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 Kroothawk wrote:
I don't trust people who want anyone to bow to some unseen credentials and then continue to state that Cyprus is more relevant to European economy and GW sales than Germany.

Can we now get back to topic instead of feeding a troll?

I just want to add that Germany is bench pressing the EU economy like a boss

edit:

 spaceelf wrote:

Barfolomew wrote:

dereksatkinson wrote:
These institutions elected the directors of the company who voted in the CEO. They better know exactly what is going on. If they don't have a clue, they didn't elect the right person to represent their interests to the board of directors.

These guys will know a hell of a lot more than you'll ever see disclosed in a report published by the company or their auditors.

While they do receive more detailed reports, I still think they drink their own cool-aid and are not knowledgeable of the market.

Tom Kirby - Accountant, been at GW since 1998 (out of touch)
Kevin Rountree - Accountant, been at GW since 1998 (out of touch)
Chris Myatt - Hospice director (probably the most qualified as he's familiar with the terminally ill)
Nick Donaldson - Lawyer/Banker (probably why the IP is being pursued so much)
Elaine O’Donnell - Accountant (cares about $$, not service or quality)

Let's compare this to Hasbro

B. Goldner - At Bandai prior to Hasbro
A. Verrecchia - Hasbro since 1965
B. Anderson - Scott Paper prior to Hasbro
A. Batkin - investment firm
F. Biondi - private equity fund specializing in media
K. Bronfin - investment arm of diversified media company
J. Connors - full-service marketing, advertising and communications company
M. Garrett - international food and beverage company
L. Gersh - integrated media and merchandising company
J. Greenberg - funds transfer company
A. Hassenfeld - Hasbro for 40 years
T. Leinbach - global logistics and transportation and supply chain solutions provider
E. Phillip - a non-profit healthcare organization

To me, Hasbro has a much better board because the majority is customer focused, not a bunch of accountants.

Does GW know what's going on in the company? Yes. Do they know how to fix it? Hell no.

Neither board looks right. Hasbro has legacy members like Hassenfeld (his family put the 'has' in Hasbro). Many of the other members' professions (health care, food and beverage, paper products, funds transfer, investment firm) do not indicate that they have any special qualifications to run a toy company. I suspect that many of them are the board because of connections. It would be good to see people who know something about making good toys on the board. They could be psychologists, sculptors, engineers, etc. As it is, the board looks very much like how they practice business: make some toys in china (global logistics) and market them (marketing). The lack of competition from other companies makes this possible. Gone are the days of Kenner, Mego, Ideal, Gabriel, Galoob, etc.

GW are finding it much more difficult, as there is more competition. Certainly the other companies cannot produce plastics of the quality or quantity that GW can, but the market is not particularly concerned. The competitors that are better run (in my estimation), such as WYRD, are making great strides.

Actully you missed a key point about the hasbro board that Barfolomew made. Their is alot of members who come from a background in customer service and marketing based industries.

The board doesn't need to know how to make the toys, they need to know how to run a toy company and have a understanding of the kinds of products they are selling. They need to understand the incorporate of customer service and the customer service approach. This is a very customer focused company, and have a board seems to reflects that. Actually having board members from different industries and backgrounds can be a very GOOD thing for a board, because it helps bring in new ideas and ways to do things.

The sculptors and psychologists actually are better kept off the board of directors, but placed in departments heads and in positions to develop new products. Putting them on the board of directors would actually be a waste of their talents and putting them in a position were they probably are not that qualified for.

GW's board only has one member who comes from a customer service background and it was in Hospice care.... The rest are all from accounting and banking backgrounds. This board dose not reflect a customer focused approach.

Lanrak wrote:
@Sirus42.
The core problem of GW plc is is they do not have a marketing department!
After GW became a plc , the only periods of growth have been accompanied by other companies doing the marketing for GW .
M&B Games in the 1990s, and New Line Cinema and Diagnosti magazines in the 2000s.

So GW plc has grown from a small company where the developers were in touch with the customers.(Through WD etc.)
To a large corporation with the man making the decisions having NO contact with or idea who the actual customer base is or could be.

Without a marketing department to provide facts, Mr Kirby can simply make up any assumption he feels like, to back up the direction he want to go.(Generally following the path of least effort.).

Mr Kirby seems to believe targeting children with rich parents is the best business strategy for GW plc.

