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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 | 0.95 |
| Top Posts |
|---|
Posted at 17/7/2011 19:16 by 5uchchi There is a plenty of potential in this share & ridicularly valued only at 0.5M due to unwanted and unjustified motive of a few individuals(rather say pride not letting anyone else(experts) to turn this company around as a priofit making Giant)killing this company out of character--its a complete waste of share holders money down the drain. I still can't understand why this is allowed to happen & everyone else is just sitting back & watching while this company is completely/systemati |
Posted at 14/2/2011 13:32 by jimmylufc It just strikes me that if DA has 22% before the private investors vote he must have a chance of winning this time if the current board achieve the same percentage (34%) as last time. There should be more private investors voting and in view of the current boards comments (re no value, etc) what have the the private investors got to lose by going with DA ? |
Posted at 20/1/2011 13:18 by grlz Murtagh buys up Davenham shares and calls for second EGMwww.thebusinessdesk. Mike Fahy By Mike Fahy - Assistant Editor TONY Murtagh, the entrepreneur behind The Money Group, has increased his shareholding in troubled Manchester-based lender to more than 5%, giving renewed vigour to investor David Anthony's campaign to take control of the firm. Murtagh said that he was one of a number of Davenham shareholders who were not informed by the company of last week's extraordinary general meeting tabled by Anthony, where his proposal to remove the company's current board was rejected. He has said that he now plans to requisition a second extraordinary general meeting and has pledged his support for Anthony's proposals, which involve the removal of current chairman James Kerr-Muir and managing director Paul Burke. Anthony wants to appoint himself as chair and Gary Jennison as CEO. Murtagh's purchases helped to push Davenham's share price up from 2.25p last week up to 3.4p yesterday morning, before falling back to around 2.75p. He said that Gary Jennison "would make a great CEO" and argued that their stated strategy of reinvigorating Davenham's asset and trade finance arms of the business should be given a chance. Anthony's resolutions to remove Davenham's current directors received 4.4m votes in favour last week, and just under 10m votes against. However, there are more than 26m shares in circulation, so shareholders responsible for around 45% of the company's total equity did not vote. Anthony conceded that an element of this was likely to be due to voter apathy given the share's lowly value and the minimal chance of a return on their investment. However, he believes that although the board was able to call on the support of a few key investors including Kingswood Property Finance - the London-based firm which bought a 29.13% stake in Davenham in December - many of the smaller shareholders who had not been notified of the meeting would be in favour of his plan. Anthony added that Davenham had not posted his document spelling out his reasons for the EGM on its website, although it did distribute it to shareholders alongside the EGM notification. He acknowledged that the firm hadn't breached rules by leaving it off the website, but felt that it should have been included to ensure shareholders were properly informed. "People have said that I should requisition another meeting, but I would only do that if I were satisfied that these issues would be dealt with. Otherwise, what's the point?" Other shareholders have also expressed anger at the fact that they were not informed of the meeting. Jason Snowdon, who owns around 0.65% of the company, said he was "appalled" by the fact that he was not notified. He added that he "fully supports" Anthony's view that the current board should be removed. A spokeswoman for Davenham said that the firm was "content that it has complied with all of its obligations" in keeping shareholders informed. Davenham is in the process of winding down its loan book and has told investors that there is not likely to be any value left in their shares. The last figures published by the firm in November showed that it had £90m of loans left to collect but it owed its banking syndicate £111m. Its circular to shareholders prior to the EGM stated that the board had the support of the banking syndicate. It also warned that if Anthony's resolution was passed, the syndicate could recall its loan, sparking an insolvency process. Murtagh questioned this logic, arguing that the banking syndicate should be willing to speak to anyone with a reputable plan to recover its assets and hailed the turnaround that Jennison embarked upon in his last role as CEO of Secure Trust Bank. He also said that the salaries of Burke and Kerr-Muir combined amounted to more than £300,000 - money which he believed would be put to better use by employing more collection staff. "If I were looking to turn it around, I'd be willing to work for nothing and take my reward if the share price came back again," he said. He has said that he intends to call another extraordinary general meeting "in due course" and has told shareholders who hold shares via trusts or nominee accounts that they should make it known to nominees if they intend to vote. |
