"Goshawk said the net charge to the group's profit and loss account resulting from the closure will be in the region of 35 mln in the current year.

Panmure was delighted that Goshawk has finally drawn a line under its Lloyds of London business, with the broker announcing that it would upgrade the stock to 'buy' from 'neutral' as soon as it met with new chief executive, Russell Brooke.

'Investors should be pleased to see that the comment 'Goshawk's liability is limited to its Fund At Lloyd's' in the announcement of the closure of Syndicate
102,' said the broker in a note to clients.
The broker reckons that Goshawk will likely report a loss of 50 mln stg for the full year. However, if it can continue to deliver a 20 pct return on capital at
its re-insurance unit in 2004 and 2005, the shares will begin to look inexpensive, argued Panmure."

LONDON (AFX) - Goshawk Insurance Holdings PLC, which put itself up for sale
in July after a profits warning knocked 22 pct off the company's market value,
today said it has not received an approach to date that has resulted in
substantive talks on a possible bid for the company.
This came after the Takeover Panel informed the company yesterday that it
was deemed to have gone into a bid period with immediate effect.
The company said it "expects to continue to receive expressions of interest
from time to time and will continue to assess any such expressions on their
merits".
A further announcement will be made when appropriate, it added.
Goshawk had been dragged down by the abject performance of its Lloyd's
syndicate 102, which in turn has been hit by the collapse of the Accident Group,
the no win, no fee compensation firm.

Looks like we have a buyer picking up alot of stock.

Also RNS from ISIS management stating they have picked up 2M

;-)

From The Times.

November 05, 2003

Rumour of the Day

GOSHAWK INSURANCE, down 1p to 37p, was the subject of takeover speculation after being forced to close its Lloyds of London business last week. The firm admitted it had received informal approaches, but said nothing substantive had emerged. Amlin, which fell 3p to 137p, is seen as a likely bidder.

lol, morning Ash - compelling read as ever.

Looks like someone is taking on as much stock as possible at this level !

Maybe a potential bidder is accumulating !

p.s Velocity I am not Ash ;-)

Morning all, What is the opinion on Goshawk now with the latest news and big sells? I feel a bit iffy. 60p when??

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=142724

Elsewhere the chief executive and underwriting director of Goshawk Insurance both resigned yesterday after the insurer was forced to close in London because of fears it is under-reserved, reports the Independent.

Haystack,

There was an artice in The Times Business sectiont today which paints a less than rosy picture for GOS, ad it would appear they are not out of the woods yet!

Cautious investors should read that article.

Haystack,

The chart doesn't look too positive either!

Goshawk have announced that the bid talks they were in have been ended - the shares have fallen 4p

Could it that the potential bidders walked away because the books didn't look very impressive. I suspect the share price fell because people bailed once it was clear there will be no bid. what are the prospects for this company?

I tend to agree with you Soulretro that potential bidders didn't like what they saw.

With the recent history hanging over them I can't see any upside in the short term without a takeover bid. One to keep watching until some more positive signs IMO.

Yes not good news for GOS, and it would appear contrary to some people's expectations!

Tomorrow morning could bring another fall, as those seeing the news tonight may bail too.

Looks a short for now...

I have small pot in Goshawk, i am sticking in, I reckon it is a recovery play, dividend yield used to high, could probably maintain it in the distance future (as long as it doesn't go bust due to everyone selling their shares). In all, I am willing to risk my small pot in this hope. I will try not to look at the share price over all next couple of days - could leave a man very depressed.

Elsewhere, Goshawk shed 3.75p to 35.75p after Lloyds of London said takeover talks had ended. Dealers think the company rejected an offer of about 40p.

http://www.guardian.co.uk/business/story/0,3604,1092360,00.html

Always a bad sign when multiple bidders walk away quite quickly. Is there something nasty in the woodshed?

Well this is starting to look interesting again. Money should flow into this sector at this time of year. Also the market uncertainity makes ILV's an interesting proposition.

Blimey what happened to this !

I took this off my monitor the other week at 23p and now
it's 5p !