2 Travel Group Share Discussion Threads

[advisor] 15/11/2004 13:46

Bye Bye Baby Good Bye, Save all your Buses for Me, Bye Bye Baby Good Bye.

[advisor] 22/10/2004 15:58

Nice 100k buy today as well as the buy yesterday and the quite a few before that also.

[warren blufferstein] 22/10/2004 13:59

Used to hold 55000 shares. I sold these at a small loss several months ago. Before buying these shares I did a lot of research into this obscure outfit. I was impressed by the spiel from Bev Fowles - seems like a decent chap. I wouldn't write them off yet. I would advise them to dump that bloody awful website, and to become more aggressive in their business approach. Bev seems like too much of a good guy to bulldoze the competition - so get a man who can.

p.s. came across this old link

[jasperminka] 20/10/2004 11:41

And the rest. Don't companies get in trouble for being "economical with the actualite" in results? Ie Are they LYING to us!!!?

[jasperminka] 14/10/2004 21:15

Holding a tiny bit, more out of sentiment than anything else. Not got EGM stufff through yet. Personally, I'd wind the company up as I still hanker after the millions of poundsworth of land they're sitting on. *Someone* I know reckons a NAV of 10p a share! [no, i can't back that up!]

[jasperminka] 14/10/2004 08:54

Ladies and Gentlemen, a warm welcome to the prestigious 90% club. Hats off to Bev and his team for a sterling performance over the last 14 months, and a continued commitment to value destruction, zero investor relations, absymal PR and little or no long term strategy. Hurrah.

[advisor] 10/10/2004 16:20

Just passed a 2Travel coach on M73 at Hamilton (scotland).So still in business GELP, recovery stock? I think so, maybe a while to see some upward movement but I'm holding on.

[advisor] 09/10/2004 16:26

New management on board now, could be intresting.

2 Travel Group PLC - Trading Statement
RNS Number:8733D2 Travel Group PLC08 October 2004 2 Travel Group Plc ('2 Travel Group' or 'the Company') Trading Statement, Related Party Transaction, and Directorate ChangeTrading StatementIn our interim results for the 6 months ended 28 February 2004, we commentedthat the continued expansion of bus routes is having a positive effect eventhough the year had started slower than expected.Whilst we were successful in achieving our objective of registering a number ofnew routes in key expansion areas, shortages of working capital, drivers andsuitable vehicles meant that we were unable to operate the services at theintended levels. Our shortcomings were highlighted in a report of the TrafficCommissioner issued on 25 August and we committed to the Commissioner that wewould operate all registered services in Gwent from 6 September onwards, whichwe have done, and improve performance in Llanelli and Neath also. Theseoperational improvements have become possible given that we have located thevehicles we require at suitable prices, recruited additional drivers, and thefurther working capital facility announced on 13 August.The Board also want to correct an error in our interim statement relating to thenumber of vehicle operator discs that we hold - the correct figure is not 155 asstated but 110. We believe that 110 discs will be sufficient to run acceptableservices on all registered bus routes. This is contrary to the comment made inour interim statement but is a cautious and acceptable approach in the view ofthe new management team (see below).Against this background the Company's performance for the year to 31 August2004, although not finally determined, was disappointing. In addition to notbeing able to expand the bus network as planned, we, in common with others inthe transport sector, suffered from rising fuel, insurance and wages costs.Direct costs in the last 3 months of the year were almost half of the costs inthe first 9 months.On 30 September we announced the appointment of Hugh Jenkins as our new FinanceDirector. Hugh's first task is to review and strengthen the financial reportingsystems and controls. PricewaterhouseCoopers has been appointed as auditors andits audit will follow the completion of Hugh's review.Bus operations continue to improve and in many areas outperform budget. Staffturnover and absence has reduced during the last 6 months bringing additionalstability to bus operations which in turn has given confidence to the developingcustomer base. Our future success is heavily dependent on the success of thenew bus routes generating significant additional contribution. Our coachoperation is performing satisfactorily. In respect of the coach division, wemaintain our plan to steadily reduce our coach operation to concentrate on theprovision of bus services.Turning to our balance sheet, the Company has substantial levels of debt,although at this point we have positive net assets and we are now servicing debtin accordance with our plan. Earlier in the year working capital shortagesmeant that we were forced to delay creditor payments, but as a result of thecommitments described later in this announcement made by Huw Francis and NigelShort (both of whom are Directors of the Company), creditor pressures will becapable of being significantly reduced. The new working capital facilities havebeen made possible as a result of being able to offer security over ourownership of our freehold site at Swansea and of being able to grant the optionreferred to below.The new management team comprising Martin Cook and Hugh Jenkins has only been inplace for a short time but they are in no doubt as to the task ahead of them,supported by Bev Fowles as Director of Bus Operations. Their initial view isthat if the new bus routes, which are a key element in our future success, canoperate according to plan and cost levels be held in check, the business shouldstart to show signs of improvement in the current financial year. We will keepshareholders updated as to progress.Related Party TransactionOn 13 August 2004 the Company announced that Huw Francis and Nigel Short, bothDirectors of the Company, had provided the Company with an unsecured loan of upto #937,000 for working capital purposes. In fact, the facility that wasprovided to the Company by Huw Francis and Nigel Short was in the aggregateamount of #975,000 and comprised guarantees in respect of monies advanced to theCompany by the Company's principal bankers. This facility was made on conditionthat security would be granted to Mr Francis and Mr Short over certain propertyand assets, including the Company's freehold site and depot at Upper Bank,Swansea and that they would be given an option to acquire this site from theCompany.A recent update of the earlier working capital review revealed that the facilityreferred to above would not be sufficient for the Company's requirements. Aspart of agreeing the security agreement and option agreement with Huw Francisand Nigel Short, they have agreed to facilitate the Company's revisedrequirements by giving an undertaking, direct loans, and also by agreeing tomake available guarantees in respect of part of the Company's indebtedness toits principal bankers, such guarantees in aggregate amounting to #1.625 millioninclusive of the previous guarantee commitments made by them. These agreementsare classified under the AIM Rules as a Related Party Transaction and requirethe approval of shareholders under the Companies Act. Accordingly, a circularoutlining these agreements will shortly be sent to shareholders together withnotification of an Extraordinary General Meeting.The option granted to Nigel Short and Huw Francis is an option to purchase thewhole of the Company's land at Pentrechwyth Road, Swansea for a purchase priceof #2 million. The call option, purchased for #1, can only be exercisedfollowing receipt of satisfactory planning permission. The Option must beexercised prior to the 5th October 2009 and cannot be exercised prior to the 16May 2008 without the prior written consent of the Company. If after exercise ofthe option, within a 5-year period, the Purchasers sell the property, theCompany will be entitled to 20% of the increase in the value of the Propertyattributable to planning permission having been obtained less the purchase priceof #2 million and 20% of certain allowable expenditure. A legal charge has alsobeen granted over the Company's property in favour of Huw Francis and NigelShort as security for monies advanced by them directly to the Company and anyliabilities that they may incur under the guarantees given by them in favour ofthe Company's principal bankers. A Deed of Priorities has been entered intobetween Barclays Bank, Nigel Short, Huw Francis and the Company in order toregulate priorities as between lenders.The property subject to this transaction has been valued by King SturgeInternational Property Consultants, as at 31 August 2004, at #650,000 (existinguse) or #1 million (market value), freehold, with vacant possession and withoutany changes to the existing planning permission.The Independent Directors, comprising Sir Richard Needham, Bev Fowles, DavidFowles and Mentor UK Limited, after consulting City Financial AssociatesLimited, the Company's Nominated Adviser, believe that the terms of the RelatedParty Transaction are fair and reasonable insofar as the shareholders areconcerned.In forming their views on the transaction, the Independent Directors have takeninto account the working capital shortage in the Company and the lack ofalternative sources of funding. Without the proposed facilities being put inplace, the Independent Directors do not believe that the Company would be ableto continue to trade. With the proposed facilities in place the Company remainssolvent and has a viable future.Board Changes2 Travel Group Plc also announces today that Martin Cook, aged 49, will bejoining the Board of the Company as Managing Director with immediate effect. MrCook is a highly experienced commercial Managing Director and is currently theManaging Director of Betws Anthracite Limited, a position that he has held since1993. Bev Fowles is stepping down as Chief Executive with immediate effect, butBev will remain on the Board as Director of Bus Operations. They will form astrong executive team along with, Hugh Jenkins (the new Finance Director) andDavid Fowles.A list of Mr Cook's current and past directorships held within the last fiveyears are set out below.Current Directorships Past DirectorshipsBetws Anthracite Limited NoneMartin Cook has confirmed that there are no further disclosures required byparagraph (f) of Schedule Two of the AIM Rules.For further information, please contact:2 Travel Group plcSir Richard Needham, Non-Executive ChairmanTel: 01285 861333 This information is provided by RNS The company news service from the London Stock ExchangeENDTSTBVLFBZBBFFBL



