Fii Group Share Discussion Threads

[moogee] 16/2/2009 14:55

Fii now dead. Shares delisted.

[moogee] 31/7/2008 15:11

I see that FII are still suspended. Any news anyone? How long can they be suspended for?

[flashcat61] 25/4/2005 09:29

Still listed - though I wish it would get resolved one way or other soon.....I'm getting fed up with seeing the nil valuation in my portfolio.

[moogee] 25/4/2005 09:27

Are these still listed? My understanding of the current situation is that we are waiting for an agreement of the proposal from "a few" connected with FII. When will we know?

M

[moogee] 25/6/2004 14:28

Can the last one out turn the light off!

Rumours have it that Doug Ware and the Company Sec are no longer at the company. I guess that leaves Justin Stewart and Aidan Earley holding the fort. Booted out by all accounts. I was of the opinion that they were pulling the strings all along since FII had to consider alternatives instead of the agreed pension settlement.

With the prospect of the pension folks being able to order full payment and little working capital for the footwear business as a whole; it's a matter of time before the administrators are called in.

Stick a folk in FII; it's done!

Yours peeved

M

[moogee] 22/4/2004 09:12

Laser1234

The relisting of the shares all depends on a successful fund raising for the £2.8m agreed sum for the pension trustees. The next payment for the old scheme is 1st June. If FII don't find this £2.8m before the 1st June deadline then, IMHO, kiss goodbye to FII since we are at the mercy of the pension trustees.

A pretty poor way for FII to go out after nearly a decade of struggling.

[daz1966] 21/4/2004 08:38

No news at the moment.
Its wait & see.

[laser1234] 20/4/2004 23:18

Has anyone any news on the relisting of these shares?

[daz1966] 01/3/2004 08:47

Bought 2 pairs of slip on Frank Wright shoes at McArthur Glen outlet near York.

Excellent range of Frank Wright shoes.
Sales girl told me they sell loads of Frank Wright shoes.

Good luck everyone.

[moogee] 12/2/2004 15:47

FII pension fund is a good start :)

Ask your broker but I would guess some sort of stock tranfer form.

However, if AE and JS can raise the cash instead of a dilution then I would expect Fii share price to jump somewhat. Ditching £30m debt for only £2.8m seems like a great deal to me.

Alternatively, it could all go pear shape and we lose everything.

M

[seconduser] 12/2/2004 13:21

Mogee, I only have 700, but they carry a loss of £1200 or so. As I am way over my capital gains I want to reduce it. Any idea which charity would take them and how I go about it? Would be good to do it this way, share some of my luck with others less fortunate.

[moogee] 02/2/2004 15:49

seconduser

You could always sell your total Fii holding for 1p to either an investor or better still a Charity. This way it'll guarantee that you will sell your holding to offset your capital gains. If FII pulls through then the Charity will gain for every pence above 1p.

Just a thought. Best way to give to Charity and offset cap gains in my book.

How many are you selling if you don't mind me asking?

Eitherway, mid Feb seems to be make or break.

Moogee

[daz1966] 02/2/2004 08:35

seconduser

For further information: Douglas Ware, Chairman, FII Group PLC,
01604 593 600


Maybe worth asking Doug for an update ie a possible date for trading again

[seconduser] 30/1/2004 16:39

Is this because of the pension fund? Thanks for help.

[targatarga] 30/1/2004 15:01

seconduser
Appears to be stuck again in suspension. Stops people selling or buying unless you know of a buyer yourself.

[seconduser] 30/1/2004 14:50

Anyone know what's happened to this? I cannot deal and need to sell to reduce capital gains.

[daz1966] 05/1/2004 09:54

We want the AGM statement please

[guru 1 1/4] 28/10/2003 14:27

Thanks Moogee.

[moogee] 28/10/2003 14:05

I've just had a chat with Doug. He helpfully clarified a few misconceptions I inferred from the latest statement. Once again in order of the announcement:

a) FII tried many different combinations of stepped payment in an attempt to keep the dilution effect to a minimum but the Trustees wanted the money in one up front sum. Since FII has no assets then the only way to raise the money is by a rights issue. Doug understood that investors want to keep dilutions to a minimum but this was the only option.
b) FII was told by their advisors to value the stake as nil. The Trustees also consider the Xtempus stake as worthless but had to take it for cosmetic reasons. Since FII paid £3m for the stake, the law courts may query that the stake could still have value and would criticise the Trustees for not taking the asset. So basically, I think we can write off Xtempus.
c) The 'over 2.5%' statement does mean just 2.5%. The 'over' bit is legal jargon. My mistake/confusion.
d) FII will have finished with its pension troubles once the above is completed so no comebacks from the Trustees.

