Air Partner Share Discussion Threads

[lbo] 05/4/2018 14:15

They are still hiding the facts from shareholders and the continued silence from the company after they have been exposed by Tom as knowing a lot more then they said to the market is astonishing. "A very good client of ours had a series of flights and we never got paid because our paperwork wasn't in order. I won't name them because it was our fault and we still take a lot of work from them"

[dontay] 05/4/2018 14:03

With thanks... A Drunken Sailor's view:"He further said that forensic accountants would be coming in and that over the weekend he had wondered if this could bring the company to its knees."This does not stack up. They know who the dodgy employee was, they might be able to get some money back from him / her. The employee has already been severed (possibly with payment, which can be sucked back). The FAs might find more people who can also be sacked without payment. The non paying customer may decide to pay at least some of what is owed - it would not be good for them when the official report comes out. Not exactly a good news story, but at the end they may well end up with more money and have cleaned out rotten apples. So why would FAs coming in bring the company to its knees? OK FAs don't come cheap, but a clean bill of health, post any action, would be worth it. Unless of course they won't get a clean bill of health because Mark and Neil have been naughty boys. Their auditors have clearly been as useless as most auditors (watchdogs not bloodhounds - don't expect them to detect any real wrong doing). Have Mark and Neil been taking advantage of clueless myopic watchdogs with double cataracts?

[ygor705] 05/4/2018 13:07

It is now pretty obvious that we have either a dysfunctional and/or dishonest Board here. Simply do not believe that senior management were not aware of a bad debt of the magnitude discussed. We now face a lengthy enquiry, possible police involvement and litigation. Foresee a steady here until an opportunistic entity comes along to take the company out at a price that will probably be unsatisfactory to shareholders. Prefer not to take that risk so I'm out.

[frazboy] 05/4/2018 12:57

Watching developments at this company with interest. It has to be said that the accounts are difficult to 'normalise' due to the Jet Card cash (which is being segregated), and the increasing trade receivables position (due to more tour operations apparently), and, the as we all know, deferred income situation. Does anyone know why the JetCard cash has not all been moved into segregated accounts yet? According the HY report about 50% of it has and the rest was meant to have been moved by year end. It's a bit messy.

One thing that I would highlight (and which someone else alluded to) is the CEO's pay. Had it not been for the accounting irregularity, he would probably have been on for a total pay packet of around £700k this year (that's my interpretation from the remuneration report in last year's AR) - not bad for a company which would have made about £6.4m profit (now presumed to be around £3m).

[lbo] 05/4/2018 10:13

This company has been and is still hiding the truth from shareholders.What about all those acquisitions!?Were they just another attempt to bury the truth? Every single one should be looked at now very closely and the valuations that were paid should be questioned by shareholders.LBO - 02 Sep 2016 - 08:05:08 - 107 of 400Thanks speedsgh. Interesting article."Long-term picture is cloudedThis vision may excite investors, and acquisitions may increase profit, helping trigger targets in chief executive Mark Briffa's substantial bonus and incentive schemes.The long-term picture is clouded though. The possibility of new competition from online brokers makes me wonder whether the company is being driven to diversify by the prospect of lower profitability in broking.The acquisition of Baines Simmons, which cost more than Air Partner made in profit in the year to January 2016, could be the first of many. It remains to be seen how judicious the company is when buying companies, and whether the resulting combination adds up to more than the sum of its parts"Then we had the share splitLBO - 07 Feb 2017 - 07:38:59 - 171 of 400http://www.warrenbuffett.com/the-reason-buffett-hasnt-split-berkshire-hathaway-stock/For many years, Warren Buffett has argued that lower share prices would bring about a lot of short-term, speculative trading to the stock of his company. In a Warren Buffett biography titled The Snowball, Alice Schroeder, the author, chronicled why Warren Buffett – the Oracle of Omaha – was strongly against splitting the stock."I don't want anybody buying Berkshire thinking that they can make a lot of fast money," said Buffett to Alice Schroeder. "They're not going to do it, in the first place. And some of them will blame themselves, and some of them will blame me. They'll all be disappointed. I don't want disappointed people. The idea of giving people crazy expectations has terrified me from the moment I started selling stocks."

[bookbroker] 05/4/2018 10:08

Looks like trouble this company with statements like that, held it myself once after its previous crash, made a few quid but stealing clear for now!

[lbo] 05/4/2018 10:00

"Why have you been constantly attacking this company for the past two and half years"Because the warning signs were all over the place and being buried by management and the truth hidden from shareholdershttps://uk.advfn.com/cmn/fbb/thread.php3?id=8073197&from=510LBOSignificant fall in non-JetCard cash of GBP5.0m to GBP4.7m (2014: GBP9.7m) and trade and other receivables continue to rise and now over £21m

[lbo] 05/4/2018 09:47

Sure they not even telling all shareholders all the story still. So they still perpetuating a cover up in another form after releasing only that vague RNS to the market and then holding in house meetings giving all employees a lot more of the story. It just confirms the company is being run by management for the benefit of management who don't seem to think they have to answer to all shareholders. The employees have already been told "I won't name them because it was our fault and we still take a lot of work from them" yet they have not told the shareholders the whole story or they privately admitting liability in house.

