Wallgate Share Discussion Threads

[sdtoot] 16/8/2004 21:59

topchat, you certainly pick some duffers to ramp! Best of luck with this one.

[dulay] 16/8/2004 21:05

this is going bust
quick;

[double6] 16/8/2004 20:33

(From THIS IS MONEY (DAILY MAIL) 23/07/04.)

Wigmore Group jumped 0.08p to 0.27p after further stake-building moves by a rebel shareholder ahead of a key AGM. Gibraltar-based fund Global Investment revealed it has bought a further 50m shares in Wigmore, taking its overall stake to 28.7%. Global is expected to attempt to oust the firm's chairman Peter Hewitt and his wife, co-director Fidelma, at next Wednesday's meeting.

[double6] 16/8/2004 20:23

dell

Your wise thoughts please - last few weeks MM's keep lowering the price then try pushing it back up again to attract interest - is it a dead duck ??

d.

[tiredoldbroker] 16/8/2004 18:37

Beware of anyone who posts old news items (in this case from 3-4 weeks ago) without saying when they were released - he may be trying to give the false impression that they are new stories.

WGT now 0.15p bid, 0.16p offered. Nothing else new to say about it.

[double6] 16/8/2004 15:55

Level 2 ??

Presumably EVBG have minimal BID ??

[vision88] 16/8/2004 15:51

Boring company

[tamaybroke] 09/8/2004 12:51

there was a lot...nothing about WGT though :)

[psmith64] 06/8/2004 14:23

Good point TOB - I would think along with you that Blanchards management must be very despondent that their nest egg for working so hard over the last 30 years, to have got Blanchards where it was, and to to have acheived such good profitbility and reputation with clients and subbies alike, has all been shattered under the Wigmore rule in such a short space of time.

Infact, just to add fuel to the fire, one of the main persons that has worked for Blanchards best part of all of that time, who I would regard as the most important person within the establishment that got it where it was, will have fulfilled his 18 month obligation in December of this year in accordance with the terms of the takeover deal, and I am led to believe that he will be finishing in December, hardly surprising I suppose.

This will have a major impact on Blanchards, he will be a very hard act to follow, bearing in mind he has lived and breathed Blanchards for a long time, and has been involved since it was just a £ 250,000 outfit, to where it was before Wigmore got it hands on it.

I know what a good businessman he is, he taught me all I know, and can safely say, that I would not be in the position I am now, without the knowledge I gained from him early in my career, he would certainly have played a big part in the profitbility of Blanchards for the last 20+ years

As far as I am aware, nothing has been done in recent times to replace him, and there is certainly no one of his calibre in there worthy of internal promotion to the post.

One person that I know who was interviewed for the post, back at the end of last year, who would have been a good replacement , I know is not at all interested now with all the things that have unfolded over the last few months.

With someone as important to the company as this, who only had an 18 month spell left, surely a good management would have had someone in there shadowing him from an early time, but with all that has unfolded now, how are they going to get a replacement by January of next year !!!!

Time will tell I suppose, maybe one of the new investors has a replacement, but with time ticking away, this is something that needs to be addressed, and very soon.

I also know that at least 5 other key members of staff, have all had other firm job offers, whether any have accepted I do not know, again, time will tell and things will have to get better to keep them there, and things like not paying subbies on time will not help, the last thing you want when you are busy in this game is for the phone to keep ringing and subbies pestering for money, remember, this never happened at Blanchards before Wigmore took over because they were always taught CASH IS KING, which they always had.

I see the shares have gone up a little today, and would think the Directors are getting excited now, as they have been able to make over 150% out of this disaster that they caused with the cashing in of their loan notes at 0.10p, while the many that got them where they were are still 90% or more down, there just does not seem to be any justice does there, how they can still walk through the doors and face the staff, and take their salaries and other perks, I just do not know, but then some people have no morals do they, and seem to get away with it.

Regards

Paul

[tiredoldbroker] 06/8/2004 11:54

Sagem, I couldn't help but break into a laugh when I read your post "all that I said in the past seems to have been correct".

You're the person who was saying how cheap WGT were at 3p, weren't you ? Aren't you down about 95% on your original investment ?

As far as announcing new contracts is concerned, the last set of accounts said that in 2003, turnover from "continuing activities" (i.e. WGT excluding Blanchards) was £18.43m and when Blanchards was purchased, its annual turnover was running at £6.7m. SO adding them up, WGT should be announcing £1m of new contracts every fortnight, just to be standing still. But they don't. They've made one announcement of new contracts in about 4 months. The logical conclusion is that many potential customers have decided not to give any work to WGT, because nothing screws up a project like your contractor going bust half way through, or the subbies walking off because they haven't been paid. If WGT's customers have lost confidence in WGT's ability to efficiently complete any work awarded to them, they'll just give the work to another company.

Oh, and a nasty in the tail which I should have mentioned before. I bet the guys who sold Blanchards to WGT are feeling angry and ripped off right now. They took a lot of the purchase price in shares which in 12 months have lost 95% of their value. But the purchase terms included a deferred cash payment to the vendors of up to £340,000. If I was them, I'd be scrabbling to recover whatever value I could from the original deal - like instructing solicitors to make sure that the full £340,000 was extracted, in cash, ASAP. I don't think WGT can find that money right now.

Still, they might just agree to issue a further 340 million shares at 0.1p to the vendors, for them to sell in the market. A drop in the ocean with all the other stock WGT has agreed to issue.

[sdtoot] 05/8/2004 21:41

Regular WGT posters:-

topchat is a well known ramper on ADVFN, who frequently visits small co BB's spouting rubbish about how the share price will be a ten bagger withing weeks. He will have spotted the RNS this morning and decided to have a short term punt. Ignore him and he will disappear within a few days to move onto his next victim.

[sagem] 05/8/2004 19:11

I have not said much recently because all that I said in the past seems to have been correct, so again not much to say. Wigmore going the way I thought it would, need I say more. All the best...SAGEM

[tom.muir] 05/8/2004 17:36

topchat - I don't suppose you post here under the name SAGEM as well do you?

It's just that we don't hear much from him these days and he's almost as big a ramp merchant as you are.