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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rok | ROK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 18.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 18.50 | 18.50 |
| Top Posts |
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Posted at 08/11/2010 19:17 by yasq Haywards26 - 11 Aug'10 - 22:06 - 2104 of 2817Hi Yas, Very disappointed investor today, the curse of tipping an investment I hold well and truly hit me today. Having had a day out I have just returned home and had a third review of ROK'S profit warning today and glean some positive differences between Connaughts (shown below) which has confirmed my intial thoughts of sitting tight on my investment with ROK. As you mention this is now a risky investment until the bod can prove that they are on top of everything and profitability is as expected/projected. Debt - falling "The Board believes that it has taken appropriate action in the best interests of shareholders and the future profitability of the Group. Rok's fundamentals are strong - a solid order book, good momentum in the Social Housing and Construction divisions and very good cash generation leading to materially lower debt." The problems and loss making contracts - Only one section of ROK being affected - It was spread across CNT as they were not sufficiently diversified away from government spending where as I see ROK as having more strings to their bow. I also take comfort from the independant review having been completed and BDO reporting that they have identified the full extent of the problems. "In order to be certain that the full extent of the problem was known, the Board appointed BDO to conduct an independent review. BDO has now reported back to the Board and has stated that there have been serious failings in the financial controls of the PHE business. BDO has also confirmed that this is the full extent of the problem." The final line in the below paragraph from todays RNS. The board is looking ahead with confidence. So they must feel that they have identified the problems and that they will not continue. If there are any repeats of these problems and any further profit warnings then I feel the bod will be discredited to a level that their positions are untenable. Once is a mistake, twice is a howler, three times is gross incompetance. "With a significantly lower fixed cost base and having addressed the underperforming operations, the Board is looking ahead with confidence." yasQ - 20 Aug'10 - 18:44 - 2107 of 2817 edit WaywardHyward, I did note the update from Rok. On paper, it now appears undervalued - but then it did when I first assessed it a couple of weeks ago. However, I was appalled by the comment made by Snook in an article in the Telegraph in which he suggested that ''You end up making management decisions on numbers that are effectively made up". In case Snook has not realised, investors end up making similar decisions based on garbled forecasts. It is outrageous, in my considered view, that Snook remains in charge given the fact that he was (or ought to have been) in control of affairs. The buck stops with him. As long as Snook remains at the helm, I would never consider an investment in the company. This might make me sound a little bitter, but so be it. When a company loses somce 40% of it's value because the Board remind investors one morning that the numbers they had used were effectively dud, it is not good form. Snook should have gone, since ultimately he orchestrates affairs at the company. I have a rather dim view of him as a result. Haywards26 - 20 Aug'10 - 19:11 - 2110 of 2817 Hi Yas, I have stuck with ROK, and it has been creeping back up, hopefully this will continue. I was pleased to see the interim dividend continue, although at a reduced level. It is somewhat of a fall from grave for Snook after his CEO of the year award in 2007, as you say the buck stops with him and if there was to be any further disasters surely his position would be untenable. I hear that both ROK and Mears are in discussions with several of Connaughts customers, so may provide some further upside. yasQ - 21 Aug'10 - 17:25 - 2115 of 2817 edit Hayward, I had not heard of Snook until the other week. In fairness, backing Rok was more to do with the underlying fundamentals than backing the management. It just so happened that the company declared soon after that the fundamental picture they had painted was not quite what they had led investors to believe, certainly as far as one part of the business was concerned. The extent of the fall reflected not the impact of that particular division on revenue and profitability, but the perception of management credibility concerning forecasts and the handle of the Head honcho on the overall business. What concerned me above all else was the fact that it required external 'advsiors' to assure Snook that no other issues were of concern. That, by any stretch of the imagination, is not my idea of an efficacious Board. Rok was an investment as opposed to a momentum trade, and thus, given the state of affairs I have decided to steer clear. That having been said, on paper, it continues to remain undervalued. However, given the potential for things not being what they are, it is not for me. dyor. yasQ - 8 Nov'10 - 18:39 - 2821 of 2835 edit Just look at the last line of my post above about ROK, dated the 20th August. That sums up what happened today. When something appears great on paper but the management have failed to keep a check on matters, it is invariably time to cut and run. |