Posted at 18/1/2011 11:49 by lufc5 Take special notice of the very last part of this article!!!!!TONY Murtagh, the entrepreneur behind The Money Group, has increased his shareholding in troubled Manchester-based lender to more than 5%, giving renewed vigour to investor David Anthony's campaign to take control of the firm. Murtagh said that he was one of a number of Davenham shareholders who were not informed by the company of last week's extraordinary general meeting tabled by Anthony, where his proposal to remove the company's current board was rejected. He has said that he now plans to requisition a second extraordinary general meeting and has pledged his support for Anthony's proposals, which involve the removal of current chairman James Kerr-Muir and managing director Paul Burke. Anthony wants to appoint himself as chair and Gary Jennison as CEO. Murtagh's purchases helped to push Davenham's share price up from 2.25p last week up to 3.4p yesterday morning, before falling back to around 2.75p. He said that Gary Jennison "would make a great CEO" and argued that their stated strategy of reinvigorating Davenham's asset and trade finance arms of the business should be given a chance. Anthony's resolutions to remove Davenham's current directors received 4.4m votes in favour last week, and just under 10m votes against. However, there are more than 26m shares in circulation, so shareholders responsible for around 45% of the company's total equity did not vote. Anthony conceded that an element of this was likely to be due to voter apathy given the share's lowly value and the minimal chance of a return on their investment. However, he believes that although the board was able to call on the support of a few key investors including Kingswood Property Finance - the London-based firm which bought a 29.13% stake in Davenham in December - many of the smaller shareholders who had not been notified of the meeting would be in favour of his plan. Anthony added that Davenham had not posted his document spelling out his reasons for the EGM on its website, although it did distribute it to shareholders alongside the EGM notification. He acknowledged that the firm hadn't breached rules by leaving it off the website, but felt that it should have been included to ensure shareholders were properly informed. "People have said that I should requisition another meeting, but I would only do that if I were satisfied that these issues would be dealt with. Otherwise, what's the point?" Other shareholders have also expressed anger at the fact that they were not informed of the meeting. Jason Snowdon, who owns around 0.65% of the company, said he was "appalled" by the fact that he was not notified. He added that he "fully supports" Anthony's view that the current board should be removed. A spokeswoman for Davenham said that the firm was "content that it has complied with all of its obligations" in keeping shareholders informed. Davenham is in the process of winding down its loan book and has told investors that there is not likely to be any value left in their shares. The last figures published by the firm in November showed that it had £90m of loans left to collect but it owed its banking syndicate £111m. Its circular to shareholders prior to the EGM stated that the board had the support of the banking syndicate. It also warned that if Anthony's resolution was passed, the syndicate could recall its loan, sparking an insolvency process. Murtagh questioned this logic, arguing that the banking syndicate should be willing to speak to anyone with a reputable plan to recover its assets and hailed the turnaround that Jennison embarked upon in his last role as CEO of Secure Trust Bank. He also said that the salaries of Burke and Kerr-Muir combined amounted to more than £300,000 - money which he believed would be put to better use by employing more collection staff. "If I were looking to turn it around, I'd be willing to work for nothing and take my reward if the share price came back again," he said. He has said that he intends to call another extraordinary general meeting "in due course" and has told shareholders who hold shares via trusts or nominee accounts that they should make it known to nominees if they intend to vote. |
Posted at 18/1/2011 09:04 by lufc5 Errrr.......HummmmmmMurtagh buys up Davenham shares and calls for second EGM 18th January 2011 By Mike Fahy - Assistant Editor TONY Murtagh, the entrepreneur behind The Money Group, has increased his shareholding in troubled Manchester-based lender to more than 3%, giving renewed vigour to investor David Anthony's campaign to take control of the troubled firm. Murtagh said that he was one of a number of Davenham shareholders who were not informed by the company of last week's extraordinary general meeting tabled by Anthony, where his proposal to remove the company's current board was rejected. He is urging Anthony to requisition a second extraordinary general meeting and has pledged his support. Murtagh's purchases helped to push Davenham's share price up from 2.25p last week up to 3.4p yesterday morning, before falling back to around 2.75p. He said that Gary Jennison "would make a great MD" and argued that their stated strategy of reinvigorating Davenham's asset and trade finance