Manganese Bronze Share Discussion Threads

[davidosh] 03/10/2008 20:11

There is more here on the ban in Glasgow which also claims that there have been 20 fires but I think that is higher than the number generally stated at 12. It does report another fire that happened near Regents Park after the ban which may be the one I mentioned on Tuesday.

[davidosh] 03/10/2008 14:10

I think Tosca are in control of the holding and not necessarily MS but Tosca would have to comment on that. Others earlier in the thread suggested it may be price support until they are able to offload further amounts of the holding in size. Just my thoughts and honest opinion.

[rthak] 03/10/2008 13:57

davidosh - 3 Oct'08 - 13:37 - 516 of 517

the only thing i don't understand is why MS are absorbing any sales themselves? They are in trouble with sub-prime etc... and should be offloading all risky AIM holdings (especially this one) not building up a holding?

Perhaps someone could shed some light?

[davidosh] 03/10/2008 13:37

Which means another holder must have been keen to offload 2.8% of the company and MS have been the only buyer even though they were previously a seller on behalf of Tosca or by their own judgement....if you follow my logic !

[davidosh] 03/10/2008 13:37

duplicate post .apologies

[davidosh] 03/10/2008 13:32

Morgan Stanley allegedly took on the Tosca holding..

4 August 2008

Manganese Bronze advises that it received notification on Friday 1 August 2008 from Morgan Stanley that it has a notifiable interest in 6,592,647 of the Company's ordinary shares of 25p each, representing 26.41% of the issued share capital.


They have been selling it down

[domwilliams] 03/10/2008 13:30

MS Holdings of MNGS

3-Oct 6,141,828 24.4%
6-Aug 5,391,825 21.6%
4-Aug 6,592,647 26.4%

[ezodisy] 03/10/2008 13:27

Anyone know what MS held before? I can't find the info on the MNGS website

RNS Number : 0617F
Manganese Bronze Hldgs PLC
03 October 2008

Manganese Bronze Holdings PLC ('Manganese Bronze' or 'the Company')
Interest in Shares

3 October 2008

Manganese Bronze advises that it received notification today from Morgan Stanley that it
has a notifiable interest in 6,141,828 of the
Company's ordinary shares of 25p each, representing 24.4% of the issued share capital.

[davidosh] 03/10/2008 13:13

This announcement from LTI a week ago



Suggests it is now down to the PCO for approval and states..

LTI have identified a range of solutions designed to stop the type of under bonnet fire that has been experienced in the twelve early TX4s from occurring.

The PCO and Licensing Authorities have been kept informed during the process of investigation and rectification. PCO officials are reviewing the results and considering the rework programme that LTI has proposed to enable drivers to begin using their TX4s that were affected by the suspension of their licenses.


I contacted the PCO to ask how many cabs had now been approved for return to service and the answer was zero. They could not comment on the reasons but said LTI would be making a statement via the website to keep all drivers aware of the situation. Is there still concern that the 'range' of solutions means the exact cause has not been identified and that the fire suppression system required as stated...

To rebuild driver confidence in the TX4, LTI will also fit a fire suppression system.

Is actually giving concern from drivers that there is still too much of a possibility that a fire will happen but be contained long enough to simply escape !!?

[davidosh] 03/10/2008 06:18

Looks like a hybrid electric cab ...metrocab is soon to be launched which does 100 mpg which will please cabbies worried about fuel costs.



The cab is in the bottom pic

[davidosh] 03/10/2008 06:06

Glasgow has also joined the ban on 56 & 07 plate TX4s with 44 taken off the road

[domwilliams] 01/10/2008 17:47

Thanks, David - shame the eye witness didn't get the reg no !

[davidosh] 01/10/2008 17:38

An eye witness but sadly he did not know whether it was a TX4 or older model but was shocked seeing it on fire. It was a first hand account from a trusted source however they were not really tuned in to the type of cab but knew I had mentioned the fires a couple of weeks back so rang to tell me about their sighting.

[domwilliams] 01/10/2008 17:21

You've got your ear close to the ground, David! Where DO you get your info from?

[domwilliams] 01/10/2008 16:13

Mann & Overcharge have just confirmed that they are unable to take normal servicing work at the Brewery Road site, as they have 700 cabs to fix first. Was this loss of income included in their £4m estimate of recall costs?

[domwilliams] 30/9/2008 16:58

Indeed, madness to be bidding the price up 20p at the close!

Anyway, there's nothing like a Bloomberg story to get the attention of the institutions



Manganese Bronze Offers to Examine 4,000 Taxis After Fires

By Brian Lysaght

Sept. 30 (Bloomberg) -- Manganese Bronze Holdings Plc, the biggest maker of London's iconic black cabs, will offer safety checks for 4,000 taxis to boost confidence in the cars after a series of engine fires triggered a recall last week.

The company recalled 1,500 TX4 taxis on Sept. 26 after London's transport agency revoked the cars' licenses, citing an engine-fire risk in 2006 models. Manganese Bronze will extend the repairs to the 4,000 TX4s not covered in the recall, Chief Executive Officer John Russell said today.

``We know we have a big job to do to restore confidence in the cars and for the drivers who operate them,'' Russell said in a telephone interview. ``We need to go to extreme lengths to demonstrate that we have addressed all areas of risk.''

There have been 12 engine fires in TX4s and no injuries. London taxi drivers affected by the recall have said they may sue for lost wages. The 4 million-pound ($7.2 million) cost of the recall, which Manganese Bronze disclosed last week, hasn't changed, and repairs for the first 1,500 cars should be complete in three to five weeks, Russell said.

The repairs include modifying emission control equipment, the heat-management system and insulation. Russell said the Milton Keynes, England-based company is in talks with engine supplier VM Motori SpA of Italy about the cause of the defect and possible liability. General Motors Corp. owns part of VM Motori and OAO GAZ of Russia has agreed to take a stake.

A Transport for London official said the agency is reviewing Manganese Bronze's engine-repair plans.

[cliffyburger] 30/9/2008 16:49

MNGS subject to two price-monitoring extensions at close. I'm amazed that the price bounced back so much today. Only the criminally insane would buy this ailing firm at £3 a share, surely?

Cliff (short MNGS)

[davidosh] 30/9/2008 16:14

No price target or recommendation. The company should warn against previous market expectation surely or do they simply get these brokers to do the financials. The IMS in three weeks will be more information to add I hope.

[shanklin] 30/9/2008 16:05

Do Edison have a price target above 0p?

[davidosh] 30/9/2008 16:03

There is a new broker note out today from Edison and the forecast for this year has been revised down from £1m profit to a £6.4m loss. Revenue expectations have been reduced by £10m to just £70m as I predicted last week. In actual fact they may fall a bit short of that figure on current trend. The eps loss is forecast at 24.7p negative. The note says cab sales have fallen to sharply reduced levels. They also state that design adjustments will add £1m to next years costs.

[shanksaj] 30/9/2008 13:16

Its given up 6p of its gains (at last).

[davidosh] 30/9/2008 11:09

Just out of interest...If all those modifications are required and all 5000 TX4s owned will be called in for the work that surely means the new cabs cannot be sold until that work is done to ensure they conform too ?

[the analyst] 30/9/2008 11:05

Yup, my presumption was that people are having to liquidate and that means liquidating short positions too.