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

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