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MFW Mayflower

6.75
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mayflower LSE:MFW London Ordinary Share GB0008002221 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 6.75 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 6.75 GBX

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Date Time Title Posts
24/4/200908:29mayflower action group1,092
12/11/200422:42mayflower-windfarms benefit5
12/11/200422:42MFW Starting to move4
12/11/200422:40SIMPSON HAS TO GO and take your FD with you29
12/11/200422:38MAYFLOWER A SHARE TO TUCK AWAY4,493

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Posted at 15/2/2007 01:04 by scribbler101
Dog dead. The "value" you quote is probably the price when suspended. If you find anyone offering money please psot details here!
Posted at 02/6/2006 15:25 by lowtrawler
JakNife

As I recall it you were attacked on 2 fronts:

1. You had previous "form" with Anomolous who had offered to support SoySoy and (I may be wrong in this) you started to post on the mfw board only by following Anomolous around. From what I could see, you persistently attacked Anomolous presumably in a similar running feud to the one we are witnessing with SoySoy. I can recall that a number of unsupported allegations were made against you to which you took exception. The allegations against you were persistent and serious.
2. You were rubbished for suggesting nothing would come from SoySoys efforts.

I can understand why you would be upset at the former but your persistence has been directed towards the latter. Having provided advice that soysoy was wasting his time, surely it is his business whether he chooses to take your advice or not? Constantly attacking on this front does nothing to address the main issue of unsupported allegations being made against you.

Those allegations are now several years old and typical of bulletin Board patter. Once made, they are usually forgotten about by the following day never mind several years down the line. If you can't accept that, you really shouldn't post on bulletin boards.

All I am saying is that the reasoning behind your pursuit of soysoy is misdirected and should be put behind you. I think soysoy should be left to finalise the work he has done whether you believe there has been value in it or not.
Posted at 24/2/2006 11:11 by soysoy
From SFO



Thank you for completing the questionnaire relating to the Serious
Fraud
Office's Investigation, Operation Affair.

We will be conducting a review of the information submitted from
investors
in due course and may be in contact with you regarding this matter.

" I ADIB must have found something ?" it could be Simpson he seem to get people he new well , tobuy share`s in his company knowing full well it was going down the pan ,Donnerly seems to be the fall guy.
Posted at 03/2/2006 11:25 by ecomkid
well atleast things are moving on the railways fiasco ... so you never know, something might hapedn at MFW.
but yes frankly, I dont see any money at all returned to private shareholders.
Posted at 19/1/2006 10:14 by tufts
I still can't understand why the price of the shares went up in the December,
before they went bust. It almost seems as if it was being manipulated. Was it?
Posted at 10/1/2006 12:37 by emptyend
As it happened, I also held BGY too.....on the basis that nuclear was a crucial plank of energy policy. Right on the long-term view but in the meantime the shares went up the swannee as the Government blew with the wind on the issue.

My main investments thoughout recent years have been in oil companies where I have met or talked with all the key management players and, in most cases, in companies where the management's equity stake is high.....so that they suffer along with shareholders in the event they screw up.

Sadly I had met none of the BGY management [might have been different if I had!]....and I'd only met someone just below board level at MFW [who had underwhelmed]......so....lesson learned [even though it does indeed restrict the investment universe!]

ee
Posted at 04/2/2005 02:28 by anomalous
Pace Micro Technology fined £450,000 for Listing Rule breaches
FSA/PN/010/2005
27 January 2005

The Financial Services Authority (FSA) has today fined Pace Micro Technology plc (Pace) £450,000 for breaches of the Listing Rules in January and February 2002.

The FSA has found that Pace breached the Listing Rules because it failed to ensure its Interim Results Announcement on 8 January 2002 included all relevant information, when it did not reveal that its trade credit insurance, in respect of one of its largest customers, had been withdrawn. It also failed to update the market without delay of a change in its expectation as to its future revenue performance which had occurred on 4 February 2002. When Pace did alert the market as to its financial position on 5 March 2002, its share price fell 67% by close of trading.

Gay Huey Evans, Director of Markets at the FSA, said:

"The effect of Pace's omission from its Interim Announcement on 8 January 2002 was further compounded by the delay in announcing its changed expectation as to its financial performance until 5 March 2002. These were clear breaches of the Listing Rules.
"The FSA requires listed companies to ensure the financial information they release to the market is accurate and provided without delay to enable investors to make informed investment decisions. This is a fundamental protection for shareholders and is vital for the smooth operation of efficient, orderly and competitive markets.

"This is the third time in the last 12 months that the FSA has taken action against a company for failing to observe the Listing Rules. It demonstrates how seriously we view a failure by companies to meet expected standards and our determination to take action for such failures."

Background

Pace is involved in the manufacture, development and distribution of digital television set top boxes. Pace's primary customer base, during this period, was composed of a small number of large European and US companies. One of its largest customers in late 2001 was NTL Group Limited (NTL), a subsidiary of the US-based NTL Inc which was suffering well publicised financial difficulties.