However, all other companies in the TTMG hobby believe great game play and value for money is what they should focus on...

I'll take that as a no then.

 Ketara wrote:

 Kroothawk wrote:

 Da Boss wrote:
It just seemed to me that the faster rate of releases, including but not limited to Knights, could rejuvenate them a bit.

You are aware that the faster rate of releases has been in coincidence with a 10% decline in revenue and a 30% decline in profit?

Correlation is not causation. It's entirely possible that without the faster rate of releases, it could have been a 20% decline in revenue, and a 45% decline in profit.

Exhalt!

And in my opinion, the real reason for a soft quarter is that the economy is much weaker than the headlines suggest. Everyone seems to be completely forgetting how much liquidity is being pumped into the system. ECB, Bank of England, US Federal Reserve and the Japanese central bank are expanding their balance sheets at furious rates to keep things propped up. They aren't doing this because things are good. They are buying time.

When you actually see as many earnings reports as I do, you'd understand that what is going on with GW is not something special. They aren't an outlier. Retail did not have a good Q4 and they are trying to blame it on the weather. You know, because winter is a new thing this year.

http://www.lse.co.uk/SharePrice.asp?shareprice=GAW

52 Week Low: 485.00
52 Week Low Date: 3-MAR-2014

That's today.
Compare this to Infinity and kickstarters:



Hey look, those are not at all affected by Cyprus economy, sun bursts, astrological constellations and the cattle market!

dereksatkinson wrote:
And in my opinion, the real reason for a soft quarter is that the economy is much weaker than the headlines suggest. Everyone seems to be completely forgetting how much liquidity is being pumped into the system.

I guess "quarter" is pro-speak for half a year and "soft" for "desastrous", right?
And because the states make saving money pointless, all people are now saving money instead of spending it, right?

In positive GW news, they appear to be Ukrainian proof. They are maintaining the same rate of decay to share price after Putin's hankerin' to tour Sevastopol.

It was the floods.
Every body knows England ends at watford gap. GW watford was closed as usual. and south of there was flooded

 loki old fart wrote:
It was the floods.
Every body knows England ends at watford gap. GW watford was closed as usual. and south of there was flooded

You know that Watford Gap and Watford are 66 miles apart right?

Unless that was a very subtle commentary on some of the macroeconomic factors that have been bandied about in this topic (and if it wasn't I wish it had been)

One thing to keep in mind when comparing GW's performance to the performance of other, newer companies is that the newer companies are still affected by the fact that they are, well, new.

Newer, smaller companies should always have returns that are, by percentages, much greater than a larger, more established company. A new company that goes from making $100K one year to $200K the next experiences a 100% increase in revenue, while an older company that made $1 Million one year and then $900K the next experienced a 10% reduction. The bigger company still sold a lot more stuff and made a lot more profit.

I wish that PP were publicly traded so we could see what their actual numbers were, because they're really the only tabletop wargame that is relatively comparable to GW in that they have been around for a good amount of time and have a strong, established market presence.

I think what is more telling is that people had enough of their own money to sink $60MM in kick starter for games instead of what's currently established. Some portion of that is money GW could of had if they were more responsive to their player base.

Also, stock currently at 485.

I agree.
If GW plc actually knew who would buy stuff from them, and what they wanted. GW plc could make informed business decisions and plan to grow their market share.
But while they think they are selling toy soldiers to children, and writing rules specifically for people who never get around to play, or do not care when they do.(Collectors and children.)

They will continue to lose sales volumes, and now start to loose profit as well.

Unless they actually address the massive disconnect with the wider customer base. GW plc is going to continue its downward spiral.

The real question is- Will those Space Marines have the kung fu grip?

Saldiven wrote:
One thing to keep in mind when comparing GW's performance to the performance of other, newer companies is that the newer companies are still affected by the fact that they are, well, new.

Newer, smaller companies should always have returns that are, by percentages, much greater than a larger, more established company. A new company that goes from making $100K one year to $200K the next experiences a 100% increase in revenue, while an older company that made $1 Million one year and then $900K the next experienced a 10% reduction. The bigger company still sold a lot more stuff and made a lot more profit.

I wish that PP were publicly traded so we could see what their actual numbers were, because they're really the only tabletop wargame that is relatively comparable to GW in that they have been around for a good amount of time and have a strong, established market presence.

