Watchstone Share Discussion Threads

[leadersoffice] 21/10/2019 07:10

Both sides agree truce. Money to be released from escrow with 11 million being paid to slater & Gordon. We keep the rest.

[kemche] 17/9/2019 22:41

Nick, Let us know when you do too!

[rogthepodge] 17/9/2019 20:37

'kemche' let us know when you sell!

[bdbd11] 17/9/2019 19:53

By my calculations, there are 6 institutions that between them hold nearly 85% of the shares in issue, the largest holding 28%. I would imagine they have paid close attention to the legal case and are confident of a favourable outcome, having spent the last few years hoovering up shares from disenchanted QPP holders.

[kemche] 04/9/2019 13:45

I continue to average down - along with steamy and Nicky and the boys at Blueshare.

[cheek212] 04/9/2019 13:40

A fair amount I would say!

[loobrush] 04/9/2019 13:26

Sphere---can you advise how much they spent in legal fees each year ? and total ?

If they win court case would they get this back?

[cheek212] 02/9/2019 12:27

Plenty of time for them still to do so.

[spectoacc] 02/9/2019 12:18

....Though you'd think if S&G had inside information, they've have walked away from the purchase! ;)

[cheek212] 02/9/2019 12:09

Well well well - S&G had insider info provided to them by Watchstones 'trusted advisors' to enable them to push down the purchase price!! That kind of p*sses all over their claim to have not known what they were buying and the info comes from there own advisors Greenhill!!! Looking forward to the October court case if it gets that far! S&G had better come up with something a bit more solid lol.

[grahamg8] 29/8/2019 07:55

More twists and turns than a rattlesnake. I'm cautiously optimistic since the evidence came through disclosure. S&G can hardly say the meetings didn't take place. So it's down to whether WTG suffered a financial loss at the time and by how much. The elephant in the room is PwC who presumably have much deeper pockets than S&G. If the counter claim is proved even at a modest financial level then I would fully expect WTG to claim damages which could be pretty hefty as PwC were their trusted adviser at the time.

[spectoacc] 29/8/2019 07:31

Going to stick my neck out and say it actually looks a strong move from WTG:

"Mr Justice Bryan rejected S&G's submission and found that Watchstone has a real prospect of success in respect of the proposed Counterclaim and other amendments such that permission to bring such claims within the existing proceedings should be given. The Judge also rejected S&G's request that, even if the Counterclaim was permitted, it should be stayed pending the determination of the trial. The Judge ordered that Watchstone's claims in relation to the back channel, including its Counterclaim, are to be heard at the same time as the trial of S&G's claims starting on 21 October 2019."

[leadersoffice] 29/8/2019 07:17

Dig deep.... find anything to throw at opponent. I'm not convinced where going to win but important to give it your all. Hopefully we will know by Nov/Dec how this will end

[effortless cool] 29/8/2019 07:11

Now Watchstone are suing S&G for £63m plus costs. The basis of the suit is that S&G employed tactics, through meetings between their advisor, Greenstone, and Watchstone's advisor, PWC, that led to them paying less than they would otherwise for Watchstone's professional services division.

Ironic, given that S&G paid far more than it was worth in any case, and the acquisition has practically bankrupted them.

[spectoacc] 14/6/2019 09:48

Yeah it'll get dismissed ASAP I'm sure, but got to laugh! "I'd have sold more, at a higher price, therefore you owe me £14m".

[jonc] 13/6/2019 07:31

Presumably it was Rob Terry who gave Rob Terry the Oral Indemnity.

[spectoacc] 13/6/2019 07:12

Just hilarious:

"Although the proposed counterclaim is materially lacking in detail, in essence it appears to be a claim in negligent misrepresentation arising out of a tax indemnity that Mr Terry says the Company's subsidiary WL granted to him orally in 2011 (the "Oral Indemnity"). Mr Terry alleges that, in 2013, at and around the time when WL paid approximately GBP3.1m to Mr Terry (the then Chairman and Group Chief Executive) in respect of personal tax liabilities arising as a result of the disposal of shares in WL in 2011 pursuant to the Oral Indemnity, the Company expressly (and by conduct) made false representations that it would not challenge the validity of the Oral Indemnity and would not seek to recover any amount paid under the Oral Indemnity, including under the SPA.

Mr Terry now says that, in reliance on these alleged representations, he did not seek to sell some 22.59% of his then shareholding in the Company between January and March 2013 (which, he says, would have yielded some GBP20m), and thereby suffered a loss of approximately GBP14.7m relative to the price for which he eventually sold his shares in the Company between November 2014 and January 2015 shortly after he left the Company."

[kemche] 07/6/2019 10:02

I am buying more - along with Steamy and the boys at Blueshare.