Countrywide Share Discussion Threads

[tomboyb] 24/2/2020 13:40

Can't see any premium to that RNS -

expect this to fall further whilst they iron out all detrails -

[tarrant777] 24/2/2020 13:36

High time that somebody put this "lame dog" down-but whether LSL, the management of which have never displayed much skill in generating much profit from large estates of house agency offices, are the best people is hugely questionable. Connells are definitely the best people if the building society owner has the inclination to take it private.Either would undoubtedly be better however than the bunch of incompetent clowns at Cwd some of whom will no doubt walk away from any deal financially rewarded, which would be disgraceful and nauseating.

[zcaprd7] 24/2/2020 07:50

Yes, but a proper release means we're in play now... Should keep the shorters at bay.

[outlawinvestor] 24/2/2020 07:08

Sounds more like a takeover than a merger. Still I guess the shares will bounce today.

[techno20] 23/2/2020 21:14

Not surprised, but earlier than I would have wanted. Real danger CWD’s value won’t reflect the recovery that has been evident since the election. They remain a top three uk player in estate agency, valuations and mortgage distribution. The sum of the parts is worth far more than the current valuation, even with the debt.

[zcaprd7] 23/2/2020 21:13

Hope so, need details of the "merger" tomorrow morning though...

[wton1] 21/2/2020 14:58

A London law firm has “no real prospect” of defending a £5.2m breach of trust claim brought against it following a London property deal, the High Court has ruled.

Lionel Persey QC, sitting as a High Court judge, said consultant David Connick had put forward “no credible explanation” for his failure “to do what he had undertaken to do, and what he should have done, in order to protect the claimants’ position”.

Mr Persey said he was satisfied that Mr Connick’s law firm, Philip Ross & Co, had “no real prospect” of successfully defending the claim, and there was “no other reason, let alone any compelling reason” why it should go to trial.

The judge said Paul Allen Levack, one of the claimants, and John Moeller, one of the third defendants, agreed jointly to buy a property in Alie Street, in east London, with each of them contributing 50% of the purchase price, though the agreement was not recorded in writing.

The High Court heard in Levack and another v Philip Ross and others [2019] EWHC 762 that Mr Levack’s company, APL Management, paid over £5.2m to Philip Ross in February and April 2015 for their half of the deposit and completion money, and it was common ground that the money was held on trust.

The judge said the law firm transferred the £500,000 deposit payment in the name of Mr Moeller’s investment vehicle, KGL, and the £4.7m completion money in the name of DDL, an off-the-shelf company that had been acquired by Mr Connick on behalf of Mr Moeller/KGL in order to purchase the Alie Street Property.

“KGL became the sole registered shareholder and Mr Moeller became the sole director of DDL and, through that company with the assistance of Mr Connick, borrowed substantial sums against the Alie Street property in order to fund his share of the completion monies.

“Mr Moeller/DDL then defaulted on these loans. The Alie Street property was subsequently repossessed by DDL’s lenders and then sold, with all proceeds of sale being paid to the lenders.”

The claimants, Mr Levack and APL, claimed that Mr Connick gave “express commitments” in correspondence with them that Philip Ross would only pay out the monies when authorised by them and “for the joint and equal benefit” of themselves and Mr Moeller.

The claimants argued that the “very essence” of the arrangement between the parties was a 50/50 joint venture.

They submitted that the terms of the trust and context in which Mr Levack ‘authorised217; the release of the money could be decided by reference to contemporaneous documents “and in particular the emails passing between the parties”, meaning the issues were suitable for summary disposal.

“This is disputed by Philip Ross, who argue that is has good arguable defences (by which I take it to mean that it has realistic prospects of success) on the terms of the trusts, that the payments out were authorised by the claimants, and in relation to causation and quantum.”

The law firm disputed that the only relevant material in the case took the form of written communications and argued that there were “a number of key conversations between the various actors which were ‘plainly relevant and important’R21; and could not be resolved without a trial.

[tradejunkie2] 21/2/2020 14:30

This stock stinks.

[nickjoseph] 19/2/2020 21:05

100 million!

[nickjoseph] 19/2/2020 19:55

Useful bounce here. I'm in BLV. Not sure how you value CWD. Seems the worst of all the listed estate agent businesses but could be persuaded to buy if someone can post some valuation.

[sabyro] 19/2/2020 14:10

LSH news leak sending the share price up?

[elpirata] 18/2/2020 23:16

well, have you read it?

[elpirata] 18/2/2020 18:07

Levack v Philip Ross & Co.

[albanyvillas] 18/2/2020 08:24

Is it coming from North Korea which is lockdown due to coronavirus

[albanyvillas] 18/2/2020 08:19

Can see 190p on further delays, because Gadaffi just aint giving

[lfg_1066] 17/2/2020 18:30

I would say the likely hood of the money coming from Gadaffi as highly unlikely ;)

[onjohn] 17/2/2020 12:54

On 29 November 2019, the Company announced that it had agreed to sell LSH to John Bengt Moeller with completion due subject only to the approval of Countrywide's shareholders. Shareholders approved the transaction on 27 December 2019 and the Company commenced the process for completing the transaction.

Completion of the transaction has been delayed due to John Bengt Moeller being indisposed during January and due to logistical difficulties relating to the transfer of the requisite completion monies.



Is the money coming from Libya or Gadaffi? Have they done proper DD as to the source to make sure its not money laundering

[onjohn] 17/2/2020 12:47

profit warning