-3x Short China Discussion Threads

[dealy] 10/4/2011 13:00

there is nothing new here imo.

[johncraven] 10/4/2011 11:09

ouch nasty article

[kenny] 09/4/2011 23:58

From the Daily Mail:

Southern Cross seeks Government bailout
By Mark Foxwell
9 April 2011, 6:55pm
Troubled care home group Southern Cross has made a bid for a State bailout to help restructure its business and avoid breaking the terms of its bank loans.
The group, one of Britain's biggest care home providers, approached the Treasury towards the end of March seeking short-term financial support.
It is understood that the company, based in Darlington, County Durham, which looks after 31,000 residents in 750 homes, was hoping to obtain a multi-million support package from the Treasury.
Neither Southern Cross nor the Treasury would comment, but it is understood that the approach was rejected, which casts doubt over the future of the business.
Southern Cross is facing a squeeze because Treasury spending cuts are forcing local authorities to trim the fees they can pay care homes.
At the same time the company is facing higher rents from landlords. The group is holding urgent talks in an attempt to renegotiate leases and is trying to persuade landlords to allow rents, which are payable in advance, to be paid monthly instead of quarterly.
Southern Cross had been hoping that temporary financial support from the Treasury would help to bring back confidence for further investment.
The company warned last month that it may breach banking covenants, triggering fears that it could fall into administration. Southern Cross has appointed auditor KPMG to help with the restructuring.
A source said talks with landlords were becoming heated, with many unhappy with the proposed arrangements and the suggestion that there would be a cut in rents.
The company paid £248m in rent for the year to last September with turnover at £959m.
Paul Saper of healthcare consultancy LSC International said: 'So far regulators have embargoed more than 40 homes and applied enforcement orders to improve standards at several homes.'
The embargo means that no new clients can come into the care homes affected.
'The company wants to blame everyone apart from itself.'

[stevespi] 08/4/2011 11:31

I really dont understand why this share is dropping. A company with a good team of turnaround directors and a pretty good plan. I know there are lots of things to sort out, but they have got to come out on top at some point surely.

[matt19] 06/4/2011 09:20

Agree, seems a bit more buying, think we will see 15 p next day or so.

[dealy] 06/4/2011 08:27

JJB sports have sorted all their mess out (and they were in a similar position to SCH regarding leases). Premium placing this morning as well.

Last time JJB moved up strongly SCH tripled.

[stevespi] 06/4/2011 08:03

Sorry meant north.. Gonna be one of those days.

[stevespi] 06/4/2011 08:03

I have a feeling this may take off today or tomorrow. Should see south of 15p by close of play.

[gdasinv2] 05/4/2011 10:08

Correct...All last RNS are stake building on SCHE...very lucrative sector 30% Margin profit all time, so investor see the opportunity as a BID anytime or takeover. So positive, I am added, but long term :-) , until 50 to 60p

[matt19] 05/4/2011 09:53

RNS on SCHE - Stakebuilding continues, potential takeover.

[matt19] 05/4/2011 08:21

ONLINE LIMITS IMPROVING.

[matt19] 04/4/2011 17:08

I tried with Barclays mid afternoon, would only let me have 2k of shares when it hit 12.5 p, looks set to move North imo next day or so...

Also Strategy update this week I would say, new board been insitu a couple of weeks now, remember first class team on board now....

RNS Number : 2724D

Southern Cross Healthcare Grp PLC

21 March 2011

Management Appointments

21 March 2011 - Southern Cross Healthcare Group plc (LSE: SCHE) (the "Company" or "The Group"), the UK's largest provider of residential and nursing care with over 31,000 residents cared for by 45,000 staff in 750 locations, announces the following appointments to its management team:

Tim Bolot has been appointed Director of Financial Restructuring and will join the Board, effective at the end of the Company's AGM on 22 March 2011. Mr Bolot will be responsible for the work connected with the Company's recently announced restructuring and will report to its Chief Executive, Jamie Buchan. Mr Bolot, who is a barrister and a chartered accountant, has extensive experience of restructuring within the healthcare industry, most recently in the NHS, and brings additional skills and expertise to the Board.

Frank McCormack has been appointed as General Counsel and Company Secretary. Mr McCormack was previously with Balfour Beatty for 22 years in senior legal roles and replaces the current Company Secretary, William McLeish, who is stepping down after five years with the Group.

Amy Kroviak joins the Company as Director of Communications. Ms Kroviak has over 15 years experience in corporate communications and was previously a director at Luther Pendragon.

Andrew Sellers has joined the Company as Group Financial Controller. Mr Sellers qualified as a chartered accountant with Ernst & Young in London before relocating to the North East of England where he has worked at Board level in a number of organisations.

Ray Miles, Chairman, said "The Board is committed to ensure that it has available to it, all the skills required to successfully tackle the restructuring process which is now underway and to attract new investment into the business. The appointment of Tim Bolot is key to this."

Jamie Buchan, Chief Executive, said "The appointment of this strong group of professionals further strengthens the senior team at an important time. Tim, Frank, Amy and Andrew all share our vision for the future success of Southern Cross and I am confident that they will play a central role as we face the challenges that lie ahead."

[sportbilly1976] 04/4/2011 16:55

matt,

not sure about your broker, but I have been able to get 50k online at various points during this pm with Halifax....

which broker were you using?

[matt19] 04/4/2011 14:13

LOOKS LIKE BUYER IS BACK.

CANT GET ANY ONLINE..................

[matt19] 04/4/2011 11:28

Tried to drop it before but buyers jumped in, may be a good point to entry here imo..

[dealy] 04/4/2011 10:50

if you any of you remember the healthcare software company Isoft (which got bought by IBA health of Australia and then got in a mess over the NHS Lorenzo project) - well it get a takeover offer from CSC at the weekend for a 222% premium.

There are value hunters out there - even when the UK public sector is involved.

[matt19] 04/4/2011 10:39

Think this will see a bit of buying later, doesnt seem to be going any lower and next news likely to be encouraging imo..

[kenny] 02/4/2011 13:08

ellingtons82 - it is very kind of you to disseminate insider information – even though you could go to jail for doing so. Especially so as private investors have no influence on the share price; which is entirely governed by sentiment and the big traders.

[ellingtons82] 02/4/2011 11:38

Bolot and the new team will turn this around, no doubt.

we could even get some news next week.

DYOR etc..

[matt19] 02/4/2011 10:51

Expecting update on leaseholds next week, should be a good week..

[aspers] 01/4/2011 12:29

Yeah you dont risk £200k if your not sure your onto a winner!!! :-))
Expect to see this close above 14p today!

[warwick69] 01/4/2011 12:09

huge late trade from yesterday 1.4 million buy at 14p good sign