The Lemon Fool

I know some of us hold and there has been the occasional mention of them here and there on TLF but in more general topics.

Following the appointment of an Interim Chief Financial Officer announced on 27 April 2018 http://www.londonstockexchange.com/exch ... 20905.html (presumably to deal with the accounting non-cash problems as well as more normal matters), they've today stated that Air Partner, the global aviation services group, will announce its results for the year ended 31 January 2018 on Thursday 31 May 2018 as per http://www.londonstockexchange.com/exch ... 55524.html

I see this as a relatively good sign in that they've hopefully resolved the issues in not too short a period.

PinkDalek wrote:I know some of us hold and there has been the occasional mention of them here and there on TLF but in more general topics.

Following the appointment of an Interim Chief Financial Officer announced on 27 April 2018 http://www.londonstockexchange.com/exch ... 20905.html (presumably to deal with the accounting non-cash problems as well as more normal matters), they've today stated that Air Partner, the global aviation services group, will announce its results for the year ended 31 January 2018 on Thursday 31 May 2018 as per http://www.londonstockexchange.com/exch ... 55524.html

I see this as a relatively good sign in that they've hopefully resolved the issues in not too short a period.

Yes, on balance it's probably a positive sign that they have not found any other nasties and had to issue another RNS ahead of announcing the results as planned. We'll have to wait and see but the current share price is probably discounting any good news, which is fair enough. I think anyone buying shares before next Thursday is taking a punt though... unless they know something we don't! I will be watching the price closely as the results get closer...

All the best, Si

Well, what a bloody shower!! Less than a week ago (May 25th) we get told the FY results would be announced today. So there I was at 7am waiting for them to appear on Investegate... nothing. And then this: https://www.investegate.co.uk/air-partn ... 27597621P/

So a further delay until 11th June at the latest. Surely management heads have to roll now - credibility is shot. Interesting that the quote is from the Non-Exec Chairman. CEO is probably toast.

All the best, Si

simoan wrote:Well, what a bloody shower!! Less than a week ago (May 25th) we get told the FY results would be announced today. So there I was at 7am waiting for them to appear on Investegate... nothing. And then this: https://www.investegate.co.uk/air-partn ... 27597621P/

So a further delay until 11th June at the latest. ...

All the best, Si

There's a discussion at https://www.stockopedia.com/content/sma ... 2#comments on this. Apparently main listed outfits have to announce their results within 4 months of the year end. If not they have to be suspended. Something I never knew or if I did I've forgotten. If I had I wouldn't have thought the earlier expected release set for 31 May was quite so positive!

The detail:

https://www.handbook.fca.org.uk/handbook/DTR/4/1.html

Publication of annual financial reports DTR 4.1.3
An issuer must make public its annual financial report at the latest four months after the end of each financial year.

simoan wrote:Well, what a bloody shower!! Less than a week ago (May 25th) we get told the FY results would be announced today. So there I was at 7am waiting for them to appear on Investegate... nothing. And then this: https://www.investegate.co.uk/air-partn ... 27597621P/

So a further delay until 11th June at the latest. ...

Looking again at the RNS, it seems to be a matter of expectation:

The Company is working together with Deloitte LLP to finalise the audit and expects the audited accounts will be published no later than Monday 11 June 2018.

Later today then?

PinkDalek wrote:
Later today then?

Yep, very much later today! Looks like the results will be released after the close with trading to commence at 8am tomorrow. A bit too American for me

All the best, Si

simoan wrote:

PinkDalek wrote:
Later today then?

Yep, very much later today! Looks like the results will be released after the close with trading to commence at 8am tomorrow. A bit too American for me

All the best, Si

You are correct, 3 RNSs released at 17:35 onwards:

http://www.londonstockexchange.com/exch ... 8GBGBXSET3

Annual Report and Notice of AGM 2018 - 11 Jun 2018 17:36
Full Year results for year ended 31 January 2018 - 11 Jun 2018 17:35
Completion of Accounting Review - 11 Jun 2018 17:35

So what do you conclude from the review? Still a mystery so far as I am concerned. Who was responsible and why? The only thing that is clear is that it wasted quite a lot of money. However, the s.p. seems to be recovering, thank goodness.

