[TypicalGirls] Rough Trade for sale?

unmannedmission at gmail.com unmannedmission at gmail.com
Thu Nov 30 14:45:21 EST 2006


Great Idea! I've got $20 on it.

On 11/30/06, mike at appelstein.com <mike at appelstein.com> wrote:
>
> I think we at Typical Girls should start a collection to purchase
> Rough Trade's assets.  Then we could run it as a collective, just like
> the old days (albeit a virtual collective) and do the job right!
>
> darin' to dream,
> mike
>
> Quoting WWWhatsup <joly at dti.net>:
>
> >
> >
> > http://money.guardian.co.uk/businessnews/article/0,,1955329,00.html
> >
> > Sanctuary shares plummet
> >
> > Fiona Walsh, business editor
> > Thursday November 23, 2006
> >
> > Shares in Sanctuary crashed more than 25% this afternoon - from
> > 9.75p to 7.25p - as the troubled music group warned of losses at
> > Rough Trade Records and said it may need to take extra
> > provisions of between £15m and £18m this year.
> >
> > But chief executive Frank Presland also said Sanctuary has
> > received a number of approaches for parts of its business and,
> > once its latest results have been reported, "expects to be in a
> > position to consider these strategic proposals".
> >
> >
> > Sanctuary had hoped the business would break even in the year
> > ended September 2006.
> >
> > But Mr Presland said today the business is now expected to make
> > pre-tax losses of £2.8m for the year.
> >
> > Although Sanctuary owns only a 49% stake in Rough Trade, it will
> > take all of the loss in its resuts.
> >
> > In addition, Mr Presland said "a number of issues" have come to
> > its attention in the recorded product division and could lead to
> > further provisions of between £15m and £18m.
> >
> > Mr Presland said it was "disappointing that Sanctuary's recovery
> > is obscured by further historic accounting issues".
> >
> > But, he added: "The identification of those issues serves to
> > emphasise the determination of the new management team to
> > improve the financial reporting of the group.
> >
> > "Considerable progress has been made in dealing with the
> > outstanding legacy issues.
> >
> > "We are seeing the first signs of success from our efforts to
> > put the business on a proper footing and I am confident that we
> > will continue to make progress in the current financial year."
> >
> > Earlier this month Sanctuary was hit by the departure of its co-
> > founder, Rod Smallwood, who left to run his own business and
> > took one of the label's prime act, Iron Maiden, with him.
> >
> > Co-founder Andy Taylor was forced out in March after accounting
> > errors were discovered at the group, whose artists include Elton
> > John and James Blunt.
> >
> > =================================================
> > http://business.guardian.co.uk/viewpoint/story/0,,1955952,00.html
> >
> > Sanctuary is more crock than rock
> >
> > Julia Finch
> > Friday November 24, 2006
> >
> > Sanctuary's new bosses - former British Airways chief Robert
> > Ayling and Frank Presland, the former chief executive of Sir
> > Elton John's management company, have also uncovered "a number
> > of issues" that will result in provisions of up to £18m. This
> > relates to advances given to artists in the belief that they
> > would be returned as income. That future income was then booked
> > as an asset, which it now appears is worthless as the company is
> > writing off 100% of the advances made.
> >
> > This is the latest in a back catalogue of bad financial news
> > stretching back two years that centred on huge debts, mounting
> > losses and a cash crisis. It axed staff, was forced into a
> > rescue rights issue and share restructuring and parted company
> > with its founder and chairman, the cigar-chomping Andy Taylor,
> > when accounting issues emerged.
> >
> > Yesterday's latest double whammy left the shares rocking and
> > rolling at just 6.75p, down 3p on the day. The scale of their
> > collapse is on a par with the demise of Sanctuary band The
> > Strokes. Adjusted for the rights issue, Sanctuary's shares were
> > trading at some £35 each five years ago. As recently as May 2005
> > they stood at £17
> >
> > ==============================================
> >
> > http://business.timesonline.co.uk/article/0,,9071-2467862,00.html
> >
> > Sanctuary has flagged that it is mulling the sale of
> > underperforming businesses. Its 49 per cent stake in Rough Trade
> > appears certain to be sold off and further asset sales could
> > lead to a full break-up of the embattled group.
> >
> > However, the fiercely independent artist manager, music label
> > and publisher has already rejected advances from rival Mama just
> > last month.
> >
> >
> >
> > ---------------------------------------------------------------
> >              WWWhatsup NYC
> > http://pinstand.com - http://punkcast.com
> > ---------------------------------------------------------------
> >
> > _______________________________________________
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> > TypicalGirls at lists.ibiblio.org
> > http://lists.ibiblio.org/mailman/listinfo/typicalgirls
> >
>
>
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