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GOR Gordon Dadds Group Plc

138.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gordon Dadds Group Plc LSE:GOR London Ordinary Share GB00BZBY3Y09 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 138.50 136.00 141.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Gordon Dadds Share Discussion Threads

Showing 376 to 398 of 450 messages
Chat Pages: 18  17  16  15  14  13  12  11  10  9  8  7  Older
DateSubjectAuthorDiscuss
24/1/2019
07:07
A placing announced at no less than 140p. Seems to require a meeting to proceed.

I haven't read the whole announcement, but I'm really puzzled at the pricing strategy.

jonwig
24/1/2019
07:06
Timberrrrr
basem1
22/1/2019
10:20
Buying firms out of pre-pack seems...shrewd to me, no?
gaiusgracchus
11/1/2019
10:50
hxxps://www.rollonfriday.com/news-content/ince-co-and-kpmg-investigated-administrator-over-financial-records

So all going well so far then.

This cannot be a happy ship and is in danger of becoming an unseemly mess.

acropolis1728
07/1/2019
12:48
From the maritime trade press:

Gordon Dadds places Ince & Co into administration
Move taken on advice of consultants as part of the takeover process.
January 7th, 2019 10:11 GMT
by Adam Corbett

Gordon Dadds has placed Ince & Co into administration as part of its $35m acquisition of the 150-year old shipping and insurance law firm.

London-listed Gordon Dadds insists the move has been completed for “technical reasons”.

It stresses there is no suggestion Ince is not a going concern and the takeover is to go ahead as planned.

hxxps://static.tradewindsnews.com/incoming/article1665507.ece5/ALTERNATES/LANDSCAPE_600/2290b5f014b524c96a4c069d533c7db1
Gordon Dadds completes slim-lined Ince & Co takeover

Read more
hxxps://static.tradewindsnews.com/incoming/article1652256.ece5/ALTERNATES/LANDSCAPE_600/5619d87fafe07813bf2c83b7d3dd0909
WFW hires former Ince & Co lawyers to launch Athens dispute practice

Read more
hxxps://static.tradewindsnews.com/incoming/article1619363.ece5/ALTERNATES/LANDSCAPE_600/9e6d2ab74d14626aadde456ebbbb2b1b
How Gordon Dadds’ acquisition of Ince was made in Hong Kong

Read more
Andrew Hoskins and Sean Bucknall of law firm Quantuma are reported to have been appointed administrators.

The takeover, first agreed in October this year, has been significantly restructured and it is understood Gordon Dadds has been advised not to take over Ince as a solvent business to guard against potential liabilities.

Such a move in the acquisition process is known as a pre-packed administration in which a buyer is lined up before an administration process begins.

It is understood the decision to put Ince into administration was taken because of uncertainty over income and balances owned from International offices to Ince, which presented a risk to investors.

In a statement to TradeWinds Gordon Dadds said: “Ince & Co could not agree the balances with their international offices – all Gordon Dadds wanted was certainty as to what those balances were.

“That situation definitely contributed to the advice they received from counsel in terms of protecting investors.”

The Gordon Dadds deal is the first time a London law firm has been taken over by a publicly quoted rival and is viewed as a considerable risk by investors because of the lack of material assets, TradeWinds is told.

The merged firm will operate as Ince Gordon Dadds (IGD).

Under the scaled down deal the price has been cut to £27.3m ($34.6m) a significant reduction on the price of £34.0m originally mooted, as TradeWinds reported last week.

The fee is payable in cash over four years as well as a grant of options in new shares.

The international offices of Ince International are not being acquired but have agreed to enter into new network arrangements and will continue to trade as Ince & Co.

However, Ince’s offices in Shanghai and Beijing will join IGD at the same time as the London operation.

The assets coming under Gordon Dadds control generated fees of £30.5m in the year ended 30 April 2018.

Total consideration is estimated at £27.3m payable in cash over four years and a grant of options over up to 3m new shares.

New borrowing facilities of £12.5m have been arranged.

acropolis1728
03/1/2019
13:50
Sold out. Looks like shareholders will have to wait years for cash and net debt starting to rise.
allonblack
03/1/2019
11:09
Yes, best watched for now to see how it beds in. I sold too early at 180p yesterday but its been a safe place to have cash tied up ( forced ) for the last 3 months of the year. I came out with a £750 profit so all good. At one point I did think they might come back from suspension at around 220p share but that was when I thought we were getting the entire capital of Ince. The deal that was done seems to be £60m less in turnover for around £10m less in value than what was previously mentioned. Watching with interest......
basem1
03/1/2019
11:02
hxxps://www.thetimes.co.uk/article/creditors-may-lose-millions-in-law-firm-s-pre-pack-deal-69lvwkkdg?shareToken=17f6fe1cfc70d239ea52c70616444f81

Article in The Times today suggesting that Ince London sold as a pre pack. It was pretty much going under. In fact it was sell or go into administration. That also explains why the foreign offices didn't move across. So IGD don't have the liabilities but doesn't paint a hugely comforting picture of a viable part of the business.