Posted at 12/10/2010 12:38 by the heed more shares for the directors....TIDMROK RNS Number : 2392U Rok PLC 12 October 2010 Stock Exchange Announcement 12 October 2010 Rok plc ("the Company") The Company was advised on 11 October 2010 that the following directors and PDMRs purchased ordinary 2p shares (Shares) under the Company's BAYE Scheme (BAYE) on 11 October 2010 at a share price of 21.5p per share and separately was advised on the same day that they had purchased Shares on 8 October 2010 under the Company's dividend reinvestment plan (DRIP) at a price of 21p, as indicated below: Stephen Pettit - 1,305 DRIP Shares Garvis Snook - 727 BAYE Shares Chris Bailey - 260 DRIP Shares Rob Olorenshaw - 457 DRIP Shares and 726 BAYE Shares Steve Carden - 581 BAYE Shares Martin Donnachie - 726 BAYE shares Claire Hamon - 726 BAYE Shares Julian Turnbull - 726 BAYE Shares Following these dealings, the revised shareholdings and interests of these directors/PDMRs are as follows: Stephen Pettit has an increased holding in the Company of 81,631Shares, representing approximately 0.05% of the issued share capital of the Company. Garvis Snook has an increased holding in the Company of 1,167,614 Shares and also has an indirect holding of 801,581 shares vested under the LTIP scheme but not yet exercised. These holdings represent approximately 1.10% of the issued share capital of the Company. He also holds unvested awards of 1,558,296 shares under the LTIP scheme. Chris Bailey has an increased holding in the Company of 11,420 Shares, representing less than 0.01% of the issued share capital of the Company. Rob Olorenshaw has an increased holding in the Company of 120,710 Shares, representing approximately 0.07% of the issued share capital of the Company. He also holds unvested awards over 735,079 shares under the LTIP scheme. Steve Carden has an increased holding in the Company of 10,836 Shares, representing less than 0.01% of the issued share capital of the Company. He also holds unvested awards over 344,553 shares under the LTIP scheme. Martin Donnachie has an increased holding in the Company of 17,538 Shares, representing less than 0.01% of the issued share capital of the Company. He also holds unvested awards over 405,227 shares under the LTIP scheme Claire Hamon has an increased holding in the Company of 51,640 Shares, representing approximately 0.03% of the issued share capital of the Company. She also holds unvested awards over 396,107 Shares under the LTIP scheme. Julian Turnbull has an increased holding in the Company of 486,814 shares and also has an indirect holding of 1,702 shares vested under the LTIP scheme but not yet exercised. These holdings represent approximately 0.28% of the issued share capital of the Company. He also holds unvested awards over 160,224 shares under the LTIP scheme. Enquiries to: Rok plc www.rokgroup.com Julian Turnbull, Company Secretary tel: 01392 354008 Julian.turnbull@rokg |
Posted at 11/10/2010 07:26 by bigbigdave Rok plc Rok wins major Highlands contract Rok plc (LSE: ROK), the maintenance and building services group is pleased to announce that it has won a framework contract for Highlands and Islands Enterprise (HIE), the Scottish Government's economic and community development agency. The framework, for which Rok is the sole contractor, will be worth up to GBP32m over four years. The Company, which held HIE's previous Prime Contractor Framework, won the contract following a five-way tender to renew the deal. Under the framework, Rok will undertake every stage of most of HIE's building projects across the entire Highlands and Islands region, from design right through to construction and completion, in conjunction with supply chain members. |
Posted at 06/10/2010 14:01 by haywards26 Motley Fool article snippet;Directors Are Buying Shares Again Rok (LSE: ROK.L - news) Rok (LSE: ROK) shares plunged in August when the building services group revealed it had uncovered "serious failings" in the financial controls in one of its divisions, and suspended -- then subsequently vindicated, only to lose to resignation -- its Chief Financial Officer. Despite this turmoil, chief exec Garvis Snook felt confident enough to spend £50,000 on 250,000 shares in mid-September, paying 20.25p per share. On Monday he bought another 200,000 shares for 19p, this time being joined by new CFO Sean Cummins, who bought 210,000 shares for 18.75p, and two non-execs who bought just over 100,000 shares between them. The shares rose over 10% on the announcement of these purchases to 20.25p. Back on 30 September, Rok said it had satisfactorily completed its review of its rogue division, and that it was on track to meet market expectations for the year. These expectations put the shares on a P/E of less than 4, and a yield of 9%, so Rok is a clear bargain if the directors' faith is well-placed. |