Now that this latest announcement has been explained, I consider this to be a very good deal and far better than the previous £27m and rising problem!

Hope this BB finds this useful. Fingers crossed for the future.

M

[moogee] 27/10/2003 11:47

It is indeed great news that finally, the Trustees and FII have come to an agreement. The deal is already done in my eyes since non acceptance means the company folds. Taking the four points in order:

a) payment of £2.8m to the trustees. Point c implies that this will be raised by a rights issue. Assuming a 6p rights price we are taking 46m new shares. So we are looking at a 1 old share is replaced by 3 new shares. That's quite a heavy dilution in my books. Maybe it would be better to pay this off in cash by instalments wouldn't you think? As you say £2.8m is dirt cheap. I suspect that FII will now tell us that the future with all these overseas contracts is rosy. IF so then FII should make a profit and I would personally prefer to see FII pay this through earned cash than have my holding to be massively diluted. Okay, one may take up the rights issue thus negating the dilution but will you? Obviously, all this depends on what type and quality a future FII has.

b) the juicy bit and key question; how much is the Xtempus stake really worth? FII valued it at nil (okay £1). If there is nil value then why would the trustees buy it? If the stake is worth £1 now but is going to greatly appreciate and give value in the future then surely shouldn't FII retain the Xtempus stake? I would have offered FII a tenner for the Xtempus shares just in case Xtempus did pull through. This part of the deal I'm the least pleased with. However, if this stake transfer actually reduced the amount stated in (a) or (c) then it could be worth it. Basically, we don't know and probably we'll never know.

c)option to the Trustees of over 2.5% of the enlarged Company's issued capital to satisfy its obligations, hmm?!?!? How much will that affect us? At the current share price of 6.75p one would expect the option price to be peanuts and any rise above the peanut level will be taken, hence another dilution. How much of a dilution is open ended since the statement just states OVER 2.5%. How big is the obligation that FII must satisfy? If the obligation is say £27.8m minus £2.8m in (a) that leaves £25m. Assuming the Xtempus stake is nil because it is deemed that Xtempus won't come to the market thus value can't be realised of our (sorry, the Trustees) stake. So this still leaves £25m. If the share price shoots up then the dilution effect will be smaller than if we just languished along the bottom. Obviously, the share price and the taking up of the rights issue in (a) all depends on what kind of future Fii has.

d) FII still has an obligation to the FII Group Pension & Life Assurance Scheme even when this nightmare is behind us! How much is this going to cost us in regular contributions?

So, heading towards the future has a shoe company, a bright prospect? Hmm, if FII was going to make cash hand over fist even with these new orders from abroad then FII should pay the £2.8m for next years profits and protect our existing holdings. We haven't had any return of this investment for 5 years now so waiting another year isn't going to hurt as much as this dilution effect for ever in the future. So I can't see FII ever making huge profits. Also, the foowear business, granted FII has very good brands, is still a very competitive market. The action of moving the manufacturing overseas has only brought us back to a level playing field from when we lost the M&S shoe contract to overseas manufacturing companies. We can increase our market and this is where our increase in profits will come from.

If FII persist as a shoe company then I can't see an exciting future. This may be the reason why I'm not as happy as I should be.

Now that the pension fund is all but gone , the company is truly stripped down to a minimum, huge historic losses that may be used to offset future taxes on profits, very saleable footwear contracts....FII may be a very good takeover target.

This is our only hope IMHO and will aid to reduce the impact of point (c).


So, I'm pleased that this huge problem is over and thanks to Doug and others for their help in this matter and turning the company around but I await the future with some dread of massive dilution and modest profits.

M

[calculatedrisk] 24/10/2003 10:04

Great News that the Pension Fund have agreed a settlement at last. And only £2.8m against a potential liability of over £30m. So much for all those who said Fii RIP!!

[moogee] 24/9/2003 15:31

Fii's cunning plan - wait until the 11th hour to announce the result for a more dramatic finale!