Consolidated regulatory news feed supplied by AFX

[virtual peter barnes] 09/10/2004 15:26

No this stock will go bankrupt. Not even worth it at 1p. South Wales transport is mainly free now due to the handicap and old age pensioner bus passes.

[gelp] 09/10/2004 15:23

who needs buses any way - wales off the map - is company solvent - recovery stock - I dont think so - can any one indicate any possible way of shareholders making dosh out of this -even at 2 p?

[advisor] 08/10/2004 21:26

By the looks of it all trades today are buys.

[tony14] 08/10/2004 12:04

Another horror story unfolding IMHO

[advisor] 24/9/2004 15:53

I see they have picked someone with no experience with a directorship before!. Hope the poor fellow knows what he has let himself in for. Will he take the lead and buy in to the company with a huge, enormous, gigantic,unheard of share subscription?. Note 2 buys today, good on you.

[advisor] 23/9/2004 14:33

Down again, no sell gone through yet. Will be intresting. Shoot the board

[advisor] 23/9/2004 13:17

This is the PITS.......

[bena1] 23/9/2004 10:25

Ouch...got quoted 2p for a sell today......hmmm....not good.

[advisor] 16/9/2004 11:09

You would be very welcome to come aboard our little bus group RL. Don't think you can go wrong at the price imo.

[responsible lad] 14/9/2004 17:41

I sometimes travel on the 2travel buses in Swansea. I may be tempted to buy the shares since they can not go bust as there prezence is seen all over South Wales.

[advisor] 08/9/2004 10:45

I think the value of the site is irrelevant now that the two Directors have got a claim on the land. What I can see they can't lose lose the money they have loaned the company, company goes into profit they win, company goes bust they still win, they get the land, sell for a lovley big fat profit. Good bit of business as far as I can see. Could be taking Mr Fowles and son for a ride.

[bena1] 07/9/2004 19:43

Still holding, hopefully there will be some news of the value of the site soon, could be more than the market cap at the moment....wouldn't be hard would it?