Bigblu Broadband Share Discussion Threads

[cuzy2] 02/3/2006 10:19

PaulKent, thanks, that post did make me chuckle!

[paulkent] 01/3/2006 01:22

"...in the light of their obligations to BBB's creditors, including the Group defined benefit pension scheme"...
so, is this one of the soon to be many corporate wind ups partly caused by the govts laughable pensions policy...firstly they take billions out leading to deficits, (cunningly kickstarting an equity decline initially which worsened things) then changing the goalposts on assumptions to be used so that schemes are automatically massively undervalued overnight, and inevitably dumping the liability on employers (who funily enough had huge surpluses built up prudently till the govt nicked them!!!)...
not surprisingly, quite a few businesses might think whats the point of being in business if any profit you make in next 10 yrs or so will jsut vanish into this pension scheme... especially since theres now a compensation scheme to look after the employees anyway...oh, and the money for that comes from????.......YES, you guessed it, the other remaining pension schemes who are already in deficit!!!!!!...lol...round and round we go...where do they get the people who run this country from......go find me 100 monkeys and give them typewriters please....

[29palms] 28/2/2006 20:13

After this evenings announcement, what does that say about the Directorate change with suspension on Dec 1st 2005?

"The Company's announcement on 1st December 2005 included notification of the
appointment of Andrew Peter Shortis (aged 46) as Group Managing Director, an
executive director position.

Mr Shortis is a specialist in corporate turnaround"

specialist in corporate turnaround???
My *rse.

[29palms] 28/2/2006 20:10

After this evenings announcement, what does that say about the Directorate change with the suspension on Dec 1st 2005?

"The Company's announcement on 1st December 2005 included notification of the
appointment of Andrew Peter Shortis (aged 46) as Group Managing Director, an
executive director position.

Mr Shortis is a specialist in corporate turnaround"

specialist in corporate turnaround???
My *rse.

[hobiecat] 24/2/2006 18:30

With regret???
My *rse.

[charmer1_23] 24/2/2006 12:35

Directorate Change

RNS Number:8711Y
Berkeley Berry Birch PLC
23 February 2006

Directorate change

With regret, the Board has accepted the resignation of Clifford Lockyer, Group
Enterprise Director, with effect from 20 February 2006. Mr Lockyer was
previously Executive Chairman and Group Chief Executive. He relinquished these
roles on 1 December 2005.


Enquiries:

Andrew Shortis
Group Managing Director
Berkeley Berry Birch plc

024 7623 2010



This information is provided by RNS
The company news service from the London Stock Exchange

END
BOAPUUCWPUPQGQW

[mike24] 31/1/2006 16:13

touched 571 just $4 short of target
30% rise in a few weeks sir F

[charmer1_23] 01/12/2005 16:38

Statement re. Suspension

RNS Number:9519U
Berkeley Berry Birch PLC
01 December 2005


BERKELEY BERRY BIRCH PLC

SUSPENSION OF TRADING IN THE COMPANY'S SHARES

UPDATE ON CURRENT TRADING,

FSA INVESTIGATION INTO BIA AND THE REGULATORY CAPITAL SHORTFALL

PROPOSED FUNDRAISING

BOARD CHANGES

APPOINTMENT OF FINANCIAL ADVISER

The Board of Berkeley Berry Birch PLC ('BBB' or the 'Company'), the financial
services distribution group, announces today that it has requested the temporary
suspension of trading in its shares with immediate effect pending clarification
of its financial position.

The Company is also able to announce an update on current trading; the outcome
of the FSA investigation into sales of life and regular savings products by
Berkeley Independent Advisers Limited ('BIA'); and progress in addressing its
regulatory capital shortfall and future working capital requirements.

On 29 July 2005, the Financial Services Authority ('FSA') issued decision
notices cancelling the permissions of three of BBB's regulated businesses due to
regulatory capital shortfalls. The Company has referred these decision notices
to the Financial Services and Markets Tribunal ('FSMT') and is working on
proposals to rectify the regulatory capital shortfalls by means of planned
disposals and an equity fundraising. These plans are well advanced but, to date,
the FSA has not yet satisfied itself of the adequacy of these proposals.

Pending resolution of these issues the Company considers that trading in its
shares should be suspended. Further details are set out below.


Information on BBB and Current Trading

BBB currently operates through four independently regulated financial services
businesses. These are:

(1) BIA, a network of independent financial advisers;
(2) Berry Birch & Noble Financial Planning Limited ('BBNFP'), largely a
directly employed sales force;
(3) Berry Birch & Noble Financial Planning (Weston) Limited ('Weston'),
largely a self-employed sales force; and
(4) Berry Birch & Noble Insurance Brokers Limited ('BBNIB'), the Group's
insurance broking subsidiary.

