Share Discussion Threads
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|11 May 2009
Lighthouse pulls out of Network Data purchase
By Jamie Obertelli
Confusion over the future of Network Data's remaining appointed representatives (ARs) continued last week, after Lighthouse Group dramatically pulled out of discussions over the transaction of the beleaguered firm's assets and operations.
The news comes as a blow to Network Data's long suffering ARs, with many feeling they had been left in the lurch following the removal of the firm's permission to conduct regulated business by the FSA.
ARs who had initially been offered contracts with the group will not move over under the guise of the transaction as the contracts did not go live. Lighthouse confirmed discussions had been terminated but added it still had a keen interest in recruiting.
A source close to the deal said the deal collapsed because Bank of Scotland the network's chief creditor was waiting for a better offer for the firm's assets.
In a statement to the London Stock Exchange, Network Data revealed that it had suspended trading from AIM as a result of the uncertainty surrounding its financial position.
A spokesman for the firm said: "The board confirms that an offer had been made by Lighthouse Group and accepted by the group for the mortgage broking businesses during the course of business last week. However, the offer required approval from the group's bankers to proceed to completion and this was not provided in time. The offer has now been withdrawn."
Network Data said it would continue to explore other possibilities for the company, adding that further announcements would be made in due course.
Following the collapse of the deal, Mortgage Solutions has been contacted by a number of the firm's ARs who claim that Network Data's staff have been told to go home and that the firm has been placed into administration. However, Network Data has yet to make an official announcement on AIM.|
|Suspension Announcement (Network Data)
RNS Number : 6999R
Network Data Holdings PLC
05 May 2009
5 May 2009
NETWORK DATA HOLDINGS PLC
("Network Data" or the "Group")
The Board of Directors of Network Data announced on 26 March 2009 that the
Company was pursuing approaches for its mortgage broking businesses. The Board
confirms that an offer had been made by Lighthouse Group plc and accepted by the
Group for the mortgage broking businesses during the course of business last
However, the offer required approval from the Group's bankers to proceed to
completion and this was not provided in time. The offer has now been withdrawn.
Given the uncertainty surrounding the Company's financial position in light of
the offer being withdrawn, the Board of Network Data has requested a temporary
suspension of trading in accordance with the AIM Rules.
The Board will continue to explore other possibilities for the Company.
Further announcements will be made in due course.|
|Lighthouse abandons Network Data talks
Leah Milner - 05-May-2009
Lighthouse has abandoned discussions with Network Data over a potential takeover of its advisers and some key staff.
A source close to the situation says Network Data's bank, HBOS, blocked the deal when it failed to release security over the company by last week's Friday afternoon deadline.
The source says HBOS believes it can get more money for the company than Lighthouse was offering.
In a stock market announcement today, Lighthouse Group says it has "discontinued all discussions with the board of Network Data Holdings concerning a potential transaction involving certain of Network Data's assets and operations".
Last month Network Data was suspended from carrying out regulated business by the FSA and appointed representatives were encouraged to transfer to Lighthouse by Network Data management.
Lighthouse executive chairman David Hickey says: "The board of Lighthouse would like to thank the board of Network Data and their colleagues for the professional way in which the potential transaction was approached by them and regrets that the necessary arrangements to conclude within the stipulated timeframe were not implemented."
|Offer talks terminated and property sale has fallen through. They will try and sell their mortgage broking network separately and find a new buyer for their HQ property. Dependent on continuing bank support to survive whilst they try and raise cash for these two assets, which doesn't really put them in a strong position as a vendor.
Wonder whether PSG is an interested party for the mortgage broking network !|
|RNS Number : 3452M
Network Data Holdings PLC
28 January 2009
Statement re Possible Offer
The Board of Directors of Network Data confirms that the Company has received a preliminary approach which may or may not lead to an offer being made for the Company. Discussions are at a very early stage and there can be no assurance that any offer will be forthcoming. Further statements will be issued in due course.
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the
Company confirms that it has 28,268,010 ordinary shares of 10 pence each in
issue. The ISIN reference for these securities is GB00B16NT791. In addition, the Company has 2,465,000 unquoted redeemable convertible preference shares of 100 pence each in issue which may be converted into ordinary shares or redeemed in full by Network Data at the option of the holder in five equal instalments on each of 31 December 2011, 30 June 2012, 31 December 2012, 30 June 2013, and 31 December 2013.
