After taking over Parkman, and taking Parkman Chief Executive Richard Cuthbert, Mouchel's share price has dropped, fuelled mainly by the reported costs of the merger. Preliminary results for the year to July will be published in October. for

However the merger costs are 'one-off's' and the new organisation is stronger (and claims it will make further acquistions). Is it ready for take-off in the run-up to the publication of accounts?

stopped out earlier @ 14.75p. Now down 20% and in auction again!

in the poo again and back in auction...

Yes its not looking great!

Interim Results.

What was that we could see last months from a mile off? Oh yes, that's it - 'dilutive equity raise' ....

:-)

i'm long here now @7.55 - think the sell off's been overdone

We are evaluating all options for restructuring our balance sheet. These options include a significantly dilutive equity raise.

I really do hope you come out of this smiling but what part of that statement encouraged you to 'go long' ? ... Any dilution will almost certainly be at a discount to market price otherwise no-one would buy into it.....

For Immediate Release

29 May 2012

Mouchel appoints Managing Director

for Mouchel Business Services division

Mouchel, the infrastructure and business services Group, has appointed Craig Apsey as Managing Director of its Business Services division effective 11 June, 2012.

Craig joins Mouchel from BT's Local, Regional and Devolved Government business where he held the posts of Chief Operating Officer and then Director of Major Deals. At BT he was responsible for the safe delivery of bespoke programmes to BT's business process outsourcing customers, the development of the associated knowledge and skills base, and the creation of new value-added services. Prior to this Craig spent nearly ten years working for the civil service in a number of posts at the Department of Social Security (now Department of Work and Pensions). During his time there Craig was responsible for Solutions Architecture and the rollout of a new network and equipment to the Contributions Agency.

In his new role Craig will initially build on the excellent work started by Interim Managing Director, Michael Gates, consolidating Mouchel's property and consultancy businesses, identifying and delivering best practice, developing the delivery model and implementing the transformation that Mouchel's clients require and expect.

Grant Rumbles, Chief Executive of Mouchel, said, "We are delighted to have Craig on board. With nearly three decades of experience working with local government organisations and as a civil servant in ICT, he is an ideal choice for this position. His recent senior roles with BT give him the knowledge and experience to play a vital part in Mouchel's transformation and future business success."

Interim Management Statement.

Implementation of strategic review actions on track, capital structure review progressing

Mouchel Group plc ("Mouchel"), the infrastructure and business services Group, today issues its Interim Management Statement for the period from 1 February 2012 to 11 June 2012.

Summary:

· Implementation of strategic review actions continues:
o Reorganisation of business with two clear divisions in place
o Craig Apsey appointed Managing Director of Mouchel Business Services
o Previously announced overhead cost reduction programme on track; at least £3 million of additional overhead cost savings identified, increasing target from £18m to £21m
o Costs reduced in Middle East business, now operating on a break-even basis; one-off cost of £2m

· Review of options to provide Mouchel with a long term sustainable capital structure is progressing with a balance sheet restructuring due to be announced prior to the year end on 31 July 2012

· All the options being considered will result in there being only limited value for existing shareholders

· Underlying business continues to perform well despite the on-going uncertainty around the balance sheet; £165m of contracts secured in financial year to date. Order book is stable at just over £1.1billion and forward orders for 2013 now total over £325m

· Costs related to on-going operational restructuring and anticipated financial restructuring will impact the current year financial performance


Grant Rumbles, CEO of Mouchel said:
"We have continued to work with our clients, employees and key stakeholders to implement our strategic actions and are encouraged by the good progress made since the interim results. Although the environment remains challenging, the actions we are taking will create a platform for long term growth for Mouchel. The final piece to setting this platform for securing the long term future of the business is to complete the restructure of the balance sheet and we remain on track to announce this by our financial year end on 31 July 2012.

