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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cavendish Financial Plc | CAV | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 9.75 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 9.75 | 9.75 | 9.75 | 9.75 | 9.75 |
| Industry Sector |
|---|
| TRAVEL & LEISURE |
| Top Posts |
|---|
Posted at 11/11/2024 16:21 by costi_1672 The adjusted numbers look good, with a £1.85m H1 adj PBT. The only problem is that management have taken near all of it for themselves, resulting in a miserable £52k statutory PBT! So once again investors are bound to ask for whose benefit does this company operate? It's clearly the Directors and staff, not external shareholders. Hopefully that might change if profits continue rising, with a more reasonable distribution in future. |
Posted at 26/11/2023 07:12 by rock star In addition to my above comment about needing to ban short selling to get rid of the AIM bandits it also requires a change in attitude of the fund managers.Historically on AIM placements have happened at big discounts on AIM where Funds have taken stock at low levels and then fed out stock to retail investors at higher prices. Many funds have seen it as a way to make short term profits not making medium term investments. Herald Investment Trust, North Atlantic Smaller Cos and to a lesser extent Premier Milton are the only funds I know of that take a 5-10 year view. Other fund managers are too obsessed in short term performance to keep their jobs and pay for their kids private education. The Brokers short also make research reports available for free to Private Investors after 2 weeks or a month to encourage investors. I think all AIM investments held for 2 years should be CGT free. AIM would benefit from a change back to the Market Maker only system for sub £100m Companies. Unless these issues are addressed AIM will continue its decline IMO. The Nomads/Brokers need to drive these changes to survive and create a positive and vibrant market. One of the main reasons AIM Companies fail is they don’t raise sufficient capital- unlike their US peers. |
Posted at 03/7/2003 19:36 by captain swing Roman AbramovichKnown for a sort of "encroaching" technique... creates cadres of loyal managers who gain positions in companies he does not officially control... Slavneft takeover was done this way... 'twill be interesting to watch if his influence spreads in the Football League This is is all I have to say to football "investors" LOL! |
Posted at 07/3/2003 20:45 by hilary February 14, 2003 Legal spat may shed light on Chelsea By Russell Hotten THE affairs of Chelsea Village (CV), the football and leisure group, have become a sea of conspiracy theories that stretch from its West London home to New York, Guernsey, South Africa and the Middle East. The state of CV's finances, the true identity of shareholders, a US fraud investigation into a former director: such issues have generated intense speculation. Now shareholders await news of the emergence of a new investor, possibly as a prelude to CV's chairman Ken Bates relinquishing some control over the company. Yet, despite indications early last month of something imminent, there has been precious little news of fresh investment. No wonder shareholders, many of them Chelsea supporters whose investment has been eroded steadily, complain that there are too many questions and not enough answers. Some of these questions CV is not in a position to answer; others the AIM-listed company is not obliged to. But often the impression given by CV, 9.9 per cent-owned by BSkyB, the satellite broadcaster in which The News Corporation, parent company of The Times, has a 35.4 per cent stake, is that secrecy is preferable to openness. The result has been a huge amount of criticism of the CV board, with Mr Bates singled out for special attention, particularly from the website, chelseaactiongroup.c What started as a dispute between two men over money may end up revealing much about offshore interests connected to shareholders in CV and links to an investigation in America about a bank fraud. Neil Jacobsen, of Jacobsen's solicitors in London, is suing his former partner, Mark Taylor, for money allegedly owed the firm, something which Mr Taylor is contesting. While working for the firm, Mr Taylor acted for CV and later joined the board as a non-executive director. He eventually set up his own legal practice, whose main client is CV. In the raft of claims and counter-claims that have been submitted in the case, Mr Taylor says that in 1998 Mr Bates lent him £500,000 to help to buy a house, and then a further £200,000. But in a letter to Mr Jacobsen the Chelsea chairman denied lending money to Mr Taylor. It it later emerged that the money came from Harbour Group, a trust management company in Guernsey. One of the trustees for Harbour is Patrick Murrin, a non-executive director at CV. And then, Mr Jacobsen, got a letter from Mr Taylor's solicitor, Alastair Pepper, of Carter-Ruck & Partners, a firm better known for libel actions and one which often acts for Mr Bates. The letter said that the £500,000 loan had been repaid to Harbour, and £200,000 written off. The £500,000 loan had been made at a 1 per cent interest rate, well below