The redemption/conversion price of the convertible preference shares will be the average mid-market price of the quoted ordinary shares of the Company over the 30 days preceding the redemption/conversion instalment, subject to a maximum conversion price of £0.64 per share and a minimum of GBP0.40 per share.|
|15.5p per share. Can it get any worse?|
|All time low and circa 35% below their 2006 IPO price. Looks like they might need a hip replacement if they are going to move forward again !|
|Not sure if anyone is following this company but if anyone is just to let you know that I have now sold my holding in the company, so if you feel the need of a new thread, please feel free to create one|
|Trade went through earlier which might explain the jump. MMs can manipulate the price all they like but I won't sell my holding. I think there is only one?? Liquidity will probably be sorted out at some point future but I find it comforting that Griffiths & Co own 92%. I think the results out in September will give some certainty to this uncertain share price|
|LOL - the NDH share price is totally manipulated by the MMs. This morning it is up 19% on no news and no trades either !
The MMs can do this since circa 80% is owned by Griffths and his wife and more than 10% is owned by staff which means that the free float is tiny.|
|Even with the watered down introduction of HIPS this still seems to be going nowhere !|
|Yeah but also £3m debt on revenues of £30m and a very illiquid stock with Griffths still holding 80%.|
|Anyone still holding this? I'm not thankfully, but surprised they didn't RNS this news...
Hipstar boss Stephen Maskens quits
Robert Thickett - 05-Jun-2007
By Mortgage Strategy staff
Stephen Maskens, chief executive officer of Hipstar, has sensationally quit the Network Data-owned Home Information Pack provider today.
Network Data's CEO Richard Griffiths has blamed the government's recent U-turn on HIPs for forcing the firm to adopt "a lighter and more sales-focussed management team."
Maskens leaves with another senior member of the management team. On top of that, Hipstar will now be restructuring its management team and staffing levels are being reviewed.
A number of temporary staff have been let go and new recruitment put on hold.
When the government first made its announcement on May 22, the AIM-listed Network Data Holdings said that it would have little impact on its business model.
But rumours started to circulate yesterday that Maskens had quit and up to 30 members of staff were for the chop. But this was denied by Griffiths.
Hipstar still retains 24 staff for August 1 and Griffiths has taken over as Hipstar CEO for an interim period until further notice.
He says: "We are appreciative of the considerable amount of work that Maskens has contributed to Hipstar, but now feel that a lighter and more sales-focussed management team is required moving forward.
"We continue to maintain a long-term view of the HIP market and have adapted our strategy in order to deliver a competitive HIPs proposition."
|Network Data - sunk costs but the business is still swimming
Author: IC | Posted: May 22 @ 22:19
The news today that the introduction of Home Information Packs ('HIPs') will be delayed until 1st August not surprisingly brought about a sharp fall in the share price of Network Data. Although with only c£3,000 value of shares traded today's fall was hardly representative of wider shareholder opinion! The AIM quoted group has committed a great deal of its hard earned money (it didn't raise any new money on float) to supporting HIPS and today's classic government back track will have probably caused Chief Exec and 78% shareholder Richard Griffiths to question the wisdom of his decision to whole heartedly invest in HIPs through his Hipstar operation which was due to kick off in earnest on 1st June. It now appears to be doubtful that they will be ever be brought in at all at least ti any extent.
Yes, it is clearly bad news for NDH but there is a lot more to this £13.6m market cap business than just HIPs. A look at the annual results to 31st Dec 06 revealed pre-tax profit of £220,000 but this was after writing off £1.4m on Hipstar. So the results excluding Hipstar would have resulted in a profit of c£1.6m and this was after incurring a loss on the new Network Surveyors business. If one assumes that the original core mortgage broking business continues to perform, factor in some profitability for Network Surveyors (turned profitable in the first half of 06) and even allowing for further Hipstar cost write offs, the shares don't look bad value.
Any further share price falls would appear to represent a buying opportunity. Unfortunately this is where the problems really begin because, with Mr Griffiths holding 78% of the shares and no money raised on float, there just aren't any shares out there. So they came to AIM but didn't need any new funds and the Chief Exec and staff hold nearly all of the shares.
Once again I question why they on earth they came to AIM in the first place!|
|Glad I went to the beach with the three kids :-)|
|lex1000 - 25 May'07 - 15:31 - 219 of 223: This gets my vote for best quote and smile of the day.........Masurenguy - 25 May'07 - 14:31 - 206 of 217 "Brave men - at 32.5p the market cap is £9m. However the problem is that they have £3m in debt as well........." Bid Price p 47.62 Offer Price p 51.38 cheers ;o)
Well done - brave indeed - your buying the drinks this evening !
Daytrading very illiquid stocks is not for me :o)|
|Only brave men need apply.lol|
|blimey, not a bad afternoons work if you can get it!|
|Bid remains @ 47.62p v 51.38p Amazing turnaround.|