Share Name Share Symbol Market Type Share ISIN Share Description
Assetco LSE:ASTO London Ordinary Share GB00B42VYZ16 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 385.00p 370.00p 400.00p 385.00p 375.00p 385.00p 2 14:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 24.9 2.2 17.8 21.6 4.70

Assetco Share Discussion Threads

Showing 2226 to 2248 of 2250 messages
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ALS, I totally get your concern but they are debt free now and have the wherewithal to deal with this issue. Given the system relies on self policing, I'm not sure how this gets properly resolved, unless HMRC starts digging up the landfill. My guess is that they'll settle at a number considerably lower than the £14m. w1
I have previously been an AUG shareholder but i'm avoiding them until the outcome of their dealings with HMRC become clear because I see an unfavourable outcome as a significant risk. That said the results were impressive for a change.
I don't expect them to be successful but one is still left with an investment almost 100% backed by cash and a small profitable business. The precedent that would be established if the courts found in favour of Mills would be seismic and render the role of the advisor (including lawyers, IFA, accountants etc) and their insurances untenable. The two precedents that support the auditors are, the (1997)House of Lords decision in SAAMCO v York Montagu and, more recently (March 2017), BPE Solicitors v Hughes-Holland. You can look these cases up and view them and the reaction in the legal press. It's my understanding that Mills will have to prove that he relied exclusively and only on the auditors' opinion to make the investment. If he was demented and living in a care home with access to other info and he'd never made an investment in his life, he could win but as an investment professional the courts will likely decide that there were many other factors which makes it difficult to establish how much he relied on the auditors and likely dismiss the case. My own view is that the small business will be exited, leaving a listed vehicle as a cash shell to buy a business, which should be worth lost more than the cash. Failing that we get most of our money back. It's a an investment with very limited downside and lots of upside. I've generally found these "option" situations to be quite profitable (e.g Newfound, Neteller, YouGov, Dart etc). I know you're not a fan of Augean but it does look like we're going to make good money and I think Mills knows what's going on. He took a large stake in Telecom Plus when everyone thought it would go bust and went into RPC when the share price was rock bottom. w1
I thought you didn't expect the case to be successful Woozle? Still I sold half into the rise and now i'm very comfortable with my average price either way. Let's all hope it's a good outcome for ASTO.
In June they said later this year. So anytime now I guess. ALS I think I was causing the rise in the s/p.
Any updates on the trial?
oriental oracle
It is being held now, but will take weeks for decision
I have sold half my holding into the rising price just to reduce my average price to around the level of NCA. I don't intend to sell the rest until the outcome of their litigation is known. Does anyone know when the case is due to be heard?
They do have a case but having consulted with a barrister who is involved in this field (and without access to all the facts), there are few precedents where auditors and lawyers have been successfully sued. w1
This is the test for this case. As such ASTO will have to prove that this was an advice case, which looks like a high test. Lawyers only draft legal agreements and auditors prepare report and accounts. The SAAMCo principle In delivering the sole judgment, Lord Sumption considered the development and application of the SAAMCo principle, as well as what he described as the various misunderstandings in relation to it. The key points emerging from his analysis are as follows: The SAAMCo principle is a general principle of the law of damages, which requires an analysis of the scope of the professional's duty to protect their client against risks associated with a transaction. It is not a matter of causation. The principle distinguishes between so called 'advice' cases and 'information' cases. Whilst criticising the descriptive adequacy of those labels, Lord Sumption clarified that: 'Advice' cases are those where the professional provided advice to their client whether or not to enter into the transaction and, in so doing, was under a duty to consider all relevant matters and protect the client against the full range of risks associated with the transaction. In such cases, the professional was legally responsible for the decision to enter the transaction and, if negligent, the client would in principle be entitled to recover all losses flowing from the transaction. 'Information' cases are those where the professional provided only a limited part of the range of information (which could include advice in the way that word is commonly understood) taken into account by the client in forming their own decision whether or not to enter into the transaction. In such cases, the professional is not legally responsible for the decision to enter the transaction and will only be liable for the financial consequences of the specific information provided by him/her being wrong. Furthermore, that is the case even if the material provided by the professional was known to be critical to the client's decision to enter the transaction. The fact that the client would not have entered the transaction had the professional provided correct information is not sufficient to establish liability.
Hi ALS The precedent is not great and that for these types of litigation ASTO will have to prove that it relied exclusively on the audit and more and this is tricky as making an investment decision involves a number of factors. A recent example is BPE Solicitors v Hughes-Holland. Hughes Holland claimed that BPE had acted negligently in preparing the loan agreement - as ASTO say is the case with GT audit - and indeed the court found that BPE had acted negligently. However, BPE were not responsible for the loss as it did not opine on the value of the business, which the courts view as a commercial risk. In other words, HH could have lost money anyways as lending moneys is inherently a risky business. We don't know the full facts here but all I can assume is that for ASTO to be pursuing the claim, there must be reasons beyond a negligent audit - which we know to be the case - and that GT must have opined on the value of acquisitions. As we know, investing in shares is inherently a risky venture, much riskier than lending against the value of a property. And that the burden of proof will be high. All this apart, this still looks like an interesting situation because there is a strong chance that ASTO will use the cash to make an acquisition, making the company considerably more valuable.. w1
ALS: May have been mentioned before but ADVFN finacials wrong - From DM website Market capitalisation £33.58m Shares in issue 12.21m Thought figures were too goo to be true !!!!!!!!
ALS, I agree w1
Results should be soon. I don't know why it takes a small company 6 months to sort out their accounts. I'm hoping they can hold on to that Middle Eastern contract for a couple more years and they win their claim against GT. If those two things go my way I expect to double my money and if they both go against me I expect to lose 20%. I think it's quite an attractive risk/reward personally.
"A hearing of the Disciplinary Tribunal of the Financial Reporting Council ("FRC") will commence on Monday 15 January 2018 at 10.00am to consider a Formal Complaint against (1) John Shannon, former Chief Executive Officer of AssetCo plc, and a member of Chartered Accountants Ireland (“CAI”); (2) Raymond Flynn, former Chief Financial Officer of AssetCo plc and a member of CAI and (3) Matthew Boyle, former Financial Controller of AssetCo plc and a member of CAI". Https://,-raymond-f Well that only took seven years then. It really is a disgrace how slow the FRC is to take action against accused accountants.
effortless cool
Latest news - I think - was on watch list many years ago before "problems" I think referes to the same company ?? Accountants Grant Thornton fined £2.3m over audit Accountancy firm Grant Thornton (GT), has been fined £2.3m and severely reprimanded by the Financial Reporting Council (FRC) over failings in its audit of a company called AssetCo.
3.50 you mean
Since last September shares in AssetCo have gone from 1.61p to 250p a share
The new board of AssetCo, the firm that used to maintain London's fire engines, today said it was suing its past management for more than £50 million over a "very significant decline in [shareholder] value"...
Interesting to see Henderson buying 400000 more shares, suggests they at any rate have confidence.
The good old Daily Telegraph reported today that "Since last September shares in AssetCo have gone from 1.61p to 250p a share". No mention of a 1 for 1000 consolidation. Great reporting!
only another 900%+ rise to go to break even LOL
Should dive now lol - 2 for a pound - roll up, roll up, get your fire engines here my dearies :)
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