Davenham Share Discussion Threads

[5uchchi] 10/3/2011 21:43

I am sure there could be a loophole or any legal binding to share holders would help DA & Murtugh to upset the company directors and make them back down from unjust demands or totally unacceptable steps.Never seen a company working against the share holder value from the start. NOT ON---Something should be done to break this unacceptable practice in order to prevail justice for small investors.

[wooly62] 10/3/2011 21:29

I still don't understand what DA's game plan was. The business is hopelessly insolvent and therefore he was reliant upon the banks taking a write-off if he was to salvage value. Ok as directors of the comnpany he and GJ could soon take out more in fees than their investment cost so there was minimal downside risk, but with the banks position being clear their strategy eludes me. The platform has some value, but doesn't make the company worth buying. My guess is the bank/main shareholder do have faith in the current board and are going to agree some form of debt:equity swap after taking the company private. Whether that will be before or after a pre-pack is hard to call. IMHO, anybody who hasn't sold yet should do so pronto.

[lufc5] 10/3/2011 15:38

Cheers Solarno. Respect!

[solarno lopez] 10/3/2011 15:13

I wish you luck LUFC no doubt the 9m were locked in nominee accounts which is always a problem

[lufc5] 10/3/2011 15:07

Very dissapointed in the fact that apx 9 million voters were inactive. That's a 3rd of the shares. The candle still burns.............

[jamie62] 10/3/2011 15:05

so who is buying?

[still waiting] 10/3/2011 14:48

watch out for delist proposal next.

[jamie62] 10/3/2011 14:46

who is buying?

[christianf12] 10/3/2011 14:35

Looks like PI's need to be told again that there is no value for them!

[still waiting] 10/3/2011 14:30

DA and pals must be seething..

[christianf12] 10/3/2011 14:20

Man the life boats!!

Been sticthed up here guys.

Glad I didn't follow a certain pumpster in to DAV recently. And he claims he was in the know lol.

You will get 1p if your lucky.

[still waiting] 10/3/2011 14:13

zero value here now guys.

IHUK looks a better bet.

[mike111d] 10/3/2011 14:09

Sorry folk and I am certainly not trying to talk down the price but if I held I would try to salvage what I could from this situation, given the statement in the RNS just issued:

"The Board wishes to reiterate its view that, even if Kingswood, Moor Park Capital and the Banking Syndicate reach agreement on a potential restructuring of the Group, it is likely that there will be no value for shareholders' current shareholdings in Davenham."

[lufc5] 10/3/2011 14:02

Lost the vote guys!

[jimmylufc] 10/3/2011 10:13

Guys - if anyone going today would it be possible to let us know the outcome on this thread soon after meeting ? thank you in advance

[discoverytim] 10/3/2011 07:29

Well todays the day. DA all the way!!!!

[understandrisk] 09/3/2011 08:52

Is anybody going? - am trying to get there

[lufc5] 03/3/2011 21:06

Last day to cast your vote electronically is tomorrow 4th March.

[lufc5] 28/2/2011 00:19

Voting!!!!




If anyone is unsure about any aspect of the voting situation, then I strongly urge those to contact their broker and request to be put onto the voting register. If any shareholder has their shares in a nominee account you have the right to vote, but you NEED to do this before the 4th of March to ensure your vote is counted and is indeed successfull.

It's no good holding shares in a nominee account and just asuming your broker will telepathically vote for DA automatically. YOU have to notify your intentions with your broker!

If anyone has any Qs about this, then ask away and I will endevour to find answers.

Cheers.

[lufc5] 24/2/2011 12:44

Davenham attempts to shut out takeover threat
24th February 2011
ASSET lending firm Davenham has announced that it has entered into exclusive talks with its largest shareholder, Kingswood Property Finance and Moor Park Capital Partners about a potential reconstruction of the business.

The restructuring would involve Manchester-based Davenham taking on external funding "which would enable one or more of its divisions to recommence writing new business".

Davenham's board issued a statement to the stock exchange yesterday afternoon stating that it had secured agreement from its banking syndicate for a standstill on its current loans which are repayable on demand and are due for renegotiation next month until it became clear whether a deal with Kingswood and Moor Park can be worked out. Its exclusivity period will last until March 31.

Davenham is currently winding down its loan book, which was last valued at around £90m when the company published figures in November, when it owed its RBS-led banking syndicate £110m.

The board also reiterated its earlier statement that even if a restructuring were worked out, it was likely that there is no value left in the company for shareholders - a position it has maintained since the results of a review conducted by Hawkpoint Partners was completed in June last year.

Paul Burke, Davenham's group managing director, said: "Whilst there can be no certainty as to the outcome of these discussions, we are pleased to have the support of the banking syndicate to enable more detailed discussions with Kingswood and Moor Park Capital regarding a potential recommencement of writing new business.

"In light of the exclusivity granted to Kingswood and Moor Park Capital, the board is working intensively with them to try to maximise the chances of a reconstruction proposal being formally proposed by Kingswood and Moor Park Capital to the banking syndicate."

Both Burke and current chairman James Kerr-Muir are facing a move by rebel shareholders to oust them at a second EGM which is due to take place in Manchester next month following an earlier failed attempt in January.

The second general meeting was called by Manchester-born entrepreneur Tony Murtagh, who is calling for shareholders to back a plan to install former Hitachi Capital CEO David Anthony and ex-Secure Trust Bank CEO Gary Jennison as its new chairman and chief executive respectively.

Anthony told TheBusinessDesk.com that he saw no reason why shareholders who had planned to vote for a change of board should now change their mind.

"They continue to affirm that current shareholders will get nothing, so it beats me why they think any more shareholders will support them.

"If the EGM resolutions are carried there is at least a prospect of returns for the shareholders," he said. "If Gary and I are elected, we will attempt to bring the negotiation with the banking syndicate to a satisfactory conclusion."

[lufc5] 24/2/2011 10:19

Understandrisk. I understand that this is indeed risky and am in to the end. If there is indeed no value....why did Kingswood purchase 29%? To me 29% of zero is zero.

If you are indeed aware of Kingswoods intentions, then why not share it with us on here.

An example of a recent BOD who were stating "no value" were RAY. They eventually got taken out at around the 20p mark.

[understandrisk] 24/2/2011 08:19

LUFC5 still ignoring my questions - why have you discounted Kingswood? You havent posted any intel and think it is very improper to keep posting such messages without out factual comment as to why

DA hasnt commented on my observations re dilution

[lufc5] 24/2/2011 01:45

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!!!!!!

[still waiting] 23/2/2011 20:08

trade finance customers will have largely gone to other providers now.

they've simply taken far too long.