Managed Support Services Share Discussion Threads

[jojo_jo] 13/3/2012 13:24

I don't see how/why novation targets haven't been met. I'm not even sure novation is required as contracts are with the company which has been sold and remain with it regardless of who the shareholders (owners) are. In any event, novations normally only fail when the new owner is an inferior or smaller, less stable company, clearly not the case here. I could understand if Rentokil were trying to evade/reduce the final instalment by simply dragging their heals on a few contracts, but this would be a dangerous game and risk jeopardy of those contracts and future relationships with customers, or even lead to the witholding of payments by those customers. They would also have to back up their reasons with accounting evidence. If Rentokil are playing such games it is probably simple gamesmanship, or bullying. Testing the resolve/resources of MSS.

IMPO/DYOR.

Just a spectator. Not/never a holder.

[sheila16] 13/3/2012 10:33

maybe SB could release some information to prove richmond wrong?

just an idea, i'm no turnaround specialist.....

[jojo_jo] 12/3/2012 19:38

Just an interested spectator. Not invested - never invested.

[jojo_jo] 12/3/2012 18:43

Fine, if you have such inside information and are happy to share it.
Rentokil - ratcatchers when all's said and done.

[richmond9] 12/3/2012 17:33

jojo_jo

i know because i have spoken to someone at Rentokil. SB has been informed already that they have failed to meet the required minimum contract novations target and has responded by threatening Rentokil with legals. Rentokil have responded by telling him to speak to their in-house legal team.

There will be no further payment here, trust me.

The news will come out when SB tells us all that he is wrapping things up with no cash in the bank and no one reversing in

[jojo_jo] 12/3/2012 17:10

Yes, people on here are saying the 'earn out' (call it what you will) has failed, without a shred of evidence to support it. As you say, they sometimes fail because the new owner has the power to manipulate things.
I'd still want to see it in black and white.

[knowing] 12/3/2012 14:10

If that was the case then the company would have to release the news in an RNS

[2float] 12/3/2012 13:58

Jojo, it's an earn out not a balance they've retained. In contracting businesses these earn outs never get paid because the new owner, who's now in full control of the contract, can make sure the targets aren't achieved. It was a terrible deal for the shareholders IMO.

[jojo_jo] 12/3/2012 11:32

richmond9, in an earlier post said Rentokil aren't paying the (retained) balance due under the SPA, described as the 'earn out'. I can't find anything confirming this. Is it just speculation? If true, can someone post the source of the information.
2float, I would still expect this to react negatively to news that Rentokil were not paying the remainder due. They would have to prove good reason for not doing so.
IMPO/DYOR.
PS. Not a holder, never a holder - just an interested observer.

[2float] 12/3/2012 00:42

JoJo, you can't really read anything into the lack of further downward movement, how on earth is the share price going to "dive" from it's current level? It's already on its ars*, there's nowhere for it to go. If you look around at other Aim co's, most shells don't get much lower than this. I costs between £0.5m and £1m to list on Aim so even the worst shells have at least that potential value even if they have no other assets.

One thing we know from the last four years is that we've been consistantly told it's getting better when the reverse is true. Unfortunately you cannot trust anything that the current board says. They've been full of it from the moment they got in.

[risk1] 11/3/2012 22:59

please expand jojo

[jojo_jo] 11/3/2012 22:50

The absence of a share price movement (dive) implies that the matter of the Rentokil 'earn out' remains unresolved. So where does it say Rentokil aren't honouring the remainder of the contract?
I know there's a lot of bitterness here, but there's no need for misleading or unqualified statements.

[2float] 10/3/2012 11:36

Well I certainly wouldn't want to be in simon shining knight's shoes now!!! Just think, all those announcements and press articles claiming wrong doing and after nearly five years there's NO CASE TO ANSWER!!

Come to think of it, I also wouldn't want to be in the shoes of Simon Fluendy (former Mail on Sunday journalist and mate of SB who wrote some pretty wild stories), Osbourne Clarke (company lawyers who never stepped in to advise SB the Co was on shaky ground making some of the announcements it made) and especially Deloitte & Touche (Co auditors who sanctioned huge write off's and signed of the accounts every year since SB seized control), Cenkos Securities (who set the whole thing up in the first place and also never stepped in to stop the madness).

I bet there's a few professional advisors who didn't sleep so well last night!!!!

I think its nailed on that simon shining knight and his team of wet lettuce advisors (none of whom had the balls to stand up to him) are facing a civil action possibly worse!!

[iiinvester] 09/3/2012 17:22

I trust that the SFO is now going to investigate the real fraudster, BEART??

Im glad Im not him. The Worthingtons and old board must be getting ready to sue him and the MoS for lible/slander.

[richmond9] 09/3/2012 16:13

Worthington Nichols

The SFO has closed its investigation into Worthington Nicholls Group. The investigation had opened in March 2008.

After full and detailed consideration of the evidence gathered during the investigation, we have determined that there is not a reasonable prospect of conviction in the Crown Court.

Background

Worthington Nichols Group was an AIM company involved in air conditioning installation & maintenance. Allegations were made that after listing in 2006, a number of announcements were made to the market which were misleading and led investors to buy shares in the company at artificially inflated prices. The investigation was conducted together with Cheshire Police and looked at around £30 million of share purchases. In June 2008 a number of residences were searched in Cheshire.

Update as at 7 March 2012

SFO investigation discontinued.

[risk1] 09/3/2012 13:57

Bit harsh imvho

[richmond9] 08/3/2012 17:36

The SFO have finished their investigation (only taken 5 years)

NO CASE TO ANSWER. NO EVIDENCE OF FRAUD. NO CHARGES AGAINST ANYONE

Thats the investigation into the Worthingtons and the old board concluded.

Now lets have a look at SIMON D BEART

What lies did SB tell to the AIM team and the SFO to make them look at this in the first place?

Lots of questions need answering here.

- What did SB's file say
- Where is the £28m, he had at the start and raised and what was it wasted on
- Why did William Good leave after only 12 weeks
- Why were profitable companies closed and made to look loss making
- Why were staff sacked and made redundant for no reason
- What happened to the acquisitions made by SB (Delrac, Status, ECS)

Oh and as expected Retokil are not paying the earn out so thats the end of the cash and MSS Plc.

SB = FRAUD

[2float] 20/2/2012 13:27

Ha ha ha, you still here windy? I'd have thought even you wouldn't be foolish enough to still believe simon shining knight can do something with the wreck he's reduced this company too. There are also huge risks in anyone else taking this on even as a shell. Anyone putting big assets into this pile of dung could well find themselves with trouble ahead from people who've been wronged by Beart in the company's name. Plenty of shells out there without the baggage that Beart's saddled this company with.

[philw2009] 06/2/2012 22:48

Good work WJ

Share price might still head north!

[barnes4] 06/2/2012 21:12

it has to bounce then will come the herd i expect

cant see it going that low but who knows???????

[w1ndjammer] 06/2/2012 19:00

looking for 0.25 entry point

WJ.

[philw2009] 02/2/2012 21:32

good work sb

well done