Worthington Nicholls Share Discussion Threads

[eoc74] 11/3/2008 08:14

I dont think SB would bother his barney if he thought he would fail. I have confidence in him. Also good to hear talk of management incentive schemes. Thats when we should see SB part with some of his cash. I dont think there are any surprises in these results. We have known all along the company was in dire straits.

[chesty1] 11/3/2008 08:09

Well I am in at 12.9p & will hold longer term & add along the way & feeling a recovery COULD be made....

[sirhokko] 11/3/2008 08:08

Yep, going to be a long haul. Probably taken the wind out of somebody's sails.

[z1gzag] 11/3/2008 08:07

I bailed out last week and glad I did. I think we all owe Venlib an apology - well done Venlib you called this right.

Let's up Beart can get things back on track but it looks a tall order.

[edjodav] 11/3/2008 08:06

sorry guys looks like this is goin sub 2p

[rocketfuel] 11/3/2008 07:50

I prefer to take the view that this was not good. These guys have made people a lot of money before and many in the square think they can do it again and will help them to do it.

I wonder if Mr Worthington may find himself in court?

[z1gzag] 11/3/2008 07:47

Big red day here i think.

[edjodav] 11/3/2008 07:44

this is not good

[tadtech] 11/3/2008 07:41

What a disgrace. Ex management milking all investors, probably lazing around on beaches and golf courses. Not a holder but have been watching events.

'These results document a failure of management and Corporate Governance by the
previous Board'

That said this COULD be a good recovery play but evidence will be required first. Cash equal to market cap but further heavy losses expected.

[chris1981] 11/3/2008 07:14

RNS Number:7936P
Worthington Nicholls Group plc
11 March 2008



FOR IMMEDIATE RELEASE 11 March 2008




Worthington Nicholls Group plc


PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007


Worthington Nicholls Group plc announces its preliminary results for the twelve
months ended 30 September 2007.


KEY POINTS

* Loss before tax £42.1 million.

* Goodwill impairment £21.9 million

* Statutory basic loss per ordinary share 54.75p

* Further restructuring under way

* Targeting breakeven trading

* Net cash balance at 30 September 2007, £11.4 million, net cash balance at
28 February 2008 £6.5 million

* Dividend payment NIL

* Proposed name change to Managed Support Services plc


Commenting on the results, Simon Beart, Chief Executive said:

"These results document a failure of management and Corporate Governance by the
previous Board. However, the new Board, appointed on 21 November 2007, has
addressed the major issues and has made the appropriate cost reductions. As a
result, whilst the next reporting period to 31 March 2008 will show further
substantial losses, following the second restructuring, we expect Group trading
to stabilise, thereby protecting our net cash balances".

[salmon coloured face] 10/3/2008 20:11

Nice chart

[edjodav] 10/3/2008 19:58

results in the morning like i have already said

[chesty1] 10/3/2008 15:41

Another tick up before close would be nice....

[fillipe] 10/3/2008 14:58

Decided to punt but had to pay 9.0p for 20,000. A pure gamble based on nothing more that a gut feeling that WNG might have been oversold today, but for no real reason that I could see.

f

[chesty1] 10/3/2008 14:34

I think some were hoping for news today.....

I am sure it will be this week & if something decent is to be added to the bad news we already know then its game on....

I am happy to hold & see how it goes.....

[fillipe] 10/3/2008 14:14

brando, I think you're right. But speaking of barges, could be a punt instead.

[brando69] 10/3/2008 14:08

felipe

in these jittery times, talk of an SE investigation could easily send a stock plumetting

this one deserves the barge pole treatment

[fillipe] 10/3/2008 14:02

The only faintly adverse comment I've seen is in the review of Blue Oar in today's D.Tel, which contains a mention of the likely Stock Exchange investigation into the original float of WNG. Hardly enough to cause this price drop.

f

[windjammer] 10/3/2008 13:51

EOC74

wasn`t blaming the MM`s infact i said they had done a good job on this stock,
i sold a few of these from my trading account on thuresday and bought into CHW a perfect co. great results due out tomorrow. forcast very good , and what happens they fall go and look at the chart, may aswell stayed at WNG. think this is just a blip

[eoc74] 10/3/2008 13:36

When people start blaming MMs, its usually when the fat lady starts to warm up. I hope Im wrong as Im still holding. I have faith in SB to salvage something for us. If not, his reputation will be damaged.

[fillipe] 10/3/2008 11:50

Bygad. Yes, thanks for reminding me. But on the other hand the price rose 57% from 8.1p on Feb 15th to 12.75p March 7th, all without any further newsflow and whilst there was a bit of decent volume it wasn't massive. So I really don't know what to make of it all!

Just seen we're 20% down now on only 504,000 traded with 2:1 L2 order book, offered:bid, and now under 9p. there must be something more going on than we know...?

[brando69] 10/3/2008 11:39

looks like venlib has this spot on

[bygadsir] 10/3/2008 11:18

fillipe

Please don't forget that WNG have already announced about
£18M. in writedowns. These writedowns will reflect in the
Y/E accounts to 30/9/07 - so the numbers have to be terrible.

bygadsir