Myanmar Investments Share Discussion Threads

[htrocka] 02/7/2006 20:40

it`s not over `till the fat lady sings...

[rumpelstillskin] 30/6/2006 10:33

What choice will they have ?
The IFA's are not responsible for the broken model.
If they don't the IFA's will only go elsewhere, it still leaves the issue of the FSCS having to foot the bill.
I imagine the providers are keeping a very close eye on this, as well as the loans that were raised, who will be responsible for any unearned indemity commission which must run into millions.

[mgr1809] 30/6/2006 10:15

Wiil the FSA sign this off??????....any views

[rumpelstillskin] 30/6/2006 09:15

Money Portal last-ditch deal for Millfield
By Sam Shaw and Paul McMillan - 29-Jun-2006
We have conducted a thorough assessment and the structures seem sound'

The Money Portal has bought Millfield Partnership Limited and Sage Financial in a £10.6m deal that will see 1,285 advisers join TMP and the Millfield brand consigned to history.

TMP made its 11th hour swoop late last week after Millfield failed to secure the £17.5m funding that it needed to survive, its shares were suspended and it faced going into administration.

The deal, which was signed on Monday, will see TMP take on the regulatory risk of Sage but not MPL, so it is not yet clear what potential future liabilities, if any, will fall on to the Financial Services Compensation Scheme.

TMP has moved to guarantee the continuation of commission payments to Millfield advisers after several major product providers, including Axa, said they are freezing commission payments until the deal is fully approved by the FSA.

TMP will retain network Sage's brand and it will be positioned under the TMP umbrella alongside Bates, which TMP bought in 2003. MPL advisers will move into the Bates arm.

Sage has a total of 400 appointed representatives and MPL has 885 advisers.

TMP is taking on MPL's assets, IT systems, fixtures and fittings and has retained a licence agreement with PricewaterhouseCoopers to continue using its premises.

The only job losses appear to be chief executive Alan Easter and the board, although it is thought that TMP will offer Easter a management role within the enlarged group.

TMP chief executive Richard Craven says: "Our objective will be to preserve the salesforce and establish a high level of continuity as advisers cross over to ensure peace of mind for advisers and clients. We have conducted a thorough assessment of the business and the structures seem sound."

Easter says: "The only things that should change for the advisers are their business cards and letterheads. TMP has guaranteed payment of commission and salaries through the transitional period. This is a deal for far more than £10.6m as TMP is willing to fund the losses on the basis of a turn-round plan."

[lopecarl] 29/6/2006 23:23

So what causes a stock to quickly appreciate in value? Fundamentals? News? Management? Well yes, to a degree. But what REALLY moves a stock price northward that you just purchased?
Answer: A Huge volume of buyers having been directed to the emergence of that stock by a qualified service which has a reputation for doing so. THIS service does:

[hopeless698] 29/6/2006 23:21

oh so you want me to name the names then!

no problem, ...who cares

[pavilion3] 29/6/2006 23:06

HERRON FISHER
Profile
Herron Fisher
Insolvency and Business Recovery


This site is currently under construction, but in the meantime here is a little bit about ourselves


Chris Herron

Chris is a licensed Insolvency Practitioner with 21 years experience dealing with all types and size of business, with assignments ranging from small owner managed businesses to larger PLCs.

Chris trained with the Insolvency Service, moving into private practice in 1989. In 1998 he joined Levy Gee as their youngest partner in the country.

Chris' assignments have included the liquidations of Meccano Toys Ltd, John Wilson (Autos), the UKs oldest Vauxhall dealer and of the largest illegal bank ever wound up by the Bank of England.

In 2004 Chris was appointed to deal with The Gift Registry Ltd and, in the following year, Wedding List Direct Ltd, both online gift retailers. He is gaining something of a reputation in this area.

Chris is a Fellow of the Insolvency Practitioners Association and the Association of Business Recovery Professionals.

In 2006 Chris established his own practice, Herron Fisher, with Nicky who used to work alongside him at Levy Gee.

Nicky Fisher

Nicky is a licensed Insolvency Practitioner with 14 years experience dealing with all types and size of business, with assignments ranging from small owner managed businesses to larger PLCs.

Nicky was originally based in Eastbourne where she trained with a specialist firm and she subsequently ran their office. In 2001 she joined Levy Gee in Croydon.

In 2004 Nicky worked alongside Chris dealing with online gift retailers The Gift Registry Ltd and, in the following year, Wedding List Direct Ltd. These cases involved thousands of members of the public and attracted considerable press attention.

Nicky is a member of the Insolvency Practitioners Association and the Association of Business Recovery Professionals. She is also a Fellow of the Association of Accounting Technicians and is actively involved in the branch network.

In 2006 Nicky established her own practice, Herron Fisher, with Chris who used to work with her at Levy Gee.

Mission
About Us

We undertake all aspects of corporate and personal recovery and insolvency work as well as assisting with turnaround and refinancing.

With combined experience of over thirty five years, we are used to dealing with all sizes and types of business, with assignments ranging from small owner managed businesses to larger PLCs. We also offer a sensitive approach to individuals, including consumer debtors.

We can guarantee close partner involvement and we adopt a practical approach so that we can carry out work in a cost-effective manner whilst observing all the many regulations and technical guidelines.

We offer inital consultatons free of charge and without obligation.

Contact Information
Address:

HERRON FISHER
Capital Business Centre
22 Carlton Road
Croydon
CR2 0BS
UK


Phone Number:

020 3252 2001

Fax Number:



Email Address:

[e-mail]

[pavilion3] 29/6/2006 22:47

is this the same company? millfield group!!!!!

