bought a few of these a week or two ahead of their Interims - have moved up ever since :-)) but believe there is still some way to go yet - currently 31/33p they go xd on the 26th feb.

I see capital group are still adding - another 2.7 million shares - making 20 million in total or 6.15%



ains

big x this morning - 800k @ the mid

cross of a million @ the mid 29p


ains



another million at the same price

Ainsoph scores another bulls eye


http://www.ukwire.co.uk/cgi-bin/articles/200303101758455393I.html

Guess the reason I dislike 'shorters' is because of the glee that you exude when something goes wrong goodfella ..... I don't say this often and I am sure by past experience you will revell in my saying you are aone nasty little peeps that has crawled out from under a stone .....

You are one sad peeps .......


ains



Ashtead Group plc
Trading Statement

The Board of Ashtead Group has been advised by the directors of its USA
subsidiary, Sunbelt Rentals, that a senior member of its financial staff,
responsible for the preparation of its accounts, has been suspended. The reason
for his suspension is that he has admitted to a failure to reconcile properly
certain balance sheet accounts. The effect is that certain costs of the business
in the accounts to the year to April 2002 and in the current year appear to have
been understated. The sums involved are said to be approximately 2.5m
(approximately 1.5m after tax) in each financial year. The individual concerned
who is co-operating with the initial investigation denies any personal gain from
the misstatement and says that no other member of Sunbelt's staff was involved.

An immediate investigation has been launched to satisfy the Board as to the
motive for and the extent and nature of the misstatement. External advisors are
being appointed to assist the Board in this investigation. The Board is
presently reviewing whether there is an impact on its banking arrangements. In
the meantime the Board is keeping its bankers appraised of the position.

Given that the cumulative profit effect of the above misstatement could be 5m
pre-tax (3m after tax) based on information currently available and that
trading in Sunbelt has not been helped by the general uncertainty surrounding
the possible war in Iraq and weather conditions in January and February which
have been particularly adverse with record snowfalls in the North East, the
Board can no longer anticipate Sunbelt achieving its forecast for the current
year.

Good progress has been made by the new senior management team at A-Plant, the UK
division. The benefits of a number of the operational initiatives to control
costs and refocus operations have started to take effect. As such, although
trading conditions have if anything become more difficult, we continue to
anticipate a small increase in A-Plant's profits in the second half compared
with last year.

In the light of the trading situation, and prior to any restatement of the
accounts that may be required following conclusion of the accounting
investigation, profits in the current year are likely to be well below market
expectations. The Directors have continued to keep a tight rein on capital
expenditure and to keep the Group's costs under control. As a result, the Group
remains strongly cash generative producing net free cash flow (after capital
expenditure and interest charges) in the third quarter. We anticipate further
net free cash flow will be achieved by year end.

The strategy of the Group remains unchanged. The Group's divisions are all
leaders in their respective markets. A small improvement in market conditions
will still have a significant impact on our performance given the inherently
high levels of operational gearing in the business.

The Board will issue a further statement as soon as the conclusions of the
investigation are to hand.

"This is how we cut and paste, cut and paste, cut and paste, this is how we cut and paste till the early hours of the moooorning"!

no Ainsoph I do not like to see people losing money but make an exception in your case as you spend your time ramping stocks 24/7 in the hope that others will lose money to enhance the losing position of yourself and your multiple aliases.

I have told you before what goes around comes around.

And every loss you make is fully deserved

goodfella/tpaul Like I say .... you goodfellas are one nasty little peeps and emphasis on the little ..... but there we go .... what comes around - goes around ... btw the 24x7 thingy is not very original or interesting. Try and think of something share related - if you can



Anyway to talk about the current situation - I think we need to scale the current situation as we know it .... talk is of around 3 million after Tax comparing with latest broker concensus (source March CD refs) of 22.0 millions estimated for 2003.



ains

Ainsoph,

read the whole statement - it isn't just the accounting cock-up, trading has been bad both inthe US and the UK.

Yes ..... I did note that trading has not been good in the US but the company said this about the UK division

'Good progress has been made by the new senior management team at A-Plant, the UK
division. The benefits of a number of the operational initiatives to control
costs and refocus operations have started to take effect. As such, although
trading conditions have if anything become more difficult, we continue to
anticipate a small increase in A-Plant's profits in the second half compared
with last year'

they also said


'The Group remains strongly cash generative producing net free cash flow (after capital
expenditure and interest charges) in the third quarter. We anticipate further
net free cash flow will be achieved by year end.

A small improvement in market conditions will still have a significant impact on our performance'



I don't doubt that any PW in this market coupled with the overnight falls in the US will have some effect. Personally I bought my shares cheap and sitting on substantial gains and will take whatever action seems most desireable in the morning.

ains

early press



Accounting irregularities may force breach in Ashtead banking covenants
By Saeed Shah
11 March 2003


Ashtead Group, the plant hire company, last night admitted to an accounting irregularity in the US that may put it in breach of its banking arrangements.

The company said a "senior member" of its finance department at its Sunbelt subsidiary had been suspended and it had brought in external advisers to investigate. The US makes up about half the group's turnover.