I can't remember where I saw this but it has been stated on Dakka that PP had a turnover of approximately $14-15M last year. I believe this cam from a discussion at a convention.

So to underline the point that Kroot didn't realise he was making, even if my memory od $5M out, the nearest competitor that GW has in tabletop wargaming does less than 10% of GW's turnover.

Again I'm struggling to remember but I believe the likes of Battlefront and Corvus Belli turnover less than half of this amount.

Where did you get those charts Kroot? Genuinely interested.

 Kroothawk wrote:
http://www.lse.co.uk/SharePrice.asp?shareprice=GAW

52 Week Low: 485.00
52 Week Low Date: 3-MAR-2014

That's today.
Compare this to Infinity and kickstarters:
Hey look, those are not at all affected by Cyprus economy, sun bursts, astrological constellations and the cattle market!

dereksatkinson wrote:
And in my opinion, the real reason for a soft quarter is that the economy is much weaker than the headlines suggest. Everyone seems to be completely forgetting how much liquidity is being pumped into the system.

I guess "quarter" is pro-speak for half a year and "soft" for "desastrous", right?
And because the states make saving money pointless, all people are now saving money instead of spending it, right?

The Corvus Belli chart is through 2012. Irrelevant.

And I'm sure that all those people using kickstarter aren't just for tabletop wargames. Maybe you should check the glossary. lol

As for sunbursts, constellations and the cattle market... I think you probably need to go take a timeout because the health of the European economy is most certainly relevant to GW's earnings. I get that you are a little upset that it's repeatedly been proven wrong throughout this thread but seriously dude you have no idea what you are talking about. The discussions about rights of board members, share holders and then the whole automatic buys thing should have made it abundantly clear you need to step back.

You are taking advertising pamphlet material and trying to use it as evidence that the consumer isn't struggling? Seriously?




Automatically Appended Next Post:

Shotgun wrote:
In positive GW news, they appear to be Ukrainian proof. They are maintaining the same rate of decay to share price after Putin's hankerin' to tour Sevastopol.

Ukraine is another failed state. Their bankruptcy could cause problems for Western banks though so keep that in mind.

dereksatkinson wrote:

 Kroothawk wrote:
http://www.lse.co.uk/SharePrice.asp?shareprice=GAW

52 Week Low: 485.00
52 Week Low Date: 3-MAR-2014

That's today.
Compare this to Infinity and kickstarters:
Hey look, those are not at all affected by Cyprus economy, sun bursts, astrological constellations and the cattle market!

dereksatkinson wrote:
And in my opinion, the real reason for a soft quarter is that the economy is much weaker than the headlines suggest. Everyone seems to be completely forgetting how much liquidity is being pumped into the system.

I guess "quarter" is pro-speak for half a year and "soft" for "desastrous", right?
And because the states make saving money pointless, all people are now saving money instead of spending it, right?

The Corvus Belli chart is through 2012. Irrelevant.

And I'm sure that all those people using kickstarter aren't just for tabletop wargames. Maybe you should check the glossary. lol

As for sunbursts, constellations and the cattle market... I think you probably need to go take a timeout because the health of the European economy is most certainly relevant to GW's earnings. I get that you are a little upset that it's repeatedly been proven wrong throughout this thread but seriously dude you have no idea what you are talking about. The discussions about rights of board members, share holders and then the whole automatic buys thing should have made it abundantly clear you need to step back.

You are taking advertising pamphlet material and trying to use it as evidence that the consumer isn't struggling? Seriously?




Automatically Appended Next Post:

Shotgun wrote:
In positive GW news, they appear to be Ukrainian proof. They are maintaining the same rate of decay to share price after Putin's hankerin' to tour Sevastopol.

Ukraine is another failed state. Their bankruptcy could cause problems for Western banks though so keep that in mind.

Name the one country where GW has major sales, that isn't bankrupt

dereksatkinson wrote:

 Kroothawk wrote:
http://www.lse.co.uk/SharePrice.asp?shareprice=GAW

52 Week Low: 485.00
52 Week Low Date: 3-MAR-2014

That's today.
Compare this to Infinity and kickstarters:
Hey look, those are not at all affected by Cyprus economy, sun bursts, astrological constellations and the cattle market!

dereksatkinson wrote:
And in my opinion, the real reason for a soft quarter is that the economy is much weaker than the headlines suggest. Everyone seems to be completely forgetting how much liquidity is being pumped into the system.

