Taxi Driver Online

The decline of MNGS share value over a period of 12 months.

Share price is currently 1.44

Period Price Change Percent Change

1 year 738.50p -595.50p -80.64%
1 week 182.00p -39.00p -21.43%
1 month 287.00p -144.00p -50.17%
3 months 327.00p -184.00p -56.27%
6 months 478.50p -335.50p -70.11%
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Regards

JD

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Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

The FTSE 100 index is made up of the largest 100 UK companies by full market value. MNGS are classified as a fledgling company.

The following info supplied in the FTSE Ground Rules for the Management of the UK Series of the FTSE Actuaries Share Indices may give you an insight into the workings of the FTSE.

Companies that have a full listing on the London Stock Exchange are eligible for inclusion in the FTSE 100, FTSE 250, FTSE 350, FTSE SmallCap, FTSE All-Share, *FTSE Fledgling* and FTSE All-Small indices.

The FTSE Europe/Middle East/Africa Regional Committee will meet quarterly to review the constituents of the FTSE 100, FTSE 250, FTSE 350, FTSE 350 Yield Indices and FTSE SmallCap. The meetings to review the constituents will be held on the Wednesday after the first Friday in March, June, September and December. Any constituent changes will be
implemented on the next trading day following the expiry of the LIFFE futures and options contracts, which normally takes place on the third Friday of the same month.

The FTSE SmallCap, FTSE All-Share, FTSE Fledgling and FTSE All-Small will be fully reviewed annually in December.

Here is a breakdown of the share indecises.

5.0 INDEX QUALIFICATION CRITERIA

5.1 FTSE 100

5.1.1 The FTSE 100 will consist of the largest 100 UK companies by full market value i.e. before the application of any investability weightings (subject to Rule 6.3), which qualify under Rule 4 as eligible for inclusion in the index.

5.2 FTSE 250

5.2.1 The FTSE 250 will consist of the next 250 UK companies ranked by full market value i.e. before the application of any investability weightings (subject to Rule 6.3), outside the FTSE 100 which qualify under Rule 4 as eligible for inclusion in the index.

5.3 FTSE 350

5.3.1 The FTSE 350 will consist of the companies in the FTSE 100 and FTSE 250. Thus it will represent the largest 350 eligible companies.

5.4 FTSE 350 SUPERSECTORS

5.4.1 All constituents of the FTSE 350 will be classified within ICB Supersectors. Each Supersector will be calculated as a separate index.
5.4.2 Rules governing the classification of companies into Supersectors are available from FTSE. The management of changes to constituent Supersector classifications is governed by Rule 6.4.

5.5 FTSE 350 INDUSTRY SECTORS

5.5.1 All constituents of the FTSE 350 will be classified within economic groups, industry sectors and industry subsectors. Each industry sector will be calculated as a separate index.

5.5.2 The classification of securities within industry sectors will be undertaken by the FTSE Global Classification Committee. The management of changes to constituent classifications is
governed by Rule 6.4.

5.6 FTSE 350 YIELD INDICES

5.6.1 The FTSE 350 Yield Indices will consist of the companies in the FTSE 350. Securities with an annualised dividend yield above the average yield of the FTSE 350 will be placed in the FTSE Actuaries Higher Yield. Securities with an annualised dividend yield below the average yield
of the FTSE 350 will be placed in the FTSE Actuaries Lower Yield.

5.6.2 The total capitalisation of each yield index should be the same, each representing approximately 50% of the total capitalisation of the FTSE 350. The FTSE Europe/Middle East/Africa Regional Committee will rebalance the indices to achieve this objective annually at its meeting in June. (See Appendix B).

5.7 FTSE SMALLCAP

5.7.1 The FTSE SmallCap will consist of the UK companies within the FTSE All-Share which are not large enough to be constituents of the FTSE 350.

5.8 FTSE ALL-SHARE

5.8.1 The FTSE All-Share will aim to represent at least 98% of the full capital value i.e. before the application of any investability weightings, of all UK companies which qualify under Rule 4 as eligible for inclusion in the index. The FTSE Europe/Middle East/Africa Regional Committee will determine the size of the FTSE All-Share annually at its meeting in December.

5.9 FTSE FLEDGLING

5.9.1 The FTSE Fledgling will consist of all UK companies which qualify under Rule 4 as eligible for inclusion in an index but are too small to be included in the FTSE All-Share. At the quarterly reviews in March, June and September, companies whose full market capitalisation (i.e. before the application of individual constituent investability weightings) is greater than 0.2% of the full market capitalisation of the FTSE SmallCap will be added to that index, providing they meet the liquidity criteria for the FTSE All-Share Index. Liquidity data for this period is taken as at the previous annual review. In the event that a Fledgling constituent rises in size after the annual review but does not meet the liquidity criteria, it will remain in the Fledgling until the next annual review, when it will be reassessed for eligibility.

5.10 FTSE ALL-SMALL

5.10.1 The FTSE All-Small will consist of all the companies in the FTSE SmallCap and FTSE Fledging indices.

Regards

JD

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Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

From The TimesOctober 23, 2008

Miserable cabbies are bad news for Manganese Bronze
by Peter Stiff
You know things are bad when cabbies are fed up. Chipper, chatty, the epitome of London's finest, if the marketeers' archetype is to be believed, cabbie-confidence has slumped so much that it is affecting the maker of their trademark, iconic black cabs.

Manganese Bronze, the manufacturer, has given warning that its vehicle sales have fallen by more than a third amid the global financial crisis. Taxi sales fell by 37.5 per cent to 1,628 in the nine months to September 30, down from a near-record 2,604 last year after the launch of its TX4 model.

