Merchant House Share Discussion Threads

[zitec] 07/11/2012 13:59

Even MHG have posted it on their website!!

[mike111d] 07/11/2012 13:56

Was just thinking the same myself, you could not make it up - LOL.

[zitec] 07/11/2012 13:49

This nomad looks a perfect match for MHG.

Oops

[monkey puzzle] 07/11/2012 11:20

I wouldn't call them crooks actualy, more like complete incompetents unfit to run a newspaper stall let alone a plc....how this company has an arm that is dedicated to turning around struggling companies and can't even runit's own financial affairs is staggering....all that seems to happen is that every pound they bring in costs them £1.10...and the begging bowl is out again after thye received £2m....quite unbelievable incompetence, no wonder the FSA won't let them resume trading...this lot can't even get the basics right let alone anything else.

[mike111d] 06/11/2012 20:19

Fair enough TR, it is a long haul and I guess what will be will be. All the best, Mike.

[monkey puzzle] 06/11/2012 14:26

Makes me wonder if any PIs bothered to attend...nowt here, on lSE or over at iii....apathy rules

[the ross] 06/11/2012 08:19

Nope, couldn't get out of meetings to head down from Leeds. I'm leaving them to it. Awaiting relist dependant on approval if they can achieve it.TR

[mike111d] 05/11/2012 22:43

Did you make it to the AGM TR?

[kiino-ke] 05/11/2012 19:35

we will be back in business soon i hope change of director and capital raised, more capital needed obvious but not dead. They need shareholders on their side as i would have thought no one interested in investing in lumps like Beia.

[monkey puzzle] 05/11/2012 16:47

Says it all...no reports and no new news...all in all, another waste of time...anyone got any idea what happens next?

[bubble pricker] 04/11/2012 21:33

who is going to the AGM tomorrow?

[monkey puzzle] 01/11/2012 20:24

Mike,

But the CEO does run the business, yes or no?

[mike111d] 01/11/2012 20:19

MP, yes but you are still coming at it from the point of view that CD was calling all of the shots, that is IMO an error in judgement. Anyhow, I do not wish to labour the point. All the best for the coming days.

[monkey puzzle] 01/11/2012 20:12

Mike,

Don't dispute he bought the stock but as CEO he sets the company strategy, implements it and should manage the business affairs in terms of knowing what works and what doesn't both operationally and more importantly financially. I think he tried to drive the business too hard and lost sight of the only the thing that really matters when it comes to company finances and that's managing the cashflow....if that goes bad so does every thing else (I recall Theo P declaring that on Dragon's Den and have never forgotten it)...doing placing after placing after placing to keep the company alive to pay the bills/debts is not the way to run a business, let alone the extremely negative effect it has on the company's shareholders.

[mike111d] 01/11/2012 20:05

MP, we will have to agree to disagree then over his influence relative to others but in principle I do appreciate the point that you make. FWIW check back and see the number of shares that he picked up previously compared to others.

[monkey puzzle] 01/11/2012 19:35

Mike,

The CEO runs the business....Day failed. Simple as that.

[grlz] 01/11/2012 19:07

dead ducks don't quack

[mike111d] 01/11/2012 19:03

CD was IMO the best of a bad bunch and that he has elected to stand down from the parent company is not a particularly good sign. That he remains on the board of the more important subsidiary might provide you with a pointer as to how this could play out.

I maintain that a further update is likely ahead of the AGM on Monday, so either later tomorrow or first thing Monday morning.

I really hope that they manage to pull something out of the bag for you but on the back of the RNS today I would not take this for granted.

[monkey puzzle] 01/11/2012 17:53

Reading that RNS it is clear to me that Day just ran out time and the new BoD told him he didn't have their confidence going forwards. CEOs rarely just step down and move sideways to become less important, so he was basically moved away and remains on the payroll with all his nice benefits no doubt. The new BoD are clearing the decks to implement their own strategy,hopefully their objectives are aligned with ours but its too early to call yet. I see the RNS didn't even have the standard thank you for all his contributions etc that tells me he was out of favour with the new power base at MHG. JH next perhaps?

All imo of course

[dubois] 01/11/2012 16:27

Citywire said this.

Following on from the firm's decision to delist from the alternative investment market, investors were told that Christopher Day has left his position.

But the actual article say something different. It say "it would consider selling off parts of the business and delisting from the AIM." that is not the same as "decision made" even if in reality it is.

[football] 01/11/2012 15:29

Merchant House chief exec steps down
1 November 2012 2:32 pm | By Natalie Holt

Merchant House Group chief executive Chris Day has stepped down from the company with immediate effect.

Merchant House managing director James Keane is assuming the chief executive role. Day will remain on the board of Merchant Capital, the company's structured products arm.


His departure comes after Merchant House Group posted an operating loss of £1.4m for the first six months of the year and told the market it will need to raise additional funds on top of its recent £2m funding injection.

The company is considering asset or business disposals to shore up its capital, and has not ruled out a sale of its IFA arm Merchant House Financial Services. There is also a risk Merchant House Group will cancel trading on AIM. Merchant House shares have been suspended since mid-April pending the outcome of a financial review.

Merchant House Group announced in June it had secured a £2m funding injection from turnaround investment firm Beia. The final £400,000 of funding from Beia is expected before 22 November but the group said earlier this week "it is clear that additional funds will be required in the short term to provide sufficient working capital and investment in the business".

Merchant Capital's UK business was hit after former custodian Pritchard Stockbrokers was suspended by the FSA from regulated activities in February. All £350m of clients' non-cash assets were transferred to new custodian Reyker Securities in March.

Merchant House made a pre-tax loss of £5.6m for 2011. Merchant House Financial Services reported a £2.4m loss following authorisation delays relating to 120 former advisers from Clarkson Hill, which Merchant House bought from administration in December 2011.

[football] 01/11/2012 15:26

Merchant House chief Christopher Day quits

The chief executive of troubled Merchant House has stood down.

Following on from the firm's decision to delist from the alternative investment market, investors were told that Christopher Day has left his position.

Day will remain on the board of Merchant House Group's (MHG) wholly owned subsidiary, Merchant Capital.

James Keane, managing director of MHG, will take on Day's chief executive role going forward.

Last month, MHG, whose shares are currently suspended, saw operating losses in the six months to the end of June widen from £0.5 million in 2011 to £1.4 million.

The acquisition of collapsed national IFA Clarkson Hill continued to hurt its business. At the same time the company's net debt grew from £0.09 million to £1.6 million, while this loss and rise in debt overshadowed a 31% increase in turnover during the period to £4 million.

[officerdigby] 01/11/2012 15:20

OK thanks Tilton.