Gordon Dadds Share Discussion Threads

[gilston] 12/8/2019 18:11

AGM due 28th Aug. when consolidated gross revenue for the first 5 months of current financial year should be available & should be approaching £41m.+ if Group is to achieve annualised £100m.

[bbluesky] 25/7/2019 23:04

I just always think, are these people you would want to do business with?

[spooky] 25/7/2019 15:24

Are these shares really cheap after you have deducted the partners profit share?

[jonwig] 25/7/2019 07:38

chasbas - today's FY results seem to bear out your views from Arden.

They quote adjusted eps of 18.77p, but when you look at the statutory accounts, it's a loss of 28.1p. Now I'm fully aware of the fact that acquisition adjustments are needed to show an underlying performance of the company, but looking at last years eps: adjustsd are 10.46p and statutory 0.55p.

So I'd be a bit concerned that this company will forever produce great numbers on their adjustments, but the statutory numbers will always lag. Are exceptional items meant to be normal ones?

[chasbas] 11/7/2019 14:23

I've got the Arden research. I've read everything I can find on GOR's website. I've done some Googling and can't find anything wrong. Arden reckon its materially undervalued with a 2020E PER of 7x and a target price of 300p. Decent institutional shareholder base. Staff and management hold shares. I like the international angle (including KK/China) and cross-selling opportunities. I like the business model of a good back end in Cardiff doing all the admin, freeing up the lawyers to provide services paid by a % of fee income. It isn't actually 100% legal services. There's pensions, accounting, consulting etc. So I've opened a small position and will hold my breath that the results will be good (next week?). There will be exceptional charges concerning the Ince acquisition for the last year. To me its all about delivering on the revenue potential this year and getting the profit margin up. If the market starts to believe that the share price should go up. GLA

[bbluesky] 10/7/2019 22:31

Why would Fidelity move from 10% to 9.99? - RNS 2/7/19. Unhappy and making a point? .01 sale today 9.99 tomorrow?

[chasbas] 10/7/2019 09:59

Year end (March) results out soon. Last year results were end June. Any thoughts anyone?

[gilston] 01/3/2019 17:51

Creditors` meeting 11th March to consider the Administrators` proposals. What might those proposals be?

[elmfield] 13/2/2019 19:54

Still holding....

[gilston] 13/2/2019 17:55

GD has now secured its £11.5m equity tranche in Monday`s g.m. on top of £20m on floating + £6m debt finance + £6.5m revolving credit facility = £44m.gross.

£12.3m is due to be paid out to Ince Members.

Adding back in alleged "savings" of £3m [staff reduction] & £2m [lease savings] still appears to leave a lot of financial firepower in the company. The question now is what the Directors do with it after the Administrators report back.

[elmfield] 06/2/2019 18:43

Agree,
Not good.

[gilston] 06/2/2019 18:36

Bid price marked down to 133p.this afternoon with 122,572 GD shares sold off today. This is a 5% discount to both the intended placement price & original 2017 subscription price.

Biles may now need [i.m.o] to offer some comfort to his shareholders before Monday`s g.m. votes required to ratify the placement.

[gilston] 04/2/2019 17:35

Adrian Biles has now completely trashed the Ince brand by his aggressive action. What commercial client will ever want to instruct whatever remains of this [allegedly] insolvent firm?

The GD share price sank by 5% last Friday after the disclosures in The Lawyer & elsewhere of commencement of legal action by 20 ex - Partners against the Administrators claiming £4.5m.

Not much value here for GD shareholders.

[acropolis1728] 04/2/2019 09:22

Clyde & Co expands in Germany, opening office in Hamburg
Law firm Clyde & Co has opened an office in Hamburg following the hire of four leading marine partners and their teams.
The partners have joined from Ince & Co and were described by Clyde as "a highly regarded group of marine litigation partners working for many of the major German and Scandinavian shipowners and P&I insurers".
Their expertise encompasses shipping, yachting, admiralty and pilotage, as well as marine insurance, trade and energy, and offshore work. They also act in relation to commercial disputes with a focus on domestic and international arbitration work, advising on both German and English law.
In addition to the four partners, 16 associates will also be joining Clyde.
The joining partners are:
Daniel Jones, an English qualified maritime lawyer who specializes in shipbuilding, charterparty, yachting and trading disputes acting for German and Scandinavian shipowners in contentious matters in London maritime arbitrations and the English courts.
Dr Volker Lücke, whose practice covers matters relating to shipping, insurance and yachting. He specialises in insurance claims and contractual issues handling a variety of marine and non-marine insurance cases and charterparty claims as well as high profile yachting projects for national and international clients.
Dr Tim Schommer advises on commercial, shipping and insurance litigation and arbitration matters with specific expertise in handling shipbuilding, ship repair, yachting and international trade disputes, while negotiating contracts for traders, owners, yards and manufacturers.
Dr Eckehard Volz, whose practice encompasses marine insurance, shipping and energy & offshore matters. He specialises in admiralty law, marine insurance claims as well as large scale energy & offshore projects. A dedicated and experienced litigator, Eckehard has extensive experience of major litigation and arbitration cases.
The office opened on February 1st.
Clyde & Co senior partner Simon Konsta said that "hiring this top team and the opening of our second office in Germany is in line with our long established strategy of hiring the best lawyers across our core sectors in the geographies where our clients need us. Germany is a hugely important market for our clients and is the biggest economy in Europe". Clyde already had a German presence, with an office in Dusseldorf (opening in July 2016) and offices in Paris, Nantes and Madrid.
Daniel Jones said that "we are very pleased to be joining Clyde & Co. … We have come up against several of the firm's partners over the years and so we now look forward to further deepening these relationships from the same side of the table."

[acropolis1728] 31/1/2019 08:41

GD are in process of buying other Ince international offices. That still has to be resolved. Includes Greece, Dubai, Hamburg. Although in case of latter most are about to go to another firm Clydes which opens a new office in the next week. Legal press speculating on Monaco but that has a dynamic all of its own and in any event is relatively small. It will take a bit of time for this to settle and then you have the 33 odd ex partners who are some of the best litigators around all looking who to attack. Its an interesting business model and at the moment there will be a strong Ince culture but it will be interesting to see how people settle in the next year.

[gopher] 30/1/2019 18:42

Echo'd the sentiments eon this thread

[paleje] 29/1/2019 10:39

IC weren't convinced either and have downgraded their reco from buy to hold.

"...Still, given that Gordon Dadds is an acquisitive company, we can assume that there might be further placings in future at prices that could hit non-participating shareholders..."

[typo56] 29/1/2019 08:28

Circular here



I'm still none the wiser why they needed to raise so much so fast.

[elmfield] 27/1/2019 12:35

On the other side of the coin the directors etc hold
a lot of shares. They have a great deal of money riding
on making this a success.

[gopher] 27/1/2019 12:30

Yes - super aggro all around, I cant imagine the institutions being happy their existing holdings being worth 25% less than last week but they probably were faced with a no win situation as owners

[gopher] 25/1/2019 09:29

This has the feel of black hole in the INCE acquisition.

My guess of the way organisations work is that this known about last week, emergency meeting Monday, discussion with NOMAD Tuesday, Prep Wednesday, placing thursday.

[jonwig] 25/1/2019 09:16

Typo - it will be enough that there is security for the money, rather than actual cash access. Will it get through the meeting? Yes, I think that's certain:

"Insofar as the Company is aware, the percentage of AIM securities that is not in public hands is 58.1%" [2018 AR.]