Erinaceous Share Discussion Threads

[man overbored] 27/2/2008 14:17

Cheshire BS released results today. They say there is still much work to do to physically recover the £10mln interim summary judgment award from Dunlop Hayward/their insurer.

[stromboli] 27/2/2008 14:14

Someone keeps buying.Small spread again. Answers on a postcard please.

[ch2175] 26/2/2008 15:54

That is simple then. If the £1/4 billion is raised the banks will get all their money back and the shareholders eill be left with.................?

[yvain] 26/2/2008 15:26

Talk of 6 parties interested in insurance arm - a mix of VCs and insurance companies (not brokers). Put together with buy out looks as if they're breaking it up with the hope of paying the debt back. Further evidence the shares aren't worth anything unless they manage to get an extraordinary amount for the insurance bit which is highly unlikely, especially when they do due diligence and find out how much backwards the divisions have gone since they put stats into the market and how many more key people they've lost.

[ch2175] 25/2/2008 14:08

That article suggests to me that the banks may go for a fire sale of anything with some value and will then wrap the rest up. If they can get £20M for that part of the business from an MBO they should rip their arms off IMHO.

[andrbea] 25/2/2008 11:10

nta is up 2 days running
maybe the sun's come out for real estate shares?

[andrbea] 25/2/2008 11:09

nice batch of 48k and 50ks (AT) ca 10.40h

[stromboli] 22/2/2008 16:22

Spread very small last few days, could be a good sign.

[andrbea] 22/2/2008 13:59

what if small-cap property stocks get an upturn?
does erg go up too (on segment sentiment) ;-)

eg nta
up today by 11%
first rise in a long while

[andrbea] 19/2/2008 15:36

your article supports your stance :-)

my holding? Sold most of mine in 2007, just left a few for tracking purposes.

[ch2175] 19/2/2008 15:28

Well whoever vetted them for that obviously hadnt read this one andrbea, are you still in these?


This Week's News In Medway

THE ERINACEOUS THREE

Increasing budget Surveyors await result of inquiry

THE council had estimated the improvement costs would be about £2,500 a home, under a nationally-agreed range of repair prices.

In June, the council said every home would have improvements within a year but at least 100 still have not.

But the average cost has been nearly £5,000, with some costing at least £7,000 to modernise.

The housing portfolio holder, Cllr Tom Mason, was recently relieved of his responsibilities by council leader Rodney Chambers. Geoff Ettridge, assistant director for housing, has been on sick leave and is leaving the council following a re-organisation announced this week.

January 25, 2008

SURVEYORS who have been disciplined or lost their jobs at Medway Council are said to have called into question the management of the multi-million pound housing contract.

Now the trio are waiting to see if a series of investigations into the running of the one-time top housing department will lead to their reinstatement.

Two surveyors, Nigel Pattenden, and building surveyor Bill Baker, are expected to be offered their jobs back.

The third, George Allan, another building surveyor, was suspended for three months but returned to work in February.

They questioned the way a new contract to repair 3,000 council houses and flats was being undertaken by the council's appointed contractor, Erinaceous Property Maintenance.

The company, which was appointed to bring down repair costs, spent more than £4 million of tenants' money in seven months. A report next week is expected to exonerate the men, to call into question the operation of the contract, the actions of managers, and the treatment of the three. The three men used the council's established whistle-blowing procedure.

Erinaceous gained the five-year contract in December, 2006, to modernise the homes. It followed a council survey that revealed £14 million needed to be spent to bring the council's residential properties up to the government's decent homes standard by 2010.

By 2037 the council forecasts it will spend an additional £107 million on the 3,000 ho



Report from Medway Messenger

[andrbea] 19/2/2008 11:15

some local news

[yvain] 18/2/2008 21:03

I know. Funny isn't it!

[ch2175] 18/2/2008 16:40

Anyone able to hazard a guess as to how much profit they made on the £2.8M purchase price.

[yvain] 07/2/2008 18:48

Yes, I saw that. Turnbull has got out as soon as he possibly could without suggesting undue haste, although it's doubtful that's the case!

[ch2175] 07/2/2008 16:48

Anyone still around probably knows that Turnbull has now run for coverr as expected but the following looks interesting as it suggests some doubt that Dunlop Haywards can cough up.

[tryinghard2] 31/1/2008 10:46

alot of big buys today 300k and 250k.very unusual .with hum going yesterday maybe some consolidation in sector.bid time

[andrbea] 30/1/2008 15:30

ok respect your views

as to hum...
it's now up 86% on the day

is this what's fuelling the optimism today (uk property, on 'hum' at least....)


LONDON (Thomson Financial)
Elsewhere, the pound weakened against the euro after Bank of England data
revealed UK housing market activity remains weak, which will add to the pressure
on the central bank to cut interest rates next week.
The BoE said mortgage approvals -- a good indicator of future housing demand
-- fell to 73,000 in December, their lowest level since records began, down on
November's 81,000 and well below expectations for 80,000.
"Today's data adds on to the series of weak UK economic releases of the past
few weeks, reinforcing the case for a BoE rate cut next week," said CIBC World
Markets' Childe-Freeman.

[3raptor] 30/1/2008 13:45

No, I think the strategy would be don't bother buying them at all as you have the infrastructure and all the people to make it work while ERG dies a slow (or quick) death. You certainly won't get anyone buying ERG on the odd bit of good property news either. This is still a dead hedgehog although I admire your optimism!

[3raptor] 30/1/2008 13:15

Looks like Towergate are acquiring by stealth. Purchase by them looks less likely and they were the only firm offer on the table.