Myanmar Investments Share Discussion Threads

[paulkent] 28/6/2006 14:51

...nothing...
...nothing....
...nothing....

??????????????????????????????

[the wise one] 28/6/2006 14:18

funny that! we were also told that TMP's top man was gonna email us all on mon afternoon to introduce himself. nothing yet

[paulkent] 28/6/2006 13:03

mondays statement said "administrators appointed tomorrow (ie Tuesday, yesterday)"....yet still no announcement...just what is going on i wonder!!!??????

[paulkent] 28/6/2006 10:00

u cork!.."Had MIL not let me down I could have retired"...u invested THAT much in this one stock?????...u must be bonkers (i mean that in the nicest possible way of course!!)....ive lost money too but at least i never did more than 15% of my total invested monies in it, wouldnt ever in this sort of AIM stock...its now my second total wipe out stock ive held (out of over 50) but you always have to assume the worst is possible even when youre investing for positive reasons...

[fisons5] 28/6/2006 09:41

Mil management....flog em,then hang em.

[kristini] 28/6/2006 08:55

Cork
You are missing a point. A management team of Directors made the decisions that have lead MPL to where it today, not the IFAs. PT has never been an IFA and I don't think he even likes IFAS!

If you made a decision to invest in Millfield (through your SIPP or directly)then you must be aware of the risks in investing in shares. You will have been happy to have taken any gains. By the tone of your posts maybe you were greedy and invested too heavily in one stock? Either way, be big enough to take the hits without becoming irrationally bitter when things go wrong.

[ucorksuckers] 28/6/2006 02:26

Snowman69

Don't worry I've a good reason for being cynical. I've lost money with MIL as well. It just strikes me as rather ludicrous that "Financial Advisors" don't have the ability to save themselves from bankrupcy; after all aren't they supposed to be the experts? That's going to look good on their CV when they go looking for their next job.

As for the Offshore Oil Industry, I agree with you to some extent but there is an insatiable appetite for oil and gas and, having a mortgage, and having lost part of my pension with MIL, I am mercenary enough to carry on plundering the planet's resources. Had MIL not let me down I could have retired and then, of course, you would have all had to walk everywhere and heat (or cool, in your case) your homes with coast-to-coast solar panels and 10 million wind farms.
As long as people insist on cheap air-fares which cause approximately 1 ton, per passenger, of aviation fuel to be burned in the high atmosphere for each trans-atlantic crossing, I have no hope for the human race. No doubt our grandchildren will find a solution when all the oil and gas is gone.

good luck

corky

[htrocka] 27/6/2006 20:29

found this on III...



Sir Harry Flashcove 4
I googled Money Portal & what was the first thing I found?? :-

"Anthony James Morris, chief executive of The Money Portal (TMP), the acquisitive financial advisory group, is to be disqualified as a director and barred from acting in such a capacity for 10 years"

[htrocka] 27/6/2006 20:15

I`ll go along with hobiecat..it`s not going to be difficult to get clients to turn away from a company that has threatened bankrupcy....the clients will be terrified of haveing their cash tied up with a company talking of administration..... possibly `frozen` ...or worse..No doubt the RI`s have already been very busy...this will leave Millfield with nothing to sell...therefore the you can kiss the production targets good-bye...I think Easter has shot himself in the foot..no doubt the rest of the RI`s will be protesting to the FSA.....and they`ll have a duty to hear them out.

[bigbense] 27/6/2006 15:42

PaulKent. This is the only post on the Prem BB thread. Not much help i am afraid

HOPELESS698 - 27 Jun'06 - 08:59 - 1 of 1


It's time to make these people answerable for the apauling mess they have managed to get this company into.

They have been making 'certain book-keeping errors' and they have taken the share holders to the cleaners. Where is this 10 Million going to?

We want some answers, we now need the FSA to block this deal and properly investigate this company!!!

Let's all join together and make seperate complaints.

[paulkent] 27/6/2006 15:20

is there no one around now??...im desperate to know what the Prem BB thread is saying (ive lost so much here i cant even afford £12 to subscribe to silver now!!!!!!)

and interesting that theres no announcement re appt of administrators yet?..even tho they said yesterday they anticipated it..??..any thoughts?.....maybe nothings been announced because theres a final twist about to amaze us all and someone will come out of the woodwork with a great deal for shareholders after all!!!....??!!!!................(yeah right!!!)

[luckybastid] 27/6/2006 11:44

June 27, 2006]


Jobs could go at city call centre

(Hull Daily Mail Via Thomson Dialog NewsEdge) Workers at an award-winning business were today facing an uncertain future after managers admitted it could be forced into administration.

More than 100 employees at Millfield Connect call centre in Europa House, Ferensway, have been told the business is up for sale.

Managers have been forced to seek a buyer after a proposed rescue package for its owners, the London-based Millfield Group, fell through.

