Coral Products Share Discussion Threads

[clocktower] 28/3/2019 13:32

Dividend in, pleased to say.

[base7] 28/3/2019 07:32

There is a possibility that JG was not aware of he emerging problem & Mick was hoping that business would quickly turn around -which it clearly didnt !I doubt whether JG will want to become Executive Chairman or CEO again & perhaps Micks position is now in doubt.I was hoping that concerted Director/PDMR share buyingmay have stabilised our share price but no sign of that as yet

[clocktower] 27/3/2019 16:32

At least he will be picking up his dividend tomorrow on top of his monthly salary which he should give up having made such misleading statements last November.

[clocktower] 27/3/2019 16:27

Rubbish atholl91 - If you have a good team you can work from anywhere in the world with internet connection. He selected the wrong team again it seems, that is the problem.

You say he is 70 why should he not enjoy himself in the sun while things are going well - however they are not going well so maybe he is back trying to do something about it - not to say he is able to do so, time will tell.

[atholl91] 27/3/2019 16:17

CT, You missed the point. His age is one of the factors. The most important one is example. Results are poor. Secondly,you dont lead a manufacturing company based in Wigan when youve gone abroad to avoid paying future UK tax when all your employees are paying UK tax. As Chairman you are the Head of the Company. The CEO reports to him. The buck stops with him. This Company will continue to underperform until the head is removed. Period.

[clocktower] 27/3/2019 12:33

At the end of November the 29th in fact, JG said "I am pleased to report that results to date are well ahead of the same period last year and that, in spite of the prevailing uncertainties of Brexit we remain confident of the Groups future prospects".

Yesterdays RNS said :"This was followed by a loss in the four months to 28 February 2019"

So was he misleading investors when he made that statement, as surely there must have been issues by 29 November which were clearly going to cause the company to turn in a loss in that month and signs the same would occur in the following month let alone Jan/Feb 2019.

As recently as 21 Jan the company said "has agreed for its supplier to commission the plant and to deliver it to Coral as a proven turnkey project. The board remains confident that the system will contribute in the current financial period.

So did they not know they had made a loss in Nov & Dec by that time, why did they not correct his statement at that time?

Maybe the CFO should go first of all.

[clocktower] 27/3/2019 12:15

Far from being a cheerleader for JG but I will defend the right of any sound minded individual not to be attacked because of his age - the problem we have is with his wisdom.

Is the President of the US to old for the job or just not what many cannot stomach?

Has he taken steps to improve upon yesterdays RNS or was it the best they could put out, and are things about to get worse is the thing that needs to be answered.

[atholl91] 27/3/2019 12:00

CT, its never Grimmonds mistake. I know you are a cheerleader for Grimmond but he is over 70, has become a UK tax exile, cannot come into the UK for more than 90 days pa ( along with his other ex res NED) he needed the CEO to be on the Board. The CEO should have had two years to prove his worth as COO.

[clocktower] 27/3/2019 11:51

Maybe he should have just shadowed until he was fit for purpose but clearly along with JG has made huge mistakes - mistakes hos predecessor got booted for I suspect.

[this_is_me] 26/3/2019 19:48

There is only one way of getting experience of being a CEO of a public company and that is to be one.

[atholl91] 26/3/2019 18:40

Grimmond talks up the prospects and thats why this happens. He is a liability as he wants to exit according to insiders and hopes some mug will come in and bid. The CEO is a good operations man with no experience of running a public company.

[clocktower] 26/3/2019 17:36

sharw,
I should have stuck with that, regrettably I bought after considerable research and the last profit, and still hold more than I care to, even though I sold some today. A substantial loss is on the cards I regret to say.

Last year BBSN was my best result and I only hope it holds up well now.

As other posters have said this is not the first time that this sort of event has occurred and I doubt it will be the last, as JG seems to keep making a balls of it.

When it dropped from the 20`s I bought a very small amount just before it fell again, as the holding was so small I never liquidated it but started building a much larger holding later after the drop. This stock has been kind to me over the years but this time I have had enough.

[sharw] 26/3/2019 17:09

The same as this all happened 2 years 2 months ago and hats off to clocktower for this prediction:

clocktower 30 Jan '17 - 13:25 - 590 of 1124


If there is a second profit warning it could go lower than 10p I guess.

[pugugly] 26/3/2019 16:09

Bid falling back fast to 6p -(100K at 6.1) Looks as thought (if momentum continues) might close below 6p as suggested by ct - An explanation needed as to why delay on deliveries - otherwise rns (I would suggest might be misleading by omission)

[clocktower] 26/3/2019 15:52

Good Luck MRPHIL - Thing is although they reported it will be well below market expectations along with management forecast - could those forecasts been so high that they just have not been up to scratch, as they have not said if they will be expecting a loss March/April but it may be that they will show a profit in these months but not one that will cover the first four months losses.

[mrphil] 26/3/2019 15:39

Took a gamble and topped up a bit, showing as a sell so I'm guessing a large number of those are actually buys.

[clocktower] 26/3/2019 15:20

Unless there is more clarity with a fresh RNS tomorrow, I think we will see more selling and a return to an offer of 6p or maybe less. Hopefully better news and not a lack of it.

[clocktower] 26/3/2019 14:32

Good thinking Aleman but if that was the case why not explain it. Maybe they just wanted to pick up more stock on the cheap - if that is indeed the case.

[rp19] 26/3/2019 13:51

I bought towards the end of last year as I thought they had turned the corner. Sold out on this (surprise) warning. Perhaps there is a valid reason for the significant delay in the totes. Either way, they should provide some more detail. How can a private investor make a judgement on the company and its prospects with so little detail.

[pugugly] 26/3/2019 13:46

Aleman> Very good point which makes a lot of sense - Just hope no or low penalties attached to delayed deliveries.
Maybe anyone going to Investor show could put this to Wood..

[aleman] 26/3/2019 13:42

I wonder if the tote deliveries were delayed due to the delayed installation of recycling equipment. The EU plastics directive now requires 30% recycled. Maybe, CRU have not been quite quick enough and customers did not want further totes delivering until the company can guarantee 30% recycled to meet their requirements. Now customers can tell their consumers/anyone interested that all the totes they are receiving meet the directive.

[pugugly] 26/3/2019 13:03

A lot of egg on their faces - Loss of face -

Latest director dealings
Date Action Director No. shares Price (p) Value (£)
05 Dec 18 Buy Mick Wood 25,789 11 2,940
31 Oct 18 Buy Sharon Gramauskas 9,324 11 1,000
31 Oct 18 Buy Mick Wood 21,019 10 2,165
30 Oct 18 Buy Joe Grimmond 50,000 10 5,150
30 Oct 18 Buy David Low 50,000 10 5,170
06 Apr 18 Buy Mick Wood 18,952 11 1,990
05 Apr 18 Buy David Low 25,000 10 2,600
02 Feb 18 Buy David Low 30,000 11 3,221
02 Feb 18 Buy Mick Wood 103,357 10 9,860
02 Feb 18 Buy Sharon Gramauskas 153,774 10 14,978
View all director dealings
Source: AJ Bell Media

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