Blog posts

Metro Bank, Improving Accounts, Patisserie, Telford Homes and GoCompare

Originally posted 28th February 2019 The latest example of a public company publishing misleading accounts is Metro Bank (MTRO). Both the FCA and PRA (the bank regulator) are looking into the “misclassification” of some loans which resulted in the bank overstating its regulatory capital. The result was that it has had to do an equity share issuance to bolster its capital. There was a very good letter to the FT today on the subject of improving accounting and audits from Tim Sutton. He ...

Black Hole in Patisserie Holdings, Audit Reviews, Telford Homes and Brexit

Let’s take the really bad news first. AIM listed Patisserie Holdings (CAKE) shares have been suspended following an announcement of “potentially fraudulent accounting irregularities” which will significantly impact the company’s cash position. The CFO, Chris Marsh, has been suspended. Media reports suggest there may be shortfall of as much as £20 million. The auditors are Grant Thornton which won’t improve their reputation much but as the company’s year end is September they may not yet have looked at last year’s results. According ...

AGM Reports

Telford Homes PLC (TEF) AGM 2018

A short report on the annual general meeting of Telford Homes Plc which I attended yesterday. With approx. 15 shareholders present, Chairman Andrew Wise opened the meeting with an introduction of the Board, before we moved straight into the formal business of the meeting. No votes against any resolutions in the room, proxy votes can be found below: Proxy Votes CEO Jon Di-Stefano went on to read the RNS released, link below: RNS We then moved to questions from shareholders, mostly answered by Jon. Q: A shareholder asked ...