All the options being considered will result in there being only limited value for existing shareholders

So, they finally made the old company worthless .... well done - only took 7 years of replacing experienced management with layer upon layer of gullible 'Yes' men better suited to double glazing sales than engineering, but they got there !

125 yrs down the pan, and it's time to start again but with a tattered reputation!

Yes its a total shambles - unfortunately, not the rare these days.

A British company and a Japanese company decided to have a competitive boat race on the Thames.

Both teams practiced hard and long to reach their peak performance. On the big day, they were as ready as they could be. Both teams performed admirably but the Japanese team won.

Afterwards, the British team congratulated the Japanese on a job well done, but the corporate management decided that the reason for the defeat had to be found. A Continuous Measurable Improvement Team of "Executives" was set up to investigate the problem and to recommend appropriate corrective action.

The British Corporate Steering Committee immediately hired a consulting firm to do a study on the management structure within the crew. After some time and £millions in fees, the consulting firm concluded that "too many people were rowing without effective steering". To prevent losing to the Japanese again next year, the management structure was changed to "4 Steering Managers, 3 Area Steering Managers, and 1 Staff Steering Manager" and a new performance system was implemented for the 1 person left rowing the boat to give them more incentive to work harder and help them to reach their full potential. "We must give him empowerment and enrichment. That ought to do it.”

The next year the Japanese team won by two miles. The British Corporation laid off the rower for poor performance, sold all of the paddles, cancelled all capital investments for new equipment, halted development of a new canoe, awarded high performance awards to the consulting firm, and distributed the money saved as bonuses to the senior executives.

Posted in jest but very very sadly a fair reflection of what happened post merger at Mouchel!

Don't spend it all at once!

Announcement of Restructuring

My apologies:

The policy of expansion through increased debt and replacing experienced staff with 'yes men' didn't make the company worthless ..... it made it worth 1p/share ..... but that's not taking into account the £60m millstone still remaining on the books!

Not really 'hindsight' when it was dismissed as '"impossible" by arrogant board members 6 years ago!

Another well orchestrated shareholder shafting!

Public-infrastructure group Mouchel enters administration

Knowing me knowing you.

so it just carries on as normal....except for the shareholders.
I find it hard to believe that I wasn't in this one...having previously been known to get caught in one of these fiascoes!
-------------------------------------------

* Restructuring protects 8,000 jobs, subsidiaries unaffected

* Shareholders had rejected debt for equity swap

* Lender banks RBS, Lloyds and Barclays take over business

LONDON, Aug 25 (Reuters) - The assets of British public services contractor Mouchel have been sold to a new firm owned by its lender banks and its management, after shareholders rejected an alternative restructuring plan, its administrator said on Saturday.

The deal to sell the business to a newly incorporated company, MRBL Limited, means that all of Mouchel's subsidiaries will continue to trade as usual, administrator KPMG said.

Mouchel helps build and maintain Britain's motorways, roads and schools but struggled to recover from a 2011 dominated by contract blunders, management resignations, failed takeover bids and tough trading.

Shareholders on Friday rejected a plan that would have seen its lenders swap 87 million pounds ($138 million) of existing debt for a majority stake in the company.

Instead the company was put into administration and immediately sold to MRBL, whose owners include lenders RBS , Barclays and Lloyds Banking Group.

Under the original restructuring proposal shareholders would have been given a special dividend of 1 pence per share, but will now receive nothing.

Mouchel Chief Executive Grant Rumbles said the restructuring would ensure the business's future and secure more than 8,000 jobs.

"With a stable and supportive ownership structure and a balance sheet that is fit for purpose, Mouchel will be in a strong position to rebuild the business and start winning large contracts again," Rumbles said.

The company's shares had fallen from highs of around 485 pence in 2008 to 0.95 pence on Friday before trading was suspended.

My second disaster in this sector, following Jarvis a couple of years ago - hey ho!

shinny........... got away with this one but not so lucky with Jarvis and Cattles :-(

Next one on the list...JJB
Hope you haven't got these skinny!