NTL, during the first half of Pace's financial year 2001/2002, accounted for 42% of Pace's turnover by volume and 48% by revenue. Pace had made known to the market, in previous Annual Reports, that it maintained a policy of trade credit insurance in respect of its larger customers.

Interim Results Announcement of 8 January 2002

In October 2001, NTL placed orders for 450,000 set top boxes, to be delivered in January, February and March 2002, on which Pace's forecasted revenues for the financial year ending 1 June 2002 were dependent. In early December 2001, the size of the order was reduced to 300,000 boxes and the parties continued to discuss payment and delivery terms.

On 19 December 2001, Pace's trade credit insurer, NCM, informed Pace that it was withdrawing insurance cover in respect of all of Pace's future shipments to NTL including the October 2001 order. This withdrawal meant that future payments owed by NTL were no longer guaranteed. The matter was not drawn to the attention of the company's corporate brokers and the withdrawal of insurance cover was not mentioned in the Interim Results statement published on 8 January 2002. Pace's Interim Results Announcement on 8 January 2002 showed that the expected turnover for the year ending 1 June 2002 would be broadly similar to the previous year's turnover of £524 million. Key to the realisation of the forecast figure was the receipt of the revenue from NTL's purchase of the 300,000 boxes.

Trading Statement of 5 March 2002

On 4 February 2002, Pace changed its expectation of its revenue for its financial year ending 1 June 2002, to £455 million, which was 12.5% less than the market consensus of £520 million. This information was not announced to the market. On 4 March 2002 Pace commenced a review of its performance which indicated that there had been a marked deterioration in its forecasted revenue for the financial year ending 1 June 2002 from £455 million on 4 February to £350 million. This further change in expectation represented a decrease of approximately 30% from the forecast of £524 million implied by the Interim Results of 8 January 2002.

Pace issued a Trading Statement on 5 March 2002 setting out its change in expectation. Following the announcement, Pace's share price fell nearly 67% from £3 to £1 at the close of trading.

Notes for editors
The full text of the Final Notice, dated 26 January 2005, is available on the FSA website. This includes the background to the case, the relevant statutory provisions and the regulatory requirements contravened and the factors taken into account by the RDC when setting the level of the fine.

Financial penalties are not treated as income by the FSA. They are applied for the benefit of authorised persons (or the issuers of securities admitted to the official list) as appropriate, and so given back to the industry in subsequent years.

Pace Microtechnology is a publicly listed company whose shares are traded on the LSE.

Paragraph 9.2 of the version of the Listing Rules, which applied at the time, states that:
"A company must notify the Company Announcements Office without delay of all relevant information which is not public knowledge concerning a change:

(a) in the company's financial condition;
(b) in the performance of its business; or
(c) in the company's expectation as to its performance;

which, if made public, would be likely to lead to substantial movement in the price of its listed securities."

Paragraph 9.3A of the version of the Listing Rules, which applied at the time, stated that:
"A company must take all reasonable care to ensure that any statement or forecast or any other information it notifies to the Company Announcements Office or makes available through the UK Listing Authority is not misleading, false or deceptive and does not omit anything likely to affect the import of such statement, forecast or other information."

Under section 91(1) of the Financial Services and Markets Act 2000 if the FSA considers that an issuer of listed securities has contravened the Listing Rules, it may impose a penalty of such amount as it considers appropriate.

FSA took on new powers under the Financial Services and Markets Act 2000 on 1 December 2001. The disciplinary sanctions available to the FSA for breaches of the Listing Rules that take place on or after 1 December 2001 include a fine or a public statement.

The FSA has taken action for Listing Rules breaches in the following cases since 1 December 2001 - Marconi, SFI, Sportsworld, Universal Salvage and Shell.

The FSA wrote to listed retail companies, on 15 December 2004, reminding them of their duties under the Listing Rules to keep the market informed without delay of any developments in their businesses.

The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the appropriate degree of protection for consumers; and fighting financial crime.

The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve our business capability and effectiveness.
Posted at 30/8/2004 08:12 by soysoy
Stockgate" and Naked Shorting – Is it Happening Here?
by Wendy Durham 1st June 2004

--------------------------------------------------------------------------------

Tuesday 1st June 2004


Naked shorting is the sale of fictitious shares – i.e. the seller either is NOT required to make an undertaking that he can or will deliver the stock he has sold, or simply fails to deliver. This practice – thought by many to be immoral - is quite capable of bringing a blameless small company to its knees through no fault of its own, although it is fair to say that some weak organisations do cite it as an excuse for their own poor share price performance. On 1st April 2004, new regulations in the US made the practice of naked shorting just about impossible, by requiring that sellers of any stock must be able to deliver the sold shares within 2 days of settlement.

Between January and April, hundreds of US companies found themselves listed in Berlin, on the Berlin Stock Exchange, without their knowledge or consent. Why might this be?