I guess "quarter" is pro-speak for half a year and "soft" for "desastrous", right?
And because the states make saving money pointless, all people are now saving money instead of spending it, right?

The Corvus Belli chart is through 2012. Irrelevant.

Without numbers, it is totally irrelevant, a point I've made before, but it still gets trotted out like it means something.

And I'm sure that all those people using kickstarter aren't just for tabletop wargames. Maybe you should check the glossary. lol

This is why you should be careful when using snark.

How on earth can a chart, produced by Kickstarter, showing the amount of money pledged by it's users on tabletop games, be dismissed like this when it provides relevant evidence that money is being spent, worldwide, and in increasing quantities, in the same sector that GW is suffering declining revenue in?

This is just another example of you dismissing evidence that doesn't fit with your argument.

This thread keeps making its "IT WILL NOT DIE" roll - amazing!

I'm thinking something in here is giving DA a nice healthy "+4" to that roll though...

It's more about the narrative than the rules...

Forgive me for asking a question that may have already been asked, and forgive me for being incredibly ignorant in regards to the stock market.... but isn't a drop from a share price of 850 on Oct 1st 2013 to a share price of 475(ish) as of March 3rd 2014 quite drastic? That's a drop of almost half of what it was in.... 5 months?

Is this a fairly typical rise and fall of GW stocks based on past years or is it the result of more recent mistakes on GW's part?

Could anyone who knows a little better try and filter the info in an attempt to educate us "laymans" out there?

 notprop wrote:
So to underline the point that Kroot didn't realise he was making, even if my memory od $5M out, the nearest competitor that GW has in tabletop wargaming does less than 10% of GW's turnover.

Again I'm struggling to remember but I believe the likes of Battlefront and Corvus Belli turnover less than half of this amount.

So they have 1 competitor with approx 10% of the turnover, and at least 2 more with 5% of the turn over. But there are literally hundreds of other competitors appearing and seeming to grow, some of which must also be making significant percentages of GW's turnover whilst still growing (from the top of my head: Warlord, Mantic, Gripping Beast, Reaper) The market in total must have total revenues of at least double that of GW (at wild estimation), so wilst GW is still the biggest and has some level of residual market domination it's shrinking in what's obviously a growing market.

dereksatkinson wrote:

The Corvus Belli chart is through 2012. Irrelevant.

You're pretty quick to dismiss stuff that doesn't fit your point. In pure 2014 terms it's not very relevant, but if you compare the huge growth there to GW in the same period (essentially none), you can certainly get the impression that everyone is outgrowing GW at a significant percentage rate. Probably not in absolute terms but it shows a pretty healthy market over the last few years.

To be honest I don't think I've seen any real evidence for a shrinking or stagnating of the gaming market except from GW.

And I'm sure that all those people using kickstarter aren't just for tabletop wargames. Maybe you should check the glossary. lol

They are, they just the 1 Billion dollar mark. But that chart was specifically for tabletop gaming. Now that'll cover boardgames as well as any overlaps, but again it's showing a lot of money being spent speculatively in that market, some of which is in direct competition to GW (the Mantic stuff, for instance) as well as lots of indirect competition (like Zombicide). I've personally dropped about $1000 onto gaming Kickstarters in the last couple of years that may have gone to GW.

You are taking advertising pamphlet material and trying to use it as evidence that the consumer isn't struggling? Seriously?

The consumers aren't all struggling though; retail sales in GW's home market has started increasing again. Confidence and real terms income are still down on 7 years ago but it's picking up.



Anyway, what do you make of the market in general, and what would you need to see to concede that the gaming market (outside of GW) is doing pretty well?

Just for the record, the 52 week low dropped another 10p today to 475.00p, started at 500p, so with -25p the biggest drop per day since the big avalanche, some of it recovered at the end of the day though.

 JaxnFury wrote:
Forgive me for asking a question that may have already been asked, and forgive me for being incredibly ignorant in regards to the stock market.... but isn't a drop from a share price of 850 on Oct 1st 2013 to a share price of 475(ish) as of March 3rd 2014 quite drastic? That's a drop of almost half of what it was in.... 5 months?

Is this a fairly typical rise and fall of GW stocks based on past years or is it the result of more recent mistakes on GW's part?

Could anyone who knows a little better try and filter the info in an attempt to educate us "laymans" out there?

