Share Name Share Symbol Market Type Share ISIN Share Description
Assetco Plc 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
  0.00 0.0% 345.00 320.00 370.00 345.00 345.00 345.00 1,445 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 22.9 1.4 11.6 29.7 4

Assetco Share Discussion Threads

Showing 2251 to 2275 of 2300 messages
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DateSubjectAuthorDiscuss
06/6/2019
15:57
In regard to the transfer of emplyees, for anyboy also interested: "With effect from this week [the announcement was released on December] the Company has transferred the Emirati employees, who carried out the day to day operations..."
vnvd
06/6/2019
15:53
Thank you for sharing your analysis, rjmahan, its clear you have researched this company thoroughly. I agree that any impairment of AR is unlikely given who the customer and payor is. My liquidation cost is probably in the high range, but I prefer to err on the safe side - sometimes its management severance payments, sometimes something else, but past experience has taught me to prepare for unpleasant "surprises". I didnt know about most employees having been transferred. I havent found that information in the AR, I will try in the press releases. This a point I really would like to clarify, as I understand that the company is not going to keep its employees just sitting in the office, but I also understood from the AR that the company was searching for new customers, therefore part of the personnel must still be with the company, otherwise, how could it execute any new contract? Somebody just mentioned the possibility of the company just buying some other business at a price that would bring immediate value to shareholders in an order of several multiples (ex an immediate x3 in value). I wonder what you think about that. The way I see it, if management knew about a business they could buy at a fraction of its value, they wouldnt wait for anything, they would just go for it (its some of the current owners line of business, at the end). Anyway, thanks everybody for all the great insights.
vnvd
05/6/2019
19:51
rjmahan, I an sure somewhere there will be the judgement in respect of the right to appeal to the Court of Appeal. This will set out the points that they (the Court of Appeal) will look at over again as leave to appeal was only allowed on certain issues. I rate the Judge very highly who handed down the original judgement. I did have a read of a few overviews of the appeal decision and have got through reading 10% of the decision myself. The law is a funny thing, sometimes you just never get justice although I hope in this case Grant Thornton swing (although it will be mostly an insurance company paying I guess).
konradpuss
05/6/2019
19:35
On impairment - nothing impaired 2016/17/18. Expect same for 2019.
rjmahan
05/6/2019
19:32
We disagree on this. I dont put in 2m of AR never received - I think this is unlikely. I dont have a 4m liquidation cost - to me this seems much too high for what this is. Remember most staff have transferred. You also miss interest on judgement and costs accruing I get value of judgement at £33.4 £4.993m liabilities My figures £34.963 Assets +£22.4 Judgement Won +£6 Interest Won +£5 Costs Won +1.3-2.6 Interest while waiting 6m-1yr appeal -2 wind up costs =£62.7m or £5.13 or 74% upside If you say £6 wind-up costs you get to c£4.90 and 63% upside Judgement is halved - you get to c£3.90 and 30% upside Judgement is cancelled - likely £2 a share and 35% loss. I had a look through court of appeals judgements and roughly in 2/3rds of cases original judgment is upheld. In c 1/3rd amendments are usually legal/administrative they don't often overturn entirely. I read the whole judgement - it wasn't a fun few days. I don't think the judge is flying a kite - though I could be wrong. We don't agree on figures but even on yours if you say its 66/33 probabilities gives 13% expected upside. Ambiguity around current business isn't great but its been like that for a while and has always done OK - but is coming to an end. These shareholders aren't giving anyone a job out of the goodness of their hearts.
rjmahan
05/6/2019
19:14
I agree that the downside is 30-40% but the cash will likely be used to buy something that is more valuable than the cash and the upside is multiples from here. This has been a real dog for Mills and buying something at a decent price or reversing a private company into what will likely become a cash shell is a good outcome. Down 30-40% or up multiples that looks like decent odds to me. w1
woozle1
05/6/2019
18:43
I have been doing some DD, and cant find a compelling investment thesis here - not at a ca 40M market cap. Let me share my figures. the good) LV = + 16M in AR - 2M of AR never received + 17M in cash - 5M of liabilities + 32M Grant Thornton - 4M liquidation cost = 54M the bad) LV = + 16M in AR - 2M of AR never received + 17M in cash - 5M of liabilities + 0M Grant Thornton - 4M liquidation cost = 22M This is a ~30% upside vs a 40% downside. While "the bad" scenario may be much less probable (something I personally cannot judge), the potential reward does not seem that compelling - maybe my Grant Thornthon 32M amount is too small? The amount of AR impaired, or the liquidation cost, can be changed as per ones judgment, but they probably wont change the overall picture that much. Further, the future of the business is shrouded in total mistery. In the last AR, the company said it is keeping the personnel while it tries to find a new customer. While the search lasts, we have expenses but no revenues, and even if we do find a new customer, profits are not guaranteed (as the company itself clearly tells us in the AR). While the possibility also exists that the company could do something stupid with the money from Grant Thornton, given the shareholders of the company I consider that highly unlikely.