An overview of what is being called "Stockgate" appears here:



The Financial Times had this to say:



Another of the many commentaries from the US is here:



All of these cite the "arbitrage exception" to the naked shorting rules as being a loophole which can be used now that these companies are listed on a foreign exchange. The wording of this exception – Rule 10a-1 (e)(8) is as follows: (NB – "paragraphs (a) and (b) of this section" refers to the short selling rules)

(e) The provisions of paragraphs (a) and (b) of this section (and of any exchange rule adopted in accordance with paragraph (a) of this section) shall not apply to:

(8) Any sale of a security registered on, or admitted to unlisted trading privileges on, a national securities exchange effected for a special international arbitrage account for the bona fide purpose of profiting from a current difference between the price of such security on a securities market not within or subject to the jurisdiction of the United States and on a securities market subject to the jurisdiction of the United States; provided the seller at the time of such sale knows or, by virtue of information currently received, has reasonable grounds to believe that an offer enabling him to cover such sale is then available to him in such foreign securities market and intends to accept such offer immediately;

Nowhere is the actual use of this loophole spelled out – but the implication appears to be that the stock is SOLD in the domestic market, in anticipation of immediately BUYING at a lower price in the overseas market to cover the sale and make a profit from the difference in price. However, for this to be a "loophole", there must be an advantage to the US seller – thus one can speculate that if the seller then fails to purchase in the foreign market, the wording of "reasonable grounds to believe" appears to permit any number of excuses for such failure to cover the short. In the meantime, the now-naked short remains open....or is eventually settled via the stock borrow program of the US Depositary Trust and Clearing Corporation (DTC).



So what has this to do with UK listed companies?

Go first to

Choose About Us

Choose New Companies

Choose Listings

Then browse through the pages to understand the sheer scope and scale of what was done in just a few weeks during March and April 2004. Allegedly, the bulk listings began earlier than this, but I cannot find evidence of dates on the BSE's website prior to 1st March.

145 UK listed companies – largely small caps and speculative stocks – have been listed on the Berlin Exchange since 1st March. At the same time, hundreds more companies from all over the world, but mainly from the US and Canada, were also listed, largely by the same brokers - 1170 and 1172. It is notable that the majority of companies listed are small cap and/or speculative stocks, particularly the huge number of mining and exploration vehicles.

A Google search turns up very many US companies complaining bitterly that within only weeks of the effective outlawing of naked shorting in the US on 1st April, they have discovered that they are now exposed WITHOUT THEIR KNOWLEDGE OR CONSENT to the same activity via – apparently - the arbitrage loophole. The Berlin Stock Exchange deny that the exchange is being used for naked shorting, but it is a remarkable coincidence that highly speculative US short targets, many of them already in severe trouble, suddenly end up - in their hundreds - listed on a foreign exchange within a very "short" period indeed of the ending of the practice in the US. It is a fact that one of the complainants, Goldspring, which now appears to have been removed from trading, had been listed in Berlin in late November 2003. Its price experienced a fairly volatile rollercoaster ride, from 0.45 Euros in November to approximately 0.8 Euros by mid-Feb. On 1st April the price in Berlin was 0.7 Euros, but immediately began to fall sharply, and by early May, when Goldspring requested the removal of their listing, the price was down to 0.4 Euros. Interestingly, no volume AT ALL was recorded for the stock during the entire period of its listing – a common feature of the recently listed US and UK stocks. There is virtually NO trading going on in Berlin in the shares of these companies. Which once again raises the question: why were they listed?

Are UK companies also being targeted via a similar route?

Of small cap UK companies that have suffered recently, Bioprogress and Proteome Sciences spring to mind. Both have halved from recent highs, partly due, it has been thought, to organised shorting by hedge funds intent on destabilising a substantial margin trade position to bring the stocks ever lower

Proteome Sciences (PRM.BE) has been listed on the Berlin Stock Exchange since Autumn 2000. Bioprogress – as discovered by a sharpeyed ADFVN bulletin board poster known as "Scram" - was listed on 21 April 2004 (BPRG.BE). Both companies are known in the US through an earlier listing on the OTCBB in the case of BPRG, and commercial relationships in the case of PRM. On 1st April – the day from which the focus of US naked shorters was switched to stocks listed in Berlin - Proteome was standing at £1.90 per share, having reached £2.30 on an earlier high, and had been trading steadily for the previous month in the £2.10 - £1.90 range. Bioprogress had come off an earlier unsustainable high at £1.60 to a 6-week trading range of £1.00 - £1.20.

On 1st April, Proteome Sciences' share price began to fall sharply and by 28th April had reached 90p.

On 29th April, just 8 days after listing in Berlin, Bioprogress began a rapid descent to 75p by 14th May .

Neither have recovered more than a fraction of their earlier highs.

Coincidence?

Perhaps – but perhaps not.

Many companies have had a hard time of it during April and May, which has been put down to poor market conditions, macroeconomic effects throughout the world, and general underperformance. In the particular cases of Bioprogress and Proteome, traders were becoming increasingly nervous as expected commercial deals failed to materialise.

