has acquired 600,000 fully paid ordinary shares of the UK-based Computer Cab (ComCab) for £3.055 million. Pursuant to the acquisition, CFN’s stake in ComCab has risen from 80 per cent to 100 per cent.
At this purchase price, ComCab, London’s largest radio taxi network with a total fleet of about 6,200 taxis and private hires, is valued at £15.3 million.
We estimate the profit contribution from ComCab to be around $2-3 million per year. With the raising of stake by 20 per cent, we think the incremental contribution is negligible at $0.5-0.8 million per year.
– DMG & Partners Research
So we make that £340 should be payed by the LTDA to each of its alleged 9000 members, if shared out fairly.
Don't forget it was money from thew LTDA members that started up London Wide Taxis, later to become Com Cab.
Will the drivers who each stumped up £1300 when the circuit changed from voice to Mobistar get their money back?
Or will the LTDA use this £3.055M windfall to help the trade as a whole seeing as how so many of us have been in the LTDA and on Com Cab in the past?
Will we see the LTDA pay for the "Traffic Management Orders" currently lacking in Westminster, so we can get our ranks back from the Minicabs and rickshaws that infest them every night?
Or perhaps will the LTDA start up a Licensed Taxi only radio circuit seeing as we currently don't have such a thing in London?
Still we are looking forward to the announcement from W9 openly telling members exactly what they intend to do with the shareholders new windfall.
Or will we see Oddy and McNamara float off down the canal with it.
ReplyDeletePlace your bets!
I imagine a lot of drivers have a fair claim to whats thiers.After all at one time you had to join the LTDA,to join com cab.Although at the time there was no such thing as a closed shop.I suggest you put your claims in asap
ReplyDeleteIt's funny Jim, the drivers who tried to castigate you in the previous post for suggesting dual licensing probably subscribe to this minicab owned circuit, ha ha ha.
ReplyDeleteIt's all gone quiet over there, as they say
This trade needs to sort it's self out and soon.
We've passed the tipping point.
So, carrying over from the last post, all the drivers who said you're wrong to talk about dual licensing or working with scabs.
ReplyDeleteTaken from the LTDF Forum:
I have been informed today that some Richmond drivers are excepting the leftovers of a private hire firm via their mobiles to make ends meet. The prices are over and above the metered fare.
Has the rot already set in?
Ive heard that the marshals from the Golden Rank, the Liver, Old Street O2 are the same firm that marshal the scab ranks in Kingston (TaxiMarshals.com)
And now Com Cab fully integrated with City Fleet mini cabs, fully owned by City Fleet.
Harmonisation by stealth? its already happened, now wake up and do some thing before your a memory.
The question to be asked is why have the LTDA sold it now?
ReplyDeleteWho within the LTDA has been campaigning to sell it for years, the fact he has persuaded the others to go along with it is indicative of the increase in his power base and sphere of influence at Woodfield Road. Is that breeze the first traces of the winds of change?
Now is the time for all the Mobistar 'victims' to demand the LTDA do the decent thing and settle up £1300.00 plus 10 years interest.
ReplyDelete£2000.00 ia about right. please Mr. Oddy.
He Who pays the piper calls the tune as they say.
ReplyDeleteIf a Car company owns 100% of Com Cab can anyone tell me where the work will go may explain why Com Cab and the LTDA have sat back for as long as I can remember doing nothing about the real problems that we find ourselves trying to deal with.
Why is Mr ODDY and Woodfield Road not leading its Members to defend the Taxi Trade they say they represent wake up LTDA members there is more to protecting the Taxi Trade than sending drivers away on cheap holidays and learning self defence. If you don't have a job you don't need holidays if you don't have a Taxi to drive you don't need free Air the Trade needs to unite and fight like it has never done. Michael B