Mayflower Share Discussion Threads

[ricra] 11/7/2004 10:54

Soysoy, I hope this will be as good as you are promising. It is all very interesting.

[soysoy] 10/7/2004 20:43

They think it`s all over well it`s not
and the shareholders will be taking them to court soon

[soysoy] 10/7/2004 09:31

To all Mayflower shareholders there is a strong case and it is developing, our legal team
I am sorry that I can't go into any more detail
All i can ask you to do is keepp writing to the fsa and dti and tell how you feel about this company

[soysoy] 07/7/2004 23:22

The plot thickens

[anomalous] 07/7/2004 00:28

>soysoy
Chris Chambers is a Man Group director and was one of three non-executive directors at Mayflower. The other two were Rupert Hambro and up until he resigned a certain John Major.......

[farsight] 05/7/2004 22:00

So a shorting Hedge Fund was in on the inside job. Tut tut.

[soysoy] 05/7/2004 21:26

I WONDER IF MAN GROUP KNOW SOMETHING ABOUT MAYFLOWER DIRECTORS

[soysoy] 05/7/2004 18:22

EMAIL THIS | Close





COMPANIES UK: Man Group reviews line on directors' outside posts
By Elizabeth Rigby
Financial Times; Jul 05, 2004



Man Group, the largest listed hedge fund manager, is reviewing its policy on directors taking up non-executive positions on other companies' boards.

The decision followed the debacle at Mayflower Corporation, which is now in administration.

Chris Chambers, head of Man Investments, was a non-executive director on the board when the problems arose at the engineering group.

He resigned from the post on April 13.

Mayflower went into administration on March 31 after it revealed a series of accounting irregularities, prompting its creditors to withdraw their support.

Harvey McGrath, chairman of Man Group, said the decision to review the merits of senior staff at Man taking up non-executive directorships was "simply a case of sensible business management.

"In the light of the increasing responsibility - and therefore the level of personal commitment and time - the role of a non-executive director now carries, as well as our own operational demands, we would want to review very closely the pros and cons of any executive director taking on additional responsibility at this time."

In an interview with the Financial Times in May, Stanley Fink, chief executive of Man Group, said he would prefer his executive directors not to take up non-executive positions elsewhere. "It is not a sensible thing for them to do."

Mr McGrath conceded that the growing responsibilities associated with taking up non-executive directorships could lead to shortages in the marketplace.

"Other companies will make up their own minds about what works for them; clearly if there were to be a general reduction in the availability of new non-executive directors, this could impact on the overall mix and quality of the non-executive executive pool, but we are not in a position to say if that is happening."

Any move to prevent non-executives taking up positions elsewhere would run counter to attempts to widen the gene pool of UK boardrooms by recruiting senior executives below board level to non-executive directorships.

The factors contributing to Mayflower's downfall have yet to be determined but the fact that it was non-compliant with the Combined Code of Corporate Governance has renewed attention on non-executive directors at Britain's smaller listed companies.

The Code states that a company outside the FTSE 350 should have at least two non-executive directors. However, Mr Chambers was Mayflower's only non-executive - apart from Rupert Hambro, who was also the chairman.

Mr Chambers joined Mayflower's board in May 2002, for which he was paid £27,000 in the year ended December 31 2003.

That is peanuts compared with his earnings at Man, where he earned £1.44m in salary and bonuses in the year to March 31 2004, having headed Man Investments for just seven months.

Separately, Pirc, the corporate governance lobby group, said last week that it opposed Man's remuneration report, arguing the long-term performance targets for management were set too low given the size of potential awards.

It also said that Man's policy of awarding uncapped bonuses contravened its guidelines for best-practice.

Mr Chambers declined to comment.


