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

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