"The reason for his suspension is that he has admitted to a failure to reconcile properly certain balance sheet accounts.... The individual concerned who is co-operating with the initial investigation denies any personal gain from the mis-statement and says that no other member of Sunbelt's staff was involved," Ashtead said.

It has emerged that, as a result, costs have been understated in the 2002 financial year and the current year by 5m. For the year to April that company had been expected to report a pre-tax profit of 22.8m. The board is presently reviewing whether there is an impact on its banking arrangements. The board is keeping its bankers appraised of the position," the company said.

The company has long been the subject of criticisms over its accounting policies but two years ago it put in place new systems, which it hoped would answer these concerns.

There has also been anxiety over the integration of the US assets, acquired fours years ago. Ashtead shares have fallen from 54.5p over the past 12 months to close unchanged at 28.5p yesterday ahead of the announcement. The group was rumoured last year to have turned down bid approaches pitched at 60p to 75p a share.

The company also warned about trading conditions in the US yesterday, though it said it was making "good progress" in the UK.




Times

March 11, 2003

Ashstead discloses errors in accounts
By Suzy Jagger



ASHTEAD, the plant hire firm, surprised the City yesterday after admitting to severe accounting irregularities an hour and a half after the stock market closed.
The admission which included a profit warning came about 30 hours after George Burnett, the Ashtead chief executive, was informed of the irregularities over his Sunday lunch.

Mr Burnett conceded to shareholders that a senior employee at the groups American business Sunbelt Rentals, whom he refused to name, has been suspended after admitting to hiding a mis-statement in the accounts for the firm over the past two financial years. The sum is not thought to exceed 5 million. Last year Ashtead made a full-year loss of 15.5 million.

Mr Burnett said that the problems appeared to have occured after the suspended employee admitted to a failure to reconcile properly certain balance sheet accounts.

Mr Burnett also told shareholders that even before considering the accounting irregularities, full-year profits were well below market expectations.

The group said that it plans to investigate the problem by getting its existing auditors, PriceWaterhouseCoopers, who signed off last years accounts, to launch an inquiry.

Mr Burnett is also expected to be questioned by the Financial Services Authority today. The regulator will be keen to ascertain whether the board breached Chapter 9 of the London Stock Exchange listing rules which demand that directors advise shareholders of any material change to company circumstances as soon as is practicable.

Two trades before the premarket session and marked down nearly 50% as the mm's open in pre market trade


ains :-((

I can be wrong here but cannot see a lot of mileage in selling at the current 14p .... although the extent of the problem is still to be sorted I would have thought we will will see some M+A activity at these levels .... may well be a buyer this morning - currently 15p with 480K already traded



ains

Ainsoph

That's wishful thinking and only reading the good points from the trading statement.

The market is all about people taking opposing views ...... I posted the complete statement - you then made a comment that was untrue - I emphasised those points that proved your comment was untrue.

I play with my own money and on paper lost a little less than half a unit by the shares halving .... most of this was profit.

There is no point in looking back to where we have been - I am looking forward and kept all my options open. I may have sold - I may have sold and bought back at a later time - I may have averaged down.

I call things at the time and decided to hold as the best bid was 14p and I may decide to buy a few - currently 13.75p.


ains

Falling now as what looks like shorters start to come in ...... suits me - they have to buy back at some time ..... now 11.5p to buy and down 61% on 2 million shares traded


ains

Tut tut tut, good one Ains!

What watchlist candidates have you got at the moment Ains, cos I'm running out, theres just too many good shorts, and i want to diversify and hedge meself with a few longs. What r u thinking of?

ainsoph,

What comment was untrue!!!

sorry I dont have the time or inclination for this .... If I buy I will say as and when

Trader ainsey,

how do you do it? What a track record!

F

03/11 10:21
Ashtead Shares Fall 62% on Accounting Error in U.S. (Update1)
By Chris Collins and Angus Whitley


London, March 11 (Bloomberg) -- Shares of Ashtead Plc, the fourth-largest U.S. equipment-rental company, fell by as much as 62 percent after it said an accounting error may have inflated profit by as much as 5 million pounds ($8 million) over two years.

Costs at the Sunbelt Rentals unit may have been misstated by 2.5 million pounds in the year ended April 2002 and by the same amount this fiscal year, Ashtead said in a U.K. Regulatory News Service statement after markets closed yesterday.

Ashtead shares were down 17.75 pence at 10.75p at 9:14 a.m., valuing the company at 34.7 million pounds.

``Some Ashtead investors have lost so much money they don't know whether to exit now or hold on,'' said Nick Walker, an analyst at Evolution Beeson Gregory, who earlier today cut his rating on the stock to ``sell'' from ``underperform.''

The employee who admitted to the error has been suspended, the company said. Leatherhead, England-based Ashtead is ``reviewing'' whether the discovery affects agreements with lenders.

Ashtead also said it expects group profit in the current year to be ``well below'' analysts' expectations. The forecast doesn't include any potential accounting restatement, it said.