In the year ended 31 March 2005, BBB reported an audited consolidated operating
loss before goodwill amortisation and impairment and other operating exceptional
items of #1.6 million on turnover of #67.3 million. As at 31 March 2005, the
Group had equity shareholders' funds of #3.8 million (under UK GAAP). Since the
year end, trading has continued to be difficult and the Group's interim results
for the six months ended 30 September 2005, which are expected to be issued in
December 2005 and will be reported under International Financial Reporting
Standards ('IFRS'), will show continuing losses at an operating level,
principally as a result of difficult trading conditions within its Financial
Services Division. These businesses are currently the subject of enforcement
action by the FSA as set out below and this has affected their ability to trade
profitably. Once these issues are resolved, the Company believes it can
stabilise the trading performance of these businesses.

The Group's interim statements will also show a reduction in equity
shareholders' funds, largely because of the requirement under IFRS to recognise
the deficit in respect of the Group's defined benefit pension scheme (which as
at 31 March 2005 was #3 million as calculated under FRS17) as a liability on the
Group's balance sheet.


Update on regulatory capital position

As previously announced on 25 April 2005, the FSA started formal regulatory
enforcement action against BIA, Weston and BBNFP (the Group's 'Regulated FS
Businesses'). These businesses had not maintained adequate regulatory capital
resources and had therefore breached Threshold Condition 4 of their
authorization. The Company had notified the FSA about this situation earlier in
the year. At 30 September 2005, the Regulated FS Businesses had a combined
capital resource shortfall of #10.9 million, based on their un-audited FSA
returns.

The Regulated FS Businesses do not hold client money and the Board believes that
the enforcement process has not risked client assets. The Company has worked
with the FSA at all times throughout its investigation while seeking an
acceptable solution to this shortfall.

However, on 29 July 2005 the FSA decided to issue decision notices to cancel the
permissions of the Regulated FS Businesses. The businesses referred this
decision to the FSMT on 25 August 2005 ('References') and the FSA has
subsequently applied to have the References struck out. The Company believes
that the References will proceed to a full hearing which it would anticipate
taking place in the New Year.

A hearing of the FSMT to consider the FSA's motion to dismiss the References was
held on 29 November 2005 and will continue on 8 December 2005.


Update on FSA investigations

The Board can also report that the FSA's investigation into the selling of some
regular savings plans and whole of life plans by network members of BIA between
December 2001 and September 2004, has now concluded with a public censure of
BIA. This investigation identified certain management and procedural
shortcomings in BIA. The BIA management concerned are no longer with the Group
and the Board has taken steps to prevent this problem from reoccurring.

The FSA were to impose a fine of #425,000 on BIA. However BIA's limited
financial resources and the FSA's desire to ensure that customers are
compensated in accordance with the past business review has led to a public
censure being imposed instead.

BIA is now undertaking a limited ''past business review'' to consider advised
sales of these products. PricewaterhouseCoopers LLP has been appointed to
oversee the review and report back to the FSA. In the event that any unsuitable
advice has been given, causing a loss to be incurred, appropriate redress will
be paid. It is difficult to quantify its financial impact on the Group at this
early stage in the review however, BIA has estimated that the total consumer
loss could be between #500,000 and #1,000,000. The cost of this review including
possible compensation for all consumers affected has been provided for in the
Company's accounts for the year ended 31 March 2005.

Unfortunately the Board must now report that the FSA has commenced a further
investigation, into BBNIB. The FSA are investigating a breach of the FSA's
client money rules and the lack of systems and controls in relation to the
handling of client money. Many other UK insurance brokers have had difficulty in
interpreting and implementing the complex new client money rules which took
effect earlier this year. The FSA is also investigating the speed with which the
breach of the client money rules was communicated to the FSA. The Board believes
that BBNIB acted swiftly to bring the breaches to the attention of the FSA, took
immediate steps to address the issues relating to the handling of client money.
Independent auditors have confirmed to BBNIB that at no time did any risk of
loss of client money arise. Furthermore, given the limited extent to which BBNIB
handles client money, it has already taken the decision to cease handling client
money.


Proposed fundraising

The Board has been seeking to address the regulatory capital shortfall in its
three regulated FS businesses since it first became aware of the shortfall in
March 2005. It has considered several possibilities but concluded that a sale of
any business in its entirety is not in the best interests of Shareholders,
although certain business lines within BBNIB are capable of being sold to raise
capital for the Group. These are being actively pursued.

The Board is progressing an equity fund raising that the Directors believe will
be sufficient to resolve the regulatory capital shortfall in the Regulated FS
Businesses. Discussions are in an advanced stage and it is likely that a number
of directors and senior managers of the Group will take part in this proposed
fundraising.

The Board will keep shareholders informed of progress in relation to the
proposed fundraising so far as practicable. It is believed that once this fund
raising is completed the Company will be able to resolve its regulatory capital
shortfall. The FSA is required to satisfy itself as to the adequacy of these
proposals. The Company is in active discussions with the FSA on the proposals
and it is hoped that, if a successful conclusion of these discussions is
reached, the Company will be in a position to apply to have its securities
restored to trading.


Board changes

On 5 October, the Board announced the appointment of Jonathan Hall as a
non-executive Director. Jonathan is an experienced corporate financier and has
been closely involved in the Company's restructuring and capital raising plans.

