Wallgate Share Discussion Threads

[hosede] 01/9/2004 15:44

Paul
I think that Wigmore can defend the petition in just the same way as they can try to defend a county court case (in my case the claim was for "goods sold" which is much more difficult to defend) so you might be better waiting for judgement and then serving the petition as soon as they fail to pay - I think they have to be given 14 days after judgement but the law may have changed.

[psmith64] 01/9/2004 14:28

Hosede - I have not yet got my money out of Speymills or FNPM

I started the small claims route through the court, and would you believe it, Hewitt is going to try and defend not paying.

As yet, he has filed no defence ( because he does not have one), he has until 3rd September, then I can issue a judgement.

Tell me Hosede, how do you go about serving a statutory notice, if it is that good, it may be worth trying.

Regards

Paul

[rcktmn] 01/9/2004 14:13

Receivership beckons ! within next couple of months I reckon..(IMHO)
Unless, of course, a miracle arrives. My shares are worth only £50 now so not much to loose from here ! Should have put a stop loss on it in the early days ! Allways thought that this would come good. I never learn.!

[on_targetz] 01/9/2004 13:54

According to industry word-of-mouth, a number of Speymill creditors (subcontractors & suppliers), won't work for them anymore unless payment is being made up front.

... as anyone involved in the construction industry will know, a company is only as good as it's subcontractors & if you can't get materials you can't build anything ...

It's a pity as they were a good firm prior to the Wigmore debacle...

Given the current situation I'll give them 2-months max (recruitment co's are already reporting a large exodus of staff based on those registering on their books)

On balance, given the situation with Blanchard's and Speymill, the WGT stock is currently a very very risky bet with too many diluted shares floating around.

[day_dreamer] 01/9/2004 10:39

PSMITH :

Very good posts and i hope they served to save some people
a lot of money in this stock.

Gravy

[hosede] 01/9/2004 10:36

Paul
Yes curious why global bought at .3p Probably Dean expects to get it all back eventually in Director's and "consultancy" fees as he did at ART or to insist the other shareholders buy him out at .5p in order to get rid of him!! Again as he did at ART.
Have you got your money yet? The statutory notice is very effective. I once served one on a listed Co. for 10k and got paid in 48 hours. They went bust five weeks later but not owing me anything!

[psmith64] 01/9/2004 09:54

At least we can take comfort now that the Hewitts will soon be taking a loss on their recently cashed in loan notes, for them to have made money out of this sorry situation would have just rubbed salt in the wound.

And the fact that they are not piling money in at the moment when the shares are so cheap, just goes to prove that this share is heading lower, and more than a posibility of going under completely.

No confidence in the share from the directors, should send out a warning signal to all current share holders, and anyone thinking that this can recover, get out now while you can at least get something.

Hold on and risk losing the lot,

With the way the Inland Revenue are now, I wouldn't be surprised if they are chasing hard at the moment, you can bet if they are not paying subbies and suppliers on time, they are behind with the Tax and NI, and with the Inland Revenue now being classed as an ordinary creditor, it won't be long before they issue a winding up order if they are not paying, so lets hope that they are at least up together with the tax, it may be worth someone asking this question to Mr Hewitt.

I see the offer has now dropped to an all time low, could see the bid drop below 0.10p today, even at these low prices there is not a lot of volume shifting, not surprising really is it when you see that the same board of directors are still in place that caused this grand scale demise of the Wigmore Group.

All in all, no confidence from the board, no new large contracts, must be burning cash by the day, no confidence from the buying public, even Stephen Dean has gone quite !!!!!!!!!!!, yes On_Targetz - you could be spot on there

Regards

Paul

[on_targetz] 01/9/2004 09:41

....??

....sounds of the funeral march....??

....bust by x-mas, ha, ha...!!

[psmith64] 01/9/2004 09:38

At least we can take comfort now that the Hewitts will soon be taking a loss on their recently cashed in loan notes, for them to have made money out of this sorry situation would have just rubbed salt in the wound.

And the fact that they are not piling money in at the moment when the shares are so cheap, just goes to prove that this share is heading lower, and more than a posibility of going under completely.

No confidence in the share from the directors, should send out a warning signal to all current share holders, and anyone thinking that this can recover, get out now while you can at least get something.

Hold on and risk losing the lot,

With the way the Inland Revenue are now, I wouldn't be surprised if they are chasing hard at the moment, you can bet if they are not paying subbies and suppliers on time, they are behind with the Tax and NI, and with the Inland Revenue now being classed as an ordinary creditor, it won't be long before they issue a winding up order if they are not paying, so lets hope that they are at least up together with the tax, it may be worth someone asking this question to Mr Hewitt.

I see the offer has now dropped to an all time low, could see the bid drop below 0.10p today, even at these low prices there is not a lot of volume shifting, not surprising really is it when you see that the same board of directors are still in place that caused this grand scale demise of the Wigmore Group.

Regards

Paul

[knitcraft] 31/8/2004 18:03

knitcraft - 19 Feb'04 - 21:04 - 738 of 897 edit


You say you don`t believe any funny business is going on.

