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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Nmcn Plc | NMCN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 117.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 117.50 | 117.50 |
| Top Posts |
|---|
Posted at 07/10/2021 15:45 by turbocharge 7 October 2021Acquisition of nmcn's Water business from nmcn plc (in administration) ("nmcn") and nmcn Sustainable Solutions Limited (in administration) The Board of Galliford Try is pleased to announce that it has agreed to acquire substantially all of nmcn's Water business including the specialist water process and control businesses Nomenca and Lintott (together, "nmcn Water" or the "Water Business") for an aggregate consideration of £1.0 million in cash (the "Transaction"). |
Posted at 05/10/2021 11:49 by squeamish1 A brutal industry that takes no prisoners. As soon as you look even slightly weak people stop paying you, stop giving you trade credit, which makes you weaker still. Not that NMCN wasn't apparently doomed anyway but that must have been the final straw.I got sucked in by the water story and the cash on the balance sheet, lost 30% but managed to get out with some dignity after initially failing to read the writing that was on the wall when Homer and Taylor left under clouds. An expensive lesson for sure. Sorry to any holders remaining, in my view you have been victims of fraud. |
Posted at 04/10/2021 13:01 by cc2014 NMCN in administration. Shareholders wiped out. I cannot work out what happens to Svella's bridging loan and whether that is forfeit.Sorry for all holding this share. |
Posted at 04/10/2021 12:22 by nutkinlemanse hxxps://www.construc |
Posted at 27/9/2021 11:29 by squeamish1 I had diarised to check in on NMCN today... not remotely surprised they've failed to deliver their accounts yet again. At least they've resisted the urge for another increase in loss estimate. |
Posted at 22/7/2021 09:57 by cc2014 I'm not getting this at all.Tinkler/Svella are paying around £24m for around 80% of NMCN (I can't be bothered to work out what the exact number is). For this they are getting a company which broadly speaking has never made any money in the last 10 years and has recently been very poorly managed picking up loads of bad contracts. For sure the company has a decent sized turnover and some long term contracts, but the success of the new venture will depend on it's ability to finally turn a profit, which generally speaking depends on the skills of the staff. Given the huge recent losses, it appears they can't bid the right price for work and just as likely they can't run jobs very efficiently. I'm not sure how far the £24m will go either... The first £5m gets gobbled up by a reduced bank facility to Lloyds Shall we say another couple of million for the extra losses from the RNS 2 days ago £10m minimum to pay the suppliers who are screaming for money else they won't continue working for NMCN Shall we say another £3m for redundancies to appropriately right size the workforce From what I can figure Tinkler/Svella are paying £24m for something which without their intervention goes bust and is worth almost zero. Of course unless they put in £24m it goes bust anyway. |
Posted at 29/6/2021 13:10 by squeamish1 The biggest mystery in the NMCN accounts is the £47m of unspecified ‘contract assets’ held at YE19. This has to be where the overstated profit has been being booked for the last five years. Presumably the new auditors are dissecting every contract to see if the future receivables really are likely to be what NMCN have been assuming based on work completed. Surprising they haven’t managed this in the last six months, especially since on 28-May the company released an updated view of YE20 profit which the auditors are still clearly not ready to sign off on.Eezymunny - you called this 2 years ago and warned against putting too much faith in the cash balance held. Can I ask what you saw that others might have missed? Always looking to learn thanks. |
Posted at 29/6/2021 12:08 by cc2014 Sadly it looks to me like NMCN can't provide appropraite justification with regard to revenue and costs on large projects.Which is how they got in this mess in the first place as they didn't have sufficient financial oversight of their projects. Given that they are being asked to justify the accounts for Dec 2020 and it's now 6 months on it's a pretty poor state of affairs. One wonders how Tinkler can be sure he's paying an appropriate price, although I'm sure NMCN have been open book with him over everything and it seems likely he would have known the shares were going to be suspended. Tinkler's getting a large company with alot of contracts and whilst he can fix the finance controls and oversight mostly I wonder about the underlying staff capability. Someone has to tender these projects which have lost loads of money, someone has to run them too and somewhere along the line something has been going very wrong. |
Posted at 21/6/2021 10:10 by eezymunny "CC2014 - 08 Apr 2019 - 12:02:21 - 253 of 564 NMCN (previously North Midland Construction) - NMCN£50m market cap. £33m in the bank, £20m of property, plant and equipment and no debts and no pension fund deficit. Didn't think I'd ever see this price again! Off for a walk now. I look forward to the share price being repaired when I get back in a couple of hours." Don´t worry CC, you´ve never understood NMCN properly IMO! |
Posted at 21/6/2021 09:13 by cc2014 On reflection I still don't get it either.10m shares in issue at buy price of £1.90 = £19m. 10m shares have the right to buy in the OO 25m shares at £0.20 So, average 10*1.90 + 25*0.20 = 24/35 = 68.5p if you buy now But I'm pretty much prepared to bet that after everything is done NMCN new share price will settle at 20-25p. Maybe 30p. Surely not as high as 68p? I guess the argument is that you are buying into Tinkler with a track record (which you may see as good or bad, there's alot to go over, possibly some synergies with other things he's involve with). But on the other hand Tinkler is buying it at less at 20p as the £10m bridging loan he's getting 62m (not 50m) shares which I make a huge amount of interest for 2 months. And then there's the "is £24m enough to sort out their cashflow or will they need more?). I do get the argument that buying 1 share entitles you to maybe get more than your fair share at 20p but looking at how many small trades have been going through it looks like lots of people have that thought process which will dilute the opportunity. I'm sorry that's all I can offer. The share price doesn't look right to me. And all this to buy into a company which will make a loss again this year, presumably has now a terrible reputation with its suppliers and a questionable one with it's customers. Something is not right. the share price trended towards £2 in the week before this announcement as the insiders had knowledge, but they and the rest of the market seem to have come to a completely different conclusion to me. I'll take my chance and see if I can buy near 20p post offer and if I don't understand and miss out, there are 2000 other shares in the UK for me to look at. Edit: but NMCN will have more assets after all this, through the cash injection. Tinkler is effectively buying most of the company for a £10m loan and £7.5m of equity. Tbh I'm not sure why. £17.5m for something that hasn't made a profit in 5 years, can't count and we can only guess the profitablity going forward seems a bit rich to me. These deals though, the investor rarely loses. They can pay themselves what they want, vote for whatever they want, load it up with debt, all the usual stuff. If I was him I'd want to be sure that there was underlying profit in the long term contracts and we don't have access to that kind of information. All imho, DYOR etc. because i have no idea why the share price is 190p and nor it seems did the MM's first thing as they expected it to open lower. |
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