Taxi Driver Online

Yesterday' Trading: A Black Day For Manganese Cabs

19th September 2008

While central banks try to put out fires here, there and everywhere with injections of cash to keep the global financial system up and running, London taxi cabs are going up in smoke.

Shares of Manganese Bronze, the company that manufactures the iconic black cab, succumbed to renewed selling and touched 245p before closing only a penny lower at a year's low of 264p as dealers heard that yet another of its 'expensive' TX4 cabs had burst into flames in Central London.

Spontaneous fires in TX4s with '56' registration plates in recent weeks have led to 600 being recalled by London Taxis International - the Coventry-based manufacturing subsidiary of MB. Along with the Public Carriage Office, LTI is investigating the cause of the problem which could one day easily lead to fatalities and compensation claims.

Dicky Dunn, a north London cabbie, forked out £31,500 on his TX4 just over a year ago. It went up in smoke in Snow Hill, High Holborn, last week with three punters on board.

All of this spells trouble for Manganese Bronze, whose taxi sales have already fallen 30pc over the past year because of the credit crunch.

Fearing they could literally be getting into a hot seat could make Londoners choose the bus or tube to reach their destination.


Source; thisismoney.co.uk

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Kind regards,

Brummie Cabbie.

Type a message, post your news,
Disagree with other members' views;
But please, do have some decorum,
When debating on the TDO Forum.

Potential investors in this company seem to think that 2.60 is too low and it presents a buying opportunity. The same happened in July when shares reached a similar level. The reason being, is the China syndrome. Investors are buying at that level on the basis that the chinese venture will succeed? However if the company had to rely soley on the UK market then their share price would probably be in free fall.

Regards

JD

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On the news yesterday, Ed Thompson said that there had been no reports of any passengers in cabs when they ignited into flames. Then along comes this report,

"Dicky Dunn, a north London cabbie, forked out £31,500 on his TX4 just over a year ago. It went up in smoke in Snow Hill, High Holborn, last week with three punters on board. ""

This story seems to be getting very weired. Its hard to know what the truth is.

It has made no difference so far in the habits of the travelling public although they are aware it is in 56 reg cabs.
After the 7, 7 terror attacks the media said that no one would travel on the tube, but after a couple of days things soon got back to normal on London underground.

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the chinese venture will only succeed IF the chinese get their way and a similar situation to Rover ensues with the chinese getting FULL control of the company the chinese are very clever at things like that and will be enjoying watching the company flounder from the sidelines waiting for the right moment to pounce and they don't usually pay much for businesses shareholders will probably miss out