Daniel Stewart Securities Share Discussion Threads

[lr4850] 01/10/2013 08:29

Thanks Kooba

Very comprehensive. I will work on my version based around yours

[kooba] 01/10/2013 08:26

[e-mail] Stewart.Dear Sirs,The above company reported a shocking set of results today which led to a 30% decline in the share price.The results were released on the last available day ie six months from year end avoiding suspension.The company in previous years had given a pre close period update in April after the march year end.... This was not done this year without explanation.The last update on trading from the company was with the interim results in December 2012 some 9 months before today's rns and contained an optimistic update for the second half."Despite the overall poor performance during the first six months, I am pleased to report that we have seen a distinct improvement during the third quarter with several notable achievements. These include advising on the sale of Sportingbet to William Hill and GVC and the continued growth of our client Quindell in which we hold a substantial warrant position with a current value of approximately GBP500,000. Our pipeline of potential transactions from the Asia has also significantly improved.As a result of all these factors and the continued hard work of our employees, the Directors remain more optimistic about the outlook for the full year and positive about medium term prospects for the Group."So after losing £1m in the first half a more optimistic forward looking statement which was the last trading update until the results were released today showing greatly increased loses in the second half...(even though the above statement was made at the end of the third quarter.)The above statement of the company's trading was left in the market well after the company must have been well aware that it did not reflect the underlying trading position and the company let this impression stand in the market for a full six months from the year end.It is clear the company had a disastrous 4th quarter which resulted in a sharply deteriorated trading environment subsequent to the interim statement and failed to communicate to the market that there had been a material change in trading.I believe the company has failed to inform the market of a material change in trading in a timely manner and has allowed a misleading impression of trading to remain in the market for a totally unacceptable time period.I believe the company is therefore in breach of aim rules in not updating the market in a timely manner of a sharp deterioration in trading.Since the company operates as a nomad I feel it should be setting an example in compliance to the rules and not flaunting them and I would like aim regulation to look into this matter urgently.

[kooba] 01/10/2013 07:38

It's not our fault it's the market....interesting to read Numis update today the day after period end.Numis Corporation PlcTrading UpdateTuesday 1(st) October 2013 at 7.00am: Numis Corporation Plc ("Numis") is today issuing a trading update relating to the year ended 30(th) September 2013.Following on from an improved first half, Numis is pleased to report further strengthening in its performance during the second half of the year.Our corporate client base has seen a pleasing increase as listed companies seek advice from a stable and well capitalised broker and adviser. We are delighted to have acted as joint book runner and sponsor to the recent IPO of Foxtons.The announcement of Numis' full preliminary results for the year ended 30(th) September 2013 will be made on Wednesday 4(th) December 2013.

[kooba] 01/10/2013 07:16

AIM rules.General disclosure of price sensitive information11. An AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in:? its financial condition;? its sphere of activity;? the performance of its business; or? its expectation of its performance,which, if made public, would be likely to lead to a substantial movement in the price of its AIM [e-mail] already have my email.

[kooba] 01/10/2013 06:52

And in the first half share trading was positive 500k which was turned into negative 600k one presumes in the 4th quarter because everything was hunky dory at the end of dec?Did. Quindell fall between sept and march? Doesn't look like much and as far as I can tell most of the remaining quindell options were exercised in jan this year.Were things going bad and they took a punt on something and lost £1m+. ? Things are so opaque that's its impossible to know !

[kooba] 01/10/2013 06:45

In the context of quindell I simply cannot understand this"Our gross profit fell from GBP4.6 million to GBP0.1 million, again almost entirely due to shares held falling in value."

[nod] 01/10/2013 04:35

It just occurred to me to check MENA's web site. It's all still there although nothing has been updated in three years except the bits added about it being 100% owned by DAN.Many of the web pages are dismally empty after three years of ownership. Click on the Sectors tab and two key Sectors have nothing on them - blank - including Financial Services:http://www.mena-rl.ae/?page_id=36So here we have an alleged Financial Services company who can't think of a single thing to say about what they offer under Financial Services. I also notice under Contacts that it has MENA registered in BVI even though they are 100% owned by DAN.

