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Share Name Share Symbol Market Type Share ISIN Share Description
Nmcn Plc LSE:NMCN London Ordinary Share GB0006452857 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 117.50 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 404.7 7.4 57.4 2.0 12

Nmcn Share Discussion Threads

Showing 576 to 600 of 600 messages
Chat Pages: 24  23  22  21  20  19  18  17  16  15  14  13  Older
DateSubjectAuthorDiscuss
12/8/2021
15:42
At least they've employed Louise Pavitt from Highways England, who worked on the hugely successful smart motorways project......
jwball
04/8/2021
08:41
I'm guessing they cannot substantiate variations to the auditors and the auditors are demanding they take a very prudent view on losses on contracts which are still running. As I've said in an earier post I find the re-financing package the minimum possible requirement. This isn't going to help available credit from the supply chain.
cc2014
03/8/2021
08:49
Looks like they are just kitchen sinking everything at 2020 figures, then they can show a recovery for 2021.Just a thought.They did say to expect losses for 2021 as well, but lets see how that pans out.
wadders5
02/8/2021
16:43
Wonder if given another month they can make it £50m?
cc2014
02/8/2021
15:01
Ouch. Another RNS. The Group is now expecting to report GBP43m of aggregate losses identified since the position reported in the 2019 financial statements, this figure remains subject to audit. Last time I think they said significantly in excess of £24m What a mess
cc2014
23/7/2021
09:02
I feel for shareholders here but after dealing with Mncn for many years in one of my co's, they've had this coming to them for years. I can honestly say they are, in the water industry, one of the worse payers, most underhand co's we have ever dealt with. On nearly every single project they employ on site QA's who, it would always appear do everything in their power to find fault, be it a little scratch during transportation, don't like the look of it, delay the delivery so they can delay the payment then accuse us of being late, and change the spec half way through construction only to then try and demand that we had the spec wrong, and its all to our cost all the while they sign off the original drawings prior to placement of order. I also know of one of a current & possible legal battle with them for nearly £1m including costs which again, has yet to be paid to the company who produced the goods. We have for past 12-18 months turned down all work from them as it really serves no-one to produce items for them, only to know you won't be getting paid for everything you should and when you do, it will be after a fight and months late. Costain were the same and look what happened to them.
dorset64
22/7/2021
09:57
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.
cc2014
22/7/2021
07:51
well below 50p surely.....unfortunately existing shareholders will be virtually wiped out even if nmcn can complete a refinancing.....sub 10p I would have thought!
jaf111
22/7/2021
07:42
north midland constriction or north midland destruction? if they are to survive , they have to kitchen sink the restated results, and that really isn't going to look good. below 50p when recommences trading.
stoxx67
21/7/2021
09:51
Disaster zone, can't see the point of trying to rescue them. The ship has already sunk.
jwball
21/7/2021
07:45
Another update yesterday. Losses will be significantly larger than £24m for 2020, although NMCN assert most of it is already in their capital projections. Results now expected in August. What a mess Homer and Taylor made of this. I hope Tinkler knows what he's got involoved with. It looks pretty challenging to me
cc2014
13/7/2021
10:19
This is a little concerning, are they saying that the share is overpriced? 1. Loss of assets Section 656 of the Companies Act 2006 (the “Act”) sets out that if a public company’s net assets fall to half or less of its called-up share capital, the directors of that company are required to convene a general meeting to discuss whether any, and if so what, steps ought to be taken in relation to this situation. On 27 May 2021 the Company's board of directors (the “Board”) became aware that the Company’s net assets had fallen below the threshold set out in the Act and the General Meeting will be convened to comply with the statutory requirement.
jwball
29/6/2021
14:30
"A further GBP10.0 million has been raised from Svella, initially in the form of the Bridging Facility which will be provided to the Company immediately. The Bridging Facility principal, fees and accrued interest will convert into up to 62,400,000 new Ordinary Shares ("Bridging Conversion Shares") at the Issue Price at the time of completion of the Equity Subscription." It would be my interpretation that NMCN have already recevied the cash for the bridging loan. It's not clear to me whether he can walk away, but if he did he I doubt he'll see his £10m back.
cc2014
29/6/2021
14:08
Nmcn are losing £100,000 allergy per week on a contract they took on where I work, Trouble is the get out clause is millions.the company wasn't big enough to deal with the contract in the first place.
camlor2
29/6/2021
14:00
"The Company continues to work with Svella Plc and its advisors in order to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity." So the refinancing hasn't even gone through yet? Could Tinkler walk away possibly?
jwball
29/6/2021
13:10
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.
squeamish1
29/6/2021
12:08
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.
cc2014
29/6/2021
11:32
Maybe after the last auditors were forced to step down after turning a blind eye to discrepancies the new auditors have got to be whiter than white.
jwball
29/6/2021
09:03
And another twist today. Shares suspended as haven't yet agreed the accounts with the auditors.
cc2014
22/6/2021
14:19
Never fall in love with a share - I'll learn one day!
eclair
22/6/2021
10:38
Got to agree with you there EM. I know a few. They also have the personality where they won't employ a stop loss on the way down until things get really painful. Looks to me like someone has realised the sitution and wants out but is finding very low liquidity to sell into.
cc2014
22/6/2021
09:42
There are a frightening number of dip-buyers about, who really don´t understand much. Suspect they´ve done OK post COVID as market has been very easy on poor trading statements etc...
eezymunny
22/6/2021
09:18
And now not a buyer in sight!
cc2014
21/6/2021
17:31
I think the big new investors can´t apply for open offer shares? So more available for the muppets....
eezymunny
21/6/2021
16:53
Yeah I think so. 68p post#562 But... 70m new equity subscription at 20p 25m new OO at 20p 62.4m new Bridging loan at 16p Exiting shareholders 10.4m at 160p !!!???!!! total new shares after reconstruction 167.8m Clearly Tinkler is happy to pay 20p as he thinks they are worth 30p,40p or whatever, but it's a long stretch to 68p
cc2014
Chat Pages: 24  23  22  21  20  19  18  17  16  15  14  13  Older
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