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Sefton Group


cheeky boy
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Braidwood has a degree in engineering or whatever. Hardly intellectually challenged. But he is a freemason which I suppose gives him the feeling he can shit on others who aren't likewise so clubbed, I don't know. Freemasons are a bit old school and do have a reputation of being masoginistic and all that I would say. Of course there are no women on their club and so they aren't used to women speaking on a similar level. It stinks.

 

When an MHK is rude to another MHK they are effectively being rude to the people they represent. It's naughty.

Even more so when it's an MLC who hasn't been publicly elected being rude to an MHK who has.

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Braidwood has a degree in engineering or whatever. Hardly intellectually challenged. But he is a freemason which I suppose gives him the feeling he can shit on others who aren't likewise so clubbed, I don't know. Freemasons are a bit old school and do have a reputation of being masoginistic and all that I would say. Of course there are no women on their club and so they aren't used to women speaking on a similar level. It stinks.

 

When an MHK is rude to another MHK they are effectively being rude to the people they represent. It's naughty.

FFS I know a lot of people with degrees who couldn't run a whelk stall I agree Ronnie manners cost nothing and as he is an unelected sucker of the public teat should have more respect !

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  • 2 weeks later...

I thought this letter was very good, from the Manx Independent of 6th June 2013:

 

Questions for Sir Miles at the Sefton

Why is Sir Miles Walker keeping so very quiet?

Sir Miles joined Board of Sefton Group on November 1, 2006, so he must share responsibility for the weird and wonderful transactions which brought Sefton Group to its knees.

Sir Miles became chairman of the group when Graham Ferguson Lacey resigned on June 2, 2010.

Since Sir Miles became chairman, strategy has changed, and attempts have been made to sort out the terrible mess Sefton was in.

Assets not needed for the core trading activities which are profitable have been sold at a loss, or the values written down from excessive to more realistic levels. This has meant big hits in the profit and loss account, turning operating profits in the trading activities (mainly hotels) into massive losses of over £6 million in 2011 and £7 million in 2010. No company can go on like that forever. By April this year the company needed more cash to carry on and for re-capitalising, to stabilise it, and perhaps to grow in the future.

The normal thing for a public limited company in this situation is to have a rights issue – in other words, to invite the shareholders to purchase new shares in proportion to the ones they hold already, for example one new share for every two already held. These rights can usually be sold, or even given away, by those who do not wish to subscribe to those who want to buy extra.

A deal like this is not hard to sell to shareholders. All the chairman has to do is say ‘Cough-up the cash, or lose your entire invested capital in the company’. It works a treat.

So why didn’t you do this, Sir Miles? A rights issue of one for two for the 32 million shares on the register at 17 April 2013, that is 16 million shares at a price of 30 pence per shared, would have raised £4.8 million. There is every reason to believe that Sefton Group shareholders have the resources to fund such a rights issue.

But you didn’t. Instead you accepted public money to the tune of £4.5 million to bail out the company, apparently without any qualms. Shouldn’t it bother you just a little bit that money from Manx tax-payers, and that’s all of us, has been used to preserve the invested capital of your major multi-millionaire shareholders and give them the prospect of huge gains in the future, if Sefton Group prospers again, when those multi-millionaire shareholders have not contributed one penny to the rescue of their company?

Ordinary residents of the Isle of Man played no part whatsoever in getting Sefton Group into its almighty mess. That was done entirely by the directors, of whom you have been one over a long period. Why should the public bail out your company, Sir Miles? Please tell us.

You may not like these questions, but you are now the Chairman of a company in receipt of public funds, so don’t you think the public are entitled to some answers?

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We were in Colours this past Saturday... Us and about 6 others. Place was dead.

 

Asked the bar maid when the refurb was happening only to be told that tonight was their last night.

 

See the logical thing to do would be to have a closing down event, seeing as it was one of the busiest and oldest clubs, and try and squeeze the last couple of pennies out of it like Toffs http://m.iomtoday.co.im/news/isle-of-man-news/toffs-closes-this-weekend-1-1778886

 

No no, this is the Sefton group. No logical thought.

 

At the very least I just wish they'd employ some people who actual know what they're doing before they end up wasting all their cash injection.

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  • 4 weeks later...

But that's all it is, a slap on the wrist is all that'll come. If I was a hotelier, I would be so angry - trade is hard enough to get without one of your competitors being given a huge wodge of cashola.

Edited by Tarne
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It stinks how the Sefton Group are to "have their cake and eat it" in effect. The Government have taken nothing from them as security, I remain unconvinced about the acquisition of land as in Hansard the minister said when asked about clear title to the site said "I think we have". I interpret that as the land is merely a sweetener aimed at the taxpayer to sweeten another 3.2 mill of cash going the way of the Sefton.

 

The enquiry needs to establish who owns the middlemarch site unequivocally and if, as I suspect, there is some legal minefield then heads should roll for that alone. The Government are financially in the brown stuff most of it of their own making but they are making a very good job of contaminating the rest of the island.

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But that's all it is, a slap on the wrist is all that'll come. If I was a hotelier, I would be so angry - trade is hard enough to get without one of your competitors being given a huge wodge of cashola.

They seem to be spending money on some new club to replace Colours.

Is this what the IOm government gave them money for?

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