RSM Tenon Share Discussion Threads

[pugugly] 17/8/2017 08:03

PwC hit by record fine over "extensive misconduct" on RSM Tenon - FT today.

I wonder if any possibility for shareholder compensation - Any experts out there able to comment.

[sefton1] 27/9/2013 08:05

Daily Mail got this wrong. Happy to have stayed out here

[skyracer] 26/8/2013 11:01

Skyracer 25 Mar'10 - 14:33 - 20 of 968 0 0 edit

What a shabby company this is. Yet more options excercised at 10p. They really know how to look after themselves. Well, if you invest in this you only have yourself to blame. You will be disappointed, always jam tomorrow. Quite frankly there are many far better opportunities out there, with share prices rising strongly. Tenon exciting accountants? You must be joking, only for the self-serving Directors.

All PI's take hits from time to time, no one is exempt, but the evidence against Tenon was particularly loud even three years ago.

[dewtrader] 23/8/2013 21:09

hi praipus, lost wood after this debacle?

[imastu pidgitaswell] 22/8/2013 13:06

Always going to be the most likely outcome. It's not obvious from the public information why the path outlined in 962 can't be followed, but there is probably a lot of yet to be disclosed (and now never will be) information on client losses and ongoing revenues which would mean that it was just unsustainable with the level of debt.

So much of their revenue came from public sector sources, and they have box-ticking risk assessment processes which preclude them from appointing distressed suppliers like this - they can only sack them contractually when it comes to review time, therefore the level of the revenue decline only becomes apparent over time. A spiral of decline.

This way, the trading business is no longer as risky, there will not be as many client departures and they are more likely to trade their way out of it (with the consequent benefits and future profits going to Baker Tilly...)

It's unfair, it's a farce, but that's administration and the professional services for you, and it was ever thus - many words and volte faces, the benefits go the partners of the accountancy firms, to the senior staff, and the business owners get shafted (having been led a series of half-truths and lies over the years).

Glad I stayed well clear.

[rmillaree] 22/8/2013 12:58

lol hadnt seen that cest la vie

[the shuffle man] 22/8/2013 12:33

Millaree - its all over for shareholders.

[bam bam rubble] 22/8/2013 11:53

Shareholders treated as cannon fodder again

In talks with Baker Tilly regarding an offer significantly below the current share price.

4 weeks later -

Entering administration allows the sale to Baker Tilly to complete with nil value for shareholders. The Directors are pleased to say that its own employees are unaffected.

[rmillaree] 22/8/2013 11:12

From the ft link

"The company can service its debt and is a turnaround situation without a complex merger with Baker Tilly."

If this is true then why don't Lloyds - management - and outside parties just leave the company to prove the above statement is true and start back on the right track by proving they can make some (albeit minimal to begin with) progress into the debt.

It can't be in many/any shareholders interests to take any offer anywhere near the current shareprice - any shareholders interested in bailing can just sell at the current price now.

It really shouldn't be that hard to run this company with £5 mill profit on top of interest payments - pay 5 million a year off the debt for 5 years - add a bit of organic growth and bobs your uncle - unfortunately i have nil confidence that this will have anything but a back stabbing end for shareholders - sigh.

[the shuffle man] 22/8/2013 10:20

Too much leverage has again brought misery to shareholders.

Note again to one self dont invest in a highly geared company :-(

[the shuffle man] 22/8/2013 09:35

This from 2 days ago



Cant see Lloyds willing to write off 1/2 their debt without taking nearly all the equity.

Still dont think there will be anything left for us share holders

[still waiting] 22/8/2013 08:06

yep, it was all about getting in to see the customer base imho...

it's clear the cost base is way too big for the lower level of fee income, pre-pack the only way forward??

[chinese investor] 22/8/2013 07:09

Baker Tilly do not intend to make an offer for RSM Tenon.

Now there's a surprise.

[sefton1] 21/8/2013 13:16

Glad I stayed clear here. Daily mail tipster got this wrong

[dewtrader] 17/8/2013 23:34

Praipus mate, holding TNO may render you infertile

btw wasnt this the mail on sundays share of the year.....?

[praipus] 17/8/2013 18:43

So if these aren't in your portfolio what is? :)

[praipus] 16/8/2013 21:21

Just noticed that Guy Thomas author of "Free Capital" collected a few of these recently (7th August). For anyone interested I also track/trade & follow his and other systematic value investors holdings on the WAM thread.
WAM thread

Guy Thomas RNS

[chinese investor] 16/8/2013 15:55

I will celebrate tonight !

[praipus] 16/8/2013 13:22

Just noticed that Guy Thomas author of "Free Capital" collected a few of these recently. For anyone interested I also track/trade & follow his and other systematic value investors holdings on the WAM thread.
WAM thread

Guy Thomas RNS