Cinpart Share Discussion Threads

[ianfellowes] 19/9/2007 17:06

Oh bigshot I hope your right as he's got me worried!

Mind, he certainly has done a lot of digging into the detail to disgrace this firm. If I knew half the fact he does I would have given up on this one and focused my attention elsewhere!

[the bigshot] 19/9/2007 15:07

Interesting comment Ian F. You're right to be sceptical about anything Kum says, as I notice he doesn't answer your question about where his information comes from. Seems to me he must be the ex CEO, wearing a false beard and bringing a very big axe to grind!

[kumamkubwa] 18/9/2007 19:28

IanF; first and second laws of the jungle. Never shoot the messenger; never shop the messenger: especially if you are confident they are 100% kosher. Meanwhile I guess there is no harm in you suspending belief for as long as the shares are.

More excitingly, native runners ( alas not bare breasted) bring me intriguing information from exotic places as far apart as Hong Kong and Cardiff. First to HK. Note 21 in the 2006 R&A refers to loans amounting to £ 115,544 secured by a debenture over the assets of Buckland Group (Hong Kong) Ltd repayable on demand, etc. No mention is made of who the lucky debenture holder is, although in the same note the other two lenders are mentioned by name, Groupe Industrial and Mr Sharples. That reticence about the name of the debenture holder puzzled me. The runner from the HK Company Registry tells me that the winner is Millstream Solutions Ltd, a UK registered company, and that its debenture includes all shares owned by Buckland (HK) including its 100% ownership of Derlite Co Ltd in Thailand.
Back in the UK, the runner from Tiger Bay tells me that Millstream is owned and controlled by a Mr Scannell. Some digging around in the Companies House archives reveals that Mr Scannell and Mr Sharples go back some way in various business ventures.
So, a cave painting emerges. Back in April Palmer diverts the majority of Derlite UK's customers through Gasignition and Sharples' mate has the shares to Derlite Thailand within his grasp. What a fascinating dilemna that would have put Palmer and Sharples in had the refinancing failed and Buckland gone bust. Even my mate Bob Mugabe goes pale at the thought.

As for Seymour Pierce's excuse, you can kick that one into the long grass. The filings at Cos House for the refinancing show that they took 1.0m shares or over 3% of Cinpart, not that they disclosed it. Presumably they have still got them and are thrilled to do so.

Time will no doubt tell with these, as you say IanF, but some more immediate answers might be helpful.

[ianfellowes] 17/9/2007 19:39

Kumamkubwa interesting take on things. Who is your source that has given you such information?

I was slightly concerned at the recent statement and I hope you don't mind me being a bit sceptical of your statement. Although it could totally be sound I just hope you are wrong. I have a bit of money invested in this and hope for a swift turn around!

I do think if the new board have done what you say they are going to lose everyhing in trying to make a short term gain. It really doesn't seem worthwhile.

I have spoken to Seymour Pierce and was told that they had broken their relationship with Cinpart as they had a long standing and strong relationship with the recently removed Chief Executive. This resulted in them parting company!

Time will tell with these

[kumamkubwa] 13/9/2007 17:54

Sham, its not me that's been talking nonsense. Look back at your post on 21 June- ' and good for us.... this is looking very good indeed'. Yeah, whatever.
In any case, it wasn't Balcee's little dealings that he was boasting about that intrigued me, but what you said Balcee said his mate was doing with the 52.5m and the other 50m. Care to enlighten us now that we can't deal? Would Balcee like to top up with my stock now- off market of course?

[h d shoring] 13/9/2007 09:06

Just noticed proposed new nomad,.They will have to do due diligence before taking on the job ,now that should be interesting ???

[h d shoring] 13/9/2007 09:02

Should think he has ,he will be desperately trying to average down methinks .
Maybe wrong but this company had more chance with Rogers than without him .
Far to many snouts in the trough now .Glad to be out currently .

[fatso] 13/9/2007 08:57

I hold 300K but this morning's suspension note
was not good for me wee ticker!