However, six other UK companies were listed in Berlin on the same day as Bioprogress – 21st April. Their short term charts make interesting reading:

Regal Petroleum – share price declined from 10 May

Pipex Comms – share price began a decline at the end of March, which has steepened since 29 April.

RAB Capital – share price commenced a decline on 20 April, corrected a little on 26 April, but resumed an overall downtrend on 28th

African Gold – share price decline commenced 22 April, flattened off from 26 April – 6 May, and then resumed the downtrend.

Oystertec – follows a similar pattern to Pipex, though the price has since recovered

ASK Central – the company was under offer, which became conditional in early May – hence there was no share price effect.

Several more UK companies were listed on 28 April. Of these:

Supercart's price – already in decline from 54p to 36p – fell to 23p between 29 April and 20 May.

Visonic, after two weeks of trading sideways, commenced falling sharply on 30 April

Omega Int began to fall from £1.23 on 4 May to £1.04 by 20 May

The charts of two more companies listed on that day, Dignity and Polaron, show them to have been good short candidates. Dignity had experienced a sharp rise – and Polaron appeared to be rapidly declining. However, neither appeared to have suffered ill-effects after their Berlin listing.

Another group of UK companies were listed in Berlin on 1 March 2004. A review of their charts is even more interesting! The companies involved are Golden Prospect, Gold Mines of Sardinia, Glencar Mining, Eurasia Mining, Avocet Mining, Randgold, African Eagle, Oxus Gold, Griffin Mining and Tertiary Minerals. It is worth noting that most of the UK companies listed since 1 March are highly speculative, many illiquid, and several were already excellent short candidates. In fact, one has to wonder why this relative handful of 145 companies have been added at all, if it were not for the fact that most of them, at some point, will be or have been first rate shorts.

All the above looks at only a few of the UK companies listed in Berlin during the last 3 months, and any evidence that they are being targeted by naked shorters is purely circumstantial. However, the charts and the general absence of any trading in these stocks on the Berlin Exchange do appear to be telling a story.

It is clear that there are many more UK companies enjoying a Berlin listing, in addition to the 145 that have been listed since 1st March this year. A random input of various UK tickers, particularly those of speculative stocks, into the Berlin Exchange's search facility turns up a result in many cases. Some will no doubt have chosen to be listed there – others may as yet be unaware. How many more of these older listings are now increasingly vulnerable to a shorting community focused on the Berlin exchange? Proteome Sciences might be a salutary example.

Finally - could it be that the "generally poor market conditions" which have been given as a reason for sliding prices in many UK listed smallcap and speculative stocks have been a symptom rather than a cause?

Wendy Durham 1st June 2004


This article is the copyright of Fillyaboots.com and may NOT be reproduced or copied elsewhere without our written permission. You are however, welcome to quote extracts provided it is properly attributed and refer to it wherever you wish using the following link



Please remember Fillyaboots.com is a free service but
Posted at 08/4/2004 06:29 by soysoy
17 April 2002 4 for 11 Rights Issue of up to 95,290,598 new ordinary shares at 70 pence per ordinary share


The Mayflower Corporation plc, a technology-led, specialist engineering group today announces a 4 for 11 Rights Issue to raise approximately £66.7 million to provide the Group with greater financial flexibility to pursue opportunities in its core businesses to increase shareholder value. Mayflower's established and proven strategy is to focus on innovative manufacturing and product solutions in specialist engineering, with the objective of growing niche businesses into international businesses. This strategy is pursued through organic growth, selective acquisitions, mergers and joint ventures.

The Rights Issue will raise money to:



accelerate market penetration in new overseas markets;

make small strategic acquisitions; and

strengthen the Company's balance sheet.

Commenting on the Rights Issue John Simpson, Chief Executive and Deputy Chairman said.
"We believe that this Rights Issue will provide Mayflower with the strategic ability to develop its core businesses, TransBus International and Mayflower Vehicle Systems through increased financial flexibility for capital expenditure, working capital and small targeted acquisitions."
The Rights Issue has been fully underwritten by Credit Suisse First Boston Equities Limited and KBC Peel Hunt Limited as joint lead underwriters.
Mayflower will be holding an analyst and shareholder meeting today at 9.30 am at Tower 42, 32nd Floor, 25 Old Broad Street, London EC2.

For further information contact:


Mayflower Corporation plc
John Simpson
David Donnelly (on the day) 020 7554 1400
Bill Simpson (on the day) 01483 571271 or mobile: 07818 048371

CSFB
Alisdair Gayne 020 7888 0893

KBC Peel Hunt
Christopher Holdsworth Hunt 020 7418 8900

Gavin Anderson & Company
Elizabeth Morley
Will Swan 020 7554 1400



Background to and reasons for the Rights Issue

The Group has two main operating divisions:

TransBus International ("TransBus"), the market leader in its core markets, in the manufacture of complete buses, bodies and chassis.

Mayflower Vehicle Systems ("MVS") which supplies panels, sub-assemblies and bodies to automotive manufacturers in the USA, UK and Germany.

