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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Davenham | DAV | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.95 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.95 |
| Top Posts |
|---|
Posted at 17/7/2011 18:35 by olly2 is this about to do another dav spike for no reason like it did in sept 10? |
Posted at 12/4/2011 13:12 by grlz LUFC - I question how interested David Anthony is in DAV now he's joined Whiteaway Laidlaw Bank (WLB)WLB recently acquired the new business division of SME specialist lender, Commercial First. The interesting part of the deal is the Johnson's, who built ComFirst have in effect cast aside there old business to concentrate building WLB into a new SME mortgage specialist - imho David Anthony will have his hands full with WLB - Murtagh will probably benefit from the WLB product rollout as he runs an intermediary channel. Probably why the DAV newsflow has died...but you never know with DAV anything can happen ;) SAM looks like a better turnaround bet imho moving off recent falls - new CEO leadership and solid newsflow |
Posted at 24/2/2011 01:45 by lufc5 FOR NOMINEE ACCOUNT HOLDERS!!!!!!All nominees must be registered to vote "FOR" the proposals. It is pretty much standard practice for most nominee accounts to be set as "not registered to vote" mode. This can be easily changed to "I WANT TO VOTE FOR THE BOARD CHANGES" either electronically or by phoning one's broker up. If one does indeed hold shares in DAV, then one needs to register to vote for the current proposals.....if indeed we are to get any value applied to our shareholdings and give David Anthony & co a chance to resurect DAV!!!! Ps. Final voting ends on 4th March(after this is too late) with the meeting on the 10th. Power to the people!!!!!! |
Posted at 22/2/2011 17:45 by grlz UR - As I wrote I don't hold but follow with interest... But to answer your ques, the second requisition is the same as the first, which was been widely briefed by the media e.g. thebusinessdesk.com - AGAIN DAV BoD have chosen not to publish details despite confirming they would per their recent RNSDA and Murtagh have c.22% Kingswood c.29% being the only support the BoD looks to have secured makes this a very close call. Its ridiculous to assume the banks will put DAV under on the 31/3 as creditors owe no allegiance to the current BoD only a duty of care to DAVs shareholders - even though, all their interested in is obtaining a maximum payment to clear/reduce the outstanding debt. Placing DAV into administration without considering a DA led board's proposal would legally limit the banks recovery options if the banks subsequently sold DAVs assets undervalue for example to Kingswood? Standard Chartered v Walker places a duty of care on the lender to examine a debtors proposal before action. The enormous difference between what is owed and what's available to repay the debt is helpful to DA + TM as it means there is a wide scope to negotiate a settlement. it will be interesting to see how the vote goes and its outcome - but voting for the status quo is akin to a turkey voting for xmas imho DYOR |
Posted at 20/1/2011 13:08 by mandalsputin Davenham assesses reconstructionThu 20 Jan 2011 DAV - Davenham Group Latest Prices Name Price % Davenham Group 4.62p -5.13% FTSE AIM All-Share 952 -1.07% Financial Services 6,249 -1.88% LONDON (SHARECAST) - AIM-quoted Davenham says that it is in talks with its major shareholder about a reconstruction of the business but management continues to warn that shareholders will probably not get any value from their shares. In December, ACP Capital sold its 29.1% stake in Davenham for £133,000, or 1.75p a share. These shares were bought by Kingswood Property Finance. Kingswood and Davenham are exploring the possibility that a reconstruction of the group could enable one or more of its division's to recommence writing new business. This could include an opportunity for shareholders to invest more cash in the company. There is no guarantee that any proposals will be forthcoming from the assessment. Despite the warnings by management shares in the asset-backed finance provider have risen by 153% in the past month. Anthony Murtagh has increased his stake to 6.01% in recent weeks. At the end of 2010, Davenham defeated an attempt by David Anthony, who owns 14.9% of Davenham, to have Gary Jennison and himself appointed to the board and the two existing directors, Paul Burke and James Kerr-Muir, removed from the board. More than two-thirds of the votes cast for the resolutions supported the existing board. |
