manxchatterbox Posted February 6, 2006 Share Posted February 6, 2006 The IOM Examiner reports on the reduced profits at the Sefton and since GFL took a 22% stake (probably mostly Chris Robershaw's shares) ...hopefully CR has the cash in the bank from the sale...the Sefton debt has increased and its cash has gone down....and it now owns Parkinsons...handy for a hotel having a whole firm available to do your maintenance and renovation works and another bit of leverage playing with peoples jobs and lives with regard to getting planning permission to build some timeshare apartments elsewhere... Link to comment Share on other sites More sharing options...
Declan Posted February 6, 2006 Share Posted February 6, 2006 I don't understand. Please explain. Link to comment Share on other sites More sharing options...
manxchatterbox Posted February 6, 2006 Author Share Posted February 6, 2006 during Chris Robertshaw's stewardship the Sefton was well run ....now its 22% in the hands of a property developer...(not a hotelier)....who has grandiose plans that no one can say how they will be realised...and with whose money...... Link to comment Share on other sites More sharing options...
Billy One Mate Posted February 6, 2006 Share Posted February 6, 2006 MCB get hold of a set of the accounts and you will actually notice that the shareholders funds have increased, also the profit has only reduced by less than the amount paid to Mr Robertshaw as severence pay. Also if you would like to get facts you will notice that the price per share has increased in the last year. Link to comment Share on other sites More sharing options...
Paul H Posted February 8, 2006 Share Posted February 8, 2006 MCB get hold of a set of the accounts and you will actually notice that the shareholders funds have increased, also the profit has only reduced by less than the amount paid to Mr Robertshaw as severence pay. Also if you would like to get facts you will notice that the price per share has increased in the last year. That told him! Link to comment Share on other sites More sharing options...
ans Posted February 8, 2006 Share Posted February 8, 2006 Also if you would like to get facts you will notice that the price per share has increased in the last year. Pfft. you can prove anything with facts. Link to comment Share on other sites More sharing options...
Lonan3 Posted February 8, 2006 Share Posted February 8, 2006 What have facts got to do with anything? This is a forum! Link to comment Share on other sites More sharing options...
Amadeus Posted February 8, 2006 Share Posted February 8, 2006 What have facts got to do with anything? This is manxchatterbox! fixed.... Link to comment Share on other sites More sharing options...
manxchatterbox Posted July 22, 2006 Author Share Posted July 22, 2006 letter from GFL to the 600+ Sefton shareholders (and commentary in italics):- 11July 2006 Dear Shareholder In Fulfilment of my promise at the annual shareholders' meeting, I am writing to give you an update on your company's activities. I am delighted to report that under the direction of David Woodiwiss and his management tea, the hotel is performing well to budget and has demonstrated a significant turnaround in particular in service to both our valued off-island guests and much-valued Manx customers. (I spoke with two middle aged guests yesterday lunchtime who had stayed 4 times previously the last time two years ago - they said the atmosphere of the hotel had changed since Chris Robertshaw had left it no longer felt personal - the room wasn't being made up until 3 in the afternoon so they couldn't have a siesta - the furniture was scuffed and the taps were broken, and the plants in the atrium had grown so that the blinds couldn't be shut - all signs of cost-cutting poor maintenance and lack of attention to detail.) As most of you know the carvery is back on Sunday in a traditional and generous format, as well as a limited good-value buffet every lunchtime in the Harris restaurant, to which you will be most welcome and can use your shareholder discount. (the letter dated 11 wasn't posted till 18/7 so I guess most will have missed the carvery on Sunday 16th) We recently had our four-star status re-affirmed with higher points awarded and maintenance of our rosette for the Gallery Restaurant. These achievements are a great credit to all staff (of over 60), who have worked so hard to achieve the transformation that has occurred over the last twelve months. The new library lounge on the ground floor at the rear of teh Wallberry is now open. I am pleased to advise you that work has begun on the conversion of teh Irwell and Britannia House properties adjoining the hotel to convert them into nine "five-star-plus" suites, to be known as The Sefton Suites". Everything is being done to have these suites ready for occupation for teh TT centenerary celebrations next year. (and if they don't work we can sell them off as luxury apartments) Sefton Express, your company's two star budget airport hotel, is already under development and should be open for business by the end of the year, providing initially 34 bedrooms which, as business justifies it, could be within two years (subject to planning approval) expand to a total of 60 bedrooms. (no doubt so long as planning permission is granted for the Derbyhaven houses and for "timeshare" apartments to be built instead of the Golf Links) I am pleased to report that the Palace Cinema is benefiting from the new car parking and shop facilities and online booking capability and, whilst in this business we are wholly dependent on the available films for our success, I anticipate a satisfactory year from teh Palace Cinema. (which can stay there until a good offer comes along to replace it with apartments) The management team at Parkinson Limited (celebrating its sixtieth anniversary as the largest and oldest Manx construction company) is performing to budget and will I believe increasingly contribute to you group's profits. (particularly if planning permission is granted for projects above, otherwise staff might have to be laid off) Your group acquired in April a retail investment property consisting of Nos 42 to 50 Duke Street Douglas. We believe this to be an attractive investment. At the time of writing to you, your board have agreed (subject to contract) to the purchase of a property in a prime central location to proivide for a state-of-the-art lifestyle and health spa facility. Your