In addition Mayflower's e3 technology division is focused on new technologies that meet the demands of the 21st Century.

Overview of Mayflower's Business

2001 was another year of progress and achievement for Mayflower:

The creation of TransBus in 2001 through the merger of the Dennis, Alexander and Plaxton brands represents the culmination of a strategy to build a globally competitive bus and coach manufacturer delivering innovative product to customers while generating industry leading returns. The business ended the year having increased its market share and with a record order book following a major integration effort involving plant rationalisation, product relocation and re-branding.


MVS was restructured in 2001 to introduce manufacturing, sales and finance functions on a worldwide basis to improve service to its customers, the global OEMs. With its major North American market in heavy truck falling to the lowest level since 1992, the key challenges facing management in 2001 were to maintain a strong emphasis on customer service while adjusting capacity to the new environment and building the capability to exploit recovery when it comes. MVS moved quickly to exploit the downturn in the North American truck cab market acquiring a struggling competitor, ACV, and in the process winning a new contract to supply Volvo with cabs for the first time.


Mayflower e3 Energy has contracted to build a unique turbine installation vessel designed to tap the burgeoning market for offshore wind farms.


Mayflower e3 Engines is developing a revolutionary technology which enables the compression ratio and capacity of internal combustion engines to be changed while running, resulting in dramatic improvements in fuel economy and emissions.

In 2001, the Group delivered very respectable results in a difficult trading environment. Despite major restructuring and other exceptional costs, Mayflower has made significant progress in reducing its overall level of debt through a tight focus on cash management, with the result that the Group's facilities were comfortably in excess of its borrowings at 31 December 2001. The Board of Mayflower, however, believes that focusing solely on debt reduction would prejudice the ability of the Group to deliver its long-term strategic objective of shareholder value.

Mayflower has a track record of building businesses and intends to continue to develop and grow its core businesses in the automotive and bus markets by:


pursuing organic growth opportunities; and

capitalising on small targeted acquisition opportunities.


Reasons for the Rights Issue

Mayflower believes that the core businesses - MVS and TransBus - are now well positioned to deliver further organic growth by exploiting their strengths and capitalising on the opportunities that are presenting themselves as a result of the current market environments in which they operate. Strong order books in the bus division and major new contract opportunities in body systems underpin Mayflower's confidence in the future. Mayflower believes that there are a number of other organic growth opportunities, which it is currently constrained from pursuing, as financial flexibility and the availability of capital are key factors in winning the business.
Mayflower's management is skilled in identifying acquisition targets which have untapped potential and then delivering improvements from them. Mayflower's management team has identified a number of small acquisition opportunities, of a bolt-on nature, which would enhance the Group's position by bringing in new process technologies, new customers or by extending the geographical reach of the Group's core businesses and technology division. These opportunities have arisen and will continue to arise from changing customer requirements and repositioning by competitors in the face of market uncertainties. Indications are that value expectations on the part of vendors have moderated, thereby improving the potential for enhancing acquisitions.
Mayflower believes that current opportunities, albeit individually relatively small in scale, could not be exploited fully within the Group's existing financial constraints and that by increasing its financial flexibility it will be able to pursue growth opportunities more aggressively.
The Rights Issue would allow the Company to:

accelerate market penetration in new overseas markets;

make small strategic acquisitions; and

strengthen the Company's balance sheet.
The Mayflower Board has reviewed, with its financial advisers, the options for the financing of the Group, including acquisition opportunities, as it moves forward. The Board has concluded that a call for support from its Shareholders at this time to strengthen the Group's financing structure will allow it to grow with confidence. Since 1996, Mayflower has funded its acquisitions principally by increased use of its debt capacity and has not had recourse to its Shareholders since the SCSM acquisition in 1996.
The proceeds of the Rights Issue are intended to be used for working capital, capital expenditure, small strategic acquisitions and to strengthen the balance sheet.


2001 Results

On 19 February 2002, the Group announced its Preliminary Results for the year to 31 December 2001 and the Annual Report and Accounts were mailed to Shareholders on 15 March 2002.
Operating profit, before exceptional items and goodwill, was £50.7 million (2000 £69.0 million) on turnover of £647.3 million (2000 £592.8 million). Profit before tax, exceptional items and goodwill was £30.2 million (2000 £50.2 million) and underlying earnings per share were 6.2 pence (2000, as restated for adoption of FRS 19 'Deferred Tax', 14.8 pence). A final dividend of 1.50 pence, was declared making a total for the year of 3.00 pence (2000 : 4.00 pence). The Board expects to maintain the dividend at 3.00 pence per share in 2002 and to increase the level of dividend payment when the Group's financial position allows.
With strong cash generation reducing net debt to £211.0 million, the Group was comfortably within its facilities and met its banking covenants.