John Russell, Manganese Bronze's chief executive, said that the company was having a tough year as drivers delayed new taxi purchases because they were growing ever more concerned about the economy. Manganese was unlikely to make a profit this year, with sales too low to exceed manufacturing break-even, he said.

The company's earnings are also under pressure from a strong euro, which raises the cost of engines purchased from Italy, the costs of a joint venture set up with engineers and the cost of its international sales and marketing team as it tries to expand.

Sales have been hit still further by a recall after 12 under-bonnet fires and the introduction of the new Vito cab by Mercedes, its first competitor for years. Manganese was forced to recall all TX4 cabs in September after the fires. It has repaired 400 cabs, 600 are off the road awaiting work and the other 4,400 working cabs will be inspected by the end of February. The group believes that the recall will cost about £4million, which almost wipes out its annual pre-tax profit of £4.9million last year.

In response to higher costs and lower sales, the group has reduced the number of taxis it makes to trim stock levels and has cut about 60 jobs.

Mr Russell said that problems in Britain served to underline the importance of its international expansion. Manganese expects Shanghai LTI, its Chinese joint venture, to deliver significant profits from mid-2009 and the group is also looking at moving into Scandinavia, Eastern Europe, the Middle East and the United States.

http://business.timesonline.co.uk/tol/b ... 996355.ece

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

Its one thing predicting and another rolling around in glee.

Some on this site would lead me to believe an LTI salesman has stolen sweets from their children before running away with their wife.

CC

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

I think the issue with most people in the taxi trade is that in many areas LTI are insuslated from competition by councillors. This insulation restricts driver choice and that in my opinion is the issue. The demise of LTI in the UK will ensure that choice prevails. If they go bust in the UK they cannot blame their demise on market forces simply because they have been insulated from competition from market forces.

Demise of a company should not be the only way that drivers should be allowed choice but in this particular case there is no other solution. Therefore most drivers who seem gleeful about the future prospects of LTI in this country are probably directing that glee at the prospect of choice.

You really don't think taxi drivers would give a chit about LTI if the turning circle requirement was removed, do you?

Regards

JD

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Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

I tend to disagree, the people on here having a go at LTI are people who dont actually drive the LTI vehicle.

You seem to forget, even if LTI go to the wall tommorrow, the COF is still there.

CC

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

Do you seriously believe the turning circle will be a requirement once LTI have gone bust? I don't think for one minute that you beleive it will, if you do then you surprise me.

Which vehicle manufacturer with a 25 foot turning circle is going to take over from LTI? Certainly not Mercedes. That leaves the ball firmly in the court of taxi drivers.

Regards

JD

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Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

Your the only one mentioning a turing circle...I mentioned the COF or whatever TFL or the PCO come up with, but considering their last review took ages, I cant see any change soon.

Regards,

CC

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

The turning circle is the main impediment of the COF, once LTI go bust that requirement will no longer be applicable.

I envisage many different scenarios playing out but at the end of the day the opportunity is there for cab drivers to take the initiative with regard to choice.

Regards

JD

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Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

The turning circle is one part yes...but it will still be applicable if LTI is there or not....the COF is a condition of fitness as you well know...,,,its not a case of no LTI no conditions, the conditions will still be there.

Regards

CC

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

I am in no doubt that the condition will instantly be removed when the penny finally drops that there are no vehicles being manufactured that can comply with the condition.

You don't really think that these 17 councils are going to keep a condition that no one can adhere to, surely?

Regards

JD

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Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

I don't want LTI to go bust and workers in the Midlands to lose their jobs, but is there anyone who believes the TX4 would survive without the restrictive practice that comes with the turning circle?

And what sort of a future has a vehicle that struggles to do more than 20 miles to the gallon have? And one that costs £1000s more than it's main competitors?

Also I have a problem with the way LTI treat their customers. Not just the p*** poor service regularly dished out by their dealers, but by the total lack of safety features their vehicles had/have.

We were told that ABS couldn't be fitted, yet after years of drivers using substandard brakes, ABS suddenly appeared. We were told that airbags were a no no, until they suddenly appeared in the American version.

I also don't like the way LTI buy favour with the taxi trade mags i.e. loads of adverts for the LTI bum lickers, no adverts for the rest.

As I said I don't want folks in the Midlands to lose their jobs, and for LTI to go bust. But if they do go bust, I wont lose a second of sleep.

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IDFIMH

To be honest I drive a skoda superb, so long as it starts in the morning I dont give a sh*t. And in a couple of months time it'll be a BMW 5 series that can do 155 mph

I personally think every HC proprietor should be able to license what ever he or she wants, hell lets get rid of PH and make them HC too.

regards

CC

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

couldn't agree more...........we finally got ABS but they still kept drum brakes on the rear The drivers seat is still a joke and the trim, roof lining etc is far superior in my TX1 than in my TX4!

I prefer the ride in the TX4 and though it's handy having the extra power when i need it, the irritating flat spot when i first accelerate gets on my nerves..........i was telling my brother in law this evening that i prefer drving my TX1 to my TX4 (the TX4 is rented out), i save a small fortune on fuel and the recaro seat i put in the cab nearly 8 years ago is still in great nick and very comfortable.

Once the TX4 is paid for or my fella stops renting from me (whichever is sooner) i may well sell both cabs and buy myself the mercedes taxi, by that time it will have become established and recognised in London as a taxi, the problems would of been ironed out and hopefully the wheelchair ramp would have been incorporated into the floor.