[nod] 01/10/2013 03:39

No mention of MENA or Adam Wilson or any activity in that region. We paid GBP 1.1 million in shares for MENA in February 2010 yet there is no sign of any business activity and certainly no new business. In addition, Wilson was paid 522k GBP in the year to March 2012 even though he was not a director yet customers and revenues fell and have plunged again this year. Did MENA really exist?Was MENA a scam between two mates who are jointly invested in a pub?"MENA, which has 5 employees and consultants, has circa 20 clients and provides a wide range of services focusing on deal execution, project management and fund raising. Its regional presence stretches across Europe, Africa and the six Gulf Cooperation Council ("GCC") Member States. MENA specialises in Financial Services, Healthcare, Real Estate & Infrastructure and Natural Resources."

[lpavlou] 30/9/2013 23:27

Once the share price gets to this level expect a consolidation to occur. Cant see how they can expect to raise any freash cash given thier history

Hard to see how they can survive another year

[nod] 30/9/2013 22:22

"In our primary Corporate Finance and Capital Markets business, we saw a decline of approximately £0.8 million in revenues. However, with falling small cap values and reduced trading activity, our revenue from realised and unrealised share trading fell from a positive £2.8 million to a negative £0.6 million.Our gross profit fell from £4.6 million to £0.1 million, again almost entirely due to shares held falling in value."Correct me if I'm wrong but QPP would have gone up from March 12 to March 2013 by nearly 50%DAN claims it is focusing on Wealth Management yet apparently makes a significant loss in its own share portfolio. It's also hard to see why companies would use them as a Nomad with such a dismal public listing themselves.

[nod] 30/9/2013 22:11

"The year to March 2013 has proven to be very difficult, with market conditions deteriorating further during the second half of our financial year. Volumes across all of our businesses have fallen and this has adversely impacted our results."I thought the AIM market was only about 10% down during the financial year and was overall more buoyant than we have seen for a few years.

[loverat] 30/9/2013 18:10

Appalling results and appalling statement.

I would also agree that if they were reporting a 'distinct improvement' in the second half they should have updated the market, if as the current statement points to, there was then a further deterioration. If there were no updates since, then it could be argued that investors were expecting a material improvement and hence have been misled. Absolutely shocking statement AIMHO.

[kooba] 30/9/2013 16:53

Agreed to a certain extent however if making people like Shea answer some uncomfortable questions and being slapped on the wrist on the QT it might just make them think twice about misleading investors.

[lr4850] 30/9/2013 16:29

Toothless quango. Not worth the effort. What has happened to the Quindell money? Probably sold at the bottom. Shocking.

[kooba] 30/9/2013 16:09

[e-mail] like to hear from you!

[kooba] 30/9/2013 16:08

"Despite the overall poor performance during the first six months, I am pleased to report that we have seen a distinct improvement during the third quarter with several notable achievements. These include advising on the sale of Sportingbet to William Hill and GVC and the continued growth of our client Quindell in which we hold a substantial warrant position with a current value of approximately GBP500,000. Our pipeline of potential transactions from the Asia has also significantly improved.As a result of all these factors and the continued hard work of our employees, the Directors remain more optimistic about the outlook for the full year and positive about medium term prospects for the Group."This was the last update in December with the interims half way through the second half if anyone thinks that the company has not kept investors correctly updated with trading?Sent from my iPad

[lr4850] 30/9/2013 15:54

That's my money down the swanny. Absolute disgrace.

[lr4850] 30/9/2013 15:47

Last one leaving, please turn off the lights.

[lr4850] 30/9/2013 15:21

Yes, much better informed. Another set of appalling results. Olympics to blame this time. :-) You couldn't write a better comedy.

[kooba] 30/9/2013 12:28

Or maybe the guy dumping is better informed than us both!

[lr4850] 30/9/2013 11:57

Probably one of the Directors :-)