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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rsm Tenon | TNO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.125 | 1.125 |
| Top Posts |
|---|
Posted at 16/8/2013 21:21 by praipus Just noticed that Guy Thomas author of "Free Capital" collected a few of these recently (7th August). For anyone interested I also track/trade & follow his and other systematic value investors holdings on the WAM thread.WAM thread Guy Thomas RNS |
Posted at 16/8/2013 13:22 by praipus Just noticed that Guy Thomas author of "Free Capital" collected a few of these recently. For anyone interested I also track/trade & follow his and other systematic value investors holdings on the WAM thread.WAM thread Guy Thomas RNS |
Posted at 08/8/2013 13:03 by king_roster_iii Gets even more interesting - Crispin Odey - one of the most astute investors out there has taken a big chunk.pidgeon - what's your view on that then ?? |
Posted at 03/5/2012 13:36 by imastu pidgitaswell I think so.Note the RNS about the chairman departing. He only became Chairman in January, and is off now. Methinks he doesn't want to a current director when the balloon goes up. The many and varied woes are nothing to do with him, being a non-exec and charged with finding a CEO to sort the shambles, but he clearly regrets touching it with a bargepole, as anyone would. Not exactly confidence-inspiring for an investor. |
Posted at 11/2/2012 08:36 by masurenguy Tenon accused by 'whistleblower' of breaking accounting rulesBritain's only publicly listed accountancy firm has been accused of breaching accounting rules by a former manager who claims that he was dismissed for blowing the whistle. RSM Tenon has been accused of overstating profits in its recovery business through a series of "bad practices", including prematurely recognising revenues on insolvency cases, in legal documents seen by The Times. Duncan Swift, the former head of Tenon's Southampton office, alleges that he was fired from his £230,000-a-year post in April last year after bringing the alleged bad practices to the attention of the company's board. Mr Swift, 49, has brought a claim at the Southampton Employment Tribunal in which he is seeking unspecified compensation and exemplary damages for unfair dismissal and breach of contract. Tenon denies the allegations of accounting breaches and is contesting his claim of unfair dismissal. The company asserts that Mr Swift was dismissed as part of a redundancy programme which resulted in around 100 job losses. Jeremy Newman, a consultant to the company, said that there was no connection between Mr Swift's allegations and a shock profit warning issued by Tenon last month. Tenon's shares tumbled by nearly a third after it told investors that half-year revenues would be about 10% lower than last year and that it would report a first-half pre-tax loss. Andy Raynor, the chief executive, and Bob Morton, its chairman, stepped down. Tenon also said it may have to restate its last full-year accounts and incur a one-off charge in its latest half-year accounts. Mr Newman, a former managing partner of BDO who was brought in to advise Tenon's new leadership, said that Tenon could not give a reason for these adjustments until the company's half-year results on February 29, but said that they were not linked to Mr Swift's allegations. Mr Swift joined Tenon from Grant Thornton in May 2010. He claims that soon after arriving he discovered numerous bad practices, which "had essentially led to the overstatement of profit in Tenon's recovery business through the false acceleration of the recognition of insolvency case revenues allied with the understatement of insolvency case costs". Mr Swift argues that he brought this to the attention of his line managers and began to try to "clean up" the division, but was fired when it became clear that the Southampton office missed its financial targets. He protested at his dismissal to Mr Raynor and Tenon's board, but his grievance was dismissed. In its defence, Tenon asserts: "The claimant was dismissed due to the poor performance of the ... businesses in Southampton combined with more general commercial pressures which required [Tenon] to make cost savings. In addition, there were concerns about the claimant's performance and his ability to lead the ... businesses in the difficult financial climate." Tenon said that it had conducted an internal investigation - reviewed by PwC, its auditors - into Mr Swift's allegations and found "that it had not acted in breach of its legal obligations as the Claimant claims". The hearing is scheduled to finish on Tuesday. |
Posted at 05/2/2012 10:54 by masurenguy Held just a few of these briefly last year but glad that I exited at 25p last July. If they refinance then there might just be a "phoenix" type opportunity going forward. Worth monitoring.Tenon's £20m plea RSM Tenon is under pressure to launch an emergency rights issue after the accountant shocked the stock market with a profit warning. Some of Tenon's biggest investors have told the company it needs to raise up to £20m quickly to repair its balance sheet. Tenon has £88m of borrowings due in June, and is in talks with Lloyds Banking Group to extend them. Tenon, which employs 3,000 and has 50,000 clients, warned it may have to restate its June 2011 accounts after finding a black hole. It expected to make a loss for the 6 months to December. The announcement drove down Tenon's shares 29% in a day and triggered the resignations of Andy Raynor, chief executive, and Bob Morton, chairman. Adrian Martin, a non-executive director, was promoted to executive chairman, and Jeremy Newman, former boss of BDO Stoy Hayward, was parachuted in as an adviser. One investor said: "The big question is how much they can raise [in a rights issue] and whether people are willing to subscribe to it. There are uncertainties about the business and a lot of debt, so the value of the new equity should be at the bottom end." He added that investors supporting any rights issue "should end up owning the majority of the business". The 5 biggest investors are Jupiter Asset Management, Odey Asset Management, Legal & General Investment Management, Bob Morton and Aviva Investors. |
Posted at 23/1/2012 16:02 by imastu pidgitaswell Very true atlantic - but as a public company, which is full of qualified accountants, audited by another firm of accountants, with exactly that issue as probably the key risk in its accounting estimates, an investor might have expected management to have a firm grip on the issue. It's not certain at this stage that they did not, but it wouldn't exactly be a surprise. But of course, as always, there is no sanction that a shareholder (theoretically the part-owner of the business) can take other than turfing the muppet out who created this sorry mess - by which time it's too late to do anything to turn it around. But to do that, he has to be paid off - who really wins in that scenario, the shareholder who has lost 90+% of his investment, or the highly remunerated CEO who also gets a pay-off? The only consolation is that the CEO also owned a lot (2.25 million) shares and will have lost a lot of value of his shares 'awarded' for meeting his 'targets'. As ever, a reward for failure, which at least is heavily diluted. But it's not much of a consolation - he still got heavily salaried and cash-bonused, and remains rich, when all he has actually achieved is virtual bankruptcy and lost a lot of people their jobs. As for a fundraising, forget it. The time for that was when the price was 150-odd - simply no point now, why put themselves through all that effort - far simpler to just do a pre-pack and walk away, leaving the shareholders with nothing. |
Posted at 23/1/2012 08:15 by aleks_atanasov ... and private investors are filling their boots again.. 500K shares traded via RSP, mostly buys. |
Posted at 13/12/2011 09:24 by narindg well why do you buy shares for.. and in any case why r u here if you are not an investor |
Posted at 13/12/2011 09:19 by aleks_atanasov its a bad statement, i cant figure out why at the beginning this morning some people rush to buy in, then why some retail investors begin buying it like cheap chips... i guess shorts were closing. ..banking their 60% profit in a month.. |
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