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?

Is it a coincidence that the "expected significant one-off profit" arose about the time of the bidding war.

2.50 !!! Don't look at the 5 year chart :-)

Would like to be smiling (gloating) at recent events, but hard to do so when I still have friends working there from the engineering companies the board and it's cronies have destroyed ...... what happened to companies that were happy to make a profit from hard work rather than BS and excuses?

I may buy around the 4p level unless they go bust before hand.

This is a joke price.

Its goodnight from me and .....

goodnight from him.

Board Changes and Update.

Looks like the next Jarvis imo.

Continues to fall sub 10p today.

Uncrossed at the days low - 10.75.

In auction @12.5

Mouchel chairman quits days after being named

(Reuters) - Crisis-hit British infrastructure and maintenance group Mouchel said on Sunday interim chairman David Sugden had resigned only three days after being appointed.

Mouchel, which said last week it expected to breach its loan agreements following a profit warning, did not give a reason for Sugden's departure, but said its lending banks were supportive of the board and its executive team.

Michael Lyons, senior independent director, would chair the board until a new chairman was found, it added.

"His (Sugden's) resignation follows further discussions with the board and other key parties about the best way to secure Mouchel's future," the company said.

"The lending banks have informed the board that they are fully supportive of the board and its executive team which believes that Mouchel has strong and valuable businesses which need to be supported by a stable, long-term financial structure," it added.

Chief executive Richard Cuthbert quit earlier this month after Mouchel said a statistical error and mounting risks to contracts would slash about 60 percent off this year's profits.

Former Serco chief operating officer Greg Rumbles was named as his replacement a week later, and on the same day chairman Bo Lerenius said he was stepping down. (Reporting by Mark Potter; Editing by Sophie Walker

Wouldn't be surprised to hear the board stating that there are no tanks at the gates of Baghdad ;-)

Amazing how many seemingly intelligent engineers were taken in by the BS dreamworld offered by the false smiles in grey suits from the shambolic, debt laden 'managed services' world. Buying out the opposition with debt and dismissing it's brains was never the smartest of business plans!

They are doomed.. doomed.

http://youtu.be/w7RIgs3eygo

Confirmation :-


RNS Number : 2596Q

Mouchel Group plc

17 October 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITURE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Board Change

The Board of Mouchel Group plc ("Mouchel" or "the Company") announces that David Sugden who was appointed interim Chairman of Mouchel last week has resigned from the Board over the weekend. His resignation follows further discussions with the Board and other key parties about the best way to secure the group's future.

The lending banks have informed the Board that they are fully supportive of the Board and its Executive team which believes that Mouchel has strong and valuable businesses which need to be supported by a stable, long-term financial structure.

Sir Michael Lyons, Senior Independent Director, is leading the search for a new external Chairman and will Chair the Board while a new Chairman is sought.

Executive directors Grant Rumbles and Rod Harris remain focused on the steps necessary to secure the future of the company and they enjoy the full support and confidence of the Board and its lenders.

Good riddance

Top riser in the board.

Anyone who has been involved with contractors will know well that " writing up claims and extras" is endemic, sometimes an overzealous manager will over egg the unaudited accounts, I guess thats what happened here, such a panic over a relatively tiny amount, but one good thing is its clearing the rubbish out of the senior mangement who turned down the last huge takeover bid.

Long term hold.

Doomed I tell ye.