Posted at 30/9/2010 14:30 by asl1978 FT Provides details of the settlementRok executive quits after being cleared in probe By Ed Hammond Published: September 30 2010 12:38 | Last updated: September 30 2010 12:38 Rok, the embattled repair and maintenance specialist, has updated the market over the reasons behind its two recent profit warnings and reinstated its finance chief. The company last month said a line had been drawn under "serious failings in the financial controls" in its plumbing, heating and electrical business and that it had identified "the full extent of the problems". EDITOR'S CHOICE Building group stands by its jobs policy - Sep-01Rok paves way for talks with lenders on refinancing - Sep-15Centrica buys Connaught compliance business - Sep-28However, it announced on Thursday that the reasons for the shortfall in activity were, in fact, related to operational and commercial weakness. The move comes as Rok nears refinancing discussions with its lenders, which include Royal Bank of Scotland and HSBC, and pushed shares in the company 10 per cent higher in morning trading. In a brief statement, the board of Rok said the scaling back of its work fitting out new homes with piping and heating was the cause for the previously guided lower profit expectations, but reiterated its confidence in meeting market expectations of pre-tax profits for the year to December 31. The company, which styles itself "The Nation's Local Builder", also said it would reinstate Ashley Martin, finance director, "without reservations". However, Mr Martin tendered his resignation and said the events of the past eight weeks had made his position untenable. As part of his resignation, Mr Martin has been paid a full year's salary of £300,000 and been granted his full entitlement of share options, thought to be close to 750,000 shares. Rok maintained that it had never insinuated any wrongdoing on the part of Mr Martin and said it regretted any reputational damage he had suffered. Mr Martin said he accepted the board's apology and added: "Reputation is the most important thing, and I have been exonerated from any wrongdoing. This has been the most painful period of my life. I need a short break and then I will be ready to get back to having a career." Rok confirmed that it had appointed Sean Cummins, a former finance director of Scott Wilson, to succeed Mr Martin. "You can't point the finger at and suspend the finance director and expect him to just shrug and say it is all OK," one analyst said on hearing the news. When Rok initially warned over the financial control failings in early August, the shares fell 45 per cent to 13p, giving the group a value of just £52m compared with a peak market capitalisation of £436m in 2007. The downturn in housebuilding activity during the recession has severely affected many companies working in the sector, with building rates coming under pressure and suppliers forced to take on work at barely sustainable profit margins. Rok also said earlier this year that the poor weather during January and February had hit trading, as its large directly employed workforce had been unable to access building sites. |
Posted at 30/9/2010 10:44 by peter27 Date: 30 September 2010 On behalf of: Rok plc ("Rok" or "the Company") For immediate release Rok plc Update following completion of Review The Board of Rok plc (LSE: ROK), the maintenance and building services group, today confirms that following the Company's announcements on 11 and 17 August 2010, the Board has now completed its detailed review of the issues concerning the Plumbing, Heating and Electrical (PHE) business. As a result of these full investigations, the Board has concluded that the problems in the ex Avonside PHE business were due to a scaling back of sub-contracting work from the private housing sector and a combination of weak operational, commercial and financial controls within that part of the business. The actions to resolve these issues have already been taken by management. The Board continues to have confidence that the Company will meet market expectations this year. Following the completion of these investigations, the Board has lifted the suspension of the Group Finance Director, Ashley Martin, immediately and without reservation. The Board wishes to emphasize that Ashley has never been accused of wrongdoing nor have our investigations revealed any evidence of any malpractice. The Board finds it regrettable if there has been any damage to Ashley's good