Fii Group Share Discussion Threads

[lagerlager] 07/3/2003 00:05

Oh dear another certificate for framing.

[lagerlager] 07/3/2003 00:05

Oh dear another certificate for framing.

[calculatedrisk] 06/3/2003 18:59

If you look at the recent circular, Electra's holding exactly matches one of the trades today. Clearly they have left the Company and someone has picked up their holding.

[moogee] 06/3/2003 16:15

The recent results were for November 2002, months ago when Fii was still sorting out itself. The huge trades just look like transfers to me. This has been a common theme with Fii. See calculatedrisk's post (No. 17). When you take out the big trades you will see a few smaller ones where either investors have had enough, bottled it or even bought. I did the latter.

Turning a company around does take a long time and much effort. Something many other listed companies have yet to do.

M

[daz1966] 06/3/2003 16:00

I did buy some today & will be buying more soon.
The pension problem WILL be sorted very soon .
And we will be left with a profitable company with very good management.

[yuff] 06/3/2003 15:57

Moogee

Hope they are not going down the pan but the market never lies.
Why has there been such frenetic activity today whrn for monyhs and months nothing has happened.

[moogee] 06/3/2003 15:23

Okay, hands up it was DAZ1966.

[calculatedrisk] 06/3/2003 14:56

Who bought the 1.7m matched with the two sales? There must have been a buy as the market maker would not have taken 3.4m onto his book when the normal market size is a few thousand.

[moogee] 06/3/2003 14:07

May be, may be not. When you look at the business side, trading has improved, manufacturing overseas thus increasing profit margins. Pension fund deficit could blow Fii away but the latest official announcement is things going satisfactory but slowly.

M

[yuff] 06/3/2003 13:22

looks odds on they are going down the pan -huge offloading today

[moogee] 02/3/2003 19:02

Agree with your post. Lets hope that Fii has finished with all the non profitable disposals and that FII can organicaly increase profit margins and turnover. Hovever, with the circular stating that the pension deficit is £23.1m I feel that the trustees will be offered something far less than they hoped for. With this pension problem hanging over FII I can't see the share price doing much.

Still this doesn't phase the major shareholders and with one increasing their stake, they must feelconfident as well.

[calculatedrisk] 02/3/2003 01:23

Clearly, as we have known for a long time, the Pension deficit is the main problem coupled with the waste of the various directors that have been at the Company. But underlying the Group is a profitable core business (stripping out Pension Costs and the wasteful and luxurious lifestyle payments to directors). And my understanding of Bradstock is that the Pension Trustees have to settle if that would enable them to realise an equivalent sum to any alternative option.

On balance I agree with the Company that they have grounds to be optimistic. Let's hope that the two remaining directors understand that their first obligation is to the shareholders who own the Company - not to themselves. Is that a pig I can see flying past my window? No it's yet another piece of XXXX

[moogee] 01/3/2003 18:19

calculatedrisk

FII looks like it can't stand on it's own two feet; granted that all the reported problems in the past have now just gone i.e. Banbridge. The key question for shareholders and the pension trustees alike is ' how much money can FII give us? At this rate, very little in deed!

M

[calculatedrisk] 28/2/2003 20:04

I think the key statement for optimists in the last statement is that the redundancy and closure costs were included in these accounts but the £1.5m profit on the diposal of the Banbridge site and associated land cannot be included until completed. The EGM to approve such Completion was agreed today. So at least in the second half we will have the NAV back up by that amount and a profit of £1.5m can be booked for H2.

And of course the Group will save the large salary paid to Mr Jackson - a saving, after employers National Insurance and medical benefits, of more than £168k p.a

[moogee] 28/2/2003 14:24

Robert Jackson resigns and Bambridge sale accepted.

Interim results grim reading but with Banbridge gone things could look better (ever the optimist. Distinct lack of Fii's future intentions in the interim's.

[moogee] 21/2/2003 10:49

Could this help FII?

[moogee] 20/2/2003 11:43

Fii wound have made a profit if it wasn't for the pension costs. This cost just turned a small profit into a loss. Cash coming from shareholders funds hence dwindling shareholders funds.

[lagerlager] 20/2/2003 11:38

If no cash pile wheres their money coming from? Main costs these days are management, pensions auditors fees.

[moogee] 20/2/2003 11:34

What cash pile? As for management costs, they've been trimming this down to the bone as well as other cost. Pension fund deficit is now £23.1m so that could be the answer to the drop.

[lagerlager] 20/2/2003 01:15

Pension fund is probably soaking all the goodness out in the way of cash. Management pay and expenses can also eat a big hole in cash pile.

[laser1234] 19/2/2003 23:05

why the drift downwards, any thoughts?

[mpumba3] 27/1/2003 16:20

FII Group PLC
27 January 2003

Fii Group plc ('the Company')

Disposal of manufacturing site

1. Introduction


The Company announces today that it has entered into a contract to dispose of
its manufacturing site in Banbridge, Northern Ireland ('the Banbridge Site') for
a total consideration of £2.05 million ('the Disposal'). Owing to its size, the
Disposal is subject to approval by the Company's shareholders. A circular will
be posted to shareholders shortly providing details of the Disposal and giving
notice of an extraordinary general meeting of the Company to approve the
Disposal.


2. Background to and reasons for the Disposal


On 22 October 2002 your Board announced the completion of its review of the
viability of the Group's footwear manufacturing operations carried out on the
Banbridge Site.


As your Board reported on 27 September 2002 Private Label manufactured output
declined during 2002 as a result of price competition from overseas factories.
Your Board has recognised that UK manufacturing in this sector will continue to
be at a disadvantage to overseas sources.


With regret, your Board commenced formal consultations with the relevant unions
and negotiations were conducted regarding the level of severance payments to be
paid to the workforce. The Banbridge Site is scheduled for closure in February
2003. Your Board would like to repeat its expressions of thanks to the employees
at the Banbridge Site for their long years of hard work and loyal support to the
Group.


3. Details of the Disposal


The Banbridge Site comprises approximately 6.5 acres of land and a factory of
some 7,906m(2). The frontage of the building is listed. The consideration for
the sale is £2.05 million, which is in addition to a further £275,000 paid by
the same purchaser for a further acre which previously formed part of the
Banbridge Site but which was surplus to requirements.


4. Financial effects of the Disposal and use of cash proceeds


If this Disposal is approved by Shareholders and completed in accordance with
its terms, the Group will make an immediate accounting profit of £1.169 million,
being the difference between the book value of the Banbridge Site of £881,000
and the sale proceeds. It is anticipated that the gain will not give rise to a
corporation tax charge as it can be off-set in full against accumulated capital
losses existing in other Group companies.


The Group proposes to apply the net proceeds of the Disposal, amounting to
£1.875 million, as follows:


• to pay the costs of the closure of the manufacturing operation at the
Banbridge Site (estimated to be approximately £1.485 million, including
redundancy payments of £1.323 million); and


• towards funding the pension contribution of £475,000 payable in June 2003.

[moogee] 22/1/2003 09:22

There are many Justin Stewarts in the world but it is a good sign that at least he has faith in the Group. He must think things are getting better at FII to invest. Going by recent announcements they appear to be.