You could say exactly the opposite as well.

You hope no F B is going on but when the F D goes just before the results it often comes with some bad news.

Your post above SAGEM purely reflects your hope and has no FACT in its remarks.
You havent got any better idea of the results than my dog.

[sagem] 30/8/2004 00:06

I can at least sayI have always made money on the stock market and a loss of a few thousands will make very little difference to me as I am well into profit on my portfolio. You are always going to get it wrong on a few investments, but the important thing to rememeber is to have a very good spread of investments and never take you eye off the ball. At least I am making money and I have been in oil for some time now with huge profits, so I feel very sorry for you and your huge loss.

[tamaybroke] 29/8/2004 22:47

SAGEM,i make sure and learn as much as possible from my mistakes,investing in WGT was one of them,it was one of my bigger investments and to think at one stage i was going to double my holding in it,but something in the back of my mind told me not to,to my relief i didnt.But i for one have learned a huge amount from this costly mistake and i am still following this share closely just to make sure i dont make the same mistake again or at least minimize my loss,i will recover what i have lost here and i would nearly say it could be the best thing to happen to me as far as investing goes because my investing stradegy has totally changed from this experience and the stocks i have bought recently are doing very well, and for the first time since starting to invest i am confident about my decisions.
I have read practically every post on each of the WGT threads and read them again over the last couple of days to see who called it right and to pick out inteligent experienced investors posting on these threads,i also now use this stradegy when making my own opinion on other stocks and would gladly ask for these particular posters for their opinions in future.
Sadly SAGEM you wont be one of them, you claim to be an experienced intelligent investor as posted on some of your posts but are far from an experienced intelligent investor going by your past and present posts on these threads in FACT your lack of intelligence worries me if you are investing money in stocks, you would be safer leaving your money on your passenger seat with your window wound down on a busy street.
P.S To back up tiredoldbroker's last post you might want to read a post from Knitcraft in response to your statement on the Wigmore Group thread dated 19 Feb 04 21:04 738 of 897

[tiredoldbroker] 29/8/2004 09:11

No, SAGEM, a fact is something which can be shown to be true by using evidence which exists in the real world. You are merely stating an opinion.

So it's a fact that WGT has been a disastrous investment and that I've been saying for 14 months that it would be - my early posts are still there if anyone chooses to look for them, and you can see the decline in the share price for yourself.

But it's just your opinion when you say that the stock is now too cheap and that there will be a bid for the company. You don't have any facts to support your view.

An opinion is a belief or conclusion held with confidence but not substantiated by positive knowledge or proof. It isn't a fact.

[sagem] 28/8/2004 09:29

maut too.............IT WILL HAPPEN..... BID IS ON THE CARDS..... I AM NOT RAMPING...... ONLY STATING A FACT.

[maut too] 27/8/2004 19:35

what is up with this creep - he seems to spend half his day ramping penny shares with his mates and the other half spamming threads with this nonsense. I do not own the share in question and made money at the time ...






day_dreamer - 27 Aug'04 - 17:42 - 77846 of 77857


Just popped in again briefly to remind everybody that
another mauty share ramped from over 100p went under
1p for the first time today...SIP...


Gravy

[sagem] 27/8/2004 19:31

Stand by for a bid it is obvious that this will happen especially with such a low price.....somebody out their must be getting ready to pounce.

[psmith64] 27/8/2004 17:59

Yes, me too, see my post about two months ago that predicted the blatantly obvious.

It is strange why Global bought at 0.30p, but have not topped up much since at the lower price, just goes to show how clever EVG were, and able to make a profit out of this dog, at shareholders expense.

Also, still no directors piling in, another indicator that Wigmore is on the way out, along with the management that should never be trusted with other peoples money ever again.

Regards

Paul

[hosede] 27/8/2004 11:22

Well the share price has finally sunk to the 0.1p that was obviously all it could ever be worth after the massive dilution. The extraordinary thing to me is how long it has taken to get there. I expected it to fall in minutes after the EGM!!!

[psmith64] 26/8/2004 17:55

SAGEM - Who is going to make a bid for a company that has top flight customers, but not much work from them, Wigmore need £ 2 million per month in new work just to stay the same as last year, all they have announced since March is £ 1 million from Blanchards during this month.

The only reason anyone can be interested in this company now, is for a cheap listing on the AIM market, if assets can be sold off to clear debt, that would be probably about the best case senario at present, and that is my Guess why Burnbrae are interested, if the figures stack up, they can offload Blanchards and its prime industrial site in Salisbury, close down FNPM, and then reverse their Hotel Chain into Wigmore shell, possibly keep Speymill on to build new hotels, and upkeep existing, that is about the best I think we can hope for, and of course, sack the current board who got Wigmore into this mess.

Maybe then we may see a little recovery, but it will be a long hard climb.

Alternatively, the company may just go bust in the meantime, as even with all the refinancing, it still lacks working capital.

Regards

Paul

[sdtoot] 26/8/2004 14:13

Sagem,

How many WGT shares are now in issue?............that is why the share price is so low. Current board will need to be potted before any chance of a possible bid.

