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Griffin Share Discussion Threads
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|The company is changing name and has changed business, they are now a firm of spivvy brokers.|
|What is happening|
|I once nearly bought these at around 6p until JakNife opened my eyes. Thanks mate i owe you a drink.|
|yet another slimmy dirtbag of a company riping off its shareholders, sue me if you like ,i look forward to it|
|I just hope andysand didn't actually buy the stock when he started this thread.|
|What is going on, anyone???|
|What is going on, anyone???|
|Anyone who's a customer of Square Mile may find this announcement from the FSA of interest:
The Financial Services Authority (FSA) has today fined Square Mile Securities Limited (Square Mile) £250,000 for persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not afford.
The FSA's review found that Square Mile had set up a high pressure sales business that disadvantaged customers and did not have appropriate controls. It also showed that Square Mile knew its advisers frequently used unacceptable sales tactics and sometimes failed to get a customer's consent before selling them high risk shares.
Furthermore, Square Mile made false statements, provided inaccurate and misleading information and failed to disclose important details and significant risks about the shares to its customers. The firm also made recommendations without first ensuring these were suitable for the customer.
You know about S.Dean.
What about NICHOLAS BARHAM ?
Do you think he is similar , or not ?
The boss of Arlington. ARL
Excercised millions of warrants/options well below the official price.....since he managed to get the rest of directors to agree...
but in same year large bonus's were paid, ....were they pay offs for agreement ?
Running cost this year 2.8 million pounds....
...but the company does not appear to do anything ??!!...only invest in other investment funds !!
so ...are the directors paying massive amounts to themselves ....as you say that Mr S.Dean is doing.
AGM is in ....Hongkong...so difficult for any shareholder to complain.
And of course the accounts do not tell you much, to keep the details secret from shareholders and the market.
You know about S.Dean because you have done some digging and pieced info together....that needs changing so that ordinary shareholders do not need to be detectives.
Will the LSE do anything ?...Naw !! It is an old boys club. Regulates itself.|
...I agree with you about S.Dean.......
Dissapointing that UK stk market allows it...
and other dubious directors to operate
At Arlington the main director did a dubious deal....
...had warrants with exercise price of X and he exercised them at lower price !! , loads and loads of them, so that the warrants would not affect any deals is what they said !(indep. dir. agreed) and another director got a big extra that year as well, looked like a silence pay off
the list goes on and on
the LSE and AIM have many dodgy directors and dodgy practices...
but since it controls itself there is little control....they will not bite the hand that feeds them....
and the FSA....well useless. Pension mis selling etc etc. They always arrive after the money has been stolen/taken.|
|It's a good job for you that Attila the Hun is long dead and therefore cannot sue for libel.|
My view is clear and can be read in the other thread:
The Dean factor, why you should avoid this stock (GFF)
In particular history shows that Stepen Dean's relationship with the concept of shareholder value can be compared equally to Atilla the Hun's relationship with human rights.
do you think that the placings....is a way for the dirs. to increase their stake in the company....in 1 go...
and then jiggle the numbers to get the share price up....ie. load up with shares before pumping up the share price ??
Any views ?|
|The company has just announced that it is despearate for cash and it's placing shares at 1.5p each:
Once again another failure from the Stephen Dean stable.|
|I think that their current promotions are Medierranean Moorings and Ionian Estates, both on Plus (both total pants). They may still be trying to sell their plane thing "One Charter plc" - also pants.|
|JakNife.... thanks for that info .....
Does Mr.Dean still have an active interest in any Plus/Ofex companies - or have Square Mile disposed of it all .......?|
|Fatso paid himself a total of £2,964,770 in the year to 30/09/06, whilst mini-fatty was paid £577,720.|
|Seems 2006 results were mailed to shareholders last month .... any shareholder out there have the info on what Dean's received in 2006 as his bonus package(s)?|
|Griffin Group (LSE: GFF)
Griffin Group at first sight is the best value share on the market:
Historic PE = 2.1
Discount to tangible net assets = 61%
Earnings per share (EPS) up 135% in the year to 30-9-2006
Directors own 25% of company
Four years of profitability
The FD bought 1m shares at 3.25p in November
The company creates investment companies and floats them on Plus Markets (was Ofex).
What can possibly be so bad that I haven't bought a shed-load? The answer lies in the directors' remuneration in the Annual Accounts. The most recent (2005) show that the Chairman, Stephen Dean earned £84,000 and the FD Vince Nicholls £48,000. However their bonuses were £2.7m and £591,000 respectively. Total directors' remuneration was £3.6m. This was more than six times pre-tax profits and 34% of turnover.
The company will not reveal the bonus formula, but it's been approved by the remuneration committee, so it must be OK, right? This brings us to my favourite sentence in the Accounts.
'The Remuneration Committee currently consists of Stephen Dean, Chairman.'
Turnover fell by 2% in 2006, and gross profit by 12%, so how did EPS rise 135%? Administrative expenses fell by £0.65m. The bonuses are not revealed in the preliminary results, so we'll have to wait for the 2006 Accounts to see why.
There is no broker forecast for 2007 and since the bonus plan is a secret, visibility of earnings is rock bottom. Even its paid-for analyst, Growth Equities & Company Research, says: 'The credibility of this company's management is not high.'
I still keep looking at the PE and asset discount. They are at crazy levels even with the unsatisfactory director payments. The directors could make the share price jump if they wanted to by cutting their bonuses. However, capitalisation of Griffin Group is a tiny £0.9m, so Dean and Nicholl's holdings are worth only 7% of their 2005 pay-packet. A rise in the share price is small beer compared to their bonuses.
You seem to know a lot about Griffin and Stephen Dean
Does he has any connection with Square Mile securities who try to sell shares in various companies to private investor at supposedly lower price then the
bid price or placing price!
All though Square Mile are FSA athourised I would like to know "has any one traded through them and have lost or made any money?"
At present they are promoting AVD - Avid Holdings and guess what the chairman is Stephen Dean. Good that I checked this BB.
Well done JaKNife|
|Take a look at the history of other Stephen Dean companies and you will probably change your mind. The main operating entity in the UK was known as Cater Barnard, and had net assets of circa 10p a share. Then one day Deano suddenly announced a hugely dilutive share issue to himself at a price of a mere 1p, the share price collapsed over 90%.
Leopards do not change their spots.|
|well done, limited downside by the looks of things - famous words...|