Trading statement today - not good and shares have halved - just starting a thread in case anyone is interested in looking for the dcb ....

Currently 19p to buy - not thinking of buying at this time but just started tracking



ains


last bought 25/02 @ 12.5 last sold 26/02 for 10% gain

One of the shrewdest Fund Managers that I know has been quietly buying ISYS for his Fund and I have followed him in. He categorises this as a deep value stock.

Hello Austin.

Hi Hilary- long time no hear. I hope all is going well. No longer interested in the Cypriots plaything although I understand that the AGM was more of the nudge,nudge,wink,wink jam tomorrow nonsense. No time to waste on lost causes.

I'm well thanks, Austin. You too? Indeed, the Greek God's toy is disintegrating into a sad and sorry state of affairs. It amazes me though that, whenever he comes to town, he seems able to place a bit more stock so that he can pay the wages for a bit longer. Do you know who took it?

Not me

Well dont know if anyone saw the SETs order book at close of play but it was very very strong.If this follows through to tomorrow then I expect a very good bounce.

It certainly bounced around today at the new lower levels - it was tradeable intraday although I was not feeling confident enough to try ...... really looking for a significant news led bounce/rally but do believe we are starting to see good longer term value on a break up or new management direction.



ains



Thursday, 20 February 2003 at 15:54 GMT
M2 Communications Ltd.


Barneveld, The Netherlands -- Baan - the leading enterprise application provider for industrial enterprises and part of Invensys plc - finished 2002 with sales that reinforced a corporate strategy focused on industrial enterprises with complex make, move, and service needs. Baan won business at 44 new customers during the quarter bringing the total number of new customers acquired in 2002 to 159.

For the quarter ending December 31, Baan signed agreements with 24 new customers in the European region, 14 in the Americas, and six in the Asia-Pacific region.

"Our ability to win business at new accounts during difficult economic times demonstrates the confidence customers have in our solutions, our sales force and our sales alliance firms," said Laurens van der Tang, President of Baan.

"We have established Baan as a customer-driven company positioned for growth. We will continue to listen closely to our customers' needs and then respond with targeted solutions that can contribute to their profitability."





Invensys Wonderware Receives Control Magazine Top Award For Human-Machine Interface Software; InTouch HMI Product Voted No. 1 by Readers
2/20/2003
LAKE FOREST, Calif., Feb 20, 2003 (BUSINESS WIRE) -- Wonderware, an operating unit of Invensys plc, today announced that Control magazine's readers awarded Wonderware's human-machine interface (HMI) software the No. 1 position in the HMI category.

In the annual reader survey, Wonderware's InTouch(R) HMI software product was selected as the most popular application for industrial automation, process control and supervisory monitoring. InTouch software is in worldwide use at more than 180,000 installations in a variety of industries including food processing, oil and gas, automotive, chemical, pharmaceutical, pulp and paper, transportation and power utilities.

LONDON (AFX) - Moody's Investors Service affirmed Invensys PLC's Ba1 senior
unsecured debt rating but changed the outlook on the rating to negative from
stable.
The outlook change reflects Moody's perception of weaknesses in certain of
Invensys' businesses that will prevent the company from meeting its earnings and
cash flow targets for the current fiscal year and possibly beyond, the ratings
agency said.
Any strategic response developed by management that fails to demonstrate a
clear path towards improving cash flows in the core business and/or include
measures to reduce net debt further would be likely to add to the pressure on
the company's rating, Moody's added.
Invensys has announced that, following a business review, management expects
second-half core operating profit to be as much as 25 pct lower than the
first-half figure, it said.
The new profit indications are materially below Moody's expectations for the
pace and impact of the company's restructuring of operations, it said.
The rating affirmation is based on the localised nature of Invensys'
problems, which provides potential opportunities for prompt restructuring or
reduction of exposure. The action also recognises the company's substantial
financial flexibility from its portfolio of assets, which offers monetisation
possibilities.
Moody's added it views positively Invensys' good track record of asset
disposals, even in challenging market conditions, with proceeds from such
disposals having helped the company reduce net debt to an estimated level of 1.5
bln stg.