Current Trading and Prospects

Mayflower Vehicle Systems

Recent indications are that the market has now stabilised and, with expected new product wins, overall sales are expected to be broadly similar to 2001 not withstanding DaimlerChrysler's decision to cease Prowler production forthwith. In addition, margins are expected to improve as a result of recent reorganisation and cost reductions.
The transformation of MVS' business in Germany has continued with significant new body structure contracts with an annualised turnover in excess of £10.0 million secured at the Gaggenau plant with Audi, DaimlerChrysler, VW and Faurecia. In the UK, new business wins from Land Rover and Aston Martin, together with the award of various packages of work from MG Rover, have helped to pave the way for further growth of the business.
For MVS Europe, as a whole, it is expected that sales will increase in 2002 as new business wins come through.

TransBus International

2001 was a year of significant change in which the introduction of lower margin Plaxton product into the overall sales mix reduced operating margins to 10.1 per cent (2000 : 13.4 per cent) for the year as a whole. However with second half margins improving compared to the first half, as a result of early action taken to cut costs, some improvement in margins is expected in 2002 as the full year effect of 2001 changes comes through.

The TransBus business development effort continues to remain firmly fixed on international markets with buses either having been delivered, or earmarked for delivery, in Holland, Spain, USA, Canada, Singapore, Sri Lanka, Bangladesh and Hong Kong. The prospects for 2002 have been significantly bolstered with a £29.0 million order from KMB in the Far East and £70.0 million of orders for London.
The development of new business, centred around customer support and founded on the existing parts business, offers considerable opportunities for growth. The size and fragmented nature of the overall support market offers considerable opportunity for the recently reorganised and streamlined TransBus parts business and the new and rapidly evolving facilities management business. The first contract, for the provision of maintenance and repair facilities for a customer, is now up and running and a number of other development opportunities are being pursued.
With a balanced picture in the market place, TransBus is well positioned for further development in 2002. Order books with a total value of £160 million are high for the time of year with available factory capacity being filled through to the last quarter. With annualised cost savings flowing through of around £10.0 million, the outlook for 2002 is encouraging and should see further growth.


Technology

2001 witnessed the first phases of two exciting new technology projects, developed under the banner of the Group's newest business segment, Mayflower Technology.
Mayflower e3 Turbine Installation Vessel
A new company, Mayflower Energy Limited, has been established to manage the design, build and commissioning of a new turbine installation vessel. The vessel has a unique combination of capabilities and will be deployed to install and maintain offshore wind turbines in what is a new and rapidly developing market in an industry that is currently growing at 25 per cent per annum.
The vessel is being built in China and is expected to be commissioned over the winter of 2002 / 2003, to generate revenues in the second quarter of 2003 and to make initial profits during the remainder of the year. Letters of intent for installation work have been received and these are currently being worked upon to turn into firm contracts.
Mayflower e3 Variable Motion Engine
The Mayflower e3 variable motion engine was formally unveiled in October 2001 to a worldwide audience. Initial testing of this exciting new engine has indicated that minimum improvements of 40 per cent in fuel consumption and 50 per cent in emissions could be achieved if all features of the Mayflower e3 technology are utilised, including downsizing. Mayflower e3 technology is applicable to all types of engine, whether 4-stroke, 2-stroke, diesel, turbocharged or supercharged. The Mayflower e3 engine has the potential to be used in cars, trucks, buses, motorcycles, boats and other applications. Mayflower is currently negotiating, with OEM partners, technology licences and agreements to develop demonstrable prototypes in the next eighteen months.


Group Prospects

Despite current uncertainties, Mayflower believes that, with solid order books and cost cutting programmes already in place, the Group will continue to prosper. Mayflower's core businesses and new technology prospects give it a sound platform from which to build shareholder value.

Summary of the Rights Issue

Mayflower proposes to raise approximately £64 million (net of expenses) by the issue of up to 95,290,598 New Ordinary Shares at a price of 70p per share, payable in full on acceptance, to Qualifying Shareholders on the following basis:




4 New Ordinary Shares for every 11 existing Ordinary Shares

held by such Qualifying Shareholders on the Record Date and so in proportion for any other number of Ordinary Shares then held. Entitlements to New Ordinary Shares will be rounded down to the nearest whole number. Fractional entitlements will not be allotted to Qualifying Shareholders, each Qualifying Shareholder's entitlement being aggregated and sold for the benefit of the Company. The New Ordinary Shares will, when issued and fully paid, rank pari passu in all respects with the existing issued Ordinary Shares, including the right to receive in full all dividends and other distributions declared, paid or made on the Ordinary Shares after the issue save that, for the avoidance of doubt, the New Ordinary Shares will not rank for the dividend declared in respect of the year to 31 December 2001.
The Rights Issue has been underwritten by the Joint Lead Underwriters and is conditional, inter alia, upon the Underwriting Agreement not being terminated prior to Admission and being otherwise unconditional in all respects. The Underwriting Agreement is conditional, inter alia, upon:

(i) the passing of the Resolutions; and

(ii) Admission occurring by 8.00 am on 7 May 2002 (or such time and/or date as CSFB, the Joint Underwriters and the Company may agree not being later than 30 June 2002).