arms of the business should be given a chance. Anthony's resolution to remove Davenham's chairman James Kerr-Muir and managing director Paul Burke received 4.4m votes in favour last week, and just under 10m votes against. However, there are more than 26m shares in circulation, so shareholders responsible for around 45% of the company's total equity did not vote. Anthony conceded that an element of this was likely to be due to voter apathy given the share's lowly value and the minimal chance of a return on their investment. However, he believes that although the board was able to call on the support of a few key investors including Kingswood Property Finance - the London-based firm which bought a 29.13% stake in Davenham in December - many of the smaller shareholders who had not been notified of the meeting would be in favour of his plan. Anthony added that Davenham had not posted his document spelling out his reasons for the EGM on its website, although it did distribute it to shareholders alongside the EGM notification. He acknowledged that the firm hadn't breached rules by leaving it off the website, but felt that it should have been included to ensure shareholders were properly informed. "People have said that I should requisition another meeting, but I would only do that if I were satisfied that these issues would be dealt with. Otherwise, what's the point?" Other shareholders have also expressed anger at the fact that they were not informed of the meeting. Jason Snowdon, who owns around 0.65% of the company, said he was "appalled" by the fact that he was not notified. He added that he "fully supports" Anthony's view that the current board should be removed. A spokeswoman for Davenham said that the firm was "content that it has complied with all of its obligations" in keeping shareholders informed. Davenham is in the process of winding down its loan book and has told investors that there is not likely to be any value left in their shares. The last figures published by the firm in November showed that it had £90m of loans left to collect but it owed its banking syndicate £111m. Its circular to shareholders prior to the EGM stated that the board had the support of the banking syndicate. It also warned that if Anthony's resolution was passed, the syndicate could recall its loan, sparking an insolvency process. Murtagh questioned this logic, arguing that the banking syndicate should be willing to speak to anyone with a reputable plan to recover its assets and hailed the turnaround that Jennison embarked upon in his last role as CEO of Secure Trust Bank. He also said that the salaries of Burke and Kerr-Muir combined amounted to more than £300,000 - money which he believed would be put to better use by employing more collection staff. "If I were looking to turn it around, I'd be willing to work for nothing and take my reward if the share price came back again," he said. |
Posted at 10/1/2011 21:06 by lufc5 Just in case anybody hasn't seen D Anthony's proposals....here it is...Here's my Shareholder Statement, for the benefit of those investors who have not received it. You should have been sent it by the directors of Davenham along with their recommendation to vote against the resolutions: SHAREHOLDER STATEMENT PURSUANT TO SECTION 314 OF THE COMPANIES ACT 2006 Following severe and continuing losses, principally from property lending, the board announced in June 2010 that Davenham Group plc's business was being placed in run-off and that its shares were probably of no value. Since then the directors have been managing an orderly collect-out on behalf of the banking consortium. The Group has a viable infrastructure, loyal and committed staff and a good local reputation. Apart from property its lending businesses have been satisfactory. Furthermore, market conditions are at present unusually favourable. I therefore believe it will be in the best interests of all stakeholders-lenders However, it is clear in my opinion that the Group cannot survive unless and until the following actions are taken: 1. Prepare a viable short- and medium-term business plan. 2. Agree new arrangements with the banking consortium. 3. Arrange additional equity capital and/or a merger with another financial institution. I understand that any attempt to negotiate with the existing banking consortium lenders to the Group may cause the Group to be placed in formal administration and I am not aware that any of the above actions have been accomplished. I bought approximately 15% of the Group's shares in September of 2010 and then, along with Mr GA Jennison, a former colleague, signed a confidentiality agreement and entered into discussions with the directors as to how best to revive the business. However, the directors have refused to provide key information regarding the Group and so it has been impossible to progress the matter in any meaningful way. I am therefore proposing the removal of the existing board and its replacement by myself as Chairman and Mr Jennison as CEO. My reasons are as follows: 1. The existing board has, in my opinion, failed to revive the business and has abandoned any attempt to do so. 2. Mr Jennison and I have excellent track records at very senior levels in financial services, including business turn-rounds and managing through recession. We believe we have the credibility and experience without which nothing can be accomplished. Our CVs are attached. 