Hmmmmmm ..... should knock the price a little ...... generally looking as though it will go lower intraday albeit suspect we have seen a bottom around 16p


ains

If this goes to 15p I'm in..

have an order waiting - i will go in around 15p


ains

16p seems to be holding

afx

Elsewhere, Invensys fell back for a fifth consecutive session after ratings agency Moody's Investors changed its outlook on the rating to negative from stable, although it also affirmed the engineer's Ba1 senior unsecured debt rating.

trying for 15p again after US open

bloomberg

Invensys Plc (ISYS LN) lost 1.5p, or 8.6 percent, to 16. The factory controls maker that lost half its market value last week may have its junk credit rating cut further by Moody's Investors Service because of falling demand for its software and machinery electronics.

gloomberg: did they make that comment after Moody's affirmed the credit rating based on further penetrating insight or are they just sloppy journalists?

Hesitate to call the bottom but think this is it!

way after ....

News coverage not encouraging for a quick return to favour



Invensys hits 20-year low on Moody's verdict
By David Litterick (Filed: 22/02/2003) Telegraph


Invensys shares edged to a fresh 20-year low yesterday after ratings agency Moody's changed its outlook on the stock from stable to negative, saying it was unlikely to meet its earnings and cash flow targets.

"Any strategic response developed by management that fails to demonstrate a clear path towards improving cash flows in the core business or include measures to reduce debt further would add to the pressure on the rating," Moody's said.

The engineering company warned last week that its second-half operating profits were likely to be 25pc down on the first half and added that it might not hit key performance targets. It blamed underperformance at software company Baan and its climate controls division, which together account for about 20pc of revenues.

Invensys's unsecured debt carries a Ba1 rating. Moody's said it would not yet alter its rating because the company difficulties were localised and could potentially be rectified. It also said Invensys still enjoyed a degree of financial flexibility, with its portfolio of assets offering possibilities for monetarisation.

The company has about 1.5 billion of debt. The ratings agency also noted that Invensys had a good track record of disposals and was not in danger of breaching its banking covenants.

Invensys shares slid 1.25 to 16.25p yesterday, having fallen from 124p over the past 12 months. Now valued at just 600m, the company is almost guaranteed to be ejected from the FTSE 100 at next month's reshuffle.

The company said the outlook downgrade would have no effect on its banking covenants or interest payments, but this is just the latest problem to affect the struggling group, which appears to be suffering a terminal decline having once been the seventh-largest public company in Britain.

One trader said the volume of shares traded, usually 25m a day, was heavy as investors become increasingly wary of the stock after its shock profits warning last Friday. "Private investors have given up on it and there are very few natural buyers for it so the momentum will be down," he said.

much the same from the Times

February 22, 2003

Invensys slides on downcast Moody's appraisal
By Russell Hotten



SHARES in Invensys, the troubled electronics and engineering group, fell 7 per cent yesterday after Moodys, the debt rating agency, took a downcast view on the companys prospects.
The Moodys comments will be grim reading for Rick Haythornthwaite, chief executive of Invensys, who hoped that the worst was over when the shares halved after a profit warning eight days ago.

Although Moodys maintained its Ba1 senior unsecured debt rating, the agency changed its outlook on Invensyss long-term prospects from stable to negative. The shares fell 1p to a new low of 16p.

The change by Moodys reflects its concern about whether Invensys will meet its earnings and cashflow targets for the present fiscal year and possibly beyond.

Invensys shocked the market on January 15 when it said that, after a business review, second-half core operating profit could be up to 25 per cent lower than last time. The underperformance relates to operations including Baan, the software company, and the climate controls division, which account for a fifth of revenues.

Despite worries about the pace and impact of Invensyss restructuring, Moodys was upbeat about its good track record of asset disposals, which helped to reduce debt to 1.5 billion.

Analysts, already cautious about Invensyss prospects, said that Moodys comments added to the nervousness among investors. We are still getting over the profit warning and are on the lookout for anything negative, one analyst said.

Invensys would not comment on the matter.

According to the Morgans the debt is 2billion and there is an additional pension deficit of 1 billion......this from the Mail on Saturday.I am feeling nervious about the prospects .