company's existing facilities are inadequate and it would not be possible to achieve within our existing building the facilities required, for which we believe there to be a profitable and complimentary business under the Sefton four-star-plus brand. (are hotel guests really going to leave the hotel to use leisure facilities in an off-site location??? or is this just using cash-flow from the hotel to acquire a future development site??) For reasons of commercial confidentially I cannot be specific about a substantial acquisition that your comapny ios pursuing at present. We are carrying out due diligence whilst definite legal agreements are being negotiated between the parties. Rest assured that if we are successful in concluding this acquisition, I will write to you further about this matter. ('cos no doubt it'll have to be paid for and who better to tap for cash than the shareholders by having a new share / rights issue) Consistent with the very pleasing progress of all aspects of your group's activities we are launching a new loyalty "Sefton Green Card". This card is being issued in first instance to all shareholders, which will entitle you to a discount on accommodation, food and beverage of 10% at the Sefton, as well as discounts from twenty companies right across the spectrum in the Isle of Man. We are indebted to Trudy Williamson, appointed as a non-executive director in March this year, and her colleague Annie Kneale, for the work they have done in achieving what I am sure you will find to be a very valuable card that will make people "green with envy" when they discover the discounts available to cardholders from leading shops and business services throughout the Isle of Man. We will be writing to you shortly with your Sefton Green Card package. (you don't get something for nothing so somebody will either end up paying for such a scheme or be out of pocket) Your board have unanimously determined that shareholders' best interests would be served by the appointment of Collins Stweart as your company's stockbroker and corporate adviser. Whilst your company has been loyally served in recent years by Ramsey Crookall on a matched bargain basis, it is felt that Collins Stewart's wilingness to invest its own firms' capital in making a book in respect of your company's shares which should improve the liquidity of the comapny's shares and, supported by their investment analysts' report which will recieve wide distribution, contribute to increased interest in your company. On all our behalf I would like to express appreciation to Ramsey Crookall, its directors and staff for their support and services. (but as per other thread can't see how a new broker wil find shares to sell as they are pretty hard to come by already..this sounds like preparation for a share / rights issue but why should off island investors be interested in a small IOM company??) I look forward with confidence to reporting to you more comprehensively with the audited accounts and Chairman's statement following your company's year end. Yours sincerely GRAHAM FERGUSON LACEY Executive Chairman (what is an "Executive" Chairman - as apposed to a CEO???just sound a bit pompous to me) others comments??? Link to comment Share on other sites More sharing options...
TerryMcCann Posted July 22, 2006 Share Posted July 22, 2006 Link to comment Share on other sites More sharing options...
localyokel Posted July 22, 2006 Share Posted July 22, 2006 during Chris Robertshaw's stewardship the Sefton was well run ....now its 22% in the hands of a property developer...(not a hotelier)....who has grandiose plans that no one can say how they will be realised...and with whose money...... Clearly some new law has been passed about property developers not being able to own hotels that I am not familiar with??? Link to comment Share on other sites More sharing options...
Gladys Posted July 23, 2006 Share Posted July 23, 2006 l (what is an "Executive" Chairman - as apposed to a CEO???just sound a bit pompous to me) The chairman of a company chairs the meetings of the shareholders, and usually, but not necessarily, of the board. Strictly, the only thing a chairman may do, beyond any other member of the board, is exercise a casting vote in the event of a deadlock. Custom is that the chairman of the company is its outward face, particularly in relation to shareholders and other important counterparts for the business. An executive chairman will fulfill the function above and also do 'a job of work' to some extent within the company. The function of the CEO is exactly what the title describes; he is the senior exec fulfilling a full time role for the company. Other than that, it looks like a reasonable letter to shareholders and is necessarily inconsistent with the wishes and desires of the general public, in whose interests the company is not bound to act. Sad but true, commercial enterprise owes its first loyalities to its shareholders and if you are a shareholder, you should be sure that the board is acting in your interests. It is not a public body or charitable organisation, but an organistion with a commercial imperative. That's business! Link to comment Share on other sites More sharing options...
Deejay Denzel Posted July 24, 2006 Share Posted July 24, 2006 I have a stylophone that I think GFL and the Sefton shareholders should invest in for around about £7 Million ONO Link to comment Share on other sites More sharing options...
manxchatterbox Posted July 29, 2006 Author Share Posted July 29, 2006 why have a broker to produce analyst briefings?? and at a cost the Company never had before?? this in to-day's FT.... A catalogue of great analyst notes of our time By Chris Hughes and Salamander Davoudi It is a rare handful of the thousands of research analyst notes published each day that have any impact. Occasionally, a note will nudge a company share price a tiny fraction. But now and again an analyst delivers a killer punch that sends a company reeling. Link to comment Share on other sites More sharing options...
Gladys Posted July 29, 2006 Share Posted July 29, 2006 What IS your point MCB? This is a private company entitled to arrange its affairs as it wishes. If you are a shareholder you should raise these concerns with your board at the next AGM. If you are not a shareholder, then what on earth is it to do with you? Link to comment Share on other sites More sharing options...
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