Last week, the company requested the suspension of its shares on the Alternative Investment Market (Aim) - a sub-market of the London Stock Exchange - after they plummeted to a penny following announcements of a substantial loss.

The company launched a hi-tech national administration centre in Hull two years ago and expanded to employ more than 100 staff.

The business fields more than 1,000 calls a day from more than 500 independent financial advisers and 200 insurance companies.

It won the Mail's Business Innovation Award in 2003 and had plans to open new offices and create hundreds of jobs in the city.

The Millfield Group, which was part of one of the biggest UK players in the independent financial advice business, turned over more than GBP30m last year.

Despite announcing in December it would make a profit, the company recorded losses because of late-reported costs and lower than expected turnover. Bosses approached shareholders in March to raise funds, but talks collapsed and the company's shares plummeted by a third. In April, chief executive Paul Tebbutt was fined GBP35,000 by the Financial Services Authority for giving "misleading" information over its takeover of fellow financial advisors Inter-Alliance. He later resigned.

[paulkent] 27/6/2006 11:18

anyone?...that premium BB thread?..whats it saying?

[hobiecat] 27/6/2006 09:37

The deal looks like £3.6m on the drip, with a max of £10m. That's structured so Craven only pays on receipt. The receipt can only be two things: self employed RIs, and the renewal pot.

On the last full year balance sheet there was c.£3m. in assets, so it looks like what is being bought is the renewals - and this is right in line with TMP's business model, having bought Willis Owen, Bates et al. So here's the rub, as the advisers are all self employed, surely the renewals are not available for the firm to sell? I'd like to see Craven's explanation to the US backer about how this pans out. If I were a self employed RI, I'd have my solicitor drop in a letter today: that should force the question to be answered for all and should enable RIs to ensure the administrator cannot sell on what the firm doesn't own. Of course, if the RI contracts are worded differently then more fool them.

If the RI's dont raise the question, and the firm goes into administration, the RIs lose the renewals until they contact each client and switch the servicing agency.

[hopeless698] 27/6/2006 08:59

It's time to make these people answerable for the apauling mess they have managed to get this company into.

They have been making 'certain book-keeping errors' and they have taken the share holders to the cleaners. Where is this 10 Million going to?

We want some answers, we now need the FSA to block this deal and properly investigate this company!!!

Let's all join together and make seperate complaints.

[paulkent] 27/6/2006 08:56

can anyone post the Premium BB thread thats just shown up??

[oh dear] 27/6/2006 08:51

anyone seen a fat lady ?

[kristini] 27/6/2006 08:43

There are good and bad individuals in every sector. I just think it's niave to tarnish all IFAs when many provide a good service that is much valued to their clients. Sounds like you've not had a good experience.

[ucorksuckers] 27/6/2006 03:05

kristini

"corksuckers
You'r not bitter about anything then???????? Good positive post-not!

What's your honest days work then-probably a public sector bod!"


Oh yes lets be positive! A company which basis itself upon its expertise in offering "Financial Advice" goes bankrupt. I can't help but find that rather amusing and a valid target for any sarcasm and criticism which I care to voice.

MIL going bankrupt is the best possible news for the financial sector and I can only hope that all of their IFA leeches lose lots of money in unpaid commission.
Perhaps then they will be reminded that money isn't quite so easily acquired!

If it's really important to you I work in the Offshore Oil Industry where I earn hideous amounts of tax free income by providing the rest of mankind with the means of heating their homes, generating electricity, and propelling their motor cars. I can't wait to read your response to that one. ROFLMAO

[htrocka] 27/6/2006 02:57

the rns...gives a lot of detailed info...£10.6m...£3.4m...12 month time span...target criterea, subsidiary names, required FSA approval...sounds as if a lot of time and effort has been invested to come up with these numbers by accountants on both sides...more time seems to have been spent in trying to carve up the company as opposed to trying to save it and implies that Easter was out to strip this company from day one.

[paulkent] 26/6/2006 21:53

the more you read the announcement, the more you question what this actually does for shareholders...theyre only announcing administration AFTER this deal, ie its this deal which causes the rest of the Group to now go into admin, becuase selling off the "assets" of MPL (not the share capital) means they are effectively selling the only thing that brought in turnover.
..and presumably there WOULD be other interested parties in terms of buying the "assets" without the liabilities...so i fail to see what this has achieved for existing shareholders. Hell, less than 6 months ago this co had millions in the bank, and was apparently trading strongly...as soon as they knew they had the FSA problem they should have resolved it immediately (a rapid £1.5mill placing at 10p shouldve been possible with the share price at 20p), or at least they shouldve immediately realised they couldnt resolve it, and they should then have tried to maximise shareholder value at that stage...of course, i keep assuming that people running things know why theyre employed and who's interests theyre meant to be working for!