3. Whilst there may be a likelihood of formal administration if our efforts are not successful, the investors will in my view be in no worse a situation than at present. If appointed, our intention is to enter into negotiations with key stakeholders and present a business plan within three months. While detailed planning has not yet been possible, we would hope to return the business to profit within twelve months. We will take modest remuneration while the business is recovering and will take steps to minimise the cost base. Subject to these proposals being supported by the shareholders and to the applicable legal and regulatory rules and requirements, I would anticipate adding to my shareholding and I understand Mr Jennison also intends to buy shares in your company. CV: D G Anthony Age: 63 Education: St Catherine's College, Oxford: MA in Modern History Professional: FCA Career: Financial services since 1974 Recruited in 1982 to establish Hitachi Capital (UK) PLC as a start-up business, starting as General Manager and retiring as CEO in June 2010. HCUK is now one of the UK's leading finance groups with assets of £1.5 billion and a very strong and consistent record of growth and profitability, achieving record profits in 2009/10. It was fully listed on the LSE between 1997 and 2007. Non-Executive Director, Secure Trust Bank plc, 2007-2010 CV: G A Jennison Age: 53 Education: Sheffield University: BA in Business Studies Professional: Chartered Institute of Marketing Diploma; Finance Houses Association Diploma (Distinction) Career: Financial Services since 1978 CEO of Secure Trust Bank plc from 2006 to 2010 with a brief to arrest its long-term decline. The business was transformed, delivering record profits in 2009. Latterly working with a private equity house in connection with a proposed acquisition. |
Posted at 10/1/2011 10:21 by mister md Investor vows to revive Davenham Group Adam Jupp January 07, 2011 Share Article| Submit Comments | Printable Version Previous | Next 1/1 Play Slideshow Close Map A rebel investor in embattled Manchester lending firm Davenham Group today vowed to revive the business if he is successful in ousting its current bosses. David Anthony, who has a 15 per cent stake in Davenham, is calling on other shareholders to back his call for the removal of managing director Paul Burke and chairman James Kerr-Muir. A special meeting has been scheduled for Tuesday to consider the proposal, which would see the former Hitachi Capital chief executive and his associate Gary Jennison installed in their place. Mr Anthony, 63, has accused the existing board of the AIM-listed lender of not doing all it can to keep the business afloat. In June 2010, Davenham announced its intention to cease writing new business, having been hit hard by the collapse of the property market, but shareholders later rejected a proposal to delist. Mr Anthony aims to return the company to profit inside one year and said: "I believe that the business can be revived and I believe that the existing board has given up on any attempts to do so. "There are some parts of the business, like speculative property lending, which aren't in a good state and we would not continue with them, but there are parts of the business which we believe should continue. "It is our intention to turn it into a successful local business again" Results for the year to June 2010, published at the end of November, showed Davenham's revenues plummeted by 35 per cent to £32m, with pre-tax losses of £23.3m. The decline of the company has been blamed on the depressed property market but Mr Anthony told the MEN he believes the trade and asset lending parts of the business could still be kept alive. He retired from Hitachi Capital in June and bought 14.9 per cent of Davenham in September. After he bought-in, shares in the company doubled to a high of 4.9p. They closed yesterday at 1.875p. On December 1, Mr Anthony and Mr Jennison, 53, and originally from Manchester, requested a general meeting to consider their resolutions. In a statement to shareholders, they called for Mr Burke and Mr Kerr-Muir to be ousted. The note added Mr Anthony had requested more detailed financial information about the firm but, despite signing a non-disclosure agreement, that had been refused. Mr Anthony said: "If appointed, our intention is to enter into negotiations with key stakeholders and present a business plan within three months. "While detailed planning has not yet been possible, we would hope to return the business to profit within 12 months." A statement from Davenham recommended that the proposals be rejected, claiming investors holding around 34 per cent had already indicated they would vote against it. The company declined to comment further when contacted by the M.E.N |
