Dyson Share Discussion Threads

[sleveen] 16/12/2009 19:03

then it's a profit

[garth] 16/12/2009 18:44

If you downgrade the assets and write it off then sell them at higher than book value.....?

[jamrol] 27/11/2009 09:06

time for an RNS stating trading resumes

"No News Available in the last month for DYS" says it all !!!

[jotoha2] 26/11/2009 08:30

Thats exactly what I said , Bankers lending out easy money to people who clearly had no idea what they were doing , and what has happened to all those assets may I ask .It would not surprise me if backhanders were involved here , the whole thing looks like a big con by both parties.

[jamrol] 26/11/2009 06:55

jotoha2 sorry I would say incompetant management at Dyson, it's far too easy to blame the bankers, if the board hadn't expanded the business and required the loan we would still have a profitable business.

The board need to make a statement on Friday about the negotiation progress and their intent on plans to resume stock trading. Shareholders should be calling for an audit investigation into how they spent all the money.

[jotoha2] 24/11/2009 20:49

Looks like these guys have managed to pull a fast one over the banks , not to difficult in the last 10 years, greed and more greed by these incompetant Bankers have caused mega problems all round, dont expect to much of a return for anyone here.

[jamrol] 24/11/2009 20:12

could we see a relisting of Dyson after Friday?




Finally, hi-tech materials company Dyson Group is set to announce its interim results on Friday. The group, which makes ceramics used in a range of products from vehicles' catalytic convertors to furnaces, has been battered by the downturn in the automotive industry.

Last week it announced it will have to shed up to 50 jobs in Yorkshire after either closing or selling-off three of its companies in the region, including Holloware and Domestic Ceramics in Sheffield and Precision Ceramics in Dewsbury.

Dyson Group, whose shares are currently suspended, remains locked in negotiations with its banks over refinancing a £45m credit line.

[jamrol] 02/11/2009 10:34

all was looking good until I read the last line....

Dyson Group plc announces that it has changed its accounting reference date from 31 March to 30 September. Accordingly, the 12 month accounting period which would have ended on 31 March 2009 has been extended to an 18 month accounting period ended on 30 September 2009.

The Directors' intention is that the Group's audited accounts for the 18 month
period ended 30 September 2009 will be published on or before 31 January 2010.

It is not anticipated that the production of 18 month audited accounts to 30
September 2009 will be sufficient to restore trading in Dyson's shares, which
would likely require the production of further interim financial information in respect of part of the extended financial period ended 30 September 2009. The Board would deal with such requirement, as well as the restoration of trading in Dyson's shares, if appropriate, at a later date.

[jamrol] 23/10/2009 07:29

The Board would like to thank Patrick for his commitment to the Company. Since his appointment, Patrick has achieved significant operational improvements within the Group and has created an organisation with a market-driven and customer-focused strategy


Just goes to show you that the board live in a dream world, Patrick drove the company into the ground, smashed any shareholder value and reduced operational performance to a 3 day week!!!

the guy should be held accountable.

[mrbt] 22/10/2009 12:19

Dyson Group PLC


('Dyson' or the 'Company')


Board Changes


The Board of Dyson Group PLC (LSE: DYS), the materials technology group,
announces that Patrick Lammers has resigned from the Board and has stepped down
as Chief Executive by mutual agreement with effect from 21 October 2009. Julian
Cooper, who has, since August this year, been and will continue to be
responsible for the finance function at Dyson as a professional adviser to the
Company, has been appointed by the Board to act in the non-Board role of Interim
Chief Executive of the Group.


Mr. Cooper, who has been advising the Board of Dyson as a consultant since July
2009, is an ICAEW qualified chartered accountant and former partner of Arthur
Andersen. He is an experienced interim manager and management consultant. The
focus for Dyson in the immediate future is on financial activities with regard
to the Group's restructuring. Mr. Cooper's experience of turn around situations
and restructuring companies is ideally suited to Dyson's short-term needs.

In addition, the Dyson Group announces that Dr. Christopher Honeyborne,
currently Non-Executive Chairman, will become Executive Chairman of the Group
with immediate effect. He will work closely with Mr. Cooper in his role as
Interim Chief Executive.


The Company reports that continued progress is being made with regard to the
restructuring plans and refinancing negotiations with its two banks, Lloyds TSB
and Svenska Handelsbanken. Banking discussions are ongoing and a further
announcement will be made in due course.


Dr. Christopher Honeyborne, Chairman of Dyson Group, commented:


"The Board would like to thank Patrick for his commitment to the Company and for
what has already been achieved at Dyson under his guidance during this difficult
time and unprecedented challenging market conditions. Since his appointment,
Patrick has achieved significant operational improvements within the Group and
has created an organisation with a market-driven and customer-focused
strategy. On behalf of the Board of Dyson, I wish Patrick well for the future."

[jamrol] 19/10/2009 08:00

KAJSHARES are you from Kenya and did the deal involve exchanging bank account details?

LOL

[kajshares] 16/10/2009 19:20

Hi Guys, I thought I should post this and share this with you so that you can all understand one of the reasons why this company is about to disappear.

I recently conducted some research on the needs of a very large African country. Based on my research, I held some meetings with a National Minister and some very knowledgeable persons in the Petrochemical industry in that country.

I discovered a gap in the market, which involves the production of some products. The products are to be manufactured using translucent composite materials, steel and plastic.

Based on my estimates, I anticipated that the contract would generate circa £2m -£3m turnover to this company annually over the next 5 years. I also anticipate profit of about40% of production costs per year over the the next five years as 3 million units of the products are to be produced.

This product is currently being producted by only one company in world. The comany is based in the USA. Due to current national issues, I opined that is best to keep the production in the UK.