[bookbroker] 05/4/2018 09:38

Very good client, either the government or a soccer team using their services, better not upset some Arabs or an oligarch, they should, in the interests of shareholders, resolve to recover that money irrespective of who the client is, you can not show preferential treatment in a public company, fine if it is somebody’s personal fund but not shareholders!

[lbo] 05/4/2018 09:17

Like the company you have been falsely ramping up the share price and now the chickens are coming home to roost. How long has the cover up been going on? Seems some employees knew for years and kept it hidden. Did they all buy shares and take dividends based on false accounting and ramp like you? Shame on you for defending false accounting and not telling non employee shareholders the whole story so you can continue to profit off them. Disgraceful.

[edmondj] 05/4/2018 09:15

Focus on the business than each other! 'Life is too short' etc.

[masurenguy] 05/4/2018 09:02

LBO5 Apr '18 - 391: Measurenguy you must have very close ties to the company.....I doubt other shareholders feel the same.

LOL and he trolls on and on ! I am a long term shareholder here, period. Why have you been constantly attacking this company for the past two and a half years ? You can't or won't answer that!

Whether other shareholders take the same, or a different view, to me is entirely up to them. That's what makes a market. However, the total number of shares traded since the recent accounting announcement was made is less than 4% of those in issue and consequently the vast majority of shareholders are still on board.

You just carry-on with your sad trolling and scaremongering - it doesn't bother me at all!

[lbo] 05/4/2018 08:48

Measurenguy you must have very close ties to the company and are intent on attacking me and defending the indefensible. You seem to think an inflated share price based on false accounting and holding meetings not open to shareholders where more information is given to employees then shareholders is a good way to manage a business. We can only assume so you are both an employee and have bought shares and are still happy no matter the consequence to have made money based on false accounting and an inflated share price. I doubt other shareholders feel the same.

[steeplejack] 05/4/2018 08:40

There might be a case for the company to ask for its shares to be suspended.It would appear that they don't know what's been going on.

[steeplejack] 05/4/2018 08:23

The company is going to have issue another RNS and clarify the news imparted to its employees.As usual in these circumstance,there are two choices facing the market,either the company has been fraudulent in the production of it's accounts or incompetent.

[masurenguy] 05/4/2018 08:07

LBO 4 Apr '18 - 382: I note Masurenguy has gone very quiet also? Perhaps he was in that meeting which has proven my "utter tosh" to be correct!

LOL - even more tosh from the resident troll who has been consistently badmouthing this stock for the past 2 and a half years. The meeting was not open to shareholders and I have not "gone quiet" since I see I see no merit in constantly responding to your incessant drivel. You're not a shareholder here and neither have you claimed to be short so why on earth are you constantly posting here. Obviously, you're just a very sad and angry deramper who clearly has a long term grudge against the company.

Despite the recent fall in the shareprice I am still 50% up on my investment here and have collected a further circa 30p in dividends too. I look forward to this issue being resolved, the subsequent positive response in the shareprice and a continuation of future dividends. Meanwhile, you very desperately need to get yourself a life

[mutantcar] 05/4/2018 00:37

I'm not very happy with "A very good client of ours had a series of flights and we never got paid because our paperwork wasn't in order. I won't name them because it was our fault and we still take a lot of work from them."

Admittedly, we're not getting the full story, but surely any honourable client who had taken flights would accept an error in paperwork, and cough up? How much profit do we make from them that we can afford to take it on the chin? Would they go elsewhere anyway?

[dontay] 04/4/2018 23:22

One of those present has come forward and states: "i am an employee of AP and was there along with about 80 others.... "Mmm... I'm not sure about this.It just doesn't seem very professional to me... that a CEO and FD would call a meeting to make conflicting disclosers of that nature in front of 80 staff? Or could it be 'fake news' by someone with an axe to grind!

[sleepy] 04/4/2018 22:30

pvb - there are many things he could have said. Responding effectively to change and extending its model of superior client service into new and growing markets leaves an awful lot of potential benefit to shareholders unsaid, particularly following the £1 million FET hit

[pvb] 04/4/2018 22:21

topvest 4 Apr '18 - 20:59 - 380 of 383

Share price is heading downwards until they get some clarity on whether existing management knew what was happening. Either management genuinely didn't know or they are putting a brave face on something that they have always been aware of and have now been caught out on. I personally, think its the former but Mr Market doesn't like this sort of uncertainty.

Sounds reasonable it is "the former" as this has been found internally. If an ongoing fraud involving current management how would we have heard of it, as it seems not to have been uncovered by external auditors?

[pvb] 04/4/2018 22:09

Sleepy 4 Apr '18 - 09:54 - 373 of 382(premium)

His confidence apparently did not extend to the future success of the company

Uh?

"Under his leadership I am confident that Air Partner will continue to respond effectively to change and will be able to extend its model of superior client service into new and growing markets."

[lbo] 04/4/2018 22:02

I note Masurenguy has gone very quiet also? Perhaps he was in that meeting which has proven my "utter tosh" to be correct! Who is going to want to do business with a company and take that counterparty risk or leave money on JetCard deposit with them when it becomes public that the company according to Mark Briffa internally saying it is going to be "investigated by the authorities, the FRC"