Bouleversee wrote:So what do you conclude from the review?

That is was very thorough but costly and that the only people who profited were accountants and lawyers... ain't that always the case. It also meant cancelling what sounded like an interesting acquisition which was costly in terms of wasted management time and having to pay a break clause on termination.

Bouleversee wrote:Still a mystery so far as I am concerned. Who was responsible and why?

All we know is that they are no longer with the company. I assume they know and whoever it was may be getting their collar felt.

All the best, Si

Bouleversee wrote:So what do you conclude from the review? Still a mystery so far as I am concerned. Who was responsible and why? The only thing that is clear is that it wasted quite a lot of money. However, the s.p. seems to be recovering, thank goodness.

I haven't studied the RNSs in any detail but, yes, the related costs of £1.3 million (including the written-off specific acquisition project in its final stage of £0.5 million) are comparatively large and will be borne in 2018-19, so there is a cash impact.

As for responsibility, there's nothing to show who was the main man and the previous Chief Financial Officer, who resigned on Friday the 13th April 2018, would not appear to be in the frame in view of :

No employee within the Group as at 1 February 2018, the start of the current financial year, has been identified as being responsible for, connected to, or had exerted influence over this matter

The mid-market price is settling back a little but still considerably above the price before suspension. I should have topped up when the first announcement was made but didn't have the courage of my convictions.

PD -

Yes, I'd worked out that Neil Morris couldn't have been personally responsible though had overall responsibility so forced to fall on his sword.

The Times today refers to the error being caused by invoices for a large customer being filed as receivables, then deferred income, instead of being written off, but there is no explanation as to why they should have been written off and what about all that corporation tax? I hope someone goes to the AGM and asks awkward questions. I didn't feel like topping up either. All too sloppy for my liking.


Si -

I do hope that someone IS getting his collar felt. I suppose that is why the company can't say too much.

Bouleversee wrote:PD -
Si -

I do hope that someone IS getting his collar felt. I suppose that is why the company can't say too much.

Of course, it could be someone getting "her" collar felt! You should read the RNS in full. It's obvious that records were fraudulently changed by the individual concerned to cover their tracks.

All the best, Si

simoan wrote:

Bouleversee wrote:PD

I do hope that someone IS getting his collar felt. I suppose that is why the company can't say too much.

Of course, it could be someone getting "her" collar felt! You should read the RNS in full. It's obvious that records were fraudulently changed by the individual concerned to cover their tracks.

All the best, Si

Indeed. I couldn't be bothered to type " his or her" and I hate "their" which to me is plural. I did read the statement on the company website but it raised as many queries as it answered.

Cheers.

Bouleversee.

simoan wrote:

Bouleversee wrote:I do hope that someone IS getting his collar felt. I suppose that is why the company can't say too much.

Of course, it could be someone getting "her" collar felt! You should read the RNS in full.

You might say that.... But I couldn't possibly comment.

The same thought had crossed my mind - I noticed they went back to 2010/11 in examining the finances. But what do I know? (Very little)

An aside...

Bouleversee wrote:Indeed. I couldn't be bothered to type " his or her" and I hate "their" which to me is plural.

I use and have always instinctively used "their"- even when in school, long ago now. Yes, it is "plural". But then there are two sexes (at least!).

Bouleversee wrote: ... I didn't feel like topping up either. ...

Notwithstanding the hit on the current year's profits, I've given them the benefit of the doubt and have doubled my holding. Primarily to use up some of my ISA cash brought forward sitting in the dealing account. Well inside the spread but nowhere near the 74p or so post the initial announcement of the accounting errors.

For anyone interested, here is a link to an article about AIR written by Edward Beddard at Interactive Investor:
https://www.ii.co.uk/analysis-commentar ... m_content=

This Topic doesn't appear to be gaining much interest but I'm pleased to see Castlefield Fund Partners Limited (an open ended investment company) increased their "BUFFETTOLOGY FUND" holding from 15.32% to 16.06% last Friday:

https://www.londonstockexchange.com/exc ... 29588.html

It looks like they've been adding gradually. Back in August 2017 they were at 6.83%.

Thanks, PD. At least one person is interested.

now the company secetary has left.