the commercial rate. It is not clear if steps were taken to protect the loan by valuing Mr Taylor's property or ensure that there was provision for repayment of the money if the interest payments were not kept up. Mr Jacobsen complained to the Guernsey Financial Services Commission about the workings of the trust, and Peter Neville, the GFSC's director-general, confirmed he was investigating Harbour. It now appears that the US Department of Justice is also taking an interest in Harbour as part of its investigation into another individual who had close links with CV, Stanley Tollman. South African-born Mr Tollman is described by US investigators as a "fugitive from justice" after failing last year to appear in a New York court to answer fraud and tax evasion charges. Mr Tollman denies any wrongdoing, calling the claims against him "misconceived". According to the indictment, one of the companies used by Mr Tollman and his associates was called Chelsea Acquisitions and that income from the alleged fraud found its way to a foreign bank in Guernsey. Unfortunately for Mr Bates, his name appears as a shareholder of Chelsea Acquisitions, though he strenuously denies any involvement and does not know why he has been named. Although Mr Tollman, who lives in London, has not been a director at Chelsea for ten years, he is a long-time friend of Mr Bates (the Chelsea chairman's dog is called Tollie) and the two men are thought to have kept in contact. The reason that the US Justice Department is now digging deeper into the Guernsey connection is that Harbour, the subject of Mr Jacobsen's complaint, administers a trust called Swan Management. Swan had been a 26 per cent shareholder in Chelsea Village, and it has been widely speculated that the beneficial owner of this trust is Mr Tollman. Last year Swan sold its entire holding in CV. Almost half the shares were bought by Mr Bates, taking his holding to 29.5 per cent, but the destination of the remaining 14 per cent is unclear. One month after this sale, Ashraf Marwan, an Egyptian financier and son-in-law of the late President, Gamal Abdul Nasser, emerged as a 3.2 per cent shareholder in CV. This sparked much interest because Dr Marwan, an associate of the late Tiny Rowland, had been a shareholder in Cabra, which owned the freehold of Chelsea's Stamford Bridge. In 1992, after a long battle with Cabra, Mr Bates secured control of the ground after Dr Marwan sold him his stake. It is possible that Dr Marwan bought some of the Swan trust shares. What happened to the rest is not known, though one theory is that they remain under the control of Mr Tollman. Swan originally bought its stake in Chelsea from Rysaffe, another Guernsey trust, in 1996. Rysaffe was administered by Saffery Champness, the chartered accountants, one of whose partners was Patrick Murrin. And, as mentioned earlier, Mr Murrin is a trustee of Harbour and a non-executive at CV. Just to confuse matters further, Saffrey Champness Management International is named in the US Justice Department indictment as a firm that "managed and oversaw bank accounts held by Stanley S. Tollman". The importance of all this is that the inquiries into Harbour might reveal more about the identity of those behind Swan Management which, in turn, might shed light on who owned a substantial stake in CV. There is no suggestion that anyone on the CV board has done anything wrong, and the use of trusts and offshore accounts is commonplace. But continued speculation could be damaging for the company, and is certainly a worry for shareholders. With CV hoping to bring in a big new investor, the company can ill-afford to be the subject of so much suspicion. Investors are desperate for news, and with some shares in the hands of unnamed individuals or groups, rumours that there could be bid for CV won't go away. On January 8 CV announced that it was in talks to sell all or part of the unissued share capital (representing 15 per cent of the company) at a significant premium to the market price. "The injection of new equity into the company is in the best interests of the company and most important for its long-term future," the CV statement said. Although shareholders would see their stake diluted, including Mr Bates, whose holding would fall to about 25 per cent, the sale was expected to raise up to £10 million for the loss-making company. Paul Taylor, chief executive of the Rotch property group and a lifelong Chelsea fan, was tipped as the investor. And the California Public Employees' Retirement System (Calpers) has also been linked as an investor, or possible buyer of the whole club. Yet, there is still no news of the investor or investors, and the shares have eased back since that January announcement from 23p to 19.5p. Once again, many shareholders and football fans have been left wondering about the future of their club. |
Posted at 21/1/2002 17:09 by palawrence Chelsea Football Club has under its various guises been "bankrupt"(in liquidation) at least once before. Would be surprised but not displeased (purely because of my dislike for the club and its chairman, sorry for the investors) if it were in any serious trouble now, although rumours often circulate that it is. |
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