Sweett Grp Share Discussion Threads

[xcap] 04/4/2014 14:57

followed CSG for years was thinking of buying as its a very well run company
and management have done a great turnaround job here

[xcap] 04/4/2014 14:43

do we know the value of the contract in question (or part thereof)that specifically relates to this alleged deception

any lawyers here that could assess the quantum of potential damages?
problem is that since the banking crisis US regulators are imposing very high punitive fines

[m w] 02/4/2014 20:43

I hope your right as I want more

[lynnton] 02/4/2014 18:44

Set myself a trigger buy last week thank cook it didn't fire. But I reckon a bit more of a drop tomorrow and feeling tempted.

[m w] 02/4/2014 16:26

cant buy online, overdone me thinks

[davebowler] 02/4/2014 10:00

Westhouse;







Update on investigation

Sweett Group has confirmed that it remains in discussion with both the Serious Fraud Office in the UK and the Department of Justice in the USA regarding the allegation of improper conduct by a former employee that first came to light in mid-2013. This follows the announcement from the company on 8 January, highlighting that the allegation had been unproven at that point. A further independent investigation is being undertaken by Mayer Brown LLP, but to date, no conclusive evidence has been found to support the original allegation.

Today, the company confirms it is also investigating material instances of deception that may have been perpetrated by a former employee, or employees, during the period 2009-11, and this remains ongoing. The inconclusive nature of this ongoing investigation does not prompt any change to our financial forecasts for Sweett Group.

Whilst today's news is likely to have a short-term negative impact on the share price, the fundamental attractions to equity holders of earnings momentum and deleveraging remain intact, in our view and are not fully reflected in FY2015 PE and EV/EBITDA multiples of 9.9x and 6.7x, respectively.

[broadwood] 02/4/2014 09:28

The company has been working with the Serious Fraud Office (SFO) in the UK and the Department of Justice (DOJ) in the US and said the investigation remained at an early stage and was ongoing.

Sweett said: "Whilst this investigation is at an early stage and is ongoing, to date still no conclusive evidence to support the original allegation has been found.

"However, evidence has come to light that suggests that material instances of deception may have been perpetrated by a former employee or employees of the Group during the period 2009-2011. These findings are being investigated further."

In June last year, an article in the Wall Street Journal alleged that a former employee had bribed an official in the United Arab Emirates in 2009 in order to close a deal.

Sweett stressed there was "no conclusive evidence" found to support the original allegation and neither the SFO or DOJ has issued proceedings so far.

The group has commissioned a further independent investigation on its behalf by law firm Mayer Brown, although a previous investigation paid for by the group found no fault - although investigators failed to speak to the former employee in question.

House broker Westhouse said that while the news was "likely to have a short-term negative impact" on the share price, "the fundamental attractions to equity holders of earnings momentum and deleveraging remain intact" in its view, and are "not fully reflected" in the company's p/e ratio of 9.9 times 2015 earnings.

[abcd1234] 02/4/2014 08:50

rotten, stegrego ;O)

...though in this case, may well be "written" too :)

[eezymunny] 02/4/2014 08:25

Yes I had some too.



Seems like not such a big deal but if systemic and big fines may be a problem etc. However in countries where bribery is endemic what is a man supposed to do? :)

[battlebus2] 02/4/2014 08:24

Took some although it's a risk they are very cheap.

[stegrego] 02/4/2014 08:18

The fact they are looking into one instance and in doing so found evidence of something else suggests something is rotten in the state of Denmark.....

EDIT - stupid spelling error compounded by stupid autocorrect....

[battlebus2] 02/4/2014 08:16

Yep i was looking to buy back in at 46p last week thinking these were cheap, a lucky escape!

[stegrego] 02/4/2014 08:11

Dunno but that's the fastest I've lost a few grand for a while.....

In the other day and out on this news. Clearly news was known the other day when it dropped over 10 percent and sucked me in.

Uninvestible IMO.

[battlebus2] 02/4/2014 08:04

Any details of the allegation anyone?

[emmo1210] 25/3/2014 22:54

Thanks rmillaree. Yes I would have thought there would be more people selling down loosers at this time to utilise the lose, and would doubt that there would be a raft of people selling up trying to use up CGT allowance so much as to effect the price here - a 30% odd drop from peak

[rmillaree] 25/3/2014 08:51

There is the annual capital Gains exemption of £10,900 - if you are sitting on a profit of 32k now selling to realise profit of £10,900 now (must be before 6/4/2014) £11,000 after 6/4/2014 and save the balance for after 6/4/2015 ensures there is no capital gains tax to pay if you have no other capital gains.

If there are losses elsewhere sometimes it can be handy to match the sale against the loss and lower the latent gain so if you are a forced seller of the share at any sudden point in the future the tax will be less of an issue. I had a similar issue a few weeks back were Fyffes were effectively bought out at 40% premium to the opening price that day - as this was an all share type offer i didn't want to hang around to see how the share price would perform as that would be dependent on the other company - so Fyffes sold and some forced pruning elsewhere.

[emmo1210] 24/3/2014 23:49

Why would they be selling having profited considerably before the tax year ends? How does that benefit them?

[priteshpatel9] 24/3/2014 19:19

Many will have profited considerably from CSG this year so will be selling just before the tax year ends. Seeing the same activity on quite a few others. Long termers must be loving this drop.

[superstardj] 24/3/2014 17:46

If in doubt, expect the worst.

[norbert colon] 24/3/2014 15:45

Holy moses what is happening here today??? Just bought some more at sub 46p which I never thought I would see again - now valued at only just over Book Value again. Mr Market been down the pub at lunchtime again?

[jaf111] 28/2/2014 09:13

not sure the RNS would account for the 5% spike this morning....

[broadwood] 28/2/2014 09:10

28 February 2014

Sweett Group plc (the "Company")

Issue of Equity

Sweett Group (AIM: CSG.L), the international construction and property consultancy, announces that application has been made to the London Stock Exchange for 314,387 new ordinary shares of 10p each in the Company to be admitted to trading on AIM ("Admission"). The shares form part of the consideration to the vendors of Padgham & Partners Pty Limited. It is expected that Admission will become effective and trading will commence at 8.00 a.m. on 5 March 2014.

Following Admission, the Company's enlarged issued share capital will comprise 68,658,585 ordinary shares, with voting rights. The Company does not hold any ordinary shares in treasury. Therefore the total number of ordinary shares in the Company with voting rights will be 68,658,585. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

[jaf111] 28/2/2014 08:52

Has this been tipped in Investors Chronicle?