The Company has today announced a further strengthening of the Board with the
appointment of Andrew Shortis as Group Managing Director with immediate effect.
A specialist in corporate turnaround, Andrew brings considerable experience of
growing thriving, profitable businesses.

The Board also announces that John Joyce, the Company's senior independent
director, has been appointed Non-Executive Chairman.

Cliff Lockyer will remain on the BBB Board as Group Enterprise Director.

Nick Davenport, who joined the Board as Executive Director in March 2005 to
develop the insurance broking business, has stepped down from the BBB Board, but
will continue his relationship with the Group as Non-Executive Chairman of
BBNIB.


Appointment of Financial Adviser

The Board of BBB today also announces the appointment of Arden Partners Limited
as its financial adviser.


Enquiries:

BBB plc
Jonathan Hall before 9a.m. 0121 632 2192
after 9a.m. 02476 232010

Arden Partners
Andrew Raca, Director, Corporate Finance 0121 423 8941




This information is provided by RNS
The company news service from the London Stock Exchange

END
SRSILFLALELIVIE

[mike24] 17/9/2005 11:54

the classic hedge against inflation is gold
gordon forgot to to look at the gold charts before flogging off the nations assetts at the lowest point in the cycle, so why should we trust him with reits, the irony is all the failed dotcoms/split funds where punters lost zillions, are being bought up as capitol losses, with no guarantees that gb won't dream up some anti-avoidance rules,

"Crombie" says traditional pensions were seen as quite ridgid with many
restrictions, you could put a forest in finland in your sipps
in other words I don't want to suggest anything, in case it turns out a bummer

[mike24] 24/8/2005 12:12

er by the way thats what I think a 25yr old starting a pension plan now would need by the time he/she get's to 55,

so just tell me Sir F how would you get someone to a 1.5ml pot which I consider will
be just a modest sum in 30yrs time?

[a2336418] 22/8/2005 10:32

My sympathies go out to you SirFrancis......I think the retrospective tax legislation that has been introduced by this government over the years has been mainly responsible for the losses that many investors have suffered from so-called mis-selling.....if the goal posts are moved no IFA can hope to protect their clients interests fully.

Also clients themselves foolishly believe that what has happened in the past must happen in the future and make investment decisions accordingly. The way that successive governments have tampered with pension legislation especially with the way that so-called personal pensions were introduced has been quite contrary to the principle of wealth creation.

At that time I was MD of a small company that ran a company pension scheme.
Despite my efforts to retain employees in the company scheme most members left the scheme....whether their personal pensions were classed as mis-sold I do not know but what I do know is that when their share of the company pension fund was transferred to their new personal pension fund there was a 50% penalty for withdrawing funds early from the company scheme.

At that time I stopped all contributions that I was making to various schemes and made them all paid-up. In retrospect this was the decision that will have been most responsible for improving my wealth in retirement.No doubt SirFrancis and his colleagues will not have benefited from commission on contributions to my pension policies but they will have done far better from commission on my other investments and whats more so will I !!!!!

My thanks to SirFrancis and his like who have been so responsible for improving my wealth in retirement.

[lamy3] 12/8/2005 09:08

Something is happening here, for someone to buy £500,000 worth, they must be pretty confident!

[paulkent] 04/8/2005 17:49

Just found this in money marketing tho..

"Bestinvest business development manager Justin Modray says: "BBB is in a difficult position and if they cannot get capital fast, it is hard to see how they can continue."

with that sort of comment out there and the general uncertainty, it makes you wonder who knows what and whats driving this buying tho ??...i shall be hopping mad if somethings announced shortly that clearly some people knew beforehand ...get fed up with it happening

[29palms] 04/8/2005 16:56

Always have been saying this is way too cheap!!!

DYOR
29palms

[paulkent] 04/8/2005 08:26

more again today??

[paulkent] 03/8/2005 14:15

cant see much reason (news wise) for this to climb so much?...results with all the caveats didnt exactly fill one with confidence regarding the going concern nature of things?...am i missing something?..quite keen on the sector but this one seems riddled with specific issues that mite go wrong?...any suggestions?.theres obviously buying going on and that must be happening for a reason

[still waiting] 05/4/2005 21:42

IFA's if still with BBB may be looking elsewhere for their compliance etc now.

[paulkent] 05/4/2005 07:52

could be good for other IFAs I guess if they go the wrong way but overall not good for the industry as things like this tend to put investors off whole sectors...but Im glad I picked other IFAs to hold and not this one, tho I was tempted at one stage!

[salpara111] 05/4/2005 07:43

Well at least my caution was vindicated. To be honest I cannot see why anyone would want to hold stock in such a tainted company while they were under not one but two different FSA investigations. Commiserations with the loosers.
I will keep on my monitor but am getting the feeling that they might be beyond redemption.

[charmer1_23] 05/4/2005 07:29

Now taking an absolute hammering after yesterday's announcement, posted after hours and very downbeat. Bit of a shocker for those holding.