Tipped as a buy in the Independent today.

Looking at where the share price was in 2008 this could be a great recovery play.





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Sweett Group PLC Australian Project Management Appointment



Sweett Group PLC

08 April 2013

8 April 2013

Sweett Group plc

("Sweett Group" or "the Group")

Sweett Group appointed project manager on 1 William Street, Brisbane's newest tower development

Sweett Group, the international property and infrastructure consultancy, has been appointed as project manager on the recently announced AU$ 650m (GBP420m) 1 William Street commercial high-rise. When completed, it will be the second tallest tower in Brisbane.

Fresh from its project management of Brisbane's recently completed OneOneOne Eagle Street, Sweett Group has already commenced work on the development.

Sweett Group's team of Brisbane-based consultants will provide a full scope of project management related services for developer CBus Property. CBus Property is the property investment subsidiary of CBus, one of Australia's leading superannuation funds.

David Hayden, Managing Director, Australia, said:

"We are incredibly excited to be delivering yet another significant commercial development in Brisbane and are delighted to be working with CBus Property."

A focal point of the Queensland Government's strategic masterplan and housing the Queensland Government Headquarters, 1 William Street will achieve a height of approximately 258m on the banks of the Brisbane River and provide 75,000m2 of commercial office space across 41 levels with a total GFA of approximately 120,000m2.

Kim Berry, Managing Director, Asia Pacific, said:

"We have a strong pedigree of consulting on tall and super-tall buildings, currently including high profile developments such as The Shard in London, the CMA Tower in Riyadh, the Wuhan Tower in China and now 1 William Street and OneOneOne Eagle Street which are two of the tallest buildings in Brisbane. Whilst the experience gained on these complex and demanding structures readily translates across borders, they are each unique to their specific locations and a high degree of local knowhow is essential in their successful delivery, something Sweett Group excels at providing."

Adrian Pozzo, CBus Property Chief Executive Officer, said:

"Sweett Group not only had the high-rise experience we were looking for, they offered a proactive risk management approach."

Sweett Group's commission on 1 William Street stretches over the next four years and encompasses all phases of the development which is set to achieve a 5-star Greenstar and 5-star NABERS rating once completed.

- Ends -

Westhouse Securities reiterates buy - target price 45p

RNS just out - Directors buying shares. Trading update due soon.

Nice tick up - doesn't take many buys to get this moving.
Charles Stanley target - 34p
Westhouse target - 45p

Breaking out now.

Cheap as chips this - share price was over 100p in 2008, bottomed out last year and now on the road to recovery.imo

And another tick up.

doodle is there still a problem with the former chairman of Sweet, or has that been resolved?

No there is still a problem with him, but the RNS about that issue this morning seems to have sparked a positive move in the share price.

My god have you seen the intangibles here and minus net cash outflow.

gf, I would hate to think our opposing political views on another thread have clouded your judgement here. Just do some proper homework on this share before you start knocking it please. The share price has gone up 3.5p today while you have spent most of your time on another thread spouting your left-wing opinions!

CHECK what I Have said. I think your a gud un, your a good guy as far as im concerned. Nothing like that cattle truck up their. Thumb up from me DB.

ps, keep the good work up and try a post .or two on the chart attack thread .

appreciated GF.

having had a look at their financials after gf's comment on 14 above we would agree that there appears to be a serious cash problem, they seem to need to raise some cash pronto.

TCG also had a serious cash problem, halifax and the company nearly went kaput - look where the TCG share price dropped to and where it is now. The Board of CSG, similarly to the Board at TCG, realised that they needed to modernise and change in order to improve. " Diversify and strengthen" in the words of the CSG Board just recently.

News » UK » Sweett board fights back and claims majority support » published 10/04/2013

Sweett board fights back and claims majority support

The battle for control of quantity surveying practice Sweet Group has heated up today, with the current board claiming majority support and effectively calling its challenger an emotional liar.

Last month former Sweett chairman Francis Ives launched a coup attempt to return as chairman in place of incumbent Michael Henderson.

Sweett’s board is recommending shareholders reject Mr Ives’ proposal and said that it remains fully behind Mr Henderson.

Mr Ives owns 4% of the company still and last month claimed the backing of a further 10% of shareholders.

The Sweett board says that it has letters of intent from holders of 41.4% of the company's shares to vote against Ives’ resolutions and indications of support from a further 8.7%, giving it a total of 50.1% currently.

In a statement calling for support from shareholders, Sweett directors said: “The board believes Francis Ives is motivated by emotion and that he wants his old job back. Francis Ives wants to be executive chairman - a clear breach of best practice corporate governance. The board does not believe that Francis Ives is the right person to lead the group.”

Effectively accusing Mr Ives of spreading lies, the board added: “The requisitionists have stated they are concerned about retention of talent – there has been no significant loss of senior talent from the group. The requisitionists claim the group is excessively indebted to its bankers and vendors of acquired businesses and avoided administration only because these parties waived their entitlements – this statement is false. The requisitionists claim that Michael Henderson refused to consider a fundamental financial and strategic review – this statement is false.”

The board said that since Mr Ives left the company three years ago, it had made "significant progress" towards becoming a globally diverse business. “The responsible and considered approach adopted by the board and operational management teams in moving into new geographies and sectors has enabled Sweett Group to withstand the highly challenging conditions in its core markets whilst continuing to deliver growth,” the board said.

Senior independent director Nicholas Woollacott said: "The recent announcements of new commissions spread across the group's regions and sectors, as well as the record order book and robust interim results, give the board confidence in its current team, strategy and in the outlook for the group.

"Not only has Francis Ives failed to articulate a cohesive strategy, he has also made clear his desire to return to the group as executive chairman, demonstrating an attitude towards corporate governance which is not consistent with the standards expected of a publicly quoted company.

"Michael Henderson has the board's unequivocal support in his role as non-executive chairman and has been instrumental in the group's development into the diverse and global business that it has become in recent years.

"The board, which commands 12.4% of the vote, will be voting against all the resolutions and strongly recommends shareholders do the same. The group has received letters of intent to vote against all the resolutions from 41.4% of the share register. In addition, certain other shareholders representing 8.7% of the share register have indicated their support to vote against all the resolutions."

The general meeting of shareholders takes place in London on 9 May 2013 at 10am.

Positive trading update on 22nd July has sparked this into life again.

doodlebug4.

A buy in this weeks IC - The shares are too lowly rated on just 8 times forecast earnings.

Well done chaps.

Thank you for that dreamcatcher, I didn't know.