This morning, I called Dyson to set up a meeting with either the General Manager/ Commercial Manager. The phone was answered by a very rude lady. She finally passed the phone to someone who called himself the Managing Director. He called me mickey mouse and someone who should go on Dragons Den. He also indicated that he was not interested in meeting me and he was not interested in anything I had to say.

(Perhaps he spoke to me that way because I speak with an African Accent).

I called KBC Hunt and I was put through to a lady in charge of the Dyson account. She helpfully took a message which she promised to give to the Chairman and also called me with his details.

I was so peeved off,I called the other company in the USA. Based on a 5 minute conversation, I have scheduled a meeting with the Managing Director next week. I will be accompanied by a Senior Official of an AIM listed company, who have an interest in the same matter.

I just want the shareholders to know that if this compay collapses on 30 September 2009, it may be as a result of the manner in which business was conducted and client care.

I do not know how this company conducted business but I surely regret my investment which I have written off.

[jamrol] 15/10/2009 07:36

are you telling me all the asset worldwide are worth 1m? thinking about it are the board writing the value off so that next year' results will look great?

the board should be sacked and a criminal investigate started

[kajshares] 14/10/2009 10:22

Jamrol: Assets value 4.7 million in March 2009
1.1 million on 31 August 2009.

Debt; 38 million

Directors negotiating with banks ?

mmmmmmm

[jamrol] 13/10/2009 07:15

I am sure there is wrong doing going on, how can a company go from GBP38.1 million to circa GBP4.7 million in one year? As property values have now stablised if not increased recently.

there is a rotten smell coming from the board.

anyone planning to attend the meeting?

[sleveen] 06/10/2009 18:36

times is 'ard

[sharw] 06/10/2009 11:49

For a company that should be saving every penny it can I have to ask:

1)Why was the circular printed on A4 rather than A5 thereby incurring 'large' size postage?

2)Why has it been posted first class? The requirement of 3 weeks' notice gives this Thursday and it would be reasonable to post second class on Monday (I'm not saying that they would all get there by Thursday, just that the action would be deemed reasonable!).

Ominously the stamp is stuck on by hand. Does Royal Mail no longer trust our company with a franking machine?

[sleveen] 05/10/2009 18:14

they had a lot of property assests and we all know what's happened to that:-(

[mrbt] 05/10/2009 18:05

Where did all the assets go???
Notice of AGM


The Board of Dyson announces that a circular convening its Annual General
Meeting ("AGM") has been posted to shareholders today.


The Annual General Meeting of the Company will be held at Buchanan
Communications, 6th Floor, 45 Moorfields,
London EC2Y 9AE at 11.00 a.m. on 29 October 2009.

The Company's report and accounts for the year ended 31 March 2009 (the
Accounts) have not been audited and published as a result of the dialogue with
its two banks, Lloyds TSB and Svenska Handelsbanken not having yet been
finalised. As such the Accounts are not available in time for the Annual General
Meeting, and, there being no requirement under the Articles of Association for
any director to retire from office and offer themselves for re-election this
year, none of the ordinary or special business or resolutions normally dealt
with at an annual general meeting are to be considered at this time.
Update on the Company's position


Trading continues in line with management expectations as previously announced
and this means the underlying pre-tax loss and a consequent reduction in the
share capital and reserves seen in respect of the year ended 31 March 2009 has
continued into the current financial year. The impairment reviews referred to in
the Company's announcement of 17 July 2009 are now complete and, whilst still
being subject to audit, have resulted in a total reduction in net asset value of
the Group from GBP38.1 million at 31 March 2008 to circa GBP4.7 million at 31
March 2009. Unaudited Group management accounts at 31 August 2009 show net
assets of the Group at circa GBP1.1 million.


Serious loss of capital
The Directors have concluded that the value of the Company's net assets is now
less than half of its called-up share capital. In such circumstances, the
Directors are required under section 656 of the Companies Act 2006 to convene a
general meeting of the Company for the purpose of considering whether any, and
if so what, steps should be taken to deal with the situation. Accordingly, this
matter is going to be considered at the Annual General Meeting.
Action already taken by the Board
As previously announced, the Company has been in discussions with its two banks
and the dialogue is continuing. The Company is only able to continue to trade
with the support of its lenders. A range of options is under active
consideration to enable the Group to carry on trading with the support of its
lenders and Group pension scheme creditors.
Significant restructuring of the Group has already been achieved with further
projects in hand to reduce staff numbers and increase production efficiencies. A
rigorous programme of cost reduction has been implemented and continues. The
Board is advised in these and other respects by Julian Cooper of MPC Partners
LLP.
Against this background, the Board has taken, and continues to take, action that
it believes is appropriate to address the Group's current financial and trading
position. Accordingly, the Board does not propose to recommend at the AGM that
any additional action be taken to deal with this situation.

[sleveen] 28/9/2009 11:40

Thanks jamrol.

If equity is issued hopefully we PIs will be offered the chance to participate.

[jamrol] 28/9/2009 10:15

Thank you for your email.

I can confirm that the Company continues to negotiate with its two lending banks to establish an appropriate funding solution as soon as possible. However, until that solution is found, it is not possible to publish our annual report and accounts for the year ended 31 March 2009.

We are working towards finalising the funding arrangements, publishing our accounts and applying for an end to the temporary suspension of our shares as soon as we are in a position to do so.

With Kind Regards,

Laura

Laura Gregory

Business Assistant to Patrick Lammers, CEO

Dyson Group Plc

[jamrol] 25/9/2009 12:31

another week and still nothing, shame on the directors

[jamrol] 16/9/2009 15:45

okay how are the board allowed to remain silent, the banking discussions can't be ongoing for months. Perhaps the board need to explain in more detail on the valuation writedowns, i.e. how can a company one month be worth 35m and the next 5m?

come on Dyson give us some news.