Davenham Share Discussion Threads

[grlz] 20/1/2011 01:08

Tony Murtagh now runs Plymouth based, The Money Group..



Murtagh has history of taking over finance companies, recently acquiring Manchester's Bollin Finance and Advanced Debt Solutions - Looks like he is building a new Manchester based company..... DAV being in Manchester looks like a stategic fit, or possible bolt on acquisition imho

Taken from The Money Group website..

The Cornwall-based part of TMG will continue to focus on whole-of-market remortgage business and as part of the imminent rebrand, The Money Group will become Freshstart Homeloans.

Murtagh says he plans to create further jobs in Manchester, and that the immediate aim for Freshstart Financial Management is to grow the customer base from 6,000 to 10,000.

He is confident that the time is right for major growth. He added: "We are assembling a set of businesses that compliment each other. We now have a group that spans property, broking, lending and debt management.


DYOR

[grlz] 20/1/2011 01:06

ADVFN is full of guys like Mike, they jump on threads hawking doom and gloom on any share that starts moving. A few lived on the old NIS threads playing the 'good samaritan' with well intentioned words of caution after it started spiking from 10p to 25p... to 50p falling back to 45p. ADVFNers like 'Mike' said it would never last, that the spike was a ramp etc..

Funny how they kind stopped posting and simply vanished when KKR paid a £1 a share and took NIS private ;)

DAV maybe be different but with the greatest respect i'm more inclined to follow Tony Murtagh's lead, the CEO of the Money Group who has acquired 2 other Manchester finance companies and has c.£30m cash to invest and appears to be building a significant stake in DAV than some anon like 'Mike' who's only skill appears to be posting deramps on Advfn ;)

[lufc5] 20/1/2011 00:53

Maybe there comes a time when sour grapes come into play?....mike?

The current bod are....imo and only imo....a set of liars. They are holding on to their massive wages and dragging DAV down, but at the same time holding their hands out for over £300k per year.

Tosh to their "no value for shareholders" lark. There is clearly interest in certain parts of the business. Why else would DA state he could turn DAV into a profit making company within 12 months.

DA is a seasoned pro at this game.....fact!

GJ would be very good as CEO at DAV......not my words....but Tony Murtaghs'.

Please.....dyor.

[philjh] 19/1/2011 22:43

Mike, I'm sure those posting on here (other than your 'good' self) are holders and aware of the BOD's intentions. I see no need for you to play 'good samaritan' hence I continue to question your intentions and I think all other holders on here should do likewise

[mike111d] 19/1/2011 22:38

Phil, I held DAV post the initial DA purchase RNS and did very well here but had the sense IMO to sell into the spike, as the "no value" view of the BOD was very evident. Since then I continue to monitor developments but as you say I have no vested interest other than I would rather that folk are not swept along with the something brewing story, without appreciating that the BOD and other key holders might have very different intentions.

[philjh] 19/1/2011 22:28

Mike .............. I'm always suspicious of the intentions of a poster who declares no interest in a share

[mike111d] 19/1/2011 22:02

grlz, with respect, you probably have no idea as to the intentions/motivations of Kingswood but suffice it to say they saw fit to buy the stock and immediately back the BOD, a BOD who would like to see the company delisted and who continue to state that there is no value here for ordinary shareholders. Perhaps you need to be asking yourself why that might be.

[grlz] 19/1/2011 21:55

mike - ur right about the risk/reward and DAV is no widows or orphans investment, but you should not discount Kingswood playing kingmaker to the right deal, as they have no longterm interest in maintaining their support to the current BoD who will eventually destroy the value of their c.30% stake - with their 'little or no value' statements

Deal brewing here at some point and now Murtagh has paid 5.25p for the 180k thats the minimum price he can offer at should he offer..

[mike111d] 19/1/2011 20:23

Something else to ponder, why did the 30% holder with many more shares than the two "players" back the BOD. As I say, I sense that if backed into a corner a suspension or appointment of an administrator are quite possible IMO. As long as folk keep that in mind and still like the risk/reward ratio then everyone should be happy.

[grlz] 19/1/2011 20:09

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 imho

The 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

[still waiting] 19/1/2011 19:44

that's the risk.

[mike111d] 19/1/2011 19:41

I hope that this works out for all those holding, I would just be careful that they do not announce the appointment of an administrator at the bequest of the banking syndicate. This would IMO be hard to challenge in view of the communications issued by the company to date.