Pretax profit this year will probably be cut to 10 million pounds from 22 million pounds because of the accounting error and a weaker trading performance in the U.S., Walker said. The misstatement is ``a surprise,'' he said. ``Prior to this, Ashtead's problems had been in the U.K., with the U.S. performing reasonably well.''

LOL t****r!

indeed you are .... but I wouldn't worry .... no one cares

I thought we were supposed to be winning the war...

Guess the markets haven't cottoned on to that idea yet ..... I hope they do - soon

are you into this one ains. if so i`ll get some, they are very cheap,

hack,hic,splatter, cockroach, humph

MIDGE

Hey ains, I just checked the price on these, they are 8p to buy did you not say you bought them at 22p, surely you can`t have lost on them,

hack,hoc, splutter, cockroaches, heheheh,splat


MINGER

Ainsoph

Are you bankrupt yet..........you have not answered the question.



ainsoph - 07 Jan'03 - 22:01 - 119 of 255


Why would I sell out - you goodfellas are such losers ..... lol


I think there are some t trades in there dart

Some you win ..... and some you lose ...... It seems sad that a company can be brought to it's knees by a single 'misgided employee' but guess that's the times we live in .....


03/13 07:48
Ashtead Will Default on Its Senior Bank Facility From Today
By James Regan


London, March 13 (Bloomberg) -- Ashtead Plc, a U.K. equipment- rental company, said it will default on its senior bank loan facility later today following an accounting failure at its Sunbelt Rentals Inc. U.S. unit.

Ashtead has decided not to make the interest payments due today under the facility, the company said in a Regulatory News Service statement.

``A meeting of the bank group will be called at the end of next week to review the position, with a view to developing a proposal to resolve the situation,'' the company said in the statement.

The company said two days ago that an accounting error at its U.S. division may have inflated profit by about 5 million pounds ($8 million) over two years. It said costs at Sunbelt may have been misstated by 2.5 million pounds in the year ended April 2002 and by the same amount this fiscal year.

``The group remains strongly cash generative producing net free cash flow -- after capital expenditure and interest charges -- in the third quarter,'' Ashtead said.

Ainsley,

I'm sorry if you've been hit on this. To suggest that the company has been brought to it's knees by a single 'misgided employee' is not correct though, imo.

There are underlying problems within the company as a whole ....... the single employee merely covered them up. The sh!t would've hit the fan sooner or later.

I was talking from the time I bought rather than any long term situation ..... we don't know what and why the employee did what is claimed ..... yet

Broker talking about reducing at 2p a share is a little foolish imho

ains



03/13 13:09
Ashtead Says It Defaulted on Bank Loan; Shares Plunge (Update2)
By Duncan Hooper


Leatherhead, England, March 13 (Bloomberg) -- Ashtead Plc, the U.K. equipment-rental company that overstated profit this year and in 2002, said it defaulted on a bank loan and won't pay interest due today. Its shares fell as much as 71 percent.

Ashtead, which has about 431 million pounds ($692 million) of bank debt, plans to meet lenders next week. The company said three days ago an accounting error at its U.S. division may have inflated profit by about 5 million pounds over two years.

``It sounds like it's rather more concerning than the initial warning implied'' said Hilary Cook, director of investment strategy at Barclays Private Clients, which manages about 25 billion pounds including Ashtead stock. ``It would be a brave man who bought these shares.''

Ashtead, which was founded in 1947 and rents industrial gear such as wood-chippers and diggers, renegotiated agreements with lenders and cut debt last year after demand in the U.S. slumped. Its accounting disclosure follows last month's scandal at Royal Ahold NV, the Dutch retailer that ousted top executives after discovering earnings at its U.S. unit were inflated.

Ashtead shares, which have lost 90 percent this week, fell as much as 5.5p to 2.25p, and were at 2.75p at 12:30 p.m. The company is worth about 8.9 million pounds at the current share price.

``As accounting investigations are ongoing, the company is unable to provide definitively the usual representations and warranties required in connection with the rollover today of advances under its senior bank facility,'' the company said in a Regulatory News Service statement.

$825 Million

Calls seeking comment from Chief Executive Officer George Burnett, Finance Director Ian Robson weren't immediately returned. Andrew Grant at Tulchan Communications, which handles press relations for Ashtead, didn't return a call seeking comment.

Ashtead said in May last year it amended terms relating to an $825 million loan facility to ``provide great flexibility.'' The company didn't give details of the loan or terms today. Ashtead had 572 million pounds of debt on Jan. 10, according to the company's first-half earnings statement.

Today's announcement ``makes the position of the board pretty untenable,'' said Emma Ormond, an analyst at Oriel Securities Ltd., who has a ``reduce'' rating on the stock.

Costs at Ashtead's Sunbelt division may have been misstated by 2.5 million pounds in the year ended April 2002 and by the same amount this fiscal year, the company said Monday. Ashtead also said profit this year will be ``well below'' analysts' forecasts.

Ashtead in January posted first-half net income of 8.6 million pounds, or 2.7p a share, compared with a loss of 2 million pounds, or 0.6p, in the year-earlier period. Revenue from its U.S. business amounts to about two thirds of the total.

