India Outsourcing Services Share Discussion Threads

[davethechef] 27/2/2008 13:42

Write-up in the Independent today, several sentences.

[johnma] 27/2/2008 12:51

New Ticker

IRGP

[hardie1960] 26/2/2008 13:50

Oh dear oh dear,

Stuart , you must be in deep here!

[johnma] 26/2/2008 10:42

First Day of Dealings




RNS Number:7083O
India Outsourcing Services PLC
26 February 2008


For immediate release 26 February 2008



INDIA OUTSOURCING SERVICES PLC
(to be renamed INDIAN RESTAURANTS GROUP plc)

First Day of Dealings of Enlarged Share Capital on AIM

Acquisition of the Mela Group

Change of name from India Outsourcing Services plc to
Indian Restaurants Group plc


India Outsourcing Services plc (to be renamed Indian Restaurants Group plc) is
pleased to announce its first day of dealings on AIM today following its
acquisition of the Mela Group. The Company's new ticker symbol will be 'IRGP'.
It is expected that the change in the Company's name and ticker symbol will
become effective at 8.00am on 27 February 2008.

India Outsourcing Services plc announced on 29 January 2008 that it had
conditionally agreed to acquire the London-based Mela Group of three Indian
restaurants and a catering business ("Acquisition") for a Consideration of
£1,998,999 to be satisfied by £100,000 in cash and by the issue of up to
7,201,365 new ordinary shares at 26.37p per share ("Consideration Shares"), some
of which are conditional on the achievement of certain targets ("Deferred
Consideration Shares").

The Initial Consideration Shares represent 27.53 per cent of the Enlarged Share
Capital, and the Consideration Shares in total will represent up to 43.17 per
cent of the further enlarged share capital assuming the issue of the Deferred
Consideration Shares.

As at 25 January 2008 (being the date on which the Ordinary Shares were
suspended from trading on AIM), the closing mid market price of an Existing
Ordinary Share was 20.5p. At this price the Mela Group was valued at
approximately £1.48 million and India Outsourcing at approximately £1.94
million.

Dealings in the Enlarged Share Capital consisting of 9,479,167 Existing Ordinary
Shares and 3,600,683 Initial Consideration Shares commence on AIM today.

Commenting on the successful completion of the Acquisition, Haresh Kanabar, the
Company's Non-Executive Chairman and Finance Director, said: "I am delighted
that trading has commenced in the new ordinary shares. We look forward to
updating shareholders in due course on our plans to roll out the Mela and Chowki
restaurant brands to create the UK's first national, branded provider of Indian
cuisine."

Full details of the Proposals were set out in the Admission Document posted to
shareholders dated 28 January 2008 and which is available from the Company's
website at www.indianrestaurantsgroup.com.

[stuart14] 26/2/2008 08:07

Really pleased they've got the deal done. Their plans sound bullish, so watch this space.

I've started a new thread with the new ticker by the way.

[johnma] 25/2/2008 15:45

Result of General Meeting




RNS Number:6926O
India Outsourcing Services PLC
25 February 2008



For immediate release 25 February 2008



INDIA OUTSOURCING SERVICES PLC

(to be renamed INDIAN RESTAURANTS GROUP plc)

Result of General Meeting


India Outsourcing Services plc (AIM: IOS) is pleased to announce that, at the
General Meeting held earlier today, all of the resolutions contained in the
circular dated 28 January were passed including resolutions approving the
acquisition of the Mela Group and changing the name of the Company to Indian
Restaurants Group plc.

Admission to trading on AIM of the Initial Consideration Shares is expected to
occur tomorrow, 26 February 2008.

Haresh Kanabar, Non-Executive Chairman and Finance Director of the Enlarged
Group, made the following comments: "We are delighted by the support of
shareholders for our strategy of rolling out a nationwide chain of Indian
restaurants based on the acquisition of the Mela Group. It is our intention to
use the Mela Group's complementary Mela and Chowki brands to open new outlets
and to acquire and rebrand existing sites.

"The UK Indian restaurant sector has a market size of £3 billion but to date
there has been no national, branded operator. We see a clear opportunity over
the medium term to replicate, with high quality but affordably priced Indian
cuisine, the successes seen among pizza, pasta and tapas chains.

"Following today's General Meeting, I would like to take the opportunity to
welcome the award-winning chef Kuldeep Singh to the Company's Board as Executive
Chef Director and the restaurant entrepreneur Ashraf Rahman to the Company's
Board as Business Development Director."

