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.
hlyeo98
- 10 Sep 2010 17:39
- 194 of 209
Social housing contractor Connaught collapsed this week. But an email has emerged showing the arrogance that existed at the company in the run-up to its failure.
Five months ago the company's then boss bragged in an email to staff that Connaught would soon be one of the best employers in the country. [Read the full story]
Here, we publish that email, written by former chief executive Mark Tincknell, in full below. Here are some of the highlights:
Dear Everyone
You may have noticed more press speculation and a further reduction in the share price this week. This is as a result of a fundamentally flawed and very mediocre analysts note which simply repeated unfounded rumours and nonsense from the past, whilst getting the numbers wrong at the same time. A masterful feat of incompetence.
However, the City is sensitive at the moment due to a potential change of Government and the tightening of the public purse. As a result there has been an over-reaction which has seen the share price fall.
It is also possible that the analysts note was influenced by those who are short in Connaught. By this I mean certain hedge funds have bet that our share price will reduce and therefore it is in their interest to influence third parties to take a negative view towards us. Doesn't seem right does it?
I think we all have to remember that this manipulation of our share price is therefore not a true representation of the underlying value of our business. Connaught is in good shape and we are well supported by the vast majority of our major shareholders and the analyst community. In this respect l attach a short note from KBC which was issued this morning supporting us.
We had a meeting of the management board yesterday which was upbeat and confident and whilst we realise there are things to fix we are "on to it". We are taking advantage of all the opportunities the market presents us with whilst improving the business wherever we can.
We continue to invest heavily in our future. We have approval for a new 10 million financial and operational system and we are putting together a brand new 25 person big tickets sales team to take advantage of new public sector markets opportunities. This will include bid writers, transformational consultants, strategic business developers and proposition development mangers; all aimed at taking Connaught to the next level.
In addition we have also brought in a one Group and 3 Divisional HR Directors. They are targeted on having Connaught included in the Sunday Times best companies to work for list by at least 2014.
On a personal note, I would also like to add that in the 28 years since Connaught started I've never been so confident about our future prospects. We have never had the calibre of management that we have in the business today and they will be making a tremendous impact in the forthcoming months. I believe the public sector market provides us with a once in a generation opportunity.
Any talk about Connaught being bought also remains complete nonsense - you can tell I like the word nonsense - the share price would have to halve from its current level for this to become even a remote possibility and therefore is very doubtful indeed. We have never been approached by anybody in this respect.
I hope you and your families have a great Easter, rest assured that regardless of what is convenient for certain elements in the City to think, we are in good shape and have a very interesting and positive future ahead of us.
Please feel free to pass this e-mail on to family and friends who may have an interest in Connaught and to colleagues who may not be connected to the network.
Kind regards,
Mark Tincknell
ravey davy gravy
- 10 Sep 2010 19:29
- 195 of 209
Cynic.
I dont spread bet thesedays, i find them as borderline crooks and myself had
a bad experience (show me somebody that has not).
This company you mention if i'm not wrong is failing to pay out on shorts on
a stock that is worthless then ?
That means you could search for a company they offer prices that is on the
brink of going bust, you go long and by miracles they pull through and you make
a real killing or it gets suspended and you get your money back, is that right ?
Sounds really bad to me but i have 0 respect for spread betting firms and their
unique "suits them" rules !
cynic
- 10 Sep 2010 20:03
- 196 of 209
i use IG (for CFDs) and have never had cause to complain ..... indeed, i find them very helpful indeed
aldwickk
- 11 Sep 2010 13:42
- 197 of 209
This is one of EK short tips also Pure
cynic
- 11 Sep 2010 13:46
- 198 of 209
EK bought his back from someone "privately" at 0.5p .... at least he won't have to wait a potential eternity to get paid out .... i shall, but it's still money in the bank, so not unduly fussed
HARRYCAT
- 07 Oct 2010 12:58
- 199 of 209
Did you get your money back in the end Cynic?
cynic
- 07 Oct 2010 13:17
- 200 of 209
not yet ..... the juicy profit stays "in abeyance" until the administrator advises that unsecured creditors (shareholders) will get nothing ..... this can take quite a long time as Northern Rock position has still not been clarified, though that was a much more complex scenario
mitzy
- 12 Oct 2010 10:39
- 201 of 209
Is this one de-listed now..?
skinny
- 12 Oct 2010 10:44
- 202 of 209
Yes - on the 5th.
mitzy
- 12 Oct 2010 10:46
- 203 of 209
Thanks.
cynic
- 12 Oct 2010 11:13
- 204 of 209
depends on why the question .... what are you trying to determine?
mitzy
- 12 Oct 2010 16:12
- 205 of 209
Just wanted to be sure.
cynic
- 12 Oct 2010 16:21
- 206 of 209
if you're asking for CGT purposes, then you may not have asked the right question
skinny
- 05 Nov 2010 07:16
- 207 of 209
The scale of debt at Connaught, the collapsed property services group, will be greater than previously thought after administrators found 50,000 invoices that the company had not accounted for. Management accounts had led administrators from KPMG to believe that the social housing maintenance arm of Connaught owed 46m ($75m) to unsecured creditors, on top of the 22m to HMRC, the FT reports.
cynic
- 05 Nov 2010 07:32
- 208 of 209
so the company is either bankrupt or bankrupt then ..... i just wish the administrator could/would hurry up and confirm officially that unsecured creditors will get zilch ..... until then, my juicy gain from my short cannot be truly realised, though it stays to my credit ..... more importantly, i wonder how HMRC treats these situations
HARRYCAT
- 24 Jan 2012 13:42
- 209 of 209
18 months since this company went bust, the company which then took over the Norwich environmental waste service, Fountains, has now also gone to the wall!!! Seems like waste management isn't an easy business.