Ashtead bought BET USA three years ago for 322 million pounds to expand in the U.S., where the rental market had quadrupled over the previous decade. The purchase made Ashtead the fourth-largest operator in its industry in North America.

In September last year the company rejected an approach from two venture capital firms, who offered between 60 and 75 pence a share, valuing Ashtead stock at about 115 million pounds.

"In the light of the trading situation, and prior to any restatement of the
accounts that may be required following conclusion of the accounting
investigation, profits in the current year are likely to be well below market
expectations.

Note profits will be well below expectations BEFORE this exceptional".

That is if I have read the rns of yesterday correctly - but dyor etc

As posted in the other place yesterday this is looking more and more likely to be a job for Carey Street imo.

Must admit at the time I put a different spin on it and still not sure what is meant ...... with no one answering the phones - guess we wait

Tempted to have a small punt at some time - maybe 100K or so



ains

Ainsoph is getting a lot better at this game

Usually his stock picks take a few months to lose 90% of their value.

He managed this one in just a few weeks.

That was from his latest average down buy price and of course as per usual he was buying from a lot lot higher,

goodfella - 12 Mar'03 - 19:32 - 28 of 34 edit



Ainsoph

Are you bankrupt yet..........you have not answered the question.



ainsoph - 07 Jan'03 - 22:01 - 119 of 255


Why would I sell out - you goodfellas are such losers ..... lol


I think there are some t trades in there dart


Yes he is a class act.

You have a real problem goodfellas ..... if I recall - you laughed because I bought at 20p or so and was upset when I sold a few before the interims and a few afterwards at good profits.


Never mind ..... I kept some and I lost money a day or so ago - it happens and has happened .... now I move on. I didn't like taking a hit but it was one share amongst over 40 and I had taken a few profits .... that's life. Move on


ainsoph


PS .... BTW when are OOM going to be worthless? ..... it's been a while now and still get over 40p for them

some brokers now saying not as bad as first appeared what a suprise some people are going to make a fortune out of this if the shares recover hope so i have bought a large wedge , bankers dont appear in any hurry to sort things out if their not meeting to next week

I wasn't going to say anything but the bankers are not upset about the interest thingy and talk is of the problem being less rather than more ..... we will see

bought 250000 this morning this is going to be easy money

there are risks but if it comes off it will a multi bagger

SAll down to the bankers next week and also whether they find less or more probs than reported


ains

up 30%

up 50%

up 60% ..... where are the goodfellas when you want to have a laugh :-))

up 70%

Knew this was a winner at 2.5p

:-)) ..... now 80% up

Thats great Ainsoph

It inly has to go up 1000% to get you back to break even.............LOL you muppet

you are the muppet goodfella .... fancy knocking a share minutes ahead of it virtually doubling .....


I had to switch my alerts off this morning on the blue side .... couldn't keep up with the gains - my portfolio software was running nearly 30 secs behind :-))

Plus 90% :-))

my 350000 plus at 2.75 are looking very good at this time thanks

Ashtead slides after default on bank covenants
By Sophy Buckley and Aline van Duyn
Published: March 13 2003 10:19 | Last Updated: March 13 2003 10:19


Ashtead, the plant hire group, on Thursday defaulted on a $200m loan and suspended interest payments, causing a 67 per cent fall in the value of its shares.


The slump follows heavy falls this week - they started the week at 28p and closed on Thursday at 2p - after the group on Monday revealed balance sheet problems at Sunbelt, its US subsidiary, and warned that trading had deteriorated sharply and the whole company would fail to meet full-year expectations.

The company, which had total debt of 644m ($1bn) in October 31, said on Thursday the default stemmed from the problems with the US accounts.

"The company is unable to provide definitively the usual representations and warranties required in connection with the rollover of advances under its senior bank facility," it said.

It is meeting its bankers, a syndicate of 40 led by Bank of America, Lloyds and Citibank, at the end of next week. One investor said the timing of the meeting suggested the bankers were not too concerned.

Indeed, a banker involved called the timing of the rollover bad luck and predicted that assuming nothing bigger was uncovered in the accounts they would be able to refinance the debt.

But on Thursday, investors traded 60m shares, pushing the value down to an all-time low amid criticism of the company's past accountancy practices, including its treatment of depreciation and old plant disposals.

"I am beginning to question everything I see [in the accounts]. I wonder whether analysts have been misled," said one analyst.

After Monday's announcement, WestLB Panmure, the house broker, cut its full-year estimates from 23.5m to 14m and its free cash flow by 9m to 35m.

The company said on Thursday it was still profitable and generating free cash flow. It said the bankers had not requested an earlier meeting and it expected to make the interest payment in days.

Ashtead is understood to have called in Close Brothers to advise it on a new capital structure. Meanwhile, it is using an overdraft facility from Bank of America and Lloyds for short-term finance.


Ashtead: a final straw?
Sophy Buckley and Andrea Felsted
Published: March 13 2003 20:22 | Last Updated: March 13 2003 20:22


George Burnett and his fellow directors at Ashtead have spent more than 430m ($693.5m) on acquisitions since 1990, yet on Thursday the shares fell to 2p, valuing the plant hire group at 8m.