Application for Admission has been made in respect of the New Ordinary Shares. It is expected that Provisional Allotment Letters will, subject to the Resolutions being passed, be despatched on 3 May 2002 immediately following the Extraordinary General Meeting, and that dealings for normal settlement in the New Ordinary Shares, nil paid, will commence at 8.00 am on 7 May 2002.
The latest time and date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters under the Rights Issue is expected to be 10.30 am on 27 May 2002.
The full terms and conditions of the Rights Issue, including the procedure for acceptance and payment and procedure in respect of rights not taken up, are set out in Part II of the Prospectus and will be included, in the case of Qualifying non-CREST Shareholders, in the Provisional Allotment Letter.

Extraordinary General Meeting

An Extraordinary General Meeting to the Company will be convened at Lacon House, 84 Theobald's Road, London WC1X 8RW at 10.00 am on 3 May 2002, at which ordinary resolutions will be proposed to approve the financing arrangements.

Other

A Prospectus providing further details of the Rights Issue and convening and Extraordinary General Meeting will be published and posted to Shareholders as soon as practicable. Copies of the Prospectus can be obtained from CSFB, 20 Columbus Courtyard, London E14 4DA.

Recommendation

The Directors, who have received financial advice from CSFB, believe that the Rights Issue is in the best interests of the Company and Shareholders as a whole. In providing advice to the Directors, CSFB has relied upon the Directors' commercial assessment of the Rights Issue. Accordingly the Directors unanimously recommend you to vote in favour of the Resolutions, to be proposed at the Extraordinary General Meeting. The Directors intend to subscribe for not less than the number of New Ordinary Shares as can be funded by the sale, nil paid, of their rights.

This announcement is not for publication or distribution or release, directly or indirectly, in the United States, Canada, Japan or Australia. This announcement does not constitute or form any part of any offer to sell, issue or to acquire any securities of the Company in the United States, Canada, Japan, Australia or in any other jurisdiction. The Company's shares are not being registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) absent registration or an available exemption from such registration.
Credit Suisse First Boston are acting for the Company and no one else in connection with the Rights Issue and will not be responsible to any other person for providing the protections afforded to their respective clients or for providing advice in relation to the proposed Offering.




EXPECTED TIMETABLE OF PRINCIPAL EVENTS

2002
Record date for entitlement to New Ordinary Shares Close of business on 29 April
Latest time and date for receipt of Forms of Proxy for the Extraordinary General Meeting 10.00 am on 1 May
Extraordinary General Meeting 10.00 am on 3 May
Despatch of Provisional Allotment Letters (to certain Qualifying non-CREST Shareholders only) 3 May
Nil Paid Rights credited to stock accounts in CREST (certain Qualifying CREST Shareholders only) 3 May
Dealings in New Ordinary Shares to commence, nil paid 7 May
Nil Paid Rights and Fully Paid Rights enabled in CREST 7 May
Recommended latest time for requesting withdrawal of Nil Paid Rights from CREST 3.00 pm on 21 May
Latest time for depositing renounced Provisional Allotment Letters (nil paid or fully paid) into CREST or for dematerialising Nil Paid Rights into a CREST stock account. 3.00 pm on 22 May
Latest time and date for splitting Provisional Allotment Letters (nil paid or fully paid) 3.00 pm on 23 May
Latest time and date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters 10.30 am on 27 May
Dealings in New Ordinary Shares to commence, fully paid 8.00 am on 28 May
Expected time for New Ordinary Shares to be credited to CREST stock accounts 28 May
Despatch of definitive certificates for New Ordinary Shares By 31 May