May also explain the downturn today.

acropolis1728
02/1/2019
09:28
I would imagine the simple explanation here is they bought what the largest shareholder (CEO) could afford. A rights issue would have involved more cash. So they took more debt and funded internally. In fairness the company have done what they said they would do ie grow quickly by acquisition. The handling of this recent deal (shambolic) has exposed managements limitations. Something to think about there.
allonblack
02/1/2019
07:11
RoseJS2

Interesting that the French and Monaco offices are not included in the list of offices forming the new Network. That probably does signal that they are not going to be following the balance of the foreign offices. The others will follow and I am not surprised that others will have to go through some administrative hoops to get regulatory approval. Places like Singapore are very difficult. Hamburg is still threatened by the opening of an office by rivals Clyde & Co in February. It is suspected that a chunk of Ince staff will follow the partners there. Piraeus is also exposed to the vagaries of the local lawyers association who will wait until Brexit to make a move. Still some shake out and it will take time to bring all offices into the fold.At least they have a lock in of 18 months which will stop the equity partners leaving.

acropolis1728
01/1/2019
19:09
HNY Fellow investors and Lurkers. I missed that, I wonder if they were dutybound to inform the market in 2018. Under normal circumstances there are positives. I have nothing of note to add apart from the obvious. No dilutionStrong results. Earnings enhancing acquisitionMaiden interim dividend of note. I would suggest that an RNS like that would increase the share price in a company 90% of the time.
basem1
01/1/2019
14:19
@ iamnot..., Rose - thanks for your pair of posts on the merger.

Although I started this thread, it was out of interest as a holder of GTLY. You've both pointed out reasons why one shouldn't invest in things one doesn't understand! (And transparency is always one of these.)

GTLY itself has some issues (Dubai office, late receivables, mainly) but appears to be pretty straightforward and more focussed on contractual business than on litigation. Rosenblatt seems to have lost its shine, and maybe Keystone too with its novel business model.

In pure eps terms, maybe GTLY is the cheapest and certainly the easiest to understand where the earnings come from!

jonwig
01/1/2019
12:43
As you say.. a mixed bag of information in yesterdays RNS..

The appear to buying The UK Practice of Ince that generated fees of £30.5m for £27.3m
over 4 years (excluding a grant of options of 3 m new shares)

The dilution to current shareholders appears minimal..

What I find fascinating (and worrying) is that as an International Law firm it took a signifcant amount of time to work out that " it would not be possible to agree arrangements with the affiliated network entities and obtain local regulatory approvals (which is a time-consuming process) by 31 December 2018.

Surely that would have been known from the very begining (understanding the International Regulations regarding the takeover or merger of Law firms and importantly the regulatory timetable to gain approvals)

I suspect that the above may have been stated because the International Offices of Ince disagreed or simply did not support the RTO of Ince by Dadds.. and rather than
impose the takeover.. and senior staff leaving on mass, they have been left for the timebeing as a Network Sharing Arrangement... Vague on what this could, would or might be ...Not a positive sign of a true Partnership arrangement..

The Bristol business appears to have causes signifcant issues.. if otherwise why was there a need to appoint a Regional Director to sort things out.. and is this an issue that might be repeated elsewhere in future mergers / takeovers.. or hopefully lessons learned..

Whilst the market will make up its own mind tomorrow regarding the impact / value of Ince Dadds...Leaving the update until the final hours of trading on New Years Eve. when previously statements about interim results by the end of November were passed with no update.. does lead me to believe that the takeover of Ince may have been simply too large / complex for its current management.. A more experienced CEO / Chairman with high value takeover / merger experience should be a serious consideration.

rosejs2
31/12/2018
19:46
So, who missed the RNS sneaked out after hours on New Year's Eve? Traditionally a time to bury bad news, it seems a mixed bag to me: trading to resume on Wednesday, Ince UK to be acquired but NOT the international offices (so no longer an RTO), paid for by cash and borrowings, expected to be earnings enhancing in the current year before exceptionals (which will be large as Ince gets integrated), and significantly earnings enhancing next year, interims also announced, profit more than doubled, 2p div, but overheads not coming down as much as expected due to the distraction of the Ince negotiations.
iamnotanumber6
14/12/2018
07:57
The silence is deafening here. Suppose I can wait a little longer for my £2.50 per share.
basem1
30/11/2018
20:53
allonblack...The RNS on the 29th October 2018 clearly states

Gordon Dadds Group plc is preparing its results for the 6 months ended 30 September 2018 and expects to announce its interim results around the end of November. The directors consider that the results will be in line with market expectations.

The key word is 'Around' the end of November and NOT as you state 'The End' of November..

rosejs2
30/11/2018
08:12
Glass half empty by any chance ?
basem1
30/11/2018
07:31
No results as announced by end of November? No helpful details on the transaction like synergies and ROIC. Probably havent even decided how to fund it as a rights issue would be a big cash hit for the large individual shareholders. What a Dadds army of a company.
allonblack
29/11/2018
18:40
Non Exec chairman's credentials look good too. We could do with these 2 sorting Brexit out. Business people should be sorting the country's business out, not under qualified politicians. Trump would have had the job sorted out by now too.
basem1
29/11/2018
16:54
basem - which shareholders for 25 years? GOR has been a PLC for only 15 months.
jonwig
29/11/2018
16:29
I'm a first class numpty, this information about " skin in the game " has been on the Gordon Dadds website all along.
basem1
29/11/2018
16:26
Adrian also has a history of creating significant value for shareholders over the last 25 years.
basem1
29/11/2018
16:22
Great news, I tried to find this information out earlier. Adrian Biles owns 26.5% of the shares, he's not going to anything too dilutive to the share price. Other family members also own around 6% too. Looking forward to the suspension lifting and results in the next couple of days.
basem1
Chat Pages: 18  17  16  15  14  13  12  11  10  9  8  7  Older

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