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Real-Time news about Worldspd (London Stock Exchange): 0 recent articles
|old giggleswickian: It is interesting that there seems to be a focus here on the actions of the auditor, possibly on account of their national prominence but little is being said about:-
"Several clients allege that much of the missing money was lost through an illegal scheme to support the company's share price. The people say that managers of the company encouraged wealthy clients to take leveraged long positions in Worldspreads stock, promising to indemnify them against any losses.
The company then bought the corresponding shares in the market, allegedly using other client funds to make up the difference between the wealthy clients' bets and the cost of the shares. Worldspreads did not force the clients to make good on their losses when the share price fell but KPMG, the special administrator, may pursue these clients for the outstanding amounts."
The last time I remember this sort of thing going on a couple of people went to prison but the really good news was that one of them became the first (and only) person to recover from Alzheimers.
History tells us that accountants are rarely blamed for the actions of dubious company executives but if I was one of these wealthy clients I would be reading books on how to survive in prison, assuming that I hadn't been to Public School.
The thought of steveglobal4 being involved in a share support scheme is priceless but unlike him I shall refrain from suggesting this is the case without a scintilla of evidence.|
|super ego: Free market capitalism is a dangerous (risky) game. When you have serious amounts of capital it is essential that your supplier is highly capitalised. Look at the people who put their life savings into the Icelandic banks for a few extra basis points, they deserved to get skinned for such poor decsision making, sadly the State bailed them out.
The only spread betting company I use is IG because they appear to be well capitalised and I can monitor their share price, if I have too much cash on deposit I will transfer it to my bank and vice versa.
You'd think that traders would have become more aware of counterparty risk after the banking crash and MF Global.|
|socrates9: The Irish exit is looking anything but astute from any anecdotal evidence I've heard.
The Sports Spread buisness sold in 2009 is already apaprently back trading profitably under the new owners who paid just 200k for it a year after WSPR claimed it lost them 2 million.
Nice turnaround for a 200k outlay.
I also saw an article on line from an Irish daily recently that said the Irish financial division that was sold off had rebranded and were expecting a very successful and profitable year.
Then again, profit is so old fashioned when you can spend like crazy opening offices in Katmandu and spinning yarns about multi million pipeline revenues from big name bookmaker white labels that never seem to show up.
Look at LCG as well, share price in the doghouse for same reasons, buying in dubious quality business from bookmakers and paying a kings ransom to do so meaning little or nothing hitting bottom line revenues.
An earlier poster said WSPR have 4 million options up for expiry in next week or so.
Most are apparently owned by the directors, if they don't exercis it will surely be a big black mark for its prospects.|
|socrates9: The treasury shares were exchanged I believe somewhere in the 70c area.
With the shares now trading at this level, I don't know how WSPR can claim to be 600k up.
In fact if they were being prudent they would surely factor in the share price effect of actually disposing of 2 million shares and book a loss.
Either way the 600k profit they maintained at year end does not exist at current price and needs to be withdrawn as p&l for half year.
I am pretty sure auditors take the MV at the time of an announcement.
If say the shares were 50p at time of half year release when they had been say 80p at actual close of half year on 30th of Sept, they cannot recognise the 80p.
Either way these shares and the 4m another poster mentioned were due up in Dec option expiry will be a big lag on stock for some time in my opinion.
I think they will have to produce a bumper half year result to compensate and push ahead.|
|socrates9: The share price rarely trades in Dublin and the 9% fall is just trying to bring it in line with recent falls in UK.
Last few trades in UK were at 63p which means euro price should be about 70c.
Will be intersting to see if they have managed to sell the 2 million shares from the Irish deal they claimed in July were delivering a 600k unrealised profit to them.
If they haven't sold, then that 600k is going to have to be reversed in their half year results.
Hopefully for all those enthusiasts earlier in thread who bought at 90p+ the hoped for massive Ladbrokes revenue will materialise.|
|sjcsystems: Any comments on the share price? Announcement of good results in the annual report, disposal of sports division and Irish financials pending and yet the price drops?|
|matt123d: Never had a problem with trading FTSE on the WSPR site, one of the best in my opinion and I mainly trade DMA futures on PATS.
Share price sitting right on the 20dma at present, due a move up from here to take it over 100p, decent volume coming in today, just need to shift that seller just below 94p!
|matt123d: Volume increasing daily with an appreciating share price which is at an all time high, doesn't get any better!
'Is something afoot?'
Certainly looks interesting.|
|sjcsystems: Well I don't agree with that borchardt: how do you classify WorldSpreads - is it a people-based business in the sense that it has a lot of clients? His example also is of a NAV exceeding the share price. This is a 20p "cushion" yes, but is that good or bad and how does that compare with WSPR where the NAV is 12p, but the share price is about 77p, i.e. a cushion of 65p??
I also don't see the relevance of this as peladon has said NAV is most commonly used with investment trusts.|
|peladon: Net asset value (NAV)
Definition (US specific)
The total assets of a company less all its liabilities including loan capital, and preference shares. NAV is usually expressed on a per share basis. For example:
assets of a company = �12,000,000, liabilities = �3,000,000
number of ordinary shares = 18,000,000
NAV per share = (�12,000,000 - �3,000,000) / 18,000,000 = 50p
How relevant is NAV for investors in companies? For people-based businesses it is not particularly relevant. An advertising agency, for instance, would have a very low NAV because it has little invested in plant and equipment, and its profitability is driven by people and ideas. Elsewhere, NAV is interesting to value investors who want to know what underpins a company's share price. If a company has a NAV of 120p and its share price is 100p, there is a 20p cushion.
The most common use of NAV is in assessing the share price of investment trusts - collective funds which invest in other companies. It is fairly easy to calculate the NAV of investment trusts because their assets are for the most part quoted companies. Investment trusts trade at a discount or premium to their NAV.|
Worldspd share price data is direct from the London Stock Exchange