reputation by any speculation outside of the Company to the contrary. In view of the above events Ashley has decided to resign as a Director immediately and will leave the business after a short handover period. Stephen Pettit, Chairman, said: "I am pleased that our full review confirmed there are no further issues in our PHE business. The Board would like to take this opportunity to thank Ashley for his dedication, hard work and contribution to Rok over seven years and we wish him well in the future." Date: 30 September 2010 On behalf of: Rok plc ("Rok" or "the Company") For immediate release Rok plc Directorate appointment Rok plc (LSE: ROK), the maintenance and building services group, is pleased to announce the appointment of Sean Cummins as a Director of the Company and as Group Finance Director. The appointment is with effect from 1 October 2010. Sean Cummins, aged 48, is a Chartered Accountant and has extensive experience as a PLC Finance Director. He joins Rok from Scott Wilson Group Plc where he has held the position of Group Finance Director since September 2007. Between 1999 and 2007, he was Group Finance Director of Yule Catto & Co plc which he joined from Invensys plc where he was Finance Director of BTR Power Systems plc between 1995 and 1999. He qualified at Price Waterhouse in 1987. His past publicly quoted company directorships are with Scott Wilson Group plc and Yule Catto & Co plc, as shown above. There are no further details which need to be disclosed under paragraph 9.6.13 of the Listing Rules. |
Posted at 26/9/2010 20:00 by kimboy2 Rok paves way for talks with lenders on refinancingBy Ed Hammond and Anousha Sakoui Published: September 15 2010 23:06 | Last updated: September 15 2010 23:06 Rok is paving the way for refinancing discussions with its lenders, just over a month after the building and maintenance group issued its second profit warning of the year. A company spokesman told the Financial Times that its existing facilities were adequate and it was not at risk of breaching its covenants, and that the move to renegotiate its debt was an indication that it was confident of meeting market expectations of profits for the year to December 31. EDITOR'S CHOICE Rok cuts dividend as interim profits halve - Aug-17.Lombard: Rok and a hard place - Aug-12.Rok admits 'serious mismanagement' - Aug-11.."We have commenced discussions with our banks with a view to renewing our banking facilities," said the company. "The timing of that refinancing is in line with the requirement to put new facilities in place in the early part of 2011." However, the group's banks are in the process of drafting in PwC independently to verify Rok's accounts and financial forecasts ahead of the talks, people close to the situation said. The move to bring in the accountancy firm comes in the wake of Rok's profit warning last month that "serious mismanagement" of contracts in its plumbing, heating and electrical business would force it to make writedowns. "It is part of a wider review of the business and not to do with one specific issue, but it was triggered by what has been going on over the past few weeks," one of the people said. One of the people added that the move would be done in partnership with Rok and it would not be imposed on the company. Rok, which employs local builders to carry out repair work for insurance companies, put in place a £90m, three-year revolving credit facility from Royal Bank of Scotland, Clydesdale Bank and HSBC which is due to expire in March 2012. Of this sum, £51.3m had been drawn at the end of its year 2009. The company is expecting to reduce its borrowings, however. Rok is expected to appoint KPMG to advise it in its talks with lenders. RBS transferred the loans to Rok to its internal restructuring department in June, because it recognised the company needed "additional care and attention", a person familiar with the lender's thinking said. The accountancy firm is expected to start its work before the end of the year. The warning and accompanying suspension of its finance director caused Rok's shares to drop 50 per cent in a week. The shares were flat on Wednesday at 18½p, valuing it at £33.2m compared with a peak market capitalisation of £436m in 2007. The three banks, PwC and KPMG declined to comment |
