Myhome Share Discussion Threads

[whiterussians] 23/7/2008 12:48

can they clean the brown mess from shareholders pants as a bung

[brando69] 23/7/2008 12:46

should the company be changing its name to MyHomeLess?

[pictureframe] 23/7/2008 12:39

LMAO -I can now say that I have a real problem with Russell and made my views known several weeks ago when it was brought to my attention that the Esher franchise which will generate £1.2 million of sales and - I guess - £350,000 of profits a year was owned not by Myhome as I had always imagined but by Russell himself

[gsands] 23/7/2008 12:38

Slap,

Your heavily slanted negative view on MYH seems to be based on the fact that people will not use it's services because you can find cheaper elsewhere.

Using the same logic, Domino Pizza's must be struggling because in Sainburys you can buy 3 pizzas for a fiver.

[gsands] 23/7/2008 12:25

Myhome chief executive Russell O'Connell said the company was being "prudent" in current market conditions.

"I think we've been pretty clear that we are comfortable with the trading performance," he said.

"The challenge is that in light of our share price and our more recent forecast changes, we realise there is a need for us to resize our debt. It's more of a formality - we haven't missed a payment or anything like that."

The Myhome group said third-quarter results are in line with reduced trading expectations.

[gsands] 23/7/2008 12:17

Myhome International

Our view: Avoid

Share price: 4.875p (-3p)

Myhome International seems to belong to a different age. The group came up with the idea of franchising domestic services such as oven and carpet cleaning, window cleaning and lawn cutting for "cash-rich, time-poor" customers.

The shares hit the giddy heights of 106p. One credit crunch later and it is a very different story. The dash for growth left an awful lot of costs needing to be taken out while at the same time the number of franchisees it has signed up has fallen short of expectations.

The AIM-listed company, which is in breach of some of the covenants within its £8m bank facility, crashed 38 per cent yesterday after announcing it was discussing plans for a possible equity fund raising at a major discount to the current share price. Some of the larger investors will be asked for their support.

In the meantime, it said trading for the third quarter to the end of September is in line with expectations. Trouble is, a long cash-squeezed summer could derail what, after all, are pretty flimsy arrangements between franchisees and customers. Potential franchisees are also finding it tougher to raise finance. Only those with good credit records stand a chance.

The board says talks to restructure debt with Lloyds TSB are at a constructive stage. On the plus side, the company can point to near trebled sales during the first half. Even so, avoid.

[mikey_b] 23/7/2008 11:39

tut tut...

[argy2] 23/7/2008 11:06

mikeyb

Would appear that TW failed to tell subscribers of his worries at the time. Be interesting to know if he sold his fund's holding then. If so a lot of cynical subscribers might think was little more than a crooked conman himself.

[mikey_b] 23/7/2008 10:23

As always, if anyone is thinking of spending £29k on a franchise, I will provide some buckets, a car, a little advertising, a database and a manned contact phone number to take the orders for less, a lot lot less.

Or you can "invest" 29k and spend the rest of your life scrubbing trying to pay it back.

[mackdaddy] 23/7/2008 10:21

gone to buy a new pair of y-fronts..

[asapex] 23/7/2008 09:41

mikey,

Quel suprise!

[mikey_b] 23/7/2008 09:29

t1ps comments: "In the present, the company believes it is necessary to launch an equity fundraising, which it could struggle to do so successfully in light of some of the dreadful management decisions that have been made...CEO Russell O'Connell will have to go. Investors should not back a fund-raising with him in charge. I can now say that I have a real problem with Russell and made my views known several weeks ago when it was brought to my attention that the Esher franchise which will generate £1.2 million of sales and - I guess - £350,000 of profits a year was owned not by Myhome as I had always imagined but by Russell himself."

[boischastel] 23/7/2008 07:47

slapdash - 22 Jul'08 - 08:12 - 254 of 307

TW of t1ps DID recently update the fund figures - this was the annual one (only!) and no mention was made of the fund's (c.100k) investment in AGU at 5p (from the fundraising), which now stands in at 3p'ish. Good effort and not totally visible imo.

[jrewing3] 22/7/2008 22:23

is this finnished now?

[topvest] 22/7/2008 21:52

Well the interims gave some hint of the pain to come given the big net current liability position. The company is insolvent without the support of its bank.

The biggest surprise (and disappointment) is Starvest buying more shares recently. As a big holder they obviously had no hint of the problems about to be announced. They should have looked at the funding position at the interims more closely.

I've made a very good profit here, having sold most of mine on a x20 profit (at close to a £1) but kept a few for old times sake. Looks like Chipsaway was their downfall. The game is up chaps...the bank will take all the value here or force an equity issue at a nominal price. Either way shareholders will get nothing or nearly nothing...1p or less imho. This hasn't done very well from a £1 has it!

My disappointment is more that I own shares in Equity Resources on Plus and Starvest, both of which are exposed to this disaster.

[love it] 22/7/2008 21:37

no not buying

[cyberpost] 22/7/2008 21:18

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