Watchstone Share Discussion Threads

[ionlypostafterbbms] 22/12/2016 11:43

SGH off another 6% last night, now down to 23cents.

Doomed I reckon. Shareholder wipe out coming in d4e swap to keep it alive.

[rogthepodge] 22/12/2016 01:47

says it all really

[rackers1] 21/12/2016 14:56

and yours does lydnem the clown after your disastrous backing of NLG?

hahahaha what a clown

[lydnem] 21/12/2016 14:00

Your opinion doesnt count though numb nuts ...happy xmas !

[rogthepodge] 21/12/2016 13:04

I would be careful making statements like that 'IOnlyPostcauseIam/workwithTW'

even AFR uses the word 'whether'

and they have given very twisted and biased coverage, in my opinion

[ionlypostafterbbms] 21/12/2016 11:33

SGH dropped to 24.5cents last night on this cooking the books revelation.



Law firm Slater & Gordon has been ordered by the corporate watchdog to hand over documents for a new investigation into whether the company's financial accounts were doctored.

The documents must be provided to the Australian Securities and Investments Commission in a swift manner - some later this month and others early in the new year, according to a statement released to the sharemarket.

"In particular, the ASIC investigation seeks to determine whether those financial records and accounts were deliberately falsified or manipulated and whether the company or any of its officers have committed offences," Slaters said.

The documents relate to financial records and accounts from the period December 1, 2014 to September 29, 2015.............................

[ionlypostafterbbms] 14/12/2016 10:15

Uh oh.



Slater & Gordon tipped for recapitalisation
The Australian
12:00AM December 14, 2016

The future of law firm Slater & Gordon is looking increasingly like it will be recut and recapitalised, with sources now reporting that the company and its advisers have launched a process to find new lenders or funding partners.

The situation could ultimately result in a loan-to-own scenario, where a hedge fund offers funding for the business in exchange for equity in what is a similar case looming for other distressed companies such as BIS Industries, which is currently receiving advice from Moelis.

It comes after debt in the company recently transacted for between 30c and 40c in the dollar, which suggests that traders have been valuing the business at less than its current enterprise value.

Currently, the company owes its lenders about $700m, and it has been working with advisory firm Grant Samuel to address its various challenges.

Other advisers are also said to be angling for a role.

Slater & Gordon’s lenders include Westpac, NAB, Citi and Macquarie Group, which have been in ongoing restructuring talks with the company.

Rival firm Maurice Blackburn has also launched a class action against Slater & Gordon following the spectacular fall of its share price last year.

Slater & Gordon, which has not released details of its debt covenants, struck trouble after its disastrous acquisition of the Quindell professional services division last year in a deal worth $1.23 billion, writing down $814.2 million from the business, which has since rebranded as Slater & Gordon Solutions.

Sources yesterday said it appeared that the company needed to restructure its debt, and that in the current form the company was not sustainable.

The business itself also needed to be restructured.

In any recapitalisation approach, the negotiations would happen with those currently holding the loans to the business, but given that the banks were regulated, they were typically not the best entities to hold financial instruments as part of their restructure.

Another possible scenario is that the business could be put up for sale.

Slater & Gordon is a specialist in making claims against insurance companies.

While some say the latest situation could force the departure of key staff, sources have suggested the departure of key management would not be a major concern, given that the company had value in its own right.

Sources yesterday said the listed business was unlikely to collapse, with the most probable outcome being the recapitalisation of the company, given that it was not in the bank’s interests to see the business fail.

Slater & Gordon declined to comment on its situation, other than to say it continued to work cooperatively with its lenders to ensure the company had time to restore earnings and reduce debt levels.

[rogthepodge] 11/12/2016 22:53

that's 'dalesider's' moniker

Kidknocked

.

[ionlypostafterbbms] 09/12/2016 00:11

SGH down 5% to 27.5c in Oz.

[ionlypostafterbbms] 06/12/2016 10:20

Another debt holder sells SGH debt at a big loss.



This is the THIRD debt holder to bail out.

[rogthepodge] 30/11/2016 23:44

quite profound for you

'IOnlyPostcauseIam/workwithTW'

[ionlypostafterbbms] 30/11/2016 21:15

Bawhahahahaha!

[rogthepodge] 30/11/2016 20:42

oh I hope so Lydnem

but unfortunately (for me as an SGH holder) I can't see them succeeding.

[lydnem] 30/11/2016 09:47

The bigger question now is, if they are successful, will they go for more

[ionlypostafterbbms] 30/11/2016 09:30

IS EK still balls deep in this sorry company?

I wonder if he's still expecting it to be £5 at year end, or ever.

The only winners in the escrow feud will be the lawyers fighting it out at £hundreds per hour for the next 5 years.

[spbcscw] 30/11/2016 08:47

Let's get Tom Dobell to force an EGM.

[spbcscw] 30/11/2016 08:36

What a shambles. Perhaps we should ask the CFO to explain where the money is going but I don't think he can do simple division so don't hold your breath. One thing is for sure... there won't be an apology

[funkmasterp12] 30/11/2016 08:31

Well actually it's 30 June to now (30 November), so technically 5 months. So about the same level, but again I still don't see where that cash is going or what value it is generating.

[bbonsall] 30/11/2016 08:22

Funkmaster
They used £10 million between last Dec 31 and May 20 this year. So the latest cash burn of £10 million in 6 months is slower. Good news perhaps?

[kendonagasaki] 30/11/2016 08:12

Up to no good again here?Caution advised!

[funkmasterp12] 30/11/2016 07:26

So WTG has spent £10m in 6 months - on what, exactly?!

[rogthepodge] 29/11/2016 23:34

excellent news for SGH holders

less good news for WTG

but if SGH pulls in the cash anyway, it should all come out in the wash

[ionlypostafterbbms] 29/11/2016 23:18

Uh-oh.


ASX Announcement

Slater and Gordon Limited. ABN 93 097 297 400
30 November 2016

Market update:

£50 million of purchase price paid to Watchstone Group Plc will remain in escrow until notified claims resolved.

Further to its announcement on 19 September 2016, Slater and Gordon Limited (ASX: SGH) advises claims notified by it and Slater and Gordon (UK) 1 Ltd (SGH UK) to Watchstone Group Plc (formerly Quindell Plc) (Watchstone) have not yet been resolved between the parties.

The process set out in the Share Purchase Agreement required SGH UK to obtain a positive merits based opinion of its claims from an independent barrister.
Having now satisfied that requirement, the £50 million currently held in escrow against warranty claims that may arise under the Share Purchase Agreement, will continue to be held in escrow until such time as claims notified under that agreement are resolved.

ENDS

[lydnem] 29/11/2016 16:35

Its all very quiet