[shammytime] 13/9/2007 07:21

Kum you're talking nonsense. Balcee says he is still a holder here and has regularly been topping up over the last 6 months.

[ianfellowes] 09/9/2007 17:42

Well so whats the prediction for the half yearly results (interims)?

I know last year the results came out at the end of september. I am hoping for the continuation of the profits in the first quarter.

For the second part of this year we have a number of further benefits that should hopefully support the bottom line.

1. integration with Gasignition
2. reduced freight costs
3. lower financing costs

Hopefully we are at the low and things will only get better. It would certainly be nice to hear other views.

Ian

[kumamkubwa] 07/9/2007 17:36

Ian F; perhaps it's time we heard from shammytime again. Back on 15 June he told us that his mate Balcee knew who the mystery buyer(s) were. In the meantime I stick by my argument and will even back it up with an offer if I am wrong to pay for Fatso to take professional pole dancing lessons. I have a shrewd idea that pole dancing forms a part of his retirement plans in any case but if he has as much Cinpart stock as I fear he will need as many punters as he can find to stuff ten pound notes into his knickers

[ianfellowes] 06/9/2007 18:26

Yes Kumamkubwa, you make a good argument that something just doesn't add upp there.

However I don't mean to be rude but I certainly hope (for my sake) your wrong!

Ian

[storminsteve] 06/9/2007 16:41

I think its best to send back the new car brochure.

[fatso] 06/9/2007 15:29

It is a high time for that reassuring RNS from the directors,
otherwise I will break my jaw hitting the floor.

[ianfellowes] 04/9/2007 18:42

True there are still some issues with this share.

However I am keen on seeing these results and still believe there is good value in this share. I am still feeling comfort from that pension firm coming in at 15p (.15p before consolidation). As ever time will tell...

[kumamkubwa] 03/9/2007 19:17

Hey, MikeHardman, now I understand why you said back in June let's not talk about Foster and Wiggins/ Planestation. Prompted by the new Cinpart web site, a bit of research shows Foster was corporate director at Wiggins/Planestation from 1993 until 2005- during that time they were forced to restate four consecutive years accounts turning an £8m profit into a £ 100m loss ( yes, one hundred million) and in Jan 2005 they raised £ 35m from institutional shareholders, Foster resigned several weeks later and the receivers were called in in July 05. Some burn rate!( and a shame that none of this detail makes it into his Cinpart bio) Interesting to note that Foster is now on the Cinpart audit committee; wonder whether this time round we will be treated to the feast or famine first? Perhaps the interims will give us a clue- they must be due out some time this month.

[kumamkubwa] 30/8/2007 17:05

Indeed some progress at last. However if you follow the link to the Derlite website they boast of a workforce in Thailand of 130. That works out to annual sales per employee of about £ 20k. Unless they have taken vertical integration to the extent of growing their own rice for the workers' lunches, that must be about 3 times more workers than a viable European manufacturer could sustain. Time for some more knife work or else this basket case will continue to unravel.

[mikehardman] 29/8/2007 10:46

...yes - at last - header updated

[ianfellowes] 28/8/2007 18:48

www.cinpart.com

Its here

[kumamkubwa] 22/8/2007 17:44

A week or so ago Home Depot and Walmart both issued profits warnings on the back of collapsing consumer confidence in the USA, sub-prime mortgages, housing melt down, falling sales, etc. They are the 2 biggest retailers of white goods, including cookers, in the US. According to the last R&A, Cinpart sold £ 900k in North America last year or 33% of group sales. The question is how have their sales to the US held up so far this year; seems likely that they might be well down so will Cinpart follow Walmart with a profit warning? If they do, never mind 5p in sight, next stop would be NAV, or about 2p per share.

As Fatso will know, there is an old saying in Poland that when the elephant loses his appetite, the elephant dung beetle goes hungry. Do I hear rumbling?

[kumamkubwa] 14/8/2007 12:28

Fatso, you could be right. The AGM statement was a complete waste of the RNS charges so presumably the boys in charge of the asylum cannot think of anything constructive to raise our spirits