vnvd
05/6/2019
18:27
Anyone / have the judgement on leave to appeal ? I have looked but can't find it. Thanks, Rob
rjmahan
31/5/2019
06:52
I have been to the Court of Appeal twice and once to the 'steps' of the Supreme Court. These were 'property' cases not company commercial In actual fact the Court of Appeal usually costs much more than the Supreme Court. The Supreme Court will probably not even be a whole day. I intend on reading line by line the decision over the weekend. There will be on line somewhere the judgement to allow leave to appeal to the Court of Appeal. This was not given by the lower court, it was given by the Court of Appeal. This will give some idea of what they will be looking as it is only some aspects of the judgement that are being looked at again. The 'mood music' will not help Grant Thornton in my humble.
konradpuss
31/5/2019
06:43
Yes indeed. It sets a dangerous precedent for them, though, so this was inevitable.
value hound
31/5/2019
06:36
Guess GT have little choice, with the money involved - but I hope they lose, with huge costs.
spectoacc
31/5/2019
06:31
The RNS says that Grant Thornton have received leave to appeal to the Court of Appeal on certain aspects of the judgement With the complexity of the judgement I an not really surprised. My guess - appeal date back end of the year - decision early next year. If Grant Thornton lose, the underwriters will almost certainly then get the lawyers to try for an appeal to the Supreme Court. They might just get there. This will run and run.
konradpuss
25/2/2019
19:15
GT have CAKE litigation to look forward too as well My guess is that will be a lot bigger bought and sold a bit quickly here mainly because I thought they would be able to appeal
ntv
25/2/2019
18:42
This is a big number per GT partner. £60k each by my maths. It’s *3 their provisions for negligence claims.
topvest
25/2/2019
16:37
That AssetCo still have a PR agency and corporate broker could mean that this story is not over and more to come; in terms of corporate activity. Mills does not pay for anything he does not need. w1
woozle1
25/2/2019
16:34
Will the auditor's insurance payout or GT itself? w1
woozle1
25/2/2019
16:17
Award + existing cash +net(receivables-payables) comes to c. 480p/share by my sums.
eezymunny
25/2/2019
16:17
Net assets of £32m (mainly cash and high quality receivables) +£33.5m from award and you get £65.5m versus m/c of £39m. Either cash is repaid and you make circa 50% or Mills uses cash to buy another business, in which case multiples of current s/p. It looks like a good each way play. w1
woozle1
25/2/2019
15:27
Good news. I think all the justifiable negative publicity around auditors helps our case too.
value hound
01/2/2019
16:06
Think it might take until the full award/whether there's going to be an appeal/RNS on what they intend to do with the proceeds. But otherwise agree - £4.50 minimum I'd have thought.
spectoacc
01/2/2019
14:55
I thought with the recent court ruling that our share price would be double what it is at the very least
nico9
01/2/2019
13:39
Judgement is hxxp://www.bailii.org/cgi-bin/format.cgi?doc=/ew/cases/EWHC/Comm/2019/150.html&query=(assetco)
rjmahan
01/2/2019
07:07
8% compound interest from 2009/2010Does that double the award then costs??
glenbo1
31/1/2019
20:32
Reads like a Headmaster's report of a kid who will not make it to the next level in any subject - Horrific - Of more importance when investing how much can we depend on audited accounts? I know we have to take most analysts notes with a sack of salt but now it would appear that at times we may need to read between the lines of the audited accounts as well !!! As the CAKE case reveals even cash can be fudged -
pugugly
31/1/2019
19:18
Read part of the judgement. Its pretty damning. If I were GT I would take this as far as I could court wise. If the ruling stands then the professional costs of an audit will go through the roof. They will need to build up huge buffers to pay out on cases like this. Even absolutely thorough audits are not failproof. Interest is usually 8% so I think its not far off £40m.
horndean eagle
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