[lufc5] 19/1/2011 19:36

TR-1: Notifications of Major Interests in Shares






1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:


Davenham Group plc



2. Reason for notification (yes/no)



An acquisition or disposal of voting rights
x



An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached





An event changing the breakdown of voting rights





Other (please specify):______________





3. Full name of person(s) subject to notification obligation:
Anthony Murtagh



4. Full name of shareholder(s) (if different from 3):





5. Date of transaction (and date on which the threshold is crossed or reached if different):
19 January 2011



6. Date on which issuer notified:
19 January 2011



7. Threshold(s) that is/are crossed or reached:
>6%










8: Notified Details

A: Voting rights attached to shares



Class/type of shares

If possible use ISIN code
Situation previous to the triggering transaction
Resulting situation after the triggering transaction

Number of shares
Number of voting rights
Number of shares


Number of voting rights
Percentage of voting rights

Direct
Indirect
Direct
Indirect

GB00BOP32701
1,385,000
SAME
1,565,000
SAME


6.01%









B: Financial Instruments



Resulting situation after the triggering transaction



Type of financial instrument
Expiration date
Exercise/ conversion period/date
No. of voting rights that may be acquired (if the instrument exercised/converted)
Percentage of voting rights


















Total (A+B)



Number of voting rights
Percentage of voting rights

1,565,000
6.01%









9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:







Proxy Voting:



10. Name of proxy holder:


MJF SASS TSTS MURTAGH A&A

11. Number of voting rights proxy holder will cease to hold:





12. Date on which proxy holder will cease to hold voting rights:








13. Additional information:





14 Contact name:


Anthony Murtagh

15. Contact telephone name:


01872 277837

[grlz] 19/1/2011 19:33

LU yep the 180k was purchased by Tony Murtagh of The Money Group...possible news brewing

If an offer comes The Money Group can't bid below 5.25p now (purchase price) - interesting times ahead imho

Makes the BoD's statements about little or no value ridiculous as two finance players now believe the opposite is true.

Murtagh has £40m of firepower behind him to takeover and recapitalise DAVs if he wanted

DYOR

[lufc5] 19/1/2011 16:46

Delayed buy of 180k @ 5.25p showed up late afternoon.

Could well be Tony Tiger toppin up?????

[grlz] 19/1/2011 13:25

[OT] gl on MTV, nice chart, I would probably buy that, but for being loaded into other stocks at the moment ;)

[grlz] 19/1/2011 13:12

Still, Murtagh has been buying Manchester based finance companies recently - He has made no secret of his vision as each deal is detailed on The Money Group's website.

Acquiring DAV makes a lot of sense to ramp up business Tony Murtagh is obviously looking to achieve near-term.

IMHO He wouldn't be increasing his holding if he thought DAV was going down, not at the share price he has paid

DYOR

[still waiting] 19/1/2011 13:03

if he still wants more we could see 10p quickly imho.

will be putting all of this on MTV so the sooner this is sorted the better.

[grlz] 19/1/2011 13:01

Tony Murtagh now runs Plymouth based, The Money Group..



Murtagh has history of taking over finance companies, recently acquiring Manchester's Bollin Finance and Advanced Debt Solutions - Looks like he is building a new Manchester based company..... DAV being in Manchester looks like a stategic fit, or possible bolt on acquisition imho

Taken from The Money Group website..

The Cornwall-based part of TMG will continue to focus on whole-of-market remortgage business and as part of the imminent rebrand, The Money Group will become Freshstart Homeloans.

Murtagh says he plans to create further jobs in Manchester, and that the immediate aim for Freshstart Financial Management is to grow the customer base from 6,000 to 10,000.

He is confident that the time is right for major growth. He added: "We are assembling a set of businesses that compliment each other. We now have a group that spans property, broking, lending and debt management.


DYOR

[grlz] 19/1/2011 12:46

Potential takeover maybe by Anthony Murtagh, former owner of The Mortgage Group - Murtagh sold out to GE in 2004 for £30m after paying himself £7.3m salary and dividends. Interesting that he is buying into DAV, something significant brewing imho

[lufc5] 19/1/2011 10:47

Breaking news!!!!

[lufc5] 19/1/2011 09:39

The weak will sell.....the strong will hold for the end game.

[lufc5] 19/1/2011 09:37

Joe.

Thanks for your kind words.

I will see this out until the end.

David Anthony really wants to push this through, so buy/bought....and....HOLD!!!....for the bigger picture!!!!!

[joe the plumber] 19/1/2011 09:32

Lufc the very best of luck I lost out at a loss but wish you all well