Wallgate Share Discussion Threads

[psmith64] 03/9/2004 08:44

Clarendon - I worked for Blanchards from 1982 - 1995, and in recent times, Nov ember 2003 - May 2004 on a freelance basis.

I have a lot of contacts within Blanchards still, also, Salisbury is a small city, and news travels fast.

At one time, I was on speaking terms with Peter Hewitt, and played a big part in securing Blanchards work between January 2004 - May 2004, that was until Peter Hewitt dragged me into doing some work for FNPM and Speymills, who then didn't pay me.

I had a couple of meetings with Peter Hewitt, and helped him find a good person to run the electrical department set up within Blanchards during May 2004, something that to date I don't thing has ever been announced officially, it was their tentative advance to setting up their own mechanical and electrical department at a cheaper cost than purchasing an established company which was the plan at the time until I made the suggestion of starting one up from scratch, as I knew the right person to start this up.

How do you think that after negotiations during April, and commencing in May 2004 with Blanchards new electrical department, that within two weeks my long term friend ( who fortunately still is ), who gave up his established electrical business, bringing his indepth knowledge to Blanchards, is then be caught up in the uncertainty that now exists.

There is more I could disclose here, but that may implicate others who I don't want to cause any problems to, but Blanchards is a ticking time bomb, once a company that once you had a job there, you would not want to leave because it was a profit making machine run by an excellent management, and then in recent times, two long term members staff leave, who between them have approx 30 years of service, another two have been offered jobs and await to make a decision, one key person handed in his notice than withdrew it, Terry Bruce will be leaving in December when his 18 month contract is fulfilled, he has played a big part over the past 20 + years getting Blanchards to where it was pre Wigmore days, and as far as I know nothing has been done to replace him.

All in all, Wigmore have just drained a good company, upset its loyal staff, are upsetting its loyal subbies and suppliers by no longer being 100% reliable with payments on time, and are probably doing the same within Speymills by the sound of it.

I still can't work out why the Hewitts are still in office, they have done no favours to the shareholders, no favours to the employees of the companies they took over, and no favours to themselves when they eventually have to find alternative employment, give no confidence to anyone because they are not even buying shares at today's low price, that say's it all really

Regards

Paul

[on_targetz] 02/9/2004 21:51

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.

With the current trading situation of Blanchard's as reported by PSmith, and the same situation within Speymill, Wigmore is sitting dead in the water.

Of course, potential investors looking for that miracle quick profit can ignore the above and listen to the blatent ramping by topchat/SAGEM et 'al.

[clarendon] 02/9/2004 17:39

Paul

You appear to be extremely well informed on this company - without delving back through the archives, what is your relationsip with them?

[tiredoldbroker] 02/9/2004 15:59

Come on topchat, you've said WGT is going to 4p, and I've pointed out that the market value at 4p would be £148m. Care to justify your earlier prediction ?

[day_dreamer] 02/9/2004 15:34

I think you should change your nickname to "oblivious"

Deserve a tick up for enthusiasm alone ;-))...or is
it blatant ramping....4000% increases soon..lol..

Gravy

[tiredoldbroker] 02/9/2004 14:54

Just one more point. The most recent Burnbrae loan agreement would raise £500K, convertible into ordinary shares at 100 per 11p nominal, plus warrants for 50% of the number of shares issued, also exercisable at 0.11p.

Thats 454,545,454 shares for the loan and 227,272,727 shares on the warrants. Which would bring the total number of WGT shares issued or to be issued to 3.7 billion.

Given that Topchat believes the share price is going to 4p (well, he says he believes that, I don't think anyone is that stupid), perhaps he can explain how and why WGT would justify a market value of £148m - which is what a 4p share price would mean.

WGT has carried out the most audacious dilution of shareholder value I can ever remember seeing.

What I mean by that is (in very round numbers), from just over 200m shares in issue before they revealed their problems, priced at around 2.5p to value the company at say £5m, they have gone on to issue or promise to issue another 3.5 billion shares at barely 0.1p, to raise £3.5m. Lets say WGT was worth £5m, and that the cash raised isn't all being wasted on stemming losses, and that the combined value of WGT plus cash is £8.5m. The problem is that, divided between 3.7 billion shares, that works out to a value per share of 0.22p.

That's if you think WGT was worth its pre-crisis price (I didn't think it was) and that the cash raised won't go on trading losses and fees to bankers, brokers and consultants (which I think it will). There is no way, given the massive number of shares being issued, that small shareholders will ever see their money back. The shares might be worth 0.2p, but that's on an optimistic view.

[psmith64] 02/9/2004 11:21

Topchat - I think you must be the only one amazed by " no tick up " , why does it amaze you, have you not read any of the factual posts on this thread, and the other Winning Contracts thread.

You can only help people so much, my advice Topchat, get out now while you can still get something, because those days are going to be numbered, no £ 2.00 million plus of contracts per month announced that are needed just to keep the losses at last years dismal porformance, still the same old management drawing their salaries and perks at the shareholders expense, still not able to pay subbies or suppliers on time even with the refinancing to date, no chance of good results this year as already stated by the management, so if the company still exists at results time wait for another drop when you really see how bad it is, share price losses after the re-admission to trading now approaching 75%, as well as the poor people that have lost over 95% pre suspension.

Topchat, if you really want to pour your money down the drain, keep on investing with Wigmore, even looks like Stephen Dean has given up, Global have not bought any lately, and now in a severe loss situation, they are not even topping up at this low rate to try and recover losses, because now they have someone on the board, they probably know it is a lost cause.

Take the view of the directors Topchat, it is not worth investing in, as they would now be buying, and they are not.

Sell up now before you get locked into a permenant loss, administration can't be far off now.

Regards

Paul

[day_dreamer] 02/9/2004 09:09

I thought the kids went back to school today :-))

[psmith64] 02/9/2004 09:05

No topchat, there won't be any large trades based on this news, because this share is heading for liquidation, still with all the refinancing, subbies at Blanchards still can't be paid on time, I would guess it is the same within FNPM and Speymills.

Your 3 - 4p prediction is way off target, there is more chance of an alien from Mars visiting Earth than that happening !!!!!!!!!!!

What this company needs for any chance of a recovery, is a new direction, including total new management, and if it is to persue its existing business, it needs at least £ 3,000,000 working capital, and be able to win contracts that make money.

Basically, this company has none of the above, and as I have previously said, if this was such a bargain at the moment, why are the directors not topping up their puny share holding, answer me that one, if we suddenly saw Hewitt putting in £ 250,000, then I might take a look, because all Hewitt is interested in at the moment is taking his salary and perks, and showing no confidence in re-investing some of this undeserved salary.

So TOPCHAT, tell why you have so much confidence, when none of the directors do, lets see if they top up today, then that will give you your answer won't it !!!!!

Regards

Paul

[rcktmn] 02/9/2004 08:19

TC., which planet are you posting from ?


I do hope you are right. However, i think this is more likely to go bust very soon unless the board/chairman is changed, they reduce costs substantially and they win bigger contracts more often.
I'm still hanging in there as my shares are only worth £50 now.... :)

[sdtoot] 01/9/2004 22:11

Good luck Paul - the directors of Wigmore deserve to be hung drawn and quartered for their performance over the past few months.

I still find it difficult to believe how a small number of shareholders on this BB are still defending them!