The group, whose books came under scrutiny a few years ago after observers questioned some of its accounting practices, spent the cash building market share in the UK and US and in the process built up a mountain of debt - 644m on October 31.

Such high levels of debt, combined with Monday's fresh accounting problems, this time at a US subsidiary, and a warning about current trading, had put the market into a bit of a tailspin. But Thursday's news that it had defaulted - albeit technically - and decided not to pay interest for the time being was the final straw.

The company says the decision not to pay the interest is based on practical reasons and not related to its ability to pay.

Analysts accept the reason for the default, caused directly by the mis-statement of costs on its US balance sheets, but they want to know more about why the company decided to suspend interest payments, as it sends such a bad signal.

Their concerns seem to stem from Ashtead's past accounting problems, when the company would use plant for perhaps a year before paying for it. In 1999, the issue was raised and it was pointed out that, in good times, this boosts profits but that the practice could cause problems if demand fell.

There were also concerns that the company did not adequately depreciate its capital.

Last year, after a review instituted by Ian Robson, the finance director who arrived in 2000, the company adopted FRS 18 accounting rules for its accounts from April 2001. This went a long way towards allaying observers' concerns, particularly when it took a 44.4m charge for exceptional costs and goodwill write-downs in the year to April 2002, tipping it 15.5m into the red.

"It seemed like they could start again with a clean slate," says one analysts. "But perhaps that is not the case. I am starting to question everything I see. I wonder whether analysts have been misled."

If the analysts are wondering whether they can believe their eyes, so must investors.

They have seen the shares fall from a peak in May 1998 of 284p, valuing the group at 861m, to Thursday's nominal value. They have also had to listen as the board tried to explain why it rejected bid approaches on three occasions without informing them. The last time, in April 2002, the company received an indicative approach of between 60p and 75p a share from two US private equity groups.

With the shares so low and the company's broker estimating net asset value excluding goodwill of 75m, or 22p per share, a bid could be back on the agenda.

Shareholders can also take comfort from several other factors.

One investor pointed out that Ashtead was not meeting its bankers until next week.

"If it was awful they would meet sooner," he said.

There is also a strong chairman, Henry Staunton, who Samuel Johar, chairman of headhunter Buchanan Harvey & Co, says has all the right skills to manage the crisis.

However, investors and bankers may wonder how the chairman, a former senior partner at Price Waterhouse, and finance director of Granada, let things get to this sorry state.

"He's a man of pretty sound judgment," says Mr Johar.

"Therefore in a crisis he is more likely to make the right decisions rather than the wrong ones. He can be a bit of a stabilising force."

Long-suffering shareholders will be hoping he is right.

how's old Ashtead doing then me old mucker,
me old lying bullshitter

how much did you lose on that one then ?
I see the tadpole thread here is a 'trading' one.
Wazza matter no buy and hold now ?
Given up on the long term story after losing 80% of your money ?

Let's face it ainsoph - you really have no f*cking clue other than to pick something that's dropped by a mile and go bottom fishing.
A 2nd rate loser picking 2nd rate losers on a 2nd rate BB.
Sort of sums it up really

Now you wouldn't expect ainsey to do his business on the "upper floors" would you? ;-))

F

Just browsing through the Sunday Papers to see they have all employed a standard method of reporting tables.

Previously to reflect major chages on the week the columns were variously headed Winners and Losers., Gains and Losses, Risers and Decliners.

They are now all universaly named Winners and Ainsophs Portfolio

LOL - Go on Ains.
Your daughter, if smart enough to warrant going to Uni, must be a little peturbed at the stock mrkts current performance. What do you tell her when she asks how her portfolio is doing!!!!!????

Ashtead ponders replacing PwC as its auditor
By Edward Simpkins (Filed: 16/03/2003)


Ashtead, the troubled tool hire business, is considering replacing PricewaterhouseCoopers, the accountant, as its auditor following the discovery of accounting errors that caused the group to overstate its profits and default on a bank loan.

The announcement of the errors and the non-payment of interest on the loan caused Ashtead's shares to plummet by 84 per cent to just 4.5p last week.

Sources close to the company say that as well as looking at its own systems, attention is also on PwC's role as auditor.

Questions are being raised about why the accounting problems were not detected earlier. Ashtead has brought in KPMG to investigate the problem.

Ashtead said: "KPMG will investigate firstly what exactly happened in the US subsidiary, where the accounting problems arose, and secondly how it was allowed to happen."

The preliminary findings of the inquiry will be presented to Ashtead's bankers later this week.

The default related to the company's 200m revolving credit facility which has to be renewed every three months.

One of the conditions of the renewal is that Ashtead has to certify that its accounts show a true and complete picture of its financial health - something it was unable to do.

The Ashtead spokesman said it would be "premature" to say that a decision had been taken to dispense with PwC as auditor.

The Ashtead board, led by Henry Staunton, the chairman, who along with Alan Wheatley, the deputy chairman, and Ian Robson, the finance director, are all former partners of PwC, will make a decision after seeing their bankers.

On no, that caps it all, PWC were the auditors !!
Its the UK's very own Anderson.
LOL

I've been trying to buy and can only get 400 worth. Come on MM's - open it up!

