Assetco Share Discussion Threads

[value hound] 18/9/2020 16:12

Grant Thornton's application for permission to appeal to the Supreme Court is dismissed along with AssetCo's application for permission to cross appeal. The Court of Appeal also rejected Grant Thornton's application that AssetCo should pay their costs of the appeal.

As a result of the Court of Appeal hearings the current estimate of the benefit to AssetCo including interest and costs is £28.45m. This is after a reduction in the damages from £21.2m to £15.6m plus interest accrued to date of £7.6m and an interim payment of costs of £5.25m.

It is open to Grant Thornton to seek permission from the Supreme Court to appeal to the Supreme Court...

I imagine GT would rather not bother as they could incur further costs. OTOH, it's the precedent they'll fear (along with other auditors watching on). Anyway - it's good news.

[konradpuss] 29/8/2020 20:10

A question for the board. On a quick review of the last report and accounts of the company there are three classes of shares. Do the other two classes have an impact on the potential NAVdistribution? Answers on a post card.

[konradpuss] 28/8/2020 20:48

Cash is king right now.

I will await the liquidation.

[velocytongo] 28/8/2020 20:10

I was hoping that Mills would use this as a cash shell to buy something but I’ll take the cash

[konradpuss] 28/8/2020 20:07

Well finally. The problem is the delay in getting the Supreme Court to agree to or not to hear the case.

The good thing is, as I have said before, getting the Supreme Court to hear the case has a high hurdle. It must be in the public interest and relating to a point of law - well that is my memory.

It could take nine months from here to even get a decission as to whether it will be heard.

The good thing is interest is racking up at 8% p.a. on the settlement.

[zcaprd7] 28/8/2020 18:13

Not exactly a slam dunk, but well done to those patient holders!

[rjmahan] 28/8/2020 18:12

It isn’t a buy, but with the spread being what it is holders better waiting for liquidation payment.

[velocytongo] 28/8/2020 17:15

Agreed. It's worth 4.40 per share. Fine by me as I bought these 2 years ago for 3.00. John

[spooky] 28/8/2020 15:02

Risk/reward is marginal from here IMO.

[velocytongo] 28/8/2020 14:25

So we won £25m but there it looks the door is still open to further appeal

[konradpuss] 06/8/2020 20:16

VelocyTongo, the appeal would be to the Supreme Court, however they would require permission which is a high hurdle.

[velocytongo] 06/8/2020 19:50

We keep waiting.

We were wondering if they've written the judgement and it's with the respective parties to check statements of fact. I suspect that GT's insurers will go to the High Court, if granted the right to appeal. The issues of law are complex and a judgement in favour ASTO could trigger a wave of litigation against companies run by rogue directors. I'd also like to see more directors held to account. The real villains of this piece were the CEO and CFO who are still at large and have never faced prosecution with the prospect of time behind bars.

[konradpuss] 01/8/2020 19:46

Velocy, another month goes by.

This might end up being a record although some decision have taken up to nine months.

Oh! then we will have to wait to see if the loser gets the right to appeal to the Supreme Court.

[konradpuss] 25/7/2020 19:32

zcaprd7, thank you for that. What are these judges up to!

[zcaprd7] 09/7/2020 00:34

The Guardian: Grant Thornton fined over Conviviality audit failures.https://www.theguardian.com/business/2020/jul/08/grant-thornton-fined-over-conviviality-audit-failures

[velocytongo] 08/7/2020 21:39

It should be any day now

[konradpuss] 08/7/2020 20:41

Nothing so far. I check every day.

I know it is a long judgement from the lower court, however three bright judges should be able to simplify this in a couple of weeks and issue a decision.

[konradpuss] 21/6/2020 16:40

The share price has ticked up a bit on no news that I can see.

Still no 'hand down' from the Court of Appeal.

[konradpuss] 12/6/2020 20:28

It's nearly six months from the date of the hearing at the Court of Appeal.

That is no usual, however not completely uncommon not to have a decision by now.

The usual is two to three months.

What are the three judges doing!

Surely they have Zoom!

[boystown] 10/6/2020 07:40

Cash has increased and CV19 means they aren't able to look for opportunities for new business etc., so they're going to start giving some of it back (I presume this is Chris Mills' pressure). Capital reduction in train.

Big picture remains the same though - we lose c.a third if GT's appeal is upheld, we go up by c.two-thirds if not.

[konradpuss] 04/6/2020 18:48

I am still checking every day for the 'hand down' date.

I continue to wonder if the judges are all O.K. still!

Hope they are mind!

[konradpuss] 29/5/2020 20:23

Near five months.

I know it was a long decision however what are they (the three judges) doing?

[konradpuss] 13/5/2020 20:25

I am wondering whether one, two or all of the judges have gone down with the Corona virus? They are all old - well relatively.

It is around four months since the hearing.

O.K. it is complicated, however the Court of Appeal usually get decisions out in two to three months. It can however take up to six months.

God help us, maybe one of the judges has croaked!

[konradpuss] 21/4/2020 08:18

Arthur, the market, as you know, is almost non existent.

There is obviously very little free float. I think this is why the large holders/unofficial concert party treat the small shareholder with distain.

Let's hope they just take it private after the court result - at a good price mind!