Posted at 19/1/2011 20:09 by grlz Mike - its fair to assume at this point that the current run-off is now dealing with the rump of DAVs deadest of dead beat loan accounts - Doubtful an Administrator could achieve this any quicker or easier than a self-contained management team in DAV.... also an administration would be complex and costly, more so than maintaining the status quo imhoThe major benefit for the Creditor Banks is they don't have to account for c.£80m of toxic loans on their own balance sheets as these positions are still held and impaired by DAV - destroying the last of the company's shareholder value. DA put forward some proposals and was voted down, so the banks view was never tested BUT I doubt the Banks would have put DAV in administration as DA is an industry veteran, having built-up Hitachi Capital - DA's CV is stronger than the current CEO Murtagh is the founder and CEO of The Money Group, he previously sold The Mortgage Group to GE Capital for £30m so he has experience and capital to take DAV forward, back DA or support Kingswood who acquired ACP's stake Murtagh has recently been acquiring other Manchester finance companies so DAV could represent a bolt on acquisition to that startegy? ... but near term the situation is several major industry players are currently interested in DAV for reasons which are not public domain - Their all purchasing shares with cash money, and investing in DAV for a reason. Interesting to see how this plays out - but soemthing is brewing imho |
Posted at 15/1/2011 14:44 by lufc5 Jimmy.A massive 46% failed to even vote, due to the FACT that the masses didn't know of Davids proposals. I'm trying to highlight this matter on these bb's. People hold shares in DAV and i'll bet some dinn't even know of the egm, never mind Davids proposals! If 55%(apx 6.5-7m) of the 46%(apx 12m shares) had voted for David he would be in now!!!! Every vote counts, and if David is aware that there is growing support for him(through these bbs) then don't be surprised if he calls a 2nd egm. The word needs to be spread. Remember....DA+GJ firmly believe they can turn DAV into a profitable business within 12 months!!!!! Cheers. |
Posted at 13/12/2010 17:00 by grlz rumour I heard was that the creditor bank panel are open to listen to any proposal that reduces risk and loan loss.so it depends on the BoD's view of what to do next - co-operate with DA and end up getting replaced or fight it out and try and tie Kingswood into a concert party situation that would force a mandatory offer @1.75p so at least shareholders get something (unless Kingswood backs the BoD) - I have heard the Banks haven't got much appetite for a messy situation and would probably call in the administrators rather than lose control. DA I heard isn't interested in bidding, just bringing his management expertise to the table and charging for it. I heard his proposal is more about creating a bad DAV / good DAV - bad DAV managing all the old debts and securing a standstill with a new banking covenant. Good DAV would be formed from the existing trade finance business of DAV, new facilities being brought in to restart lending and going forward - rumour is DA wants to work with the existing creditor bank panel to advance new facilities to good DAV. Kingswood, I can only speculate but I heard that their position is more to replace Hawkpoint Ptnrs - as potential fee income represents a bigger sum than what they have invested to date. I heard they have offered in some new facilities to enable lending... all imho and broker chatter / DYOR |
Posted at 07/12/2010 11:47 by warwick69 worth noting how bad some of these AIM Spiv management are this is what ACP proposed backm in 2007 and Dav turned it down £3.25 can you believe these guys are running a business no wonder DA wants to oust them from the Board?PRESS ANNOUNCEMENT EMBARGOED FOR RELEASE AT 7.00 AM 25 October 2007 DAVENHAM GROUP PLC ('DAVENHAM' OR THE 'COMPANY') The Board of Davenham announces that it has received an approach from ACP Capital Limited ('ACP') which may or may not lead to an offer being made for the Company. The approach, which indicated a possible cash offer for Davenham at 325p per share (with a possible share alternative), is subject to a number of important pre-conditions (including a refinancing of ACP's existing bridge facility, which ACP has stated that it expects to complete by the end of November 2007). This announcement is not being made with the agreement or approval of ACP. There can be no certainty that an offer will be made nor can there be certainty regarding the terms on which an offer might be made. Having regard to the current position and prospects of the Company, the Board has concluded that the ACP proposal is not one which fairly reflects the value of Davenham. The Board has noted to ACP that it would in any event expect clarification on ACP's pre-condition regarding refinancing. The Board is open to further dialogue with ACP and to any other opportunities which enhance value for Davenham's shareholders. |
Posted at 16/11/2010 15:39 by grlz Jimmy - all DAV's portfolios are sub-charged to the creditor banks, so what DAV can't collect reverts to the creditor banks for collection. The BoD statement of "no value for shareholders" basically means DAV agreed to use shareholder funds to fund impairements to the loan books in exchange for waivers from the creditor banks to remain in business - won't stop administration, but its means the banks have soaked all of DAV's cash before accepting the loan book liabilities on their own balance sheets. Forcing the sale of DAVs headquarter building to pay down debt is just another example of how this is being run by proxy by the creditor banks. DYOR |
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