Yes and no.

It is undoubtedly a substantial drop, but it isn't unprecedented in GW's history.


Essentially it is linked to a lack of dividend being paid to shareholders because of a disappointing set of half-year results. Therefore investors who were holding stock purely for the dividend yield may have chosen to sell the stock and take a profit on what they were worth, others may have felt this was the beginning of a longer term slide and decided to cash in at what they felt was the top of the market. Selling shares drives the price down, and in this case the price continued to fall until we reach the current levels. Anyone holding stock now may well face losing money if they sell, have a longer term plan, or work for GW.

The wider debate isn't really focused in the share price, more the underlying factors that caused the disappointing report that triggered the fall.

So with the stock continuing to slip the way it is and GWs fondness for tight lipped policies should we expect to see the stock continue to slide down until GW give their full year report?
My understanding of the situation is that confidence in the stock is down which means people hold or sell, not buy. Selling lowers confidence further and drives the stock down which prompts more sales, and short of GW actually talking to their investors or someone buying up a whole bunch of stock* nothing about the situation will change.

*And at this point the only reasons I can think of to buy is because its cheap, but that would require it to level out and maintain the appearance of having hit bottom, or to try and buy a majority and take over.

 jonolikespie wrote:
So with the stock continuing to slip the way it is and GWs fondness for tight lipped policies should we expect to see the stock continue to slide down until GW give their full year report?
My understanding of the situation is that confidence in the stock is down which means people hold or sell, not buy. Selling lowers confidence further and drives the stock down which prompts more sales, and short of GW actually talking to their investors or someone buying up a whole bunch of stock* nothing about the situation will change.

*And at this point the only reasons I can think of to buy is because its cheap, but that would require it to level out and maintain the appearance of having hit bottom, or to try and buy a majority and take over.

Well one thing to remember is for the most part stock going up or down won't effect the operation of GW. It only will effect GW unless a larger company comes along and use the lower price to start picking up alot of stock or tries to buy out GW stock.

Witch seems to be a issue GW cares about alot, since I seem to recall they hired a lady who specializes thows kinds of situations last year. So it seems GW has been planning for this situation.

 notprop wrote:

Saldiven wrote:
One thing to keep in mind when comparing GW's performance to the performance of other, newer companies is that the newer companies are still affected by the fact that they are, well, new.

Newer, smaller companies should always have returns that are, by percentages, much greater than a larger, more established company. A new company that goes from making $100K one year to $200K the next experiences a 100% increase in revenue, while an older company that made $1 Million one year and then $900K the next experienced a 10% reduction. The bigger company still sold a lot more stuff and made a lot more profit.

I wish that PP were publicly traded so we could see what their actual numbers were, because they're really the only tabletop wargame that is relatively comparable to GW in that they have been around for a good amount of time and have a strong, established market presence.

I can't remember where I saw this but it has been stated on Dakka that PP had a turnover of approximately $14-15M last year. I believe this cam from a discussion at a convention.

So to underline the point that Kroot didn't realise he was making, even if my memory od $5M out, the nearest competitor that GW has in tabletop wargaming does less than 10% of GW's turnover.

Again I'm struggling to remember but I believe the likes of Battlefront and Corvus Belli turnover less than half of this amount.

Just to reinforce that number, ran into the ex-PP employee a few weeks ago who gave me their 2011 numbers ($12 - $13MM) a while back. We were talking various things and he mentioned that PP's numbers had remained pretty flat since he left and they were about matching inflation. So that $14-15MM sounds close.

As for GW, it will continue it's downward trend price wise till it's annual report. Might be an uptick right before by some betting types.

Though while not an accurate indicator, new product seems to be selling better this year than last. The local stores are actually selling out of new material. Hadn't seen that for over a year before the Hobbit bomb dropped.

Of course, if bullets start flying in Ukraine, expect it drop like a rock with the rest of the stock market.

 silent25 wrote:
Though while not an accurate indicator, new product seems to be selling better this year than last. The local stores are actually selling out of new material. Hadn't seen that for over a year before the Hobbit bomb dropped.

Are they selling more or stocking less? The report indicates that sales are down, which seems to be confirmed by independents.

Herzlos wrote:

 silent25 wrote:
Though while not an accurate indicator, new product seems to be selling better this year than last. The local stores are actually selling out of new material. Hadn't seen that for over a year before the Hobbit bomb dropped.

