Share Name Share Symbol Market Type Share ISIN Share Description
Fairpoint Group LSE:FRP London Ordinary Share GB0032360280 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 10.00p 0.00p 0.00p - - - 0 06:41:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 54.1 -5.7 -14.3 - 4.24

Fairpoint Group Share Discussion Threads

Showing 876 to 900 of 900 messages
Chat Pages: 36  35  34  33  32  31  30  29  28  27  26  25  Older
DateSubjectAuthorDiscuss
11/8/2017
13:24
Do they? I would have thought the legal businesses have good value. Insolvent means you don't have the cash to pay your immediate debts. AIMHO, K.
kramch
11/8/2017
11:06
Kramch. Very strange as they have nil value
solrei
11/8/2017
10:27
Just been bid 1p for stock, broker says market maker has been left short by 70,000. Genuine, or anyone else been approached? K.
kramch
11/8/2017
09:12
both of those responsible left the company 6-18 months ago?
qvg
11/8/2017
08:47
Pound to a pinch of salt not 1 of the criminally responsible BoD face charges for the miss management, they instigated, originating upon signing that particular lease, and the failings of control, over a group of several companies, instigated several years ago. Fat cat wages obviously blinded them to their responsibility. Would it be worth asking the SFO to have a look at "how" badly they did and how unencumbered they are now, by their lack of control and how easily they, get away, with screwing over the shareholders ?
cybaajak
10/8/2017
16:34
Yes, no value to shareholders. Shouldn't have turned out this way.
topvest
10/8/2017
14:52
RSM appointed and Broadbent removed. RIP shareholders
sportbilly1976
06/8/2017
08:40
It's probably a case of the IVA buyer doesn't want the lease; makes sense really given it's a business that will be wound down or merged with an existing operation. Equally, there are probably lots of loan restrictions around Simpson Millar given its effectively controlled by its lenders given it's too high borrowings. Not a happy situation for PLC shareholders. Whether or not they can do some sort of CVA deal is unlikely, but you never know. Maybe they are trying to force the landlord into negotiations. When it gets to this point it normally means a 100 per cent loss though. It does appear that it's only shareholders that are taking the losses and they could have worded the RNS to at least hint that they were looking after shareholder interests rather than just themselves.
topvest
06/8/2017
06:47
its lease of its Fairclough House headquarters in Addlington, Lancashire. So this costs 1m a year.. AND IVA is a business owned by the group that operates in THAT building. It has filed notice of intention to appoint administrators within 10 days but stressed that the administration will not impact on the planned disposal of its IVA and claims divisions , which was announced last month. Around 200 staff work for the IVA business, which is currently based at Fairclough House. So the rent is paid by TopCo but IVA is sat IN the building. With 200 odd staff. So the planned disposal of IVA means they go homeless, or live rent free for the next 4 years in a building paid for by administrators.. BUT, Simpson Millar (another subsidiary of TopCo) operates in Leeds. And is running as business as usual. So thats 2 profitable parts of a greater whole that can't pay the rent.. Obviously the BoD are working in their own self interest and have dismissed the shareholders as unimportant.
cybaajak
04/8/2017
16:03
The swing is quite outstanding from buying Simpson Millar & Colemans (both earnings accretive) to this in just a little under 3 years
sportbilly1976
04/8/2017
15:26
Yes, agreed. Looks like an opportunity to make more money for some individuals at the expense of shareholders. An onerous lease of £1m per annum shouldn't be a logical explanation for calling in receivers if the subsidiaries are still trading, particularly given its less than £100k of cash cost per month. In the context of the debts in the subsidiaries that is a sideshow. Nasty smell. Agreed. I suspect the reality is that other than the legal subsidiaries the rest of the Groupis insolvent as the offer price for that pat of the business is negligible. The directors are not really explaining properly what is going on and therefore leaving the door open for a lot of criticism, rightly or wrongly.
topvest
04/8/2017
13:08
This doesn't smell right to me, in Dec '15 they reported a NAV of c. £40 Million,and in 2014 had a profit of c £3.5M. We were last told the legal acquisitions were earning nicely. Suddenly they can't afford £1M rent so call in administrators. Are the directors et al acting in the shareholders interests? AIMO K.
