Tag: SGH

Listed legal firm,Slater & Gordon is bumbling along, slimming itself and continuing to cut costs as it readjusts to life after its near death experience in the UK in the past couple of years.

The job cuts have started in earnest at troubled listed law firm Slater and Gordon.

Life after death for Slater & Gordon? It seems so.

Slater and Gordon shares were once worth $7.85 at the end of March 2015 (or $2.8 billion), but with that rather expensive adventure in Britain which sent it over the edge and into the hands of a bunch of hedge vultures who rescued the company, the shares are now all but worthless.

Every now and then there is a financial result so staggering that you can wonder if the company can – and in this case should – survive.

Do shares in legal group Slater and Gordon have any value?

The CEO of embattled law firm Slater and Gordon has quit and the board will follow under a deal that will see almost full ownership of the company move to its lenders.

Is this an attempted ‘get out of jail’ move by near bankrupt listed law firm, Slater & Gordon (SGH) to try and find money from anywhere to offset its looming restructure?

Slater & Gordon (SGH) has been given another, small, $72 million bailout by its lenders to enable it to remain solvent while debt restructuring talks are concluded and some odds and sods are tied up.

Stone motherless broke I believe is the way you describe Slater and Gordon (SGH), the listed legal group. B.R.O.K.E. and it will take a heroic act of generosity from the banks to keep it alive.

Slater & Gordon (SGH) shares dropped more than 30% at one stage yesterday in the wake of a statement which all but confirmed the company was broke and tottering on the edge of collapse.

It has been a while coming but embattled listed law firm, Slater and Gordon (SGH) is facing a class action from investors looking for $250 million in damages over the company’s costly expansion into the UK market in early 2015.

Even though the size of the loss was not unexpected, the $1.02 billion full year loss revealed yesterday by Slater and Gordon was still shocking.

Shares in embattled law-firm Slater & Gordon soared yesterday after the company told the ASX that it had escaped collapse by doing a deal with its bankers to avoid bankruptcy.

It was another bad day yesterday for Slater & Gordon (SGH) shares which plunged by more than 40% in a volatile trading session as investors and analysts continued to question the law firm’s solvency.

This is utterly appalling – the biggest blow up of a capital raising and shareholder value in the fastest possible time – just a matter of months.

Slater and Gordon (SGH) shares were whacked again after the company finally confirmed suggestions from analysts and shareholders that its profit guidance for 2015-16 was no longer accurate.

How fickle are investors, speculators and hedge funds. Fresh from monstering shares in listed law firm Slater and Gordon (SGH) lower last week, they fled that ailing stock yesterday, taking their money with them (and presumably profits) and went for Dick Smith, which saw its shares slide more than 50%.

Slater and Gordon (SGH) shares extended their deep losses yesterday after the company confirmed that the Australian Securities and Investments Commission is asking questions about its audit relationship with Pitcher Partners and admitted an accounting error had been found in its UK business.

Slater & Gordon (SGH) shares were suspended from trading yesterday to allow the legal services group to kick off an accelerated fund raising among big investors that will look to raise $890 million, at $6.37 share, to fund the big expansion of its UK operations.

Slater and Gordon (SGH) is expected to announce a long mooted London deal that will cost the company upwards of $1.4 billion and change its nature completely, dramatically expanding its business in the UK where it has been growing rapidly in recent years.