Crazi...

Finally got 50000 at 4.75. Pissed off I couldn't get a quote at 4.5.... Well at least we are moving north again.

Crazi....

The banks won't shut them down over 5m. Expect banks to provide short term support with stricter guide lines. Short term support will take this price back to 10-15p...IMHO

Crazi....

anyone sold yet whats the concensus back to 20p short term i see funds been buying

biffa sure and with the markets performing in the + direction maybe much more.Excellent dividend too !

On the move again this morning .... after a early morning mark down .... back over 7p :-))

Still recovering - quite a few early morning buys - now 8/8.5p - staying with mine :-))



ains

ains , you have the Midas touch, I will follow your lead on this one for sure.
I have just bought 121 ,918 of them

Q

TOO GOOD TO MISS , JUST NEGOTIATING ANOTHER 149,000

Another two ticks up as vol hits 3 million - now 8.5/9p



ains

I got the number I wanted , but had to split into several small chunks to get the touch price, now hold 0.75m of these, and may add more later. We are going to clean up on these ains, well done.

now up 12.5% on the day with over 7 million traded ..... looks like good news is on it's way



ains

Over 11 million shares traded now - still up over 9% but off the intraday high - should start moving north again after the expected profit taking has ended - now 8.5/9p



ains

Looks like the profit taking is over now ...... 13 million traded - 8.5/8.75p




ains

I think a little back-sliding may happen today/tomorrow, possibly down to 8p mid, prior to a boom up to 20p in a month or so.
I am happy with ains to hold my 3/4 million, and will make that up to a million or more ,if the price does fall to this level.

As I suggested - we are ticking up again - 8.85/9.25 14 million traded


ains

Oh, I was wrong ,good old ains, is he ever wrong?
My first batch are up seven and a half % already, yahoo.

March 21, 2003

By Nick Hasell

Bid speculation fuels interest in Ashtead



ASHTEAD GROUP continued to rally off last weeks low amid talk that the troubled, plant-hire operator has attracted a new venture capital bid approach.
The shares collapsed 83 per cent last week after Ashtead followed the admission of accounting irregularities at its US Sunbelt Rentals subsidiary with the revelation that it had defaulted on its banking facilities worth an estimated 230 million. Today, the company is due to meet its lenders, which are led by Lloyds TSB, the Bank of America and Citigroup, to find ways of restructuring its banking facilities.

However, Ashteads share price advance yesterday, up p to 8p, against last weeks 2p low, was fuelled by bid speculation. Ashtead disclosed in September that last April it had received an approach from two venture capital firms acting in concert, which the group had seen off without a firm offer having been made. Given that Ashteads shares now trade at one quarter of the level they were then, and that it is still expected to achieve sales of more than 500 million in the year to April 30, dealers reckon those original bidders have now returned. The FTSE 250 added 17.5 points to 4,051.8.

up over 17% intraday and 300% plus overall since the default :-))


ains

Market doesn't over like this at the moment


Ashtead Group plc Update

Ashtead Group plc announces that it has today paid the interest due under its
senior credit facility that was deferred last Thursday, 13 March 2003.

The Board is proposing to defer payment of the interest on the Rentokil
convertible loan note that is due on 1 April 2003 and has decided to withdraw
the interim dividend declared on 15 January 2003 for the six months ended 31
October 2002.

down around 25% in 45 minutes ..... waiting to stabalise and will buy




ains

ains, I see that your post number 76 quoted AVH being up +17%, however my screen shows them down -11%, surely you must be right and they haven`t fallen -28% in so short a time?

Have a look at my two posts 77 and 78 ...... a little clue there maybe

ah of course, you knew they were going to drop and were ready all the time, I`ll never be as good as you, never, what a champ.

oh, ains Ashtead are down by -17% now, when will you start to buy?

down 20% now, you must be going soon ains?

still falling with 18 million traded - sub 7p now


ains

now looks like a good time to buy a few intraday 6.9p



ains

nice timing :-)) ..... up over 10% already @ 7.75/8p

3:54pm (UK)
Ashtead Hits Investors with More Gloom

By John Bingham, City Staff, PA News


Troubled plant hire group Ashtead saw its share price fall again today after the company decided not to pay its interim dividend.

At one stage shares were 21% lower as Ashtead told shareholders it was withdrawing the dividend of 0.62p per share, set in January. The stock later recovered ground to stand 3% lower.

The announcement came as Ashtead said it had made an interest payment which it deferred last week because of an investigation into its books in the wake of a possible accounting blunder in its US business Sunbelt Rentals.

But the Leatherhead, Surrey-based firm also announced it was planning to defer a separate interest payment due at the start of next month to pest control group Rentokil Initial on a 130 million convertible bond.

The dividend decision comes as a further blow to Ashtead investors after the company decided to keep it unchanged at 0.62p.

Ashteads recent woes began earlier this month when it revealed that a senior member of its financial staff in the US had been suspended after costs appeared to have been understated by 5 million.

Share prices tumbled 67% on the news and took a fresh dive a week later to just 2.75p after it announced that it was defaulting on the interest payment which was eventually made today.

