Patisserie Share Discussion Threads

[kemche] 12/10/2018 16:20

How was it perpetrated? Management accounts, budgets, cashflows, balance sheets, reconciliations, audits, tax comps, creditors ledger control accounts etc! How did the FD pull it off? That cannot all be done by one man surely?

And for what reason?

Did he siphon off the circa 30 odd million???

[cockneytrader] 12/10/2018 16:19

Fair play to Luke.

[mrtenpercent] 12/10/2018 16:19

Probably better than a prepack for all concerned, employees, suppliers, landlords, shareholders, banks etc. My only quibble is I think Luke Johnson should have donated, not loaned, the £20m he is putting in because, as I understand it, he has extracted more than £50m (pre-tax) from the company - OK, I know he hasn't stolen the money that has ether gone walkabout or never existed but this happened on his watch.

[owenski] 12/10/2018 16:16

Not nice for the staff having worked and being uncertain about their wages, I feel for them and hope this can be saved.

[hvs] 12/10/2018 16:15

Any further findings of financial irregularity within the Group could result in yet further material losses for the Company, its shareholders and wider stakeholders.


lol !!!! lol !!!! lol !!!! This is how the run £ 500 mill companies now.

Looks like we can still eat CAKE

[sikhthetech] 12/10/2018 16:14

"If this ever refloats, it'll be crashing below 50p placing price."

agree.. There's too much uncertainty... possibly crash to well below 50p.. 20/30p???
Then the investigation and these take time and potentially uncover skeletons...
Maybe a need for complete change of management...


At least the placing will ensure the company can pay it's currently 'known' liabilities and staff, so they can look to move on...

[owenski] 12/10/2018 16:10

I bought a cake from them today, I'm doing my bit, cost me equivalent of 6 shares in fund raise terms. Better value having the cake.

I've had my cake and eaten it.

[owenski] 12/10/2018 16:08

If this ever refloats, it'll be crashing below 50p placing price.

[still waiting] 12/10/2018 16:07

can of worms

[hvs] 12/10/2018 16:07

From where it was this morning that is a v positive outcome -

Saved from the brink and let us all EAT CAKE

[ccnp] 12/10/2018 16:07

And in a stellar show of hyperswindlemaths, the underwriting is partial and by a hedge!

ROFLMAO!

The original fraud stank. This is way beyond stinky.

[danny baker] 12/10/2018 16:07

tomboy I reckon they still haven't got to the bottom of it.

[owenski] 12/10/2018 16:07

Ask Grant Thornton, they were signing off on the accounts

[bookbroker] 12/10/2018 16:06

Worth buying post placing, issued shares will amount to one third mkt cap., so be looking at price reset to 80p or something under a quid!

[tomboyb] 12/10/2018 16:04

Possible further MATERIAL losses -

What has gone on????

[thegreatgeraldo] 12/10/2018 16:02

"Moreover, shareholders should be aware that the investigations into the Company's financial irregularities remain at a very preliminary stage, and will be subject to further, comprehensive review in the weeks and months to come. At this stage, the Directors cannot predict the outcome of those investigations with any degree of certainty. Any further findings of financial irregularity within the Group could result in yet further material losses for the Company, its shareholders and wider stakeholders."

[ccnp] 12/10/2018 16:02

Ironic. This started with an HMRC demand. That has now triggered a huge loss that the firm (if it stays afloat) can use for years to come to offset any tax.

That loss must now be the firms biggest asset!

[tomboyb] 12/10/2018 16:02

From where it was this morning that is a v positive outcome -

Saved from the brink -

[jimmyloser] 12/10/2018 16:01

1450/1451

SOUND POSTS.

[danny baker] 12/10/2018 16:01

Good old Luke ponying up £20 million to keep the show on the road. The banks, trade creditors, staff and shareholders owe him a cream éclair.

[owenski] 12/10/2018 15:59

Hope they stay in business, ordinary people's jobs at stake over this.

[thegreatgeraldo] 12/10/2018 15:59

Net cash £28.8 mill becomes net debt of £9.8 mill..... guesstimate for current year of £120 mill t/o & £12 mill EBIT, etc..... before exceptionals.

Fair play to them, they're giving it a go to save the company....

[opodio] 12/10/2018 15:55

Got to pile in, absolute strong buy for me imho