Wallgate Share Discussion Threads

[psmith64] 05/8/2004 09:01

SAGEM - although the Blanchards news is good, what you have to remember is the following:-

1) Blanchards turnover in general is well down, do not expect anything like last year.

2) Do they have the cash to finance so much work at once, as at this moment they can't pay their sub-contactors on time for the lesser current works ?

3) Have they taken this work at a low margin to get some work, as up until now, they have won nothing major since around March time.

4) And as always, as is the case with Speymills past, turnover means nothing until the profit is in the bag, and we know that even on a turnover of £ 22 million last year, Wigmore made nothing.

Lets hope that more significant RNS announcements come, especially regarding Speymills, and if Wigmore do want to offload Blanchards, then today's announcement will be good for that.

Don't get too excited on the first RNS in about 4 months regarding work, as £ 1 million is nothing in the big picture at present.

Regards

Paul

[partner] 05/8/2004 08:55

Nice to see school contracts being awarded,with the loss of confidence in jarvis maybe a few more will come this way.

[kaj] 05/8/2004 08:52

I think this will now start to rise steadily. Surly someone has confidence to give this company a contract.

[shawzie] 05/8/2004 08:24

mr dean knows a thing or two - now perhaps mr brooks will be brought back
to Wigmore

[sagem] 05/8/2004 08:07

Are you never satisfied

[pipwattam] 05/8/2004 07:55

ask yourself what margin these deals are on

anyone can buy construction turnover

[starsiva6] 05/8/2004 07:10

You are wrong mate. Today we got a contract announcement. WGT Winning contracts. I am wondering why they have to dilute so much.....They should have done a better move than this.

[starsiva6] 05/8/2004 07:08

You are wrong mate. Today we got a contract announcement. WGT Winning contracts. I am wondering why they have to dilute so much.....They should have done a better move than this.

[sagem] 05/8/2004 07:07

AND P SMITH SAID THEY WOULD GET NO MORE CONTRACTS



Wigmore Group (The) PLC
05 August 2004


The Wigmore Group plc

Blanchards - £1m of contract wins in the last week

AIM listed support services group The Wigmore Group Plc is pleased to announce
that Blanchards, its Building Maintenance Division, has been awarded contracts
to the value of just over £1 million within the last week.

These comprise an extension and alterations to a school for the Diocese of
Salisbury, new school classrooms for Wiltshire County Council, refurbishment
works for Landmarc together with other smaller works, which in total amount to
just over £1m.

Work is expected to start on all of these projects very shortly.

Peter L Hewitt
Executive Chairman

For further information please contact:

Peter Hewitt Executive Chairman 01293 423 301
Jeremy Porter Seymour Pierce 020 7107 8000

Note to Editors:

The Wigmore Group PLC (LSE: WGT) is a focussed support services group deriving
its business from a mixture of term contracts with good covenants, after-sale
housing services, domestic and commercial building insurance solutions, and
speciality contracting. It provides business to business building and
maintenance services to both the public and private sectors as well as fast
track design, construction and property refurbishment services to the leisure
and hotel sector throughout the UK.

[psmith64] 03/8/2004 17:22

Very low volume today - maybe everyone is now aware of the games being played with this one.

No more big buys from Global, at prices well below their first share purchase tranche, and still no major purchases from the Directors if they believe the shares now offer good value.

As regards value, look at it another way, before all the troubles the company had a market cap of around £ 5 million, and that was when everyone thought everything was OK, with 1,105,710,000 now in issue at a mid price of 0.20p we have a market cap of £ 2.21 million

How can we currently value the company, well my guess would be:-

Blanchards £ 1,000,000 ( including property, devaluing by the day as part of Wigmore )
Speymills £ 500,000 ( based on client base, if they are sill using them)
FNPM £ -500,000 ( a conservative guess at there liabiity )

Therefore. with lack of any confidence boosting news, same management that lost a lot of shareholders over 90%, I fail so see anymore than £ 1,000,000 in Wigmore, that is 0.001p per share, unless anyone can convince me different with fact to back it up.

I am still puzzled on what information Global and Burnbrae have invested in, but then again, Peter Hewitt must be good, afterall he managed to get £ 495,000 just before the suspension when he must have known the financial state of the company after two FD resignations in as many months.

Does anyone else have any thoughts on the current value, and its realism, given the grave situation of the company, that still can't pay its people on time ( I have had one concerned Blanachards sub-contractor speaking to me today, who is on the verge of not working for them anymore because he has lost confidence in the parent company, as Blanchards were not able to give him a definate payment date at the moment), that in the own words of the CEO, the company is not going to make management expectations this year.

Some kind of trading statement is now necessary, because the longer there is no good newsflow, you have to assume the worst, and that is no good for investor confidence, and you have to assume there has been no large contract wins, because Peter Hewitt is usually quick off the mark with these with an RNS, and there haven't been any since March, so where are all the contracts, somebody needs to ask the question ????, or have the client's gone elsewhere because they can't rely on a company that runs out of money, and if they read this board, see that the only way of trying to get money is to issue court orders, I can't believe I am the only one that has done this, and therefore how long before we see a winding up petition, and then bankruptsy.

Regards

Paul

[tiredoldbroker] 03/8/2004 14:15

And at 1p, the company would be valued at £30m plus. Care to explain what could make that happen, given that they never had a value anything like that, even before they destroyed most of the value in Blanchards ?

[blav] 03/8/2004 13:33

Tamay,

Cheers, looks like we might get a few % blue soon.
I just hope they can come up with something solid to get us up to 1p plus !

[tamaybroke] 03/8/2004 12:04

A lot of buying at .23 levels so far today :0) looks like people might be finally waking up to this one alright BLAV,good call.

[sdtoot] 03/8/2004 00:42

Blavod Extreme B E S - 2 Aug'04 - 08:17 - 981 of 989

Price still goin UP !

bid 0.25 now !
Offer 0.32

Wakey wakey !

LOL

[tamaybroke] 02/8/2004 23:33

paulm:maybe not blue tommorrow, but im sure it will happen again and im sure this was just a small sacrifice early on by MM,s to keep the gullable interested,anyone in this one should probably expect a new low on the BID price very soon,their playing it so well and getting away with it.

[paulmasterson1] 02/8/2004 22:22

Indeed 0.25p bid to start was a nice premium to the close last friday, that many would think a buyer wanted a big cut, and had offered just that, but one sell and the bid was back to 0.22, and each sell that followed made the price drop again.
Maybe the MM's overestimated what buyers were willing to pay, and so they just upped the price for the hell of it, but no one bought so they had to withdraw back to support(?) levels.
See how blue they start tomorrow to see if that is the game.

[psmith64] 02/8/2004 22:16

hosede - I haven't tried that yet, but have today instructed the small claims court to issue a court order.

I gave them more than enough chance, and even gave them another seven days grace.

All in all, if they had the money, it has just cost them an additional £ 240.00 in court fees and £ 50.00 in interest.

As I have said before, they do not have any respect for the cash, hence the reason they are in the position they are in.

But hosede, I guess if they don't pay up upon issue of the court order, then the winding up petition is the next stage, that is, if someone else does not do it in the meantime, which must be a possibility, as they must owe other companies a lot more than they owe me.

Time will tell, and at the present time I am still confused as to what is happening, just seems to me the big boys have leapt in here to fool the small investor into thinking they are onto a good thing, whilst trying to line their own pockets, again, the varience in price today does not add up.

Regards

Paul