Are they selling more or stocking less? The report indicates that sales are down, which seems to be confirmed by independents.

Selling out of a product is not a reliable indicator of demand or sales. Don't forget, we saw similar situations when the Tau and Eldar were released; it wasn't that demand and sales were any greater than normal (although I'm sure they sold a lot of them) but rather there was quite a clusterfeth in supply. It ended up with a lot of independents not getting nearly any of the stuff they ordered. There were various conspiracy theories abound as to whether it was a deliberate move on GW's part to undermine independents. Who knows? But at the very least, it points to poor logistical control. From what I can gather this time around, the lack of product in shops seems to be down to a supply issue rather than hordes of customers snapping the kits up.

Dereksatkinson - I think a lot of this discussion comes down to whether people want to see GW 'rewarded' for what a lot of the veteran fans view as poor treatment on their part. Finecast, RoW bans, Games day/tournament cuts, staff cuts, price rises, post purchase 'DLC'.. all of these things over the past few years have arguably meant that the GW customer now gets less 'value' than they have at any point in the past, and seemingly from a company that doesn't care.

So if these measures do lead to a few fat men smoking cigars in a jacuzzi full of champagne, with more of these things to come where might that lead? I think that's why so many long-term fans have hopped on the bandwagon here.. they are hoping that GW will finally see that valuing their existing customers is important, and might come to the realisation that their long term fans have value, and start to amend their policies accordingly.

GW having only one exec who has a background in customer service, and them having come from working with hospices though is pretty funny.. (and would certainly explain a lot of things!)

notprop wrote:It's more about the narrative than the rules...

Lol...

dereksatkinson wrote:
Ukraine is another failed state. Their bankruptcy could cause problems for Western banks though so keep that in mind.

Although IT workers in the UK might then find it slightly easier to get a job, depending on what happens..

Herzlos wrote:
The consumers aren't all struggling though; retail sales in GW's home market has started increasing again. Confidence and real terms income are still down on 7 years ago but it's picking up.

Anyway, what do you make of the market in general, and what would you need to see to concede that the gaming market (outside of GW) is doing pretty well?

It's already been established that you guys are looking at trailing indicators while I've been looking at leading indicators. Leading indicators like Goldman's Global Leading Index is showing the global economy in slowdown mode. You wont even hear on the news that we are in a recession till 3 quarters after you've already been in one. So what good does that do you? You can point to retail sales but I can point to disposable income. Unless you see a major spike up there, discretionary spending is going to go through the floor. An already indebted consumer has it's lowest income:debt ratio since 07. It's going to be bloody when it finally hits.

 Pacific wrote:
Dereksatkinson - I think a lot of this discussion comes down to whether people want to see GW 'rewarded' for what a lot of the veteran fans view as poor treatment on their part. Finecast, RoW bans, Games day/tournament cuts, staff cuts, price rises, post purchase 'DLC'.. all of these things over the past few years have arguably meant that the GW customer now gets less 'value' than they have at any point in the past, and seemingly from a company that doesn't care.

So if these measures do lead to a few fat men smoking cigars in a jacuzzi full of champagne, with more of these things to come where might that lead? I think that's why so many long-term fans have hopped on the bandwagon here.. they are hoping that GW will finally see that valuing their existing customers is important, and might come to the realisation that their long term fans have value, and start to amend their policies accordingly.

GW having only one exec who has a background in customer service, and them having come from working with hospices though is pretty funny.. (and would certainly explain a lot of things!)

You basically just explained exactly what the problem with this type of discussion is. What you guys are saying is purely vengefully hoping that your perceived enemy will lose money. GW's stock price isn't a reflection of the customer base's feelings. Otherwise, you wouldn't have had the move from 115 to 830. Mind you, I already stated that I was bearish on the stock. I even stated in this thread GAW had no support till around 460 which I don't think will be the final low either.

You can be critical and make fun of the makeup of the board of directors all you want but you didn't elect them. The stakeholders in the company did. They were elected by institutional investors and they are the ones whose opinions matter when it comes to determining the price of the shares.

Another day, another 52 week low for the GW share price:
http://www.lse.co.uk/SharePrice.asp?shareprice=GAW

52 Week Low 471.00
52 Week Low Date 4-MAR-2014

As I predicted, decline accelerates after sinking below 500p :