Brian
Marshall ATCL. - My CV and
What
I would suggest if I was on the Board
----- Share price:
- As of May.21st. 2023 - NO deals done since the €1.53 a share buy-back
in July.
FBDplc.com
Shareholder Survey Results -
the views of the 168 shareholders who replied since July 2018.
ARCHIVE
NEWS - 2020
Feb 5th 2021 High
Court rules against FBD in Pubs legal case This may cost FBD Holdings
at least €30m, and may hit the valuation of our shares, although Holdings
has released a statement saying "Today's judgment provides much needed
clarity to all concerned. We understand the significant challenges our Public
House Insurance policyholders currently face. FBD will arrange interim payments
to affected policyholders while awaiting final clarity on quantum. We expect
the cost to be well within the range of considered financial outcomes, with
FBD remaining strongly capitalised,"
Oct.24th FBD Insurance vs 4 pubs Court cases finishes. Judgement will probably
be in late November.
Oct.13th - FBD Insurance increases its Solvency Capital Ratio Risk Appetite
from its current range of 120% to 140% up to 150% to 170%.
My comment: - not good, as the CBI has suggested this. The FBD vs Pub-owners
"business interruption cover" Court case has also started
Sept.17th. The Competition
and Consumer Protection Commission has found that FBD Insurance allegedly
engaged in "anti-competitive co-operation"
Sept.15th:- In a possible read across for FBD Insurance, the UK
High Court has backed business interruption policyholders, in a judgement
which you can view HERE
August 31st. Apologies. My 2020 AGM report HERE
is now ready
August 18th A report on the AGM, which I attended, will follow around Sept.
1st. I need to check figures fully to ensure correctness.
In the meantime I was sorry to hear of the death this evening [Aug.18th]
of James Kanes (our deputy chairman) sister. Our sympathy is with him.
August 3rd - What are the Company doing to inform shareholders of anything
? We can't even have a current shareprice it seems. Today August 3rd, the
Company website still has the 'latest dealings' at €1.10 - from NOV. 1ST.
[post AGM edit. We were informed that NO deals were
done in over 9 months.
It appears sellers are looking for greater prices than buyers are offering]
If I was on the Board, I'd make sure this would not happen as I'll ask that
shareholders get timely Buying AND Selling price information !
AND I'd align Board remuneration to shareholders return. No dividends -
no directors fees for The Board.
Aug. 2nd - Annual report 2019 and AGM notice. - Profit up, but NO DIVIDENDS.
Yet again the Company is concealing information from shareholders. In his
statement here
Padraig states that "This leaves our Group profit before taxation at
a healthy €16.1m for 2019, up 86% on 2018 profit before tax of €8.6m.
On our Balance Sheet, the value attributable to the shareholders was €219m
at the end of 2019, up €9m for the year. This €9m uplift was after
returning €8.4m (16c per share) to shareholders during 2019"
Yet, despite all this profit, AND what should be the ongoing receipt of
Bulberry monies, the Company decides not to give us dividends. Why ? In
the rest of the statement Padraig gives us clues, without actually saying
anything straight out.
So what bad news is hidden ?
First: - La Cala sales have slowed, and could get worse. 37 units sold in
2019 :- only 10% of the 377 completed and under construction. 2020 sales
will be worse, and this in a context of 656 overall units
contracted for during
the lifetime of the development.
Second:- Bulberry monies due must have little visibility. Last year we were
told what we were getting, and when. This year Januarys money arrived, but,
unlike last year, Padraig has given no indication of the size, or date payable,
for the next tranche.
Third:- While the 2019 increase in FBD Holdings' share price resulted in
a value uplift of €3.9m, 2020 could see a €20m write down.
Fourth:- While 2019 H&R profits are mentioned, no mention has been made
of exactly how much a month Covid has cost and is costing. The Company will
know this figure. Why can't shareholders be told it?
"(no dividends because) we must factor in the risk of a ‘second wave’ of
the virus in Ireland or Spain and the risk of prolonged disruption to the
hospitality sector." - Shareholders need the figures so that we can judge
if this is indeed prudent.
Fifth:- Although the postponment of the €1 Holdings dividend was mentioned,
nothing was said about Holdings Court case on "Business Interruption
Liability", or the potential multi-million cost of an adverse judgment.
June 24th:- Holdings
warns on profits, including negative investment returns, puts aside £22m
for possible pub claims and suspends dividend
Comment:- This is bound to affect the FBD Plc dividend too. Where we could
have had a bumper payout again, I now expect no more than a maintained divvy
at best.
I can only hope that the long-awaited news on our German land disposal can
offset this dire Holdings trading update, and FBD Hotels & Resorts shutdown
losses, and the hit we will take in the accounts on the current value of
our Holdings Shares.
May 25th Court
proceedings by pubs against FBD Insurance - A large potential liability
will now have to be factored into Holding's share price
May 1st AGM Postponed. At last Padraig has sent a shareholder's
letter, (click to read), though it's very short on actual financials
of how the Company is doing.
April 3rd - FBD Holdings has postponed it's May 7th AGM, and de-facto it's
decision on approval of the full year dividend. I now expect our AGM to
be postponed too.
March 26th - What a difference a month makes ! The Insurance industry, and
of course FBD Holdings, could face a tide
of "business interruption" claims.
The Covid pandemic lockdown must also be seriously affecting our FBD Hotels
and Resorts Division, both in Ireland and Spain.
A scenario 4 weeks ago for greatly increased dividend now looks to have
disappeared.
And, as usual, our Chairman and Directors have said nothing at all for months.
Nothing about the German property disposal, nothing about Holding's excellent
full year results, nothing about Covid-19 and it's effects on us. NOTHING
! (Hopefully, after reading this, as I know the Company will, Padraig finally
gets something up on the Website, if not sent out to shareholders.)
If I were on the Board, I would push for REGULAR Shareholder updates on
the Company website. I'm going to stand for election again at this year
AGM
Feb. 27th - FBD Holdings profit before tax of EUR112.5m -- Proposed dividend
of 100c per share.
This should easily allow an for an INCREASED dividend to FBD Plc share holders
this year.
Feb. 6th FBD Holdings Trading Statement "2019 FY Profitability is expected
to be significantly ahead of market expectations."
Feb 1st 2020- An
insight into the current situation, post Brexit, of British buyers on the
Costa Del Sol - from Kerry Mellor, who owns #Mijas
Real Estate Agency there.
So why have I set up this site ? I, as a shareholder with more shares than that declared by any Board member, am fed up with being in the dark as to how this Company is being run. I'm not happy about it, and neither should you be. I intend using this site to ask questions that should have been answered long ago, should be answered now, and may need to be answered in the future.
I also want to try to
get enough backing from you the Farmer shareholders to put
myself forward for election to the Board, where, if elected, I
can ensure openness and less secrecy.
NEXT year, 2023, VOTE FOR ME - register online HERE or
post your ballot back.
& I will make suggestions to the Board on how to correct
THE 2016 CONSTITUTION which is faulty in my opinion.
I want to work for the good of OUR Company and I want ALL shareholders
to know what's going on in OUR Company.
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