Work Service Share Discussion Threads

[russman] 22/11/2019 09:20

Marshall empire is not that well connected to get first choice on good investments.

[topvest] 21/11/2019 21:27

No they have added at 11p in the placing. No surprise there in throwing good money after bad. I am on record on this BB saying it was a rubbish investment...the sector is a nightmare for anyone that has a reasonable handle on business. Getting their customers to pay a bill is always a big problem and they will hold up a £1m payment for some gripe over something or other for £100. Anyway, the placing may not be a bad move as long as they sell a stake on recovery. Doesn't get you away from the fact that they shouldn't have invested in such a low return competitive business in the first place though!!

[russman] 20/11/2019 17:59

WSE is a sub of LFI so more complicated.
Just roll it into one.
And for the record I don't rate Bilby as a good investment opportunity.

[coolen] 19/11/2019 20:48

As Russman has identified previously, a merger with Mr Marshall's sister-company LFI would be complicated by LFI's dual-South African Listing.

A less costly solution would be to find a new investor/manager. As part of the exit agreement, Mr Marshall's "strategic" investments within WSE be transferred to LFI.

Word has it that the former major shareholder and investment manager of El Oro (recently acquired by J P Morgan) is seeking just such a vehicle, should any of you guys be able to make contact.

[russman] 19/11/2019 09:14

Lobby does not work; we will be outvoted.
The investment performance of both LFI and WSE has been poor.
That is Mr Marshall's responsibility.

[topvest] 17/11/2019 12:47

Yes, but I would say their RNS was positive as Bilby was very close to going bust. It's quite positive that directors supported the fundraise. I guess that we will find out this week, through a holding RNS, whether or not WSE put some more in. WSEs investment strategy isn't working and we need to lobby for LFI to take it out.

[oooff] 16/11/2019 13:17

Another drop for Bilby due to fundraise at 11p per share.

[russman] 02/10/2019 06:34

Their business model is out of date.
What value has been created for minorities over the last 20 year.
A divi but not anymore.
Roll WSE into LFI now please.
Nothing WSE offers that we cannot do better.

[topvest] 01/10/2019 10:56

Disastrous results issued yesterday. My thoughts...
Northbridge - recovering
Brand Arch. - struggling a bit but large cash balance
Bilby - disastrous investment as predicted. Could go bust or recover...in the balance!
Tudor Rose - wheels fallen off and fully written-down. Brexit casualty. Accounting reference date extended to June which is an error in the announcement. They have converted their £750k facility to preference shares, not that this has ever been announced. Tudor Rose appears to have lost some large accounts and is on the verge of going bust in my view. Hopefully, they will not waste any more funds. This was a very promising initial investment, but has turned out very badly indeed.
£3M of cash is the only positive (i.e. they have repaid borrowings and liquidated their portfolio).
Final dividend dropped. They make a comment about prudence, but really they have no distributable reserves.
Surely now is the time to collapse this into Lonfin?
They make comments about investing the £3m, but really....please don't!
Maybe it's time to admit that they really are not very good at making strategic investments. Didn't they sell a large stake in Treatt plc 10 years ago, because they couldn't get on the Board....just about sums it up. That would have been a 10 bagger.
Tentatively, looked at selling but not worth it at half of book value. Will hang on and see whether they actually rationalise this company after 20 years of relatively poor returns.
At the end of the day, they are a relatively trustworthy bunch but have only mediocre ability.

[russman] 19/5/2019 08:25

He is past retirement age.
Maybe he cannot keep his Board appts.

[topvest] 17/5/2019 15:19

David Marshall has given notice of his retirement from NBI's board. There doesn't appear to be a replacement WSE board member. Could be indicative of some changes.

[russman] 17/4/2019 07:30

Bilby makes me cringe.
WSE share price performance has been unremarkable considering the "overheads".
Just merge LFI & WSE; life would be so much easier.
Consolidate their share registers. Its a no-brainer.

[russman] 06/3/2019 14:21

WSE is rubbish.
The Marshall "empire" does have value.
Consolidate the loose ends,

[topvest] 05/3/2019 20:51

Yes, Bilby was very predictable. Its a disastrous sector to get involved with. That's the trouble with WSE - 2 steps forward, 1 step back all the time...not good enough when costs are higher than average. Net result = a poor return for all other than the family members who get paid as well.

[callumross] 05/3/2019 15:14

Another "strategic investment" disaster for the company, I see. Never fails to amaze me, their ability to pick duds.

[russman] 05/3/2019 12:29

NAV is sunk by the Bilbys,
Time for change.
LFI & WSE consolidate.
Wipe out the small historic shareholders.

[topvest] 19/1/2019 17:52

I would suggest the cost is fairly minimal. A few resolutions in a shareholder circular, and you are away. You could even coincide with sending out the annual report. City Group should earn their high salaries and do some value added work.

[russman] 19/1/2019 12:37

Suggested something similar at an AGM.
BoD said it would cost too much.
It will have to change one day.
Not clear what the catalyst would be.

[topvest] 29/12/2018 07:46

Maybe they should tidy up the share register to reduce the number of holders. That's quite easy to do with a share consolidation and split type scheme. They can even repay all holders with less than £100 through the process. Its a bit of a no brainer really. City Group are supposed to be Company Secretarial experts after all.

[russman] 29/12/2018 05:24

Slightly more complicated as LFI also quoted on Jberg.
Large number of S.African historic shareholders.
Apart from tax & remuneration "benefits" for Marshall empire, WSE should be liquidated.

[topvest] 20/12/2018 16:05

Yes, but that would reduce directors' salaries. I agree, they need to merge the two companies.

[russman] 20/12/2018 13:30

Have you seen the shareholder analysis for WSE & LFI.
Thousands of shareholders with miniscule holdings.
Admin must be a nightmare; postage considerable.
Just consolidate both into one.

[topvest] 06/12/2018 18:59

No. Reason fo this is that they send an annual report with a voting card but no postage paid. Most shareholders can’t therefore be bothered to vote.

[coolen] 04/12/2018 21:49

Tremendous support for the Board, with 100% of shareholders voting in favour of all resolutions.

Puts some major listed companies to shame. Or am I wearing tinted glasses (!) ?

Russman, I fully agree with your merger logic.

[russman] 04/12/2018 10:08

Well another AGM today.
Same old story.
One day LFI will take over WSE.
Don't hold your breath.