Posted at 10/1/2011 00:25 by lufc5 It's hard to tell who the major shareholders are since there have been so many changes recently. Excepting Kingswood the Board only got commitments for another 5% of the shares, which says a lot. I believe it's a fair assumption that my resolutions will be supported by a large majority of the uncommitted investors, but everything depends on the willingness of investors to vote. Do the sums. I can't speak for Kingswood: you'd need to direct your question at them. Recommend post | Report postDAVJames CaanSun 11:47 David Anthony Recommend post | Report postDAVDavenham Shareholder StatementThu 15:34 It didn't all fit. Here's the rest of it: We will take modest remuneration while the business is recovering and will take steps to minimise the cost base. Subject to these proposals being supported by the shareholders and to the applicable legal and regulatory rules and requirements, I would anticipate adding to my shareholding and I understand Mr Jennison also intends to buy shares in your company. CV: D G Anthony Age: 63 Education: St Catherine's College, Oxford: MA in Modern History Professional: FCA Career: Financial services since 1974 Recruited in 1982 to establish Hitachi Capital (UK) PLC as a start-up business, starting as General Manager and retiring as CEO in June 2010. HCUK is now one of the UK's leading finance groups with assets of £1.5 billion and a very strong and consistent record of growth and profitability, achieving record profits in 2009/10. It was fully listed on the LSE between 1997 and 2007. Non-Executive Director, Secure Trust Bank plc, 2007-2010 CV: G A Jennison Age: 53 Education: Sheffield University: BA in Business Studies Professional: Chartered Institute of Marketing Diploma; Finance Houses Association Diploma (Distinction) Career: Financial Services since 1978 CEO of Secure Trust Bank plc from 2006 to 2010 with a brief to arrest its long-term decline. The business was transformed, delivering record profits in 2009. Latterly working with a private equity house in connection with a proposed acquisition. Recommend post | Report post |
Posted at 09/1/2011 13:06 by themoneymonster2 123davidgwilymPosts: 8 Off Topic Opinion: No Opinion Price: 3.25 DavenhamToday 12:58 It's hard to tell who the major shareholders are since there have been so many changes recently. Excepting Kingswood the Board only got commitments for another 5% of the shares, which says a lot. I believe it's a fair assumption that my resolutions will be supported by a large majority of the uncommitted investors, but everything depends on the willingness of investors to vote. Do the sums. I can't speak for Kingswood: you'd need to direct your question at them. ========= Tell him he can have my 1% vote, how do I do it? Mine are in a nominee account through my broker. Tell him to post on here. |
Posted at 07/1/2011 14:52 by lufc5 Here's my Shareholder Statement, for the benefit of those investors who have not received it. You should have been sent it by the directors of Davenham along with their recommendation to vote against the resolutions:SHAREHOLDER STATEMENT PURSUANT TO SECTION 314 OF THE COMPANIES ACT 2006 Following severe and continuing losses, principally from property lending, the board announced in June 2010 that Davenham Group plc's business was being placed in run-off and that its shares were probably of no value. Since then the directors have been managing an orderly collect-out on behalf of the banking consortium. The Group has a viable infrastructure, loyal and committed staff and a good local reputation. Apart from property its lending businesses have been satisfactory. Furthermore, market conditions are at present unusually favourable. I therefore believe it will be in the best interests of all stakeholders-lenders However, it is clear in my opinion that the Group cannot survive unless and until the following actions are taken: 1. Prepare a viable short- and medium-term business plan. 2. Agree new arrangements with the banking consortium. 3. Arrange additional equity capital and/or a merger with another financial institution. I understand that any attempt to negotiate with the existing banking consortium lenders to the Group may cause the Group to be placed in formal administration and I am not aware that any of the above actions have been accomplished. I bought approximately 15% of the Group's shares in September of 2010 and then, along with Mr GA Jennison, a former colleague, signed a confidentiality agreement and entered into discussions with the directors as to how best to revive the business. However, the directors have refused to provide key information regarding the Group and so it has been impossible to progress the matter in any meaningful way. I am therefore proposing the removal of the existing board and its replacement by myself as Chairman and Mr Jennison as CEO. My reasons are as follows: 1. The existing board has, in my opinion, failed to revive the business and has abandoned any attempt to do so. 2. Mr Jennison and I have excellent track records at very senior levels in financial services, including business turn-rounds and managing through recession. We believe we have the credibility and experience without which nothing can be accomplished. Our CVs are attached. 3. Whilst there may be a likelihood of formal administration if our efforts are not successful, the investors will in my view be in no worse a situation than at present. If appointed, our intention is to enter into negotiations with key stakeholders and present a business plan within three months. While detailed planning has not yet been possible, we would hope to return the business to profit within twelve months. |
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