[pavilion3] 29/6/2006 22:44

57975 Friday 5 May 2006 0116679751 In the Croydon County Court No 60 of 2006 MILLFIELD SOUTH EAST LIMITED (Company Number 4470016) Nature of Business: Financial Advisors. Registered Office of Company: 1st Floor Knollys House, 17 Addiscombe Road, Croydon CR0 6SR. Date of Appointment: 28 April 2006. Joint Administrators' Names and Address: Christopher Herron and Nicola Jayne Fisher (IP Nos 8755 and 9090), both of Herron Fisher, Capital Business Centre, 22 Carlton Road, Croydon CR2 0BS. (563)

[hobiecat] 29/6/2006 15:03

Thats the whole point of 'shag, marry, kill'!
Alternatively: Robin Cook, Margaret Beckett and Anne Widdecombe?

[paulkent] 29/6/2006 13:08

hobie..not sure i totally get your analgoy coz that means youd have to sh*g one of em!?!!!!....

and daily mail article is usual journalistic nothingness...do these papers EVER tell people something they dont already know?..its beyond me why people still buy them since the internet took off

it wouldnt surprise me tho if FSA has a problem - maybe with the FSCS (referred to above)implications of this, as i seem to remember reading about BBB doing same thing recently, which hacked lots of people off i think..wonder if thats behind the DEAFENING SILENCE!!!!!!!!!!!!!!!

[luckybastid] 29/6/2006 09:46

Investors Safe If Adviser Fails
2006-06-28
Daily Mail; London (UK)

By JUSTIN HARPER

THE third biggest independent financial adviser is expected to go into administration this week, following months of financial difficulties.

The move will concern thousands of clients who take advice from the 1,500 financial advisers at the Millfield Partnership. But unless you have an outstanding mis-selling claim against the firm, you are unlikely to suffer any losses.

Industry watchdog the Financial Services Authority confirmed yesterday that Millfield did not have authorisation to hold clients' cash.

If the company does go into administration, outstanding mis- selling claims will be considered by the administrators.

If your complaint is in the hands of the Financial Ombudsman Service when the firm goes bust, the investigation will be suspended and the complaint referred to the Financial Services Compensation Scheme, which will contact you. You can find out more at www.fscs.org.uk.

Despite its difficulties, Millfield is still approved to give investment advice. If that changes, it will be logged on the FSA website under the Firm Check service. See www.fsa.org.uk.

[hobiecat] 29/6/2006 09:43

If anyone remembers the playground game 'shag, marry, kill'...the perfect three would be Paul Tebbutt, Alan Easter and Richard Craven!

[darth v] 29/6/2006 08:14

Not so daft Paul. Clue please hopeless.

[rossstar3] 29/6/2006 00:49

have u got any more good tips hamidada??????????????????????????????

[paulkent] 29/6/2006 00:34

exactly darth, tho not as u meant it!..WHO CARES!!!?!!!!..daft irrelevant distraction when there are still unanswered questions about competence and/or motives here, as per my prev posts...back on subject please..leave the gossip to the girlies...

[darth v] 29/6/2006 00:28

Now you have me interested Hopeless!

Just when I thought this thread was over, it gets interesting. Name please -who is going to care?

[hopeless698] 28/6/2006 21:20

THINK ITS TIME WE TOLD A FEW HOME TRUTHS!!! one of the directors is sha~~ing his secretary and we know who it is don't we!!!

you've sh##ted us and we'll start and sh''t u

[paulkent] 28/6/2006 20:01

exactly...!...whats the point of a Board of Directors doing ANY deal, if its not for the good of shareholders!...it would only make sense if it was adeal done by the administrators trying to get what they could for creditors...but it seems by selling off everytyhing positive, theyve simply ensured zero for shareholders, and might have even reduced what the eventual creditors get...
i do find this truly amazing...is this what Directors (or administrators?) get paid lots of money for?..its hard to understand how anyone could have created such a bad end result out of this whole saga

ha... this bit made me laugh..."the opportunity for unhealthy negative comments on stock notice boards will soon stop"......yeah, like its everyone else's fault but the people at the helm..!!!!........yeah, my a*se!

[twix386] 28/6/2006 16:30

Note from another BB

Subject to the final approval of the FSA, TMP have purchased the total issued share capital in Sage (Appointed Representatives)AND all of the advisory operating elements of the Millfield advisory businesses, .

That means the advisory count being transferred to TMP is indeed all of Millfields 1200+ advisory community. As you stated that makes the average per advisor headcount £8833. All existing employed staff are also to be retained under TUPE arrangements further securing the administration and support staffs futures.

The TMP deal allows all of the Millfield positives to continue, whilst breaking away from the onerous over publisised financial issues, caused by growing pains.

TMP have not purchased the onerous leases on unused property or any other element of Millfield, such as Millfield Partnership or Millfield Group, it is anticipated these remaining elements will move into administration very soon. The administrators then decide how the remaining assetts (including the £10.6M) is distributed amongst the remaining creditors.

Clearly with the production levels being seen at Millfield, the adviser community is now presented with a continuing opportunity to succeed and generate group profit, with a well capitalised parent company who already achieve success within the sector within the UK via the groups other IFA businesses.

TMP are well respected and well financed both from UK sources and overseas sources. The business is not a publicly floated company and therefore the opportunity for unhealthy negative comments on stock notice boards of this nature will very soon stop.

That has to be good news for everyone concerned. All that is apart from existing shareholders!!!