[sagem] 26/8/2004 09:35

I THINK IT IS POSSIBLE THAT A BID WILL BE MADE FOR THE WHOLE OF WIGMORE GROUP WHILE THE SHARE PRICE IS SO LOW.THEY STILL HAVE SOME TOP FLIGHT CUSTOMERS.

[psmith64] 26/8/2004 08:58

Just another thought to aid anyone considering making an investment in Wigmore.

Blanchards were the only really profitable part of the group in the last accounts.

With the drop in turnover at Blanchards this year, caused mainly by lack of work carried out for Annington homes, one of their biggest clients, this could be a bad trading year for Blanchards, something they could have easily ridden if they had still been a private company after 30 excellent years with the cash pile they had, but as part of the cash strapped Wigmore group, this will have a devestating effect on the year end figures, remember Hewitt has already disclosed this year will not meet management expectations.

You have to question why Blanchards have not had such a good trading a year, it must have something to do with being part of the Wigmore Group as this would have affected their credit rating I am sure with both clients and suppliers, a careful reading of the buyout prospectus shows Hewitt indicating that as one of the risks of bringing Blanchards into the Wigmore Group, and that has now read true.

Regards

Paul

[psmith64] 26/8/2004 08:43

Looks like another drop will happen today, nobody seems to want Wigmore anymore, which is hardly surprising.

Just one other small piece of news, another of the four who has been offered a job eleswhere at Blanchards ( two have already handed in their notice as per m previous posts ), is seriously reviewing his future with the company after the other two have now jumped ship, again, if he does leave, it will be a serious blow, again, another long term member of staff.

Moral is still very low within Blanchards, and these happenings will just further devalue Blanchards, which should have been off loaded back in May when a fairer sum could have been obtained, pre suspension of shares, which would have been a better opportunity to raise cash, without dilution, rather than the deals the board of directors have forced shareholders into, forced, because the only option they gave was to go into receivership, which must still be a possibility.

How much longer will the current board still continue to draw their salaries and perks for doing such a bad job, it needs shareholders now to really question and force this issue, they have no morals at all, they should have resigned of their own accord, and how can they be " pleased " to keep making announcements that cost their shareholders money.

Some of you may wonder why I am so bitter towards this management, it is not because of the money they have taken from me as a shareholder, that is part of life as being an investor, it is not the small amount of money that they have so far not paid my business for services given to the company that should have been paid in April 2004, that is an accepted risk you take when in business, it is the fact that they took a perfectly good company, Blanchards, which I worked at between 1982 - 1995, where I still have a lot of friends, and have basically ruined a great company, people who have worked hard all there lives to get the business where it was are now going to have their retirements tarnished because they won't have acheived the full value for the company because of Wigmores bad management and decrease in share value that this has caused, people who had good futures ahead of them with Blanchards have been forced to leave because of the uncertainty surrounding the company, lots of subbies that have worked for Blanchards for years are now having their payments delayed which causes them uncertainty.

And after all that, a board led by Peter Hewitt, is still in place, still making decisions that are costing loyal shareholders money, they have to go, and soon, before it is to late.

Regards

Paul

[psmith64] 26/8/2004 08:39

Looks like another drop will happen today, nobody seems to want Wigmore anymore, which is hardly surprising.

Just one other small piece of news, another of the four who has been offered a job eleswhere at Blanchards ( two have already handed in their notice as per m previous posts ), is seriously reviewing his future with the company after the other two have now jumped ship, again, if he does leave, it will be a serious blow, again, another long term member of staff.

Moral is still very low within Blanchards, and these happenings will just further devalue Blanchards, which should have been off loaded back in May when a fairer sum could have been obtained, pre suspension of shares, which would have been a better opportunity to raise cash, without dilution, rather than the deals the board of directors have forced shareholders into, forced, because the only option they gave was to go into receivership, which must still be a possibility.

How much longer will the current board still continue to draw their salaries and perks for doing such a bad job, it needs shareholders now to really question and force this issue, they have no morals at all, they should have resigned of their own accord, and how can they be " pleased " to keep making announcements that cost their shareholders money.

Some of you may wonder why I am so bitter towards this management, it is not because of the money they have taken from me as a shareholder, that is part of life as being an investor, it is not the small amount of money that they have so far not paid my business for services given to the company that should have been paid in April 2004, that is an accepted risk you take when in business, it is the fact that they took a perfectly good company, Blanchards, which I worked at between 1982 - 1995, where I still have a lot of friends, and have basically ruined a great company, people who have worked hard all there lives to get the business where it was are now going to have their retirements tarnished because they won't have acheived the full value for the company because of Wigmores bad management and decrease in share value that this has caused, people who had good futures ahead of them with Blanchards have been forced to leave because of the uncertainty surrounding the company, lots of subbies that have worked for Blanchards for years are now having their payments delayed which causes them uncertainty.

And after all that, a board led by Peter Hewitt, is still in place, still making decisions that are costing loyal shareholders money, they have to go, and soon, before it is to late.

Regards

Paul