Air Partner Share Discussion Threads

[topvest] 11/6/2018 11:52

Deloitte will be all over this I suspect. The accounts will be released only when everything is finalised to their satisfaction and forensic fraud investigations are finalised.

[dontay] 11/6/2018 11:39

We know AIR also employed a firm of solicitors as part of the investigations... and if they've shown it's the auditors who have dropped off and have a least a 'shared responsibility'... there may be legal implications about as to who is going to pay for the cost of it all. The cost of the investigations have to form part of the statement when we eventually get it because they will be substantial... so delays even for out of court' settlement types of negotiations might in the end be worthwhile and a valid reason for delays.

[alfred] 11/6/2018 09:09

In their audit capacity were Deloittes asleep on the job? In their investigative capacity are Deloittes still asleep? Are Deloittes going to be sued?

[steeplejack] 11/6/2018 08:35

They could announce after hours today for all we know.Deloitte are in charge.You get the impression that Air Partner management are like a little child jumping up and down asking "when,when!" and the accountants reply "when it's done". "But I told them today""That's your problem",says Deloitte.

[dontay] 11/6/2018 08:28

Can only think they will publish sometime during the day with the intention of applying for a resumption of trading for tomorrow's opening?

[goodpick] 11/6/2018 08:11

Steeplejack agreed very amateur.

The RNS should have been out sharp at 7am this morning which is how other slick operators do things and would have been a good way to show that the company has learnt its lesson.

[steeplejack] 11/6/2018 07:56

Bit like waiting for Apollo 13 to emerge through the clouds......"the deadline has come and gone but still no sign..."Actually I suppose the the deadline hadn't gone,they've got all day.This is an amateurish outfit when it comes to investor relations.

[gj2] 11/6/2018 07:52

Not again.....

[steeplejack] 11/6/2018 07:29

The Company is working together with Deloitte LLP to finalise the audit and expects the audited accounts will be published no later than Monday 11 June 2018.And here we are.....and where are the figures?

[dontay] 08/6/2018 12:55

Mmm... hopefully the investigation has shown that the accounting 'hole' was no worse than indicated. The chairmans statement would seem to suggest that is the case and no other nasty has been uncovered. If there had been any deliberate criminal actions involved, they would have come to light during the investigation and legal proceedings would have been instigated... the market would have to have been informed immediately and we certainly have known about that by now via an RNS if that had been the case. When this problem became apparent and it was realised results publication would have to be delayed because all previous published account results from 2011 up to and including the current reporting period would have to be restated... the latest possible date they could aim to get everything prepared for... was 31/5. That was due to the 'four month rule'. The only other alternative was to suspend the listing back then. They plumped for trying to meet the latest publication date they were allowed and failed. 'Twas probably a close run thing but as members of the full stock exchange they had no other choice but to suspend until they have all their ducks in a row!Putting that on one side we know that the last year has beaten market expectations and without this problem and with this year encompassing the Korean Olympics AND the football World Cup... it's likely market sentiment would have seen the share price pushing up close to 200p by now.Forward guidance should therefore be excellent and providing the accounts problem can be shown to be dealt with... there isn't any reason why the big boys should want out... so normal service should be resumed! GLA.

[psync] 08/6/2018 10:06

The suspense is killing me.

[spacedust] 31/5/2018 23:58

It'll be ok. 140p after world cup

[pvb] 31/5/2018 21:11

One would hope so if its suspended.

Hah! True. Wasn't thinking there...

[topvest] 31/5/2018 20:20

One would hope so if its suspended. Think this just underlines the fact that Air Partner doesn't run a tight ship from an accounting perspective. They have had issues before and the latest issue is by far the worst. They need to sort things out. Still relieved that I sold out at 8.05am on the day of the bad news. Think this will hang over the group for a while. It should bounce back, but the bigger issue is when we enter the next recession which can't be far off, given this is a cyclical business.

[pvb] 31/5/2018 20:10

Yet share price seems to be holding...

[lbo] 31/5/2018 10:20

The warning signs were all over the place on this one

[trident5] 31/5/2018 09:26

There was no need to issue a RNS on 25 May saying that results would be out today - they had already announced that.

It looks more like the RNS was put out to pressure the auditors to sign off.

[superstardj] 31/5/2018 09:14

The shares had to be suspended. It's four months since the financial period end and that's the limit for releasing results relating thereto. Simples.

[steeplejack] 31/5/2018 08:46

"This delay is not related to the Company's current trading, cash flow, banking arrangements or any underlying issue.""or any underlying issue "?......Interesting terminology.I would say the presentation of correct accounts is very much an underlying issue.I don't quite see why this RNS has come at the very last moment.We saw some hefty selling a couple of days ago which suggests that news was leaking out.We've been here before.I can see that that the previous accounts have to be restated and the suggestion appears to be that no further nasty has emerged but that could be wishful thinking.The only thing to applaud is that the company has suspended dealing in the shares.Something which it should have done for a period when the accounting issue emerged a month or so back.They're learning I guess.

[trident5] 31/5/2018 08:24

I don't think Spacedust will be seeing 140p here anytime soon.

They gave themselves an extra month to get these accounts for what they said was a simple mis-statement of a debtor's balance.

They've then got rid of the FD.

Now they've suspended trading

With the auditors needing another 11 days, can only conclude - it's messy.

[bwm2] 31/5/2018 08:15

Sadly this reminds me of Stanley Gibbons

[dontay] 31/5/2018 08:14

This unforeseen delay is a result of the volume of work required to complete the accounting review and its impact on the financial year audit and the prior year restatements. It is in no way related to the Company's current trading, cash flow, banking arrangements or any underlying issue.Peter Saunders, Non-Executive Chairman of Air Partner, said:"The delay to the publication of our full year accounts, and the resultant trading suspension, is extremely frustrating and hugely disappointing for all connected with Air Partner. However, it is a reflection of the volume of work, which began 7 weeks ago, to conclude a transparent, thorough, and exhaustive internal review and audit. This delay is not related to the Company's current trading, cash flow, banking arrangements or any underlying issue. We thank our shareholders for their continued patience and support."

[alfred] 31/5/2018 07:42

It's hard to understand how the management can have presided over such a mess for such a long time and now they can't even sort it out within the previously stated time frame. What a shambles. Not looking forward to the 11 June announcement (or the next delay!)