Share improved to 8.5p this week before todays news took off another 1.25p from the share price. It later rallied to stand down 3% off 0.25p at 8.25p.

Ashtead said earlier this month that the problems, coupled with difficult trading conditions at Sunbelt, meant annual profits for the group were likely to be well below market expectations.

The pressure on profits comes despite a healthy performance from Ashteads UK division A-Plant, which is on course for a small increase in year-on-year profits during the second half of the financial year.

Ains , you knew it would rise, you knew it would drop, and then , magically knew it would rise AGAIN, its really , really spooky how you do it, what a man.

yes ...... it's really spooky

genius is the word ains , genius, and you have it in gallons.

After early mark down with market - seems to be on the move north again - volumes are highish @ 4 million shares




ains

Are you in again then ains?, 7.5p to buy looks very cheap to me, but i`ll wait until you are more positive.

Does look good for further rises now the sellers seem to be out of the way.Costain look to be getting a large contract to rebuild Iraq which could well benefit AHT.

They seem to be holding their own at this time and presumably the banks have accepted the current situation

oooooops ..... not sure if it's market or specific - now down over 6%

No news to warrant the drop.Looks down to the market as even volume did not warrant the drop.Rumour of MBO now circulating.

Not seen any recent news but we are heading northwards again ..... 7/7.75 on 2 million trded up 11%


ains

Now up 18.5% on the day and has been higher

Follow this clown and lose your shirt :-))

Ashstead Group - a time to buy?

ainsoph - 10 Feb'03 - 14:25


bought a few of these a week or two ahead of their Interims - have moved up ever since :-)) but believe there is still some way to go yet - currently 31/33p they go xd on the 26th feb.

I see capital group are still adding - another 2.7 million shares - making 20 million in total or 6.15%



ains

Actually making lots on these - as are several other peeps ..... you really must do some research and read all the posts .... roflol - made hundreds of % on one trade :-))

You never lose do you ainsoph :-))

This share has fallen up to 99% lower than prices you have been
buying at and you still have not lost :-))

I want to buy your book when it comes out and see how it is done !!!

Gravy

ainsoph - 11 Mar'03 - 07:59 - 12 of 101


I can be wrong here but cannot see a lot of mileage in selling at the current 14p .... although the extent of the problem is still to be sorted I would have thought we will will see some M+A activity at these levels .... may well be a buyer this morning - currently 15p with 480K already traded



ains

read the following posts gravy ........ you are a waste of time

Actually you never state you bought anymore after the big crash
ainsoph but then you did make a fool of yourself again and must
have wanted to bury you head in the "line in the sand" :-))

Gravy

grow up

Start telling the truth ainsoph !!!

Gravy

ainsoph - 13 Mar'03 - 15:18 - 34 of 106 edit



Must admit at the time I put a different spin on it and still not sure what is meant ...... with no one answering the phones - guess we wait

Tempted to have a small punt at some time - maybe 100K or so



ains

ainsoph - 09 Apr'03 - 21:24 - 107 of 107




ainsoph - 13 Mar'03 - 15:18 - 34 of 106 edit


Ok, I admit it I'm a lying tit who has been allowed a PC in my cell so I thought I'd try a nd lose you 'freebies' some of your hard earned dough, cos I'm a shit

Going down again today ainsoph :-))

Why no updates ??

Gravy

Evil keen on them (as a short)22.04.03

""Ashtead

I put Plant Hire group Ashtead in the same boat: lets call it the Marie Celeste. Again I have been shorting these shares for about five years from 240p all the way down to today's 6.75p. Indeed I have been adding to my position of late. This company has a horrid balance sheet and has finally admitted to having accounting issues. It survives, for the time being, only with the blessing of its banks. In such circumstances, its equity cannot have any value.""

I seem to recall him closing a while back but note he hasn't made a 100% yet ..... whereas someone going long at the bottom will have cleared several 100%.

The problems are to do with an employee overstating the US profits - unknown to the management. You cannot always legislate against this sort of thing ....



ains

This will help the bottom line ....


Ashtead Group PLC
6 May 2003



Ashtead Group PLC's US subsidiary wins $15m damages award



Ashtead Group PLC announces that the North Carolina Business Court has issued a
ruling awarding its US subsidiary, Sunbelt Rentals, compensatory damages of
US$5m against Head & Engquist Equipment LLC ('H&E'), a competitor in the rental
of aerial work platforms and certain members of its staff. This amount was
trebled to US$15m pursuant to the provisions of the North Carolina Unfair Trade
Practices Act. Sunbelt was also invited to petition the Court for recovery of
its attorneys' fees. The events subject to litigation date back to shortly prior
to Sunbelt's June 2000 acquisition of BET USA when H&E and the individual
defendants executed a plan to develop its aerial work platform rental business
by raiding over 100 staff from the BPS division of BET USA, including two of its
regional managers, six branch managers, and a significant number of branch staff
and using them to open competing aerial work platform rental stores in seven
major markets served by BPS. The defendants have the right to appeal the Court's
decision.

up 6.45% on the news ....


