Watchstone Share Discussion Threads

[gurjit] 29/3/2021 22:43

Thank you - that's all useful info.I have a relatively small remnant holding, so may be I will play the long game & add to my framed share certificates if necessary! ??

[beckers2008] 29/3/2021 20:10

G,

Shame about your delisted holding, not a good outcome.

The WTG board have stated that capital returns will be carried out, if and when lawsuits are sucessful, currently I have no reason to dispute this as they (WTG) have delivered on their commitments.
Fwiw, Imo, PWC will cough up out of court, try and read a copy of the 'Private Eye' article, insinuating PWC!
Aviva still to get to court and HMRC will rebate overpaid VAT.
I am following the II's and holding on.

Good luck in whatever you decide.

[gurjit] 29/3/2021 18:27

Thank you again.TBH I'm not sure that I still want to be left holding unlisted shares.I have a similar situation with another delisted company (Mapeley) which HAVE NOT been able to set up an effective trading system since they delisted more than a decade ago! No dividends, just a piece of paper which feels worthless! Whether they distribute any money from legal wins would depend upon the board I guess (although I accept it would be hard not to sanction this).I am thinking that I will have to offload WTG if nothing happens during the first half of next month.

[beckers2008] 29/3/2021 14:36

P,
Not sure of this applies if the reverse t/o happens pre 1st May?
Is is possible that WTG is brought out?

[prokartace] 29/3/2021 14:29

Beckers, the announcement on 2/11/2020 implys that the company would have to re-register by 1st May and therefore pay £6 mil. This being the case on any reverse takeover the £6 mil would still have to be paid

[beckers2008] 29/3/2021 13:52

G,

I believe if WTG does not get taken over and delists later this year, you will still have your shares and I believe WTG are obligated to form a trading mechanism, in layman's terms a matched buy/sell system.
Any capital return from claims against Aviva, PWC, plus a circa £5m VAT refund claim from HMRC will I guess be paid to shareholders, either in a listed state or private.

[gurjit] 29/3/2021 10:02

Thank you BYou seem to imply our money would not be lost if WTG is suspended / delists? Would our money not just be suspended in limbo with no way to sell shares (or would some sort of liquidation event happen with distribution of any cash)? If the latter, I'm not sure what would happen with any successful insurance claims!?Please explain why I should not sell now & take cash now (instead of hold shares in an unlisted / untraded stock)!Apologies in advance if I am missing something obvious.

[beckers2008] 29/3/2021 09:50

G,

You are correct. WTG are now a cash shell and any company that wants an AIM listing can carry out a reverse takeover of WTG and I believe will not have to pay the £6m listing fee.
WTG have outstanding claims against Aviva in Canada and PWC in England which could be rich pickings for the suitor.
If WTG delists which seems unlikely, shareholders will still benefit from capital returns which has so far amounted to £1.50 per share, post share dilution and capital return of 90p a few years ago.
Nice little earner thank you very much!

[gurjit] 29/3/2021 09:27

Would I be correct in saying that (as things stand) trading in these will be suspended on 1st May 2021 (as per announcement on 2nd Nov 2020)?

[konradpuss] 01/2/2021 19:41

hindsight thank you.

I met 'evil-knievil' back in the 80's when he was an accountant working from his home in St.John's Wood . What a character!

[konradpuss] 31/1/2021 17:57

webbski949, I am a late here, however can you direct me to 'Evils recent post'?

Thank you

[webbski1949] 18/12/2020 09:49

See Evils recent post.He thinks there is a good chance PWC will pay up

[trevor1234] 11/12/2020 10:13

Has anyone heard any updates on what is happening regarding the action against PWC.
Also do you think we are likely to get another payout in the near future after the sale of Ingenie?

[rogthepodge] 13/10/2020 17:32

bbmsionlypostafter ASOS closed today at £53.80
you are an expensive guru to follow!

[makinbuks] 13/10/2020 17:14

Group cash at 25 September 2020 of GBP17.2m including amounts held in escrow (GBP2.0m) but excluding amounts included within assets held for sale

Maximum of £5.5m for Ingenie

So the market cap at c. £27m is a little ahead of itself albeint there are two court cases at least outstanding against major accountancy firms.

Impressive tidy up operation by this management team

[energeticbacker] 09/10/2020 10:06

Watchstone: sale of last operating business and WTG will become a cash shell.

Investor's Champion comments that group cash at 25 September 2020 was £17.2m following a return of £18.4m to shareholders in July. The current market capitalisation of £29m implies there might be more to come to shareholders from outstanding litigation.

[makinbuks] 11/8/2020 17:18

WTG engaged PWC and paid them fees. Not only did they not receive services of the standard one might expect they actually caught them trying to rip them off. I don't see that the case hinges on the price obtained for the business, it should be about a return of the fees paid plus interest and damages. Why on earth they would call TW as a witness I have no idea. Witness to what? Having an opinion on the broader issue is fair enough but no evidence of whether PWC did anything wrong or not

[danielinnes74] 07/8/2020 17:52

I guess TW has to be right on the odd occasion. A stopped clock and all that. Just glad to have made a few quid back here after losing a small amount on Quindell.