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[soysoy] 04/7/2004 22:26

my statement was maybe the fsa,dti and lsa
but i up for the bet because they might have to pay compo with the info i have .
but i still think this bet is more one sided for me than you,
so are you up for this bet jaknife oxford rd july 4 2006 2pm

[soysoy] 04/7/2004 20:04

It's kind of a one-sided bet at the moment soysoy so you'll permit me to first clarify. To be clear, you believe that you have information that means that shareholders will be successfully able to claim compensation from either the FSA, the LSE or the DTI within two years of today's date? If that's the bet then I'll show more than just my "ares" in Burton's shop window should you win. You've possibly got a case against other parties but not these three.

SO THIS IS THE BET JAKNIFE
WELL I AM UP FOR IT
WHICH SHOP DO YOU WANT?

[anomalous] 04/7/2004 16:39

Shall we start picking the shop that JakNife has to do the moon in?

Would Bulletin board members like to start making suggestions as to the venue of JakNifes moment of 'naked' truth!

Personally, I would prefer it if it was Oxford Street. Then we could get a TV news crew down, to show the whole world the JakNife Moon-shot!

Soysoy knows something you don't JakNife and it's going to hurt you more than you imagined!

He will be able to claim compensation. Even Shares magazine thinks so. Have you seen their latest edition.

It may not be the FSA paying it, but they are going to be extremely embarassed. You may not be the only one looking for a new employment soon. A certain Mr Tiner or Ms Huey-Evans may be joining you in the que at the Job Centre.

[soysoy] 02/7/2004 23:30

JACKKNIFE MIGHT BE TIME TO SHOW YOUR ARXX IN BURTON WINDOWS

[soysoy] 01/7/2004 17:52

MAYFLOWER IN SHARE MAG TODAY

[sharecat1] 01/7/2004 09:58

Funny how the share price rises towards the back end of 2003, so the in crowd can offload there shares! Should have seen it coming. Just like MT. will spike before it collapses.

[soysoy] 29/6/2004 20:34

June 29, 2004

Mayflower division sold for £20m
By Peter Klinger





ADMINISTRATORS of Mayflower, the collapsed builder of London's double-decker buses, have raised more than £20 million from the sale of the company's sole remaining UK asset.

Nick Dargan, of Deloitte, the administrators, finalised the sale yesterday of Mayflower Vehicle Systems (MVS) to Stadco, a privately owned vehicle panels manufacturer. Stadco is part of Acertec Holdings, which is owned by Candover, the private equity firm.

Stadco bought only the operating assets of MVS, and did not assume any parent company liabilities.

MVS, which is based in Coventry and employs 600 staff, was the last of Mayflower's UK assets to be put up for sale by Mr Dargan as part of his efforts to pay off more than £250 million of debts.

The MVS deal brings his Mayflower asset sale proceeds to about £80 million. Over the past three months Mr Dargan has split up and sold the components of TransBus, Mayflower's biggest division, and Mayflower Energy, which installs offshore wind turbines and underwater cabling.

Stadco outbid a management buyout proposal to secure MVS, which has an annual turnover of £50 million from providing body panels to carmarkers including Jaguar, Aston Martin and DaimlerChrysler.

Andrew Morriss, Stadco's managing director, said that the enlarged company would employ more than 2,000 staff at seven UK and two German sites, and have an annual turnover of £150 million.

He said Mayflower's brand name would be phased out because of the damage that had been caused by its collapse.

The MVS acquisition would make Stadco the UK's leading body panels manufacturer, he added.

[anomalous] 29/6/2004 08:26

Stadco buys
City Briefs
Daily Telegraph
29/06/04

Administrators of the collapsed UK operations of engineering group Mayflower said they had sold Mayflower Vehicle Systems to engineering firm Stadco for an undisclosed sum.

[soysoy] 28/6/2004 20:57

Lower payout for bus group pensioners
(
Three quarters of the members of the Dennis pension scheme will only receive 40pc of the amount they are entitled to when they retire, it has emerged.

Bus maker Dennis was partly owned by engineering group Mayflower, which is now in the hands of administrators. Chris Martin, managing director of Independent Trustee Services, which has been asked to wind up the company's pension scheme, said the scheme has a deficit of more than £23m.

As a result, 455 of the 615 members will only receive 40pc.