LONDON (SHARECAST) - Beleagured plant hire group Ashtead's US subsidiary Sunbelt has won damages of $15m after successfully suing a rival for taking 100 of its staff and setting up in competition.

An original award to Sunbelt of $5m against Head & Engquist Equipment was trebled to US$15m under the North Carolina Unfair Trade Practices Act, Ashtead said in a statement today. Sunbelt was also invited to claim for its legal fees.

The news will be welcome relief to shareholders from the diet of bad news that has emanated from debt-laden Ashtead over the past year. This culminated in a share price collapse in March when the group temporarily stopped paying interest on its debts after irregularities in the accounts at Sunbelt came to light.

Still ticking up on the good news ..... now 8.25/8.75 on vol of 2.5 million - poor old EK :-))



ains

:27pm (UK)
Ashtead Wins Legal Battle

By Ben Griffiths, City Staff, PA News


Equipment hire firm Ashtead today said its US subsidiary Sunbelt Rentals had won damages worth 15 million US dollars (9.3m) following a court ruling in North Carolina.

The Leatherhead, Surrey-based firm said the business court had made the ruling against Head & Engquist Equipment (H&E), a competitor in the rental of aerial work platforms and certain members of its staff.

Sunbelt was awarded the cash under the unfair trade practices act and was also invited to petition the court for recovery of its legal fees.

The events leading to the litigation date back to shortly before Sunbelts June 2000 acquisition of BET USA where H&E and the individual defendants executed a plan to develop H&Es aerial work platform rental business.

Sunbelt claimed H&E had poached more than 100 staff from BET USA subsidiary BPS, including two of its regional managers, six branch managers and a significant number of branch staff.

These staff were then used to set up competing aerial work platform rental shops in seven major markets served by the BPS division of BET USA.

The defendants have the right to appeal the courts decision.

Ashtead has also been investigating unrelated accounting problems at the Sunbelt division which has seen a senior member of its financial staff suspended after costs appeared to have been understated by 5 million.

No news of the investigation, which is in its early stages, was provided today. Shares rose 10% to 8.5p a 0.75p gain.
s

US seems to like the news ..... up over 19% now on volume of 4.7 million

More big buys going through and over 7 million traded now - up 25.81% and zooming up the all share leader board

looks like a few shorters are having to close - margin calls and all that :-))

Now up 35.48% on the day



ains

Slipped back a little before close .... no surprise there with such a massive move northwards .... good press coverage today and we are on the move north again ....




ains

Heading the all share risers for 2nd day running @ plus 23% or so

dipping today - time for another go soon

Capital Group have added 3 million shares and now have 19 million or 5.828%



ains

Anyone here following Ashtead?

macinvest,

This has been a dog of a share since a BUY recommendation in Shares Mag back in Dec00 @ 135p. Thankfully I only bought a small Qty at the time so held on to them and have since added at 15.9p last June thinking they were about to recover and now pleased to see my overall holding is in profit. AHT share price seems to be recovering well and if growth in Building & Construction sectors in UK & USA continues to pick up then so to will Ashtead.

Ashtead's share price has consistently risen in the last 5days and up today another 7.2%. Could be now in a long upward recovery trend. The share price is now up 88.14% in the last 27 days.

IMO if the share price breaks through 30p (Mid)perhaps we will see the it back upto 50-70p range.

I was watching it all day for it to break that formidable 30p mark, currently sitting on a healthy profit but feel it was trying hard to break through as the buy orders went in and the spread narrowed, no luck today. Still holding in anticipation of it breaking te resistance at the next push. Saw the 1m buy @ 30p at close of business ??

Not such a bad day as I was lucky as sold Peterhouse Group this morning at the peak before it dropped.

Minx

Beware all investors, you know the history behind this company, management still in their jobs that nearly bought it to its knee's and they stll run the company. A fundamental for a long term investment is a strong management team, not something remotely applicable to ashtead unfortunately! You have been warned.

ehall, good note of caution with the AHT's management track record but at least they are addressing their previous short comings.

Share price has now broken through 30p with mid @ 32.25. It will be interesting how much further this will go.

There doesn't seem to be many followers on this board for AHT but this is turning out to be an excellent recovery stock after it has been through restructuring its finances, overcoming accounting irregularities and getting rid of 5 non-core businesses. Institutions that had previously reduced or sold their share holdings are now buying back in volume.

AHT's subsidiary Sunbelt Rentals are due $18Mln through winning a High Court action against H&E a competitor that had been poaching key staff and business. Although there is an appeal by H&E against the claim, the concensus is they are unlikely to win and cannot afford to settle so a strong posiblility Sunbelt will just buy H&E very cheap and thus will be effectively removing competition and gaining a significant increase in their share of business in the US market.

Now that AHT's share price has reached and broken through resistance levels of 32p, (prior to reported account irregularities in MAR03) IMO this now becomes the new support and the share should power up to test resistance perhaps to 50 - 55p before any retracement. In the mid - long term, providing the US economy continues to recover and the $ strengthens against the share price could be seen back up to 175p.

As always this is only my thoughts so DYOR but could be worth a buy and Multi-tex broker concensus is "Outperform".