DEFINITIONS

The following definitions apply throughout this document.
"Act" the Companies Act 1985 (as amended)
"Admission" the admission of the New Ordinary Shares, in nil paid form, to the Official List and to trading on the London Stock Exchange's market for listed securities becoming effective in accordance with the Listing Rules and the Admission and Disclosure Standards
"Admission and Disclosure Standards" the requirements contained in the publication "Admission and Disclosure Standards" issued by the London Stock Exchange containing admission requirements to be observed by companies seeking admission to trading on the London Stock Exchange's market for listed securities, as amended from time to time
"Bonus Waiver Scheme" The Mayflower Corporation Executive Share Plan;
"Company" The Mayflower Corporation plc, a company incorporated in England and Wales with registered number 820979
"CREST" the system for the paperless settlement of trades in listed securities of which CRESTCo is the operator
"CSFB" Credit Suisse First Boston (Europe) Limited
"CSFBEL" Credit Suisse First Boston Equities Limited
"Deferred Annual Bonus Plan" The Mayflower Corporation plc Discretionary Share Award 2001
"Directors" or "board" the directors of the Company whose names are set out on page 7 of this document
"Extraordinary General Meeting" or "Meeting" the extraordinary general meeting of the Company convened for 10.00 am on 3 May 2002 the notice of which is set out at the end of this document
"EBITDA" earnings before interest, taxation, depreciation and amortisation
"Financial Adviser" CSFB
"Form of Proxy" the form of proxy accompanying this document for use by Shareholders in respect of the Extraordinary General Meeting
"Fully Paid Rights" the rights to acquire New Ordinary Shares fully paid
"Group" the Company, its subsidiary undertakings and its associated undertakings
"Issue Price" the price of 70 pence at which each New Ordinary Share is being offered pursuant to the Rights Issue
"Joint Lead Underwriters" CSFBEL and KBC Peel Hunt Limited
"Listing Rules" the rules and regulations of the UK Listing Authority (as amended from time to time) made under Section 74 of the Financial Services and Markets Act 2000
"London Stock Exchange" the London Stock Exchange plc
"Long Term Share Incentive Scheme" the Company's Long Term Share Incentive Scheme as adopted pursuant to an ordinary resolution of the Company dated 24 April 1996 as amended by a committee of the Directors on 5 March 1997
"New Ordinary Shares" the new Ordinary Shares proposed to be issued pursuant to the Rights Issue
"Nil Paid Rights" the New Ordinary Shares, in nil paid form, provisionally allotted to Qualifying Shareholders pursuant to the Rights Issue
"Official List" the official list of the UK Listing Authority
"OEM" an original equipment manufacturer
"Ordinary Shares" ordinary shares of 5p each in the share capital of the Company
"Overseas Shareholders" Shareholders who have registered addresses in, or who are citizens or residents of, countries other than the United Kingdom
"Provisional Allotment Letter" the renounceable provisional letter of allotment in respect of New Ordinary Shares proposed to be sent to Qualifying non-CREST Shareholders (other than certain overseas shareholders) in respect of the New Ordinary Shares to be provisionally allotted to them pursuant to the Rights Issue
"Qualifying CREST Shareholders" Qualifying Shareholders whose Ordinary Shares on the register of members of the Company at the close of business on the Record Date are in uncertificated form
"Qualifying non-CREST Shareholders" Qualifying Shareholders whose Ordinary Shares on the register of members of the Company at the close of business on the Record Date are in certificated form
"Qualifying Shareholders" Shareholders whose names are on the register of members of the Company on the Record Date
"Record Date" the close of business on 29 April 2002
"Resolutions" the ordinary resolutions numbered 1 and 2 as set out in the notice of Extraordinary General Meeting
"Rights Issue" the proposed issue of up to 95,290,598 New Ordinary Shares by way of rights as described in this document
"SCSM" South Charleston Stamping and Manufacturing Company
"Share Option Schemes" the 1987 Executive Share Option Scheme, the 1989 Senior Executive Share Option Scheme, the Mayflower Corporation Executive Share Option Scheme 1998, the Mayflower Corporation Savings Related Share Option Scheme, the Mayflower Corporation Overseas Savings Related Share Option Scheme and the Bonus Waiver Scheme
"Shareholders" holders of Ordinary Shares
the Financial Services Authority acting in its capacity as the competent authority to the purposes of Part VI of the Financial Services and Markets Act 2000

"UK Listing Authority" the Financial Services Authority acting in its capacity as the competent authority to the purposes of Part VI of the Financial Services and Markets Act 2000
"uncertificated" or "in uncertificated form" an Ordinary Share recorded on the Company's share register as being held in uncertificated form in CREST and title to which, by virtue of the Regulations, may be transferred by means of CREST
"Underwriting Agreement" the conditional agreement dated 17 April 2002 between the Company, the Joint Lead Underwriters and CSFB







For further information, please contact:
Mayflower Corporation
John Simpson, Chief Executive - Office: 01494 450 145
David Donnelly, Joint Managing Director - Today: 0207 457 2345

Gavin Anderson & Company
Liz Morley, Rebecca Penney, Will Swan - Office: 0207 457 2345



More details of the Preliminary Results Announcement for the year ended 31 December 2001 can be downloaded here: PreliminaryResultsDec2001.pdf (720k PDF file)
Posted at 23/3/2004 14:31 by oraclemuppet
My opinion is that the fall in MFW price is an over-reaction to the current situation.
At the end of the day MFW is still making a profit (unless there is yet another shock next week) of about £6 million. Yes the level of debt is high but what matters is whether they can service the debt.
The recent announcements have stated that the write-downs are one-offs and not expected to recur this year. The lenders have agreed a standstill agreement while they conclude negotiations. I'm sure that the new financing deal will be worked out positively for MFW, after all it isn't in the banks interest to pull the rug from under a profitable (albeit somewhat less profitable than last year) company.
If MFW was making huge losses and had no hope of recovery then I could see it going under, but looking at the publically available information then it is obvious that a large amount of panic selling is going on and thus assuming no surprises next week then the share price will bounce (dead cat?)
I sold several shares in such a panic last year and lived to regret it. This time I am holding - though mainly because I don't have much more to lose anyway :-(
Next time I shall set a rigid stoploss at 20% and not budge from it.

Good luck to all the holders out there.

I would value anyone's opinion on this one.
Mayflower share price data is direct from the London Stock Exchange

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