Tuesday, Sep 25, 2007
Is this the start ... when the Property Agents even get themselves into trouble ???
Telegraph.co.uk: Erinaceous withdraws results
It pretty much speaks for itself ...
"Erinaceous shares tumbled 47pc after the property services group revealed it had breached banking covenants and was in emergency talks with lenders."
"Nearly £55m was wiped off the company's value after the shares closed down 51 at 57¾p. The news came as Erinaceous withdrew its interim results, which were due to be published today. Talks were continuing last night."
Posted by fahrenheit451 @ 10:58 AM (930 views) Add Comment
12 Comments
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1. fahrenheit451 said...
Other articles on this story may also be of interest.
www.telegraph.co.uk: Erinaceous defends £1.2m debt
www.propertyweek.com: Black day for Erinaceous
www.erinaceous.com: REG-Erinaceous Group PLC Statement re Interim Results
Now just where do we go from here ???
2. sovietuk said...
Property companies going down the pan, banana republic style bank runs, pound getting close to a five year low against the Euro, public finances worsening, banks pulling in loans and credit card limits left right and centre, repossessions soaring. It's getting more and more messy by the day.
3. harold said...
"It's getting more and more messy by the day."
And more and more likely that GB will panic and call an early election. He'd be an idiot not to.
I reiterate - the reason, IMHO, why the Tories are putting up a poor show at the moment is because they don't actually want to win the next election and inherit the BTL/sub-prime fiasco that will engulf UK PLC.
4. planning4acrash said...
Harold, I think there could be some merit in what you say, but if you take your argument to the extreme, then you would say that the Tories didn't want to win the two elections before this one, because the behaved and performed awfully!! One of the reasons they won't talk about policies and they have a comedian (Boris Johnson) going for London Mayor is that any MP's who discusses policies gets people briefing against them in the media almost immediately. The Tories are still divided on Europe, the welfare state, education, healthcare and almost every other area of policy, so I wouldn't give them too much credit at the mo.
5. dbnazz1 said...
HAROLD..
Interesting point. Sunday Express for Sunday just gone even stated that several sources within the upper sections of civil service are starting to panick about whats coming. Certainly the Tories won't wan't to have all the coming problems on any period in office they may have. however the reason they are not doing so well is, I feel, that the public have just sussed out what David Cameron is all about. He is a PR man that just goes in whatever direction the political wind happens to be blowing in. he is a fake. I am only suprised that the Herd
of sheeple have cottoned on to this.
6. cyril said...
In my experience, any politician would sell their granny to be in charge of anything (however useless) so I doubt David Cameron is putting up a poor show deliberately.
the fact is that most normal people aren't interested in politics any more and it is becoming increasingly dominated by old people and fanatics. We are basically a 1 party state headed by Chairman Brown so he probably thinks he has nothing to worry about even if it does go down the pan.
7. su said...
So if the Tories are non-starters, who could provide a decent alternative? Lib-Dems, UKIP The Greens? Looks like Cyril is right. We are a 1 party state.
8. Averageguy said...
Lets all vote for Lib Dem, I could do with a laugh
9. Lem said...
All Ming has to do is shout 'Gordons Alive' whilst wearing a long cape and fake beard and he'll have my vote
10. planning4acrash said...
All the Tories need is discipline in the ranks and a well hammered out policy direction. Too many old farts who don't want to be bossed around. They don't have enough time to win an Autumn election and should start looking at the one after.
11. su said...
I'd have no problem voting Tory if Anne Widdicombe was leader! I heard that she was very popular with the ordinary Tory membership but not with colleagues in The House.
12. talking rot said...
I thought you were hung, drawn and quartered in Scotland for even mentioning the word "Tory". Shame really. I think Anne Widdicombe is a very talented Lady. Have you seen her web site?
All joking aside, why is the 47% drop in Erinaceous' share price an indicator that the housing market is about to tank? Firms suffer tumbling share prices even in "good times" because they have management issues, or poor profitability, or because a new veracious competitor has entered the market. Does anyone know what is happening to Erinaceous' competitors? Are they suffering a massive drop in share price too?