Posted at 15/9/2010 08:13 by aspers Rok Announces Major Scottish AquisitionRok plc, the UK provider of development, building and maintenance services, this morning (Wed) announced that it had agreed to acquire Tulloch Construction, a privately owned and long established building and related services group with a strong brand and reputation in Scotland. The £31.3 million acquisition is in line with Rok's strategy of becoming known as the Nation's Local Builder with plans to have a presence in most of the UK's major towns and cities through a combination of organic growth and acquisition. Completion of the acquisition is expected early next week when David Sutherland CBE, Chairman of Tulloch Construction, will join the Rok Board as a non executive director. Some 875 people in Tulloch Construction's offices in Inverness, Thurso, Glasgow, Edinburgh, Tain, Elgin, Oban, Nairn and Fort William will transfer to Rok. George Fraser, head of Tulloch Construction, will become Rok's Managing Director in Scotland. Rok has been active in Central Scotland for some years from a successful base in Glasgow but will gain considerable strength from acquiring Tulloch Construction which had a turnover of £107 million and a normalised operating profit of £4.2 million in the year ended December 31, 2005. Rok Chief Executive Garvis Snook said today: "Tulloch Construction, with its strong presence in Scotland, is exactly the type of respected, community-minded builder that fits the Rok model. We're delighted to welcome Tulloch to the Rok family and in particular David Sutherland, with his wealth of experience and relationships in Scotland." David Sutherland said: "This is good news for the employees and customers of Tulloch Construction. Rok is an excellent fit for us and we see potential for exciting growth ahead. Linking of the Rok name with Tulloch will send positive signals to our customers and I look forward to working with Rok to achieve the significant benefits that should follow from combining these businesses." The parent company, Tulloch Ltd, is not included in the deal but will be taking a significant shareholding in Rok plc. The deal will see Tulloch's construction, civil engineering and building services divisions, which are part of Tulloch Construction, transfer to Rok. Tulloch Ltd, in which David Sutherland's family has the controlling interest, will retain ownership of Tulloch Homes, which has 170 employees and a £60 million turnover, plus a series of joint venture property development and housing companies. Tulloch Ltd will continue to have its HQ in Inverness. |
Posted at 01/9/2010 07:23 by standtall £40m Axa deal boosts troubled RokPublished Date: 01 September 2010 By VICTORIA THOMSON BUILDING firm Rok had some better news for investors yesterday, after landing a £40 million deal for home emergency services with insurance giant Axa. The Exeter-based firm said the three-year contract with Axa subsidiary Inter Partner Assistance would lead to a "significant" increase in the number of home emergency claims it handles, and create 50 jobs. The win comes after Rok reported half-year losses of £3.8 million earlier this month due to job losses and restructuring at its troubled plumbing division. Rok, which has also suspended its chief financial officer, called shortcomings in financial and operational controls at the division a "regrettable chapter" in the company's history. Inter Partner Assistance has been in the UK market since 1986 and is one of the largest property emergency assistance providers among financial services firms. The contract will be handled by Rok's contact centre in Mansfield. Rok chief executive Garvis Snook said the deal was "a significant success" for the firm's maintenance and improvement division. He added: "It reinforces Rok's position as number one in the buildings insurance repairs and emergency market." |
Posted at 31/8/2010 22:49 by jeavom Rok signs contract with Inter Partner AssistanceRok plc, the maintenance and building services group, has signed a contract with Inter Partner Assistance, a wholly owned subsidiary of AXA Assistance, one of the world's market leaders in assistance, to provide home emergency services to its UK customers. Rok anticipates this contract leading to a significant increase in the volume of home emergency claims it handles with an expected contract value of £40million over three years As a provider of claims management and property repair services to insurers, brokers and policyholders, Rok's 24-hour contact centre in Mansfield will handle the service delivery across the country. The contract will create 50 new jobs at Rok. Inter Partner Assistance has been offering home and property assistance services in the UK since 1986 and is one of the largest property emergency assistance providers in the financial services market. Commenting on the contract win, Rok's Chief Executive, Garvis Snook, said: "This contract win is a significant success for Rok's Maintenance and Improvements division and for the group as a whole," said Rok's chief executive, Garvis Snook. "Rok and AXA Assistance have formed a long term strategic partnership to provide a best in class home emergency service". "We are very excited about our new partnership as it gives us the ability to manage the customer journey from the first notification of loss, supported by Rok's nationwide office network," Bob Ewers chief executive, AXA Assistance UK added. "The combined strengths of AXA Assistance and Rok, the directly employed technicians, common IT platform and culture of our two organisations make this a market leading proposition." |
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