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why no mention of the 'boring' stocks-which make lots of money? (CNT)     

hilldee - 11 Oct 2004 14:40

Now, this one was just awarded the Aim company of the year. Its a bit likeMears but it has a large GAS SERVICE section and the profits from this outfit would appear to be less healthy than from its Public Service arm. Does anyone have any knowledge of this company which is not cheap BUT could be on its way to making a lot more mazuma.

tabasco - 06 Aug 2010 15:58 - 103 of 209

Not my type of punt. I dont like backing failurebut it looked a nailed on shortsingle figures are odds on nowpunters had plenty of time to get out in the 30s.no excuses left?

cynic - 06 Aug 2010 15:59 - 104 of 209

it's a WONDERFUL stock if you're short

skinny - 06 Aug 2010 15:59 - 105 of 209

tabasco/cynic - clubman is looking for you here.

cynic - 06 Aug 2010 16:00 - 106 of 209

???????? - where did that little pearl come from??????

cynic - 06 Aug 2010 16:23 - 107 of 209

banked this morning's foray purely out of prudence ...... shall look again on monday

HARRYCAT - 06 Aug 2010 20:56 - 108 of 209

Connaught took over the contract for city maintenance in Norwich from 'City works'. If you guys don't quit shorting this stock we ain't gonna get our bins emptied!

hlyeo98 - 06 Aug 2010 22:39 - 109 of 209

Connaught faces further losses.


The prospect of lenders seizing control of Connaught edged closer on Friday after the stricken property services group warned it would write down the value of its assets and make provisions for future losses on existing contracts.

The FTSE 250 company, which is chaired by Sir Roy Gardner and whose accounts are being independently audited by Deloitte, did not provide an explanation for the moves.

It comes four days after Barclays, a member of Connaughts syndicate of banks, sold its entire loan exposure of 19m for about 37 per cent of face value. Barclays look like theyve played a blinder, said Matthew Earl, Matrix analyst.

Lloyds Banking Group is also considering offloading its debt although no decision has yet been taken. A person close to the Bank of Ireland said that at present it had no plans to sell its exposure. Other members of the syndicate, which is led by Royal Bank of Scotland, include KBC, the Belgian bank, and Swedens Handelsbanken.

People close to the situation said that Connaughts mounting difficulties would make a rights issue difficult to execute and that a debt-for-equity swap was now the least worst outcome for shareholders.

Shares in Connaught, which had already dropped by about 90 per cent since a profit warning in June, lost almost half of their remaining value on Friday. They closed down 13.5p at 15.5p, giving the company a market capitalisation of 21.7m.

The sell-off came after Connaught, which specialises in social housing maintenance, warned it would make significant write-downs on the carrying value of assets as of the end of August last year.

Analysts have for several months raised questions over how the company accounts for its contracts.

However, Connaught said on Friday that the write-downs would be before taking account of the impact of the ongoing assessment into the accounting policy for mobilisation costs.

Paul Checketts, analyst at Oriel Securities, said: I would guess that theyve realised that a lot of the contracts have been priced inappropriately and will therefore be loss-making.

Connaught also said on Friday that it now expected to post a material loss before interest, tax and amortisation in the year to August.

Analysts had previously expected earnings on an ebita basis of 45m following a profit warning in June, although several withdrew forecasts in recent weeks due to the mounting uncertainty.

Bankers last week granted the company a vital short-term 15m overdraft facility after Connaught warned it was in urgent need of additional funds as suppliers and sub-contractors had put pressure on the companys cashflow.

Sir Roy said in a statement on Friday that the group was continuing to hold refinancing discussions.

Connaught said in its original profit warning that 31 contracts had been affected by local authorities budgetary pressures.

cynic - 07 Aug 2010 08:51 - 110 of 209

this is becoming more and more a no-brainer, though by monday it may become almost impossible to open new short positions

mitzy - 07 Aug 2010 10:56 - 111 of 209

My 12p is getting closer.

hlyeo98 - 09 Aug 2010 08:17 - 112 of 209

You have achieved your target, mitzy.

mitzy - 09 Aug 2010 08:19 - 113 of 209

Down another 30% this morning hlyeo.

Edit.. 9 p.

cynic - 09 Aug 2010 08:35 - 114 of 209

lovely jubbly!

HARRYCAT - 09 Aug 2010 08:37 - 115 of 209

File for bankruptcy soon?

cynic - 09 Aug 2010 08:44 - 116 of 209

more likely debt for equity, leaving shareholders with best part of FA - as with eurotunnel .... or at least that is my biased expectation (hope!)

hlyeo98 - 09 Aug 2010 09:04 - 117 of 209

From 460p to 10p... lack of diversification is the cause of this collapse.

cynic - 09 Aug 2010 09:07 - 118 of 209

rubbish ..... diversification away from core business has been the undoing of many a company

meanwhile, sp is all over the shop .... hmm! what to do?

hlyeo98 - 09 Aug 2010 12:40 - 119 of 209

nonsence, sp is not all over the shop, it's just a kamikaze dive!

cynic - 09 Aug 2010 12:43 - 120 of 209

you have clearly only just woken up then ..... sp opened at about 9.25 and moved in spasms and jerks and twitches to about 12.75 but has drifted since ..... in % terms that's pretty hefty volatility

cynic - 09 Aug 2010 16:04 - 121 of 209

huge volume today (10x normal) with two way traffic for obvious reasons ..... offer book has been pretty consistently and significantly longer for most of the day - currently 11.01/11.14

hlyeo98 - 09 Aug 2010 17:27 - 122 of 209

You are obviously glued to the screen all day long...get a life.
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