Company News

Asian Citrus Shares Suspended

Asian Citrus (ACHL) is one of those Chinese AIM companies that you have heard so much about - for example in the BBC Radio Programme reported on in my last blog post. The revenue has been falling and the losses rising at Asian Citrus but any investors still holding the stock are going to have a very bitter taste in their mouth after the latest announcement. Today (29/9/2016) the company announced that it could not issue its Annual Accounts on time and ...

Foresight 4 VCT Update

ShareSoc wrote to shareholders in Foresight 4 VCT (FTF) in advance of the AGM on the 30th September. We suggested shareholders vote against the re-election of the directors. For...

Autumn Mists, and Profit Warnings

Autumn, the season of mists and mellow fruitfulness to quote Keats, or in the case of small cap stocks the season for profit warnings it seems. As many companies have a December year end, this is the time of year when management come to realise that given the first half figures and current trading, they are not going to meet the optimistic plans they gave out at the start of the year. Here's just a few that have issued warnings or where ...

Greene King & Crawshaw Profit Warnings

In Weatherspoon’s full year results announcement, their CEO Tim Martin took the opportunity to criticise Greene King for blaming poor results on Brexit. He said “The only thing worse than complaining about the weather is complaining about Brexit”, implying that they were poor excuses. Yesterday (13/9/2016) butcher Crawshaw Group went further. In a profit warning “trading update” they blamed suppressed footfall patterns on “international football, adverse weather and Brexit”. In addition they said customers were now even more price focussed and they were ...

Tesco Fraud Charges, Cattles and Globo

The Serious Fraud Office (SFO) has charged three former managers of Tesco in relation to the overstatement of profits that occurred over several years and which came to light in 2014. The charges are fraud and false accounting and those charged are Carl Rogberg (finance director at the time), Christopher Bush (UK Managing Director) and John Scouler (UK Commercial Director). The former Chief Executive, Philip Clarke, has not been charged but is apparently still under investigation in relation to the offences. Neither ...

Micro Focus Takes On HPE Software

The big deal last week (announced on 7/9/2016) was undoubtedly the acquisition by Micro Focus International (MCRO) of the software business of Hewlett Packard Enterprise (HPE). This is a deal valued at US$8.8 billion which will result in HPE shareholders owning 50.1% of the company and hence it is a reverse takeover. But the on-going business will be managed by Kevin Loosemore as Executive Chairman of Micro Focus and it will of course be registered and listed in the UK. It ...

BHP Billiton Meeting and Other ShareSoc Events

ShareSoc has organised a meeting for investors with BHP Billiton Plc on the 29th September at 11.15 am at their London offices. The meeting will consist of a presentation followed by Q&A and then a buffet lunch meeting with BHP Billiton members of staff. BHP Billiton announced their latest annual results on 16th August and the FT had this to say: “Writedowns and impairments have dragged BHP Billiton to its biggest annual loss, capping off a troubled year for the Anglo Australian miner ...

Sports Direct – AGM Resolution on Working Practices

Sports Direct (SPD) have received a requistioned resolution for its Annual General Meeting on the 7th September. The resolution which has been put forward by Unite Union and its supporters says: "That the board commissions an independent review of Sports Directs PLC’s human capital management strategy and report back to shareholders within six months." with the supporting comment that "As over 100 shareholders in Sports Direct, we believe the company’s current approach to human capital management will compromise its long-term growth ...

The Unacceptable Face of Capitalism – BHS and National Grid

The extraction by Sir Philip Green of £300m from BHS, which led to the business going into decline and leaving the company pension scheme under-funded before he sold it for a £1 to an unqualified chancer was strongly criticised by a select committee of the House of Commons yesterday. To quote from their report: "The tragedy is that those who have lost out are the ordinary employees and pensioners. This is the unacceptable face of capitalism". This echoes the comments of Ted ...

NewRiver Retail (NRR) Reconstruction and Complex Pay Scheme

NewRiver Retail announced before their AGM on the 12th July that they were going to change their domicile from Guernsey to the UK. This will assist with their move...