You will remember that I pointed out on QPP board that the fact was that QPP was selling the family silver and that 2 years after the sale date QPP could have expected to bank C £150m from NIHL and that QPP PSD motor and medical claims processing , together with PSD profits would ensure 9 fig pound profits and £150- £200m cash in bank and no borrowings.
That would have meant the new chairman drafted in to replace RT ( Currie - who was itching to get back to his old job /) then Rose were too lazy to micromanage those profits and cash surpluses onto the books. Maybe too interested in easy directors bonuses after the sale? To have done the job implied by the Companies Acts in protecting shareholder interests they would have had to knuckle down and face down the shorts brigade with figures which were 18 months to 2 years away. I was up for the wait and voted against the sale.
The shorts were right to point out 2 years processing NIHL to get to the pot of honey. Well we can add 3 months fro the office move disruptions......nevertheless SGH has the honey pot now. Under QPP ownership by now they would be reving up not running SGS at 75% capacity. Honey in offing.
Mendacity about.
Mell about too.
Mel
SGH Price at posting:
23.5¢ Sentiment: Hold Disclosure: Held