kramch
04/8/2017
10:52
From thebusinessdesk.com: "Fairpoint Group, the consumer professional services company, has said it intends to bring in administrators, blaming the “onerous lease” on its head office. Fairpoint has an annual commitment of £1m a year for the next four years on its lease of its Fairclough House headquarters in Addlington, Lancashire. This has made it hard to find ongoing support for the non-legal subsidiaries and it is no longer able to continue trading as a going concern, the group said today. It has filed notice of intention to appoint administrators within 10 days but stressed that the administration will not impact on the planned disposal of its IVA and claims divisions , which was announced last month. Around 200 staff work for the IVA business, which is currently based at Fairclough House. Meanwhile, Simpson Millar, the group’s Leeds-based legal services business, said that it was “business as usual”. It received £5m of funding from Doorway Capital, a specialist provider of capital to law firms, in July. Simpson Millar said this working capital will enable it to take advantage of the growth opportunity presented by the size and highly fragmented nature of the consumer legal services market place. It said in a statement: “Whilst we are saddened that this has been a difficult time for Fairpoint Group, it is business as usual at Simpson Millar and we do not anticipate any significant changes as a result of Fairpoint Group’s announcement. “Simpson Millar would like to emphasise that its’ primary concern is the continued protection of its clients’ interests and service of its clients’ needs. The client services that Simpson Millar provides and the protections its clients enjoy are not in any way affected by the announcement by Fairpoint Group plc.” Fairpoint suspended trading in its shares on AIM in June, after bank AIB refused to provide ongoing financial support. This meant the group was unable to sign-off the audit of its annual report and accounts for 2016, and was not be in a position to publish its annual report and accounts by the end of June, as required by AIM rules. Then on July 3 AIB Group notified the group that it had assigned debt due from Fairpoint to Doorway Capital, as well as providing the working capital facility to Simpson Millar."
sportbilly1976
04/8/2017
10:45
Yes, all looks pretty dire. No doubt offers will come in from the management team for the more valuable subsidiary. Probably not enough to pay off the onerous lease and debts though I guess. I made a mistake on not selling this when reading last year's appalling interim results. A good lesson!
topvest
04/8/2017
09:34
This sucks.. badly. @ sportb. (Assumptions aside) The subsidiaries should be owned by the TopCo so therefore should appear as assets for the administrator to dispose of iaw liquidation rules. Looking at the financial reports of 2015/16 they had a huge turnover, and big profit, paying 6.8p per share last year. (42.42 million shares in issue) The subsidiaries did not just stop earning when the dividend paid out. Wheres all the funds gone since then, and what has happened to the funds kept back by the board of directors, that wasn't paid out to costs and divs. Since August last year the profits should have been ploughed back into the TopCo. Where has a years trading gone ? I'm betting the BoD have stripped it with a view to screwing over the shareholders, and when the administrator arrives he finds a bare shell.
cybaajak
04/8/2017
07:50
Odd RNS really. Given shareholders are wiped-out I think the tone was wrong. We are fine...you are screwed! Looks like the buyer didn't want to take the building lease. It would have been more helpful to actually state that no return is expected for shareholders, if that is expected to be the case. Looks like they are only interested in jobs. Obviously that is the priority, but this was an RNS for the listed company on the stock exchange.
topvest
04/8/2017
07:30
Shareholders screwed, admin appointed as obviously the property (and stock market listing) held by the TopCo, all trading via subsidiaries....so jobs preserved
sportbilly1976
17/7/2017
12:52
Rent was guaranteed to 2021(if I recall correctly). If I was a purchaser I would be looking for a hefty break fee.
paduardo
17/7/2017
11:58
They can then move into the existing office in either Manchester or Leeds - a nice £700k pa cost saving
sportbilly1976
16/7/2017
17:00
Yes that is definitley a problem. If they can sell the IVA, combined with the financing for Simpson Millar, maybe there is enough room for management to agree to whatever write downs are needed for the auditor to sign off on the accounts. What also is potentially not a good sign - their headquarters was up for auction on the 13/7. If you read the Legal Pack (auction house is acuitius)debt management solutions (rent guaranteed by FRP) have not paid their current period's rent (as of late June). Maybe FRP is leaving that for whoever buys the business. All in my opinion of course. Cheers Paduardo
paduardo
16/7/2017
17:00
Yes that is definitley a problem. If they can sell the IVA, combined with the financing for Simpson Millar, maybe there is enough room for management to agree to whatever write downs are needed for the auditor to sign off on the accounts. What also is potentially not a good sign - their headquarters was up for auction on the 13/7. If you read the Legal Pack (auction house is acuitius)debt management solutions (rent guaranteed by FRP) have not paid their current period's rent (as of late June). Maybe FRP is leaving that for whoever buys the business. All in my opinion of course. Cheers Paduardo
paduardo
13/7/2017
19:41
They still need to work on getting the accounts finalised though. 2 weeks late so far.
topvest
13/7/2017
14:01
I had mentally written off the value of my entire hiding in FRP. I am starting to think this might actually survive, its share might trade again and I will able to get some of my money out : )
paduardo
13/7/2017
08:54
Move to becoming 100% legal business continues, just need to dispose of the millstone which is the IVA element Depending upon terms agreed, this should be quite a positive for the Company
sportbilly1976
03/7/2017
10:30
This is actually good news for a change : ) I would not be surprised to see the share price drop 50% on reopen as the suspension will have really opened peoples eyes to the risk with this share, but there could be a bounce after that as long as their isn't a highly dilutive fund raise happening as well.
paduardo
Chat Pages: 36  35  34  33  32  31  30  29  28  27  26  25  Older
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