Telspec Share Discussion Threads

[howdlep] 11/10/2006 13:57

Good to see Peter Gyllenhammer has incresed his stake to 8.2%. Someone thinks TSP is not a basket case.

[Abuse team] 11/10/2006 10:46

Post removed by ADVFN

[nrhorsley] 11/10/2006 10:21

I see liquidation as the best way forward which is, I guess, why Peter Gyllenhammer has taken a stake. But to gamble on this relies on the assets and liabilities being correctly stated in the accounts. Did I hear a rumour of property liabilities in Australia ?

[friendzarin] 11/10/2006 10:16

As much as I would prefer it to be otherwise...NRHorsley and brownp are 100% correct in their views on the status of Faraday.FWIW I've followed the company for over 6 years and am not an ex employee although for my sins I have a 6 figure holding.

[superbigal] 11/10/2006 10:08

Interesting to now see lots of ex-employees who know the truth actually piping up. Company possibly worth 10p each at best and that level is declining as losses mount, albeit it slower than before.

[howdlep] 11/10/2006 09:47

How did you know about that bus? Now I am worried

[nrhorsley] 11/10/2006 09:44

made1686 - We've demonstrated conclusively you are wrong! are you stupid or what?

[made1686] 11/10/2006 09:32

no he is not go to t1pes tom is neaver wrong FARADAY A buffet company

[peter_piper] 11/10/2006 09:17

howdlep - Mate, you are so wrong, but hey, it's your money.

[nrhorsley] 11/10/2006 09:15

Extract from Telspec 1999 Annual report:

30 Ultimate controlling party
Faraday Holdings Limited ("Faraday"), a company incorporated in the British Virgin Islands, has been the
Company's controlling shareholder since its flotation in December 1993. Faraday was, wholly owned by Frank
Hackett-Jones who died in February 2000.

If you look in Companies House you'll find (the UK) Faraday Holdings was called D P MANN HOLDINGS Limited in 1999.

[howdlep] 11/10/2006 09:08

I repeat, it is Faraday Holdings Ltd, ultimately owned by Buffet, that called for the EGM. They are the company owning 40% plus of TSP.
If you review the news releases/reports you will see that some refer to them as Faraday Holdings Limited, others as Faraday Holdings. Poor reporting I agree.

[peter_piper] 11/10/2006 09:00

This is the Faraday Holdings we are talking about (not much info I'm afraid)

[brownp] 11/10/2006 08:56

Howdlep,

You have just quoted the press release, this shows no link between the two entities. It doesn't say Faraday Holdings ultimately owned by Buffet, or Faraday Holdings a wholly owned subsidiary of Berkshire Hathaway.

The Biz.yahoo link just gives a rundown of the UK company, which appears to be a risk management and insurance company. personally if they had bought 40 odd percent of Telspec and watched it decline so much without taking any action for so long I wouldn't give them my business..

[howdlep] 11/10/2006 08:43

then explain post 366

[peter_piper] 11/10/2006 08:37

Mr brownp knows what he's talking about, the Faraday Holdings Ltd that holds the 49% has sweet FA to do with the Buffet Faraday. Believe me, I do know!

[howdlep] 11/10/2006 08:31

So you are saying Faraday Holdings hold 41.97% and Faraday Holdings Ltd have a 0% stake?

Yet it is Faraday Holdings Ltd, ultimately owned by Buffet, that called for the EGM: -

23/08/2006 - EGM Requisition
The Board of Telspec plc (the "Company") announce that they have received a notice, pursuant to section 368 of the Companies Act 1985, from Faraday Holdings Limited requiring the Company to convene an Extraordinary General Meeting to consider resolutions concerning the removal of Mark Skilbeck, Philip Thorpe and Tony Harris from office as directors of the Company and the appointment of Shiv Rakkar and Duncan Soukup as directors. The Board is currently considering this notice, and the resolutions therein, and a further announcement will be made in due course.

[brownp] 11/10/2006 08:06

1) Faraday Holding own a large stake of Telspec, this is true I am not denying that.

2) Faraday holding own 49%, not as far as I can tell. 41.97% looks correct.

3) Buffet ultimately has a stake in a company called Faraday Holdings Limited in the UK. I'll believe you and take it as true.

4) Faraday Holdings Limited UK and Faraday Holdings holding 41.97 in Telspec having anything to do with each other than a common name, I can find no proof of. Point me to a URL with a definitive link between. BTW a share tipping site doesn't count.

Ultimitely its the small investors choice to believe the link or not, I would recommend looking at Telspec annual reports as a guide. Start with 1999.

P.

[howdlep] 11/10/2006 08:01

Faraday Holdings Ltd

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[brownp] 10/10/2006 23:46

So someone on a share site who may have previously bought TSP shares when they were higher typed Faraday Holdings into google and got a company name that links back to Buffet. However there is no link from that Faraday holdings back to Telspec. Try reading the Telspec annual report rather than relying on some lax reporting on a web site. People trying to make tenuous links to companies with similar names may have a vested interest in these reports/rumours.

Of course you could take the risk ride the ramp and hope to get off before it comes back down, or perhaps hope that they are finally going to return shareholders the money locked up in the company assets ( if the assests could realise the full amount and the liquidation doesn't soak up all the extra). But to base buying on the hoping company might suddenly produce a clutch of new contracts seems the highest of risks.

Ask yourselves this if I was a major telco about to order and the engineering staff had been reduce to 4 would I feel confident in support levels?

P.

[made1686] 10/10/2006 21:55

the ifo is on t1pes .com go to it and see all so do a google on buffets companys go to company house buffet own s faraday

[brownp] 10/10/2006 16:00

Only if they were sacked, or left in a huff. Some people just move on, and may even be asked to stay. Not that I'm saying I was ever employed by TSP of course.

Anyway doesn't change the fact that people are trying to make links to billionaires that don't seem to exist, unless someone has some concrete information to the contrary.

[howdlep] 10/10/2006 15:52

Ex-employees have grievances, which I can fully understand.

I simply trade the movement of a share price. Right now, TSP is a share moving up quickly.