Patisserie Share Discussion Threads

[hvs] 14/10/2018 16:30

After only a day or so of Pwc which shareholders will pay for the BoD have stated that they have huge overdrafts...

Was they aware of it or not ??? Who authorised these overdrafts ???

Was £ 28 mill CASH ever there if NOT why was it stated as CASH ???

No answers only not me says the Executive Chairman while dishing out OPTIONs.

Ah well let us all eat CAKE

[hvs] 14/10/2018 16:09

Clearly not zero. At the moment. lol !!!!! lol !!!!

Go buy CAKE with it then .

[thegreatgeraldo] 14/10/2018 16:06

An FD who's been in post for 12 years seems to be another red flag...

[cjohn] 14/10/2018 16:02

gusttavfenk 12 Oct '18 - 19:16 - 1576 said this,

I sincerely hope that the CAKE scandal will be a turning point in UK corporate governance and regulation, but I'm not holding my breath. What has happened here hasn't just undermined confidence in the CAKE directors, but in the whole stock market and concept of investing in shares. There was no warning here. Those directors who weren't directly involved in the actual fraud, along with the auditors, have been negligent in their oversight of the company. How many other companies out there have similar skeletons in their cupboards? The answer is that nobody knows and that all we can do is hope that it isn't many of them. It could be all of them for all we know. Investors make their decisions based on the company accounts. How can anyone make any sensible investment choices if the accounts are works of fiction? You may as well pick company names to invest in out of a hat, bet on the horses or take a trip to Las Vegas. All listed companies and consequently the whole economy of the country suffers from the fear, uncertainty and doubt resulting from the CAKE fraud contagion. Things need to change.





No, do not hold your breath.


There are ways of reducing the chances of crashing into such financial blackholes. Principally, by paying serious attention to red flags. Any such red flag should put any investor off investing in a company.



The involvement of certain entrepreneurs in a business is such a red flag. As there are many other companies to invest in, it's always best to avoid such risk.

[buoycat] 14/10/2018 16:01

Clearly not zero. At the moment.

[strathroyal] 14/10/2018 15:52

Love Stonebeach's registered office address, Sarehole Road. Anyone good at anagrams!

[danny baker] 14/10/2018 15:44

The cash could well have been there as reported however it sounds as if there were hidden overdrafts or liabilities possibly secured by it which the auditors were not made aware of. Auditors are not fraud investigators. That responsibility lies with the directors.

[hvs] 14/10/2018 15:30

Maybe they all very very good at baking it. With OPTIONs GALORE

[pejaten] 14/10/2018 15:27

Most basic part of an audit is to verify cash... Auditors and Board are clearly grossly negligent

[hvs] 14/10/2018 15:27

Paul May must have been napping and left hot shot Marsh to run the show

lol !!! Was they all not sleeping from £ 449 mill to ZERO and no one yes no one knows nothing. Only PwC knows.

lol !!!! Nice one Luke JOHNSON Executive Chairman good job very well done.

[pugugly] 14/10/2018 15:11

Not sure if posted before - Is apologies 2017 Stonbeach 2017 Audited accounts - Only 26 pages - So easy to read - Signed off by C March Ex companies House






Well worth a read -

[harry0] 14/10/2018 15:07

"Patisserie Valerie's management snubbed a £30m deal that would have protected small investors, it has been revealed, as furious shareholders rounded on the company last night."Hope to see you all at the EGM to approve the next placing!

[sallad3] 14/10/2018 14:41

Far be it from me to remind everyone of Luke Johnson's past....

Mediakey where he had a very large stake and was on the board when it was sold to Just Group.

Immediately after the takeover the banks pulled the plug on on all the overdrafts. Who knew what and when?

History does repeat itself

[w1ndjammer] 14/10/2018 14:38

was this company really worth £450 mill regardless of the scandal...


Might be worth a punt now.

WJ.

[hvs] 14/10/2018 13:38

But we has the CITY DARLING LUKE JOHNSON in charge saying let them eat CAKE while I was not aware of the BLACK HOLE and a very BIG one. I knows NOTHING while I will teach YOU how to run your business lol !!!! lol !!!! lol !!!!!

Was it FRAUD from the TOP with OPTIONS GALORE ??? All cashed in. It STINKS

[topazfrenzy] 14/10/2018 13:20

10p on the way, anyone with sense would get out immediately (if it trades again that is).

[topazfrenzy] 14/10/2018 13:18

50p placing, oh dear, valuation decimated ...

'The latter loan will be repaid when investors pay £15.7m for new shares at a deeply discounted price of 50p that means the company will be worth less than £70m, days after its valuation on the junior Aim stock market was pegged at nearly half a billion pounds.'

[ggm5d] 14/10/2018 13:14

On the Piccadilly is a Patisserie V. and a Paul. That is one of the flagship stores near the Ritz. I see a queue in Paul, people grabbing Sandwiches and decent coffee as well as pastries. Patisserie no Sandwiches, no queue just some old people inside.

[hvs] 14/10/2018 13:05

The Audit Committee is chaired by Lee Ginsberg who is a qualified chartered accountant, has held senior finance positions throughout his career and is currently the chairmen of audit committees for four other public companies.

Easy Easy money make it while you can. From £ 28 in bank to £ 10 mill and £ 20mill injection.

Very very nice

[kooba] 14/10/2018 12:53

Responsibility of oversight...all well blaming GT who do have much to answer for however..Audit CommitteeThe Audit Committee is chaired by Lee Ginsberg who is a qualified chartered accountant, has held senior finance positions throughout his career and is currently the chairmen of audit committees for four other public companies. Its other members are James Horler and Luke Johnson. The Audit Committee has primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported on. It receives and reviews reports from the Group's management and auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group. The Audit Committee meets at least three times a year and has unrestricted access to the Group's auditors.