Patisserie Share Discussion Threads

[thegreatgeraldo] 01/11/2018 10:50

Fair enough. So when you talk about the "vast majority" of outlets not being busy, your experience is of a couple of shops observed on an "ad hoc basis". Very helpful.

[thegreatgeraldo] 01/11/2018 10:39

lefrene, The first estimate that's been released to market since the debacle suggests annual t/o running at £120 million, across just over 200 shops....... the back of my envelope suggests that comes out at roughly £12k/per week per shop. You reckon "the vast majority of these outlets get nowhere near that turnover."

[harry0] 01/11/2018 10:38

What a bun fight that was!!

[lefrene] 01/11/2018 10:27

Also if they don't prop it up then it's a certain dead duck, by funding it there might be a chance of pulling it back from the brink and salvaging something. I should think that Mr Johnson would want to see it saved, indeed to be the rescuer to demonstrate how 'clever' he is. One thing for sure, it's never going to reach those 20% margins that it pretended to. A few heads in the Insti's should roll for pushing it up to stupid levels, those cake shops would need to average £200 an hour every hour of the working day for the numbers to stack up. It's obvious to anyone that the vast majority of these outlets get nowhere near that turnover.

[owenski] 01/11/2018 10:26

If Luke Johnson is no longer writing a column for The ST about what a great business man he is, maybe he might be free to appear in Star Baker, he could advise Paul Hollywood on how to Bake and Cook. Bake cakes and cook books. lol

[thegreatgeraldo] 01/11/2018 10:22

NTV - Let's assume Johnson is just guilty of gross ignorance of what was going on in the company he brought to market & chaired..... If you assume that is the case, he's behaved reasonably since the misreporting came to light.

[phowdo] 01/11/2018 10:15

> why would an II throw more money at this lot

Because it is not their money, it is their clients.
If this goes to zero it gets marked as such at year end. If it stays suspended they can mark it at last price traded or at the price placing was done. Bonuses saved!

[ntv] 01/11/2018 10:15

I just love the bit in the header from the FT
Please no regular poster on here seems to have a long position

[ntv] 01/11/2018 10:13

tgg
he should be made to prop it up himself til the full extent is known
Some poor person pension fund will prop it up instead

[thegreatgeraldo] 01/11/2018 10:10

NTV
1 Nov '18 - 10:04 - 2160 of 2161
0 0 0
pointless having the meeting as nothing to discuss


The point of the meeting is to approve the placing

[ntv] 01/11/2018 10:05

why would an II throw more money at this lot as they still don't know the full extent of the fraud

[ntv] 01/11/2018 10:04

pointless having the meeting as nothing to discuss
why haven't the SFO stepped in?
I guess hindsight is a wonderful thing and that the only thing that should have given it away was as new shops opened the margins kept virtually the same all the time

[augustusgloop] 01/11/2018 09:34

Really bad.

[jonwig] 01/11/2018 09:12

FT 'Opening Quote' view:

Patisserie Holdings emergency general meeting

More than three weeks ago, the chairman of troubled cafe chain owner Patisserie Holdings promised investors it would explain why it found “potentially fraudulent” accounting irregularities in its accounts “as soon as possible”. But all Luke Johnson has done since then is explain that £29m of reported cash was actually £9.8m of secret debt, its chief financial officer has been arrested by police and bailed, and he desperately needs £15.7m from shareholders in a deeply discounted share issue.

This morning, two hours before he expected them to vote the share issue through, he has finally told them… nothing. Patisserie Holdings ‘General Meeting Update’ is nothing of the sort. It simply says “The Company will not be providing any new information at the General Meeting. The Company is continuing to work with its professional advisers to understand the extent of the previously announced financial misstatements and potential fraudulent activity. The Board is also responding to enquiries from multiple regulators and authorities and the outcomes of which are expected to take some time’.

And don’t even dare ask any questions at the meeting: “In order not to prejudice these investigations, the company will be restricted at the General Meeting from answering specific questions in relation to these events.” Just vote the share issue through, even though you’ve no idea about the state of the business you will hold an even less valuable stake in.

Key numbers:

£15.7m raised from deeply discounted share issue

Bottom line: Shareholders have little or no choice but to vote for a rescue fundraising before they even know what has gone on.

As the City expected? Nothing that Patisserie Holdings or Mr Johnson has said of late is in line with the expectations created by its annual results or its report and accounts.

What was said: “The Company will make further announcements when appropriate to do so and in accordance with applicable law and regulation.”

OQ verdict: In the circular convening today’s meeting, Patisserie Valerie warned that failure to agree the share issue would be likely to result in the company entering administration. It said the rescue package of £20m of interest-free loans from executive chairman Luke Johnson, and a £15.7m fundraising from external shareholders was “the only available course of action open to the directors in the circumstances”. “Any other arrangements would likely not have been able to be put in place in the same timeframe and would have resulted in the group entering administration on October 12.” In other words, shut your cakeholes.

[ntv] 01/11/2018 07:43

My guess is that the cooking of the books has been going on for years and possibly even before flotation because it is taking so long to sort
Now that would make things interesting

[pugugly] 01/11/2018 07:36

DB Agreed - Looks as though still great uncertainty as to excacty what happend and how it happened - The atmosphere (may I suggest) will be toxic as well as electric.

[danny baker] 01/11/2018 07:22

Well those going to the general meeting will learn nowt. I reckon there'll be bouncers on the door and in the meeting room and no more than 10 minutes of questions allowed from the floor. I'd still like to be there though to watch as the the atmosphere will be electric.

[danny baker] 31/10/2018 19:32

Hewmark looks like a corporate secretary used by the former owners. It hasn't traded and has been in existence since 1981. I think it is totally irrelevant to the current situation and really should be tidied up.

[sikhthetech] 31/10/2018 14:39

Anyone know what Hewmark ltd is? Says "Activities of Head Office" on Companies House..


Registered at same address as PV
Sole director Chris Marsh..
PV owns 75%..


also had dealings with Barclays albeit years ago...

[rcturner2] 31/10/2018 14:08

What after a rights issue at 50p?

Get real.

[onjohn] 31/10/2018 13:50

barnetpeter - 10 Oct 2018 - 09:31:49 - 919 of 2151 Patisserie Holdings Plc Ord 1p - CAKE
What price to return someone asked? About 150 to 180 is my guess.


great

[algernon2] 30/10/2018 12:26

Anyone going?

[sleepy] 30/10/2018 01:34

Not a shareholder and otherwise engaged anyway

[mrtenpercent] 29/10/2018 19:36

Sleepy - are you able to attend?