[the big fella] 22/2/2008 09:09

NTV

I have posted my opinion. In hindsight I wish I had delayed my purchases as you can pretty much name your price at present. Hindsight a wonderful thing. My ave is about 16p which is pretty much supported by cash levels post transaction. Clearly I am well out of pocket at present but I am hoping the roll out of the business plan will be swift, and Directors also buy / mop up the overhang once they are out of a closed period.
You are fully entitled to your opinion and that is pretty much what these boards are about - sharing of said opinions.

There are lots of ifs and buts but I have spoken with Amit Pau and he is certainly passionate about what they are doing here. Lets hope the passion is followed by some profits.

[ntv] 21/2/2008 22:02

tbf
i am not kickin just cos it went down ,i have not had much choice because it never went up
as i have said before
directors who strip cash from a business send the wrong impression
it looks like they are taking money to cover losses elsewhere?

there are no excuses and they cann't and shouldn't be defended
take money when the share price has rocketed because you have succeeded and created a viable sustainable business, thats what business is about isn't it?
or is it?

[the big fella] 21/2/2008 17:52

NTV

I share your disappointment with the current share price performance. But they have 2.1 mil cash on the books post the transaction. They have a busimess that is profitable. Therefore one would expect the minimum valuation to be in excess of 2.1 mil.
Another thing that should not be overlooked is the value of the leases (I have on good authority these should be booked in c 1 mil).
I am not defending management. On paper they have not created any value for shareholders. But I think we need to give it some time to see how this develops.
It is very easy to jump on the band wagon and kick something when it is down. It is much harder to have the vision to take advantage of opportunities when they arise.
I will not be selling. I have spoken with management. I think they have some decent ideas. I made a lot of money from Pizza Express a few years ago (got in too late and sold too early - but still made a lot of cash). Who know where this will end up.

[ntv] 21/2/2008 10:49

must be proud of the deal and how it has done wonders for smaller shareholders

[ntv] 21/2/2008 10:48

POST REMOVED

[ntv] 21/2/2008 10:08

change of epic code to POS

[the big fella] 20/2/2008 16:34

NTV

Is that not a question for them not me? Why don't you give Amit Pau a ring?

[hardie1960] 20/2/2008 07:29

No he cant.

This business is a mere front for the new owners.
The usual greed brigade are now locked in here.

Business will be run at a loss.

[ntv] 19/2/2008 17:58

tbf
can you explain to me why the directors need to take so much cash out of the business?

[the big fella] 19/2/2008 16:16

NTV - 18 Feb'08 - 18:28 - 1155 of 1156

we now know why vincent cut and ran
share price fell again and they haven't even approved the deal yet!!!
perhaps it is worth voting against it though i only have 60k

Vincent T holds c 28% - has rejigged where the shares are held for tax reasons but hasn't sold.

[hardie1960] 19/2/2008 13:14

As ive said before - these guy's arn't interested in restaurants.

[ntv] 18/2/2008 18:28

we now know why vincent cut and ran
share price fell again and they haven't even approved the deal yet!!!
perhaps it is worth voting against it though i only have 60k

[topvest] 17/2/2008 20:15

Yes, doesn't stack up really having 3 people on £100k. What is Amit Pau doing for his money - is he actually a restauranteur? You don't need him and the inventor of the theme, Kuldeep Singh. Shareholder value creation doesn't look top of the priorities!

[hardie1960] 11/2/2008 08:40

Dear oh dear,

more being taken in salaries than the business makes in profit.

Down again this morning!

[topvest] 10/2/2008 15:01

I've had a look at the deal. It's certainly not a bad deal, but I have a couple of concerns:
- Salaries seem a tad on the high side; and
- It's not the best time to roll-out a restaurant concept.

Amit Pau £110k + 10% pension
Kuldeep Singh £100k
Ashraf Rahman £80k
Nigel Robertson £20k
Haresh Kanabar £40k

That's about £400k a year including NI (I.E. more than the current restaurants make in profits).

I will keep this on my monitor. The restaurants look good, the concept may work, but I will want to see some results first. More likely to tank to 10p in my opinion, before any levelling off in the price.

Early days.

[hardie1960] 07/2/2008 17:20

How is the investment of the year going ?

[ra1] 06/2/2008 18:00

Simon

My bet is on "iT" rather thanh he or she re: hardie

[hardie1960] 06/2/2008 18:00

Any bookings for tonight?
If its going to be quiet again then chef would like to finish early.