Abbey Protection Share Discussion Threads

[investinggarden] 04/8/2009 09:18

Buy recommendation from Growth Company Investor

[masurenguy] 23/7/2009 10:33

Gradual and steady move up so far this month with an increase of 8% in the share price on fairly modest volumes if we exclude the one-off scenario on July 2nd. This can now, with the benefit of hindsight, be viewed as apparently positive !

[masurenguy] 17/7/2009 17:01

Small tick up on the back of todays 25,000 share purchase @61p !

[masurenguy] 06/7/2009 17:05

Just over 11m shares traded and reported after the market close on July 2nd at 52p. No subsequent comment from the company or the press and no change in the current Bid/Offer range of 56/60.

[stegrego] 15/6/2009 21:52

(Check out DQE whilst there...)

[masurenguy] 03/5/2009 12:19

Just over 75% of the total issued shares were held by just 8 shareholders at the last year end. These comprised of 5 individual company employees and 3 institutions. (See list in point 1 below). Directors and senior managers collectively hold 58%.

There is a Long Term Incentive options programme which also motivates senior staff to remain with the company by applying a three year timeframe before options vest.

Directors and senior management are not excessively paid either (checkout their annual report) so the real potential source of wealth creation is via a rising capital value in their sharesholdings. I like directors/senior managers to be significant shareholders in their companies since it clearly aligns their interests with the external shareholders.
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1. Substantial shareholdings: At 31 December 2008 the Company had been notified of the following interests of 3% or more in the Company's ordinary shares:
Number of ordinary shares. % of voting rights held.
C Ward 16,318,740 16.32%
C Davison 15,727,518 15.73%
Numis Securities Limited 13,064,020 13.06%
E Grace 10,598,952 10.60%
M Fairclough 6,729,929 6.73%
Invesco Perpetual 4,660,875 4.66%
Rensburg Sheppards Investment Management 4,545,454 4.55%
R Candy 3,512,479 3.51%
...........................

2. Directors' interests: The current directors and their interests in the share capital of the Company at 31 December 2008 were as follows: 31 December 2008
Ordinary shares of 1p each.
C Davison 15,727,518 15,727,518
C Ward 16,318,740 16,318,740
A F Green 1,782,528 1,782,528
T Shearer 90,909 90,909
P Wilson - -
Total 33,919,695 33,919,695

In addition to the 33.9m shares held by the Group Directors listed above there are 3 subsidary directors/senior managers (Grace, Fairclogh & Candy) included in the 8 Substantial Shareholders listed above who collectively hold 24m shares. When aggregated with the 33.9m shares held by Board Directors, the total holding of 7 senior executives in the Group is 57.9m shares or circa 58% of the total number of shares in issue.
................

3. Directors' interests under share incentive schemes are shown in the table below:Director Plan Options held at 31 December 2008
Exercise price. Date from first exercisable. Expiry date
C Davison 2007 SAYE 21,818 - 21,818 £0.44 01/01/2011 30/06/2011
C Ward 2007 SAYE 21,818 - 21,818 £0.44 01/01/2011 30/06/2011
A F Green 2007 SAYE 21,818 - 21,818 £0.44 01/01/2011 30/06/2011
A F Green 2007 LTIP 363,636 - 363,636 £0.00 02/01/2011 29/11/2017
Total 429,090 - 429,090

1 May 2009: Long Term Incentive Plan ("LTIP") - Director's interest
The Board of Abbey Protection PLC today announces that it has approved an award of 173,913 (0.17%) Abbey Protection PLC ordinary 1p shares at nil cost per share under the Abbey Protection PLC LTIP to Adrian Green, the Group's Finance Director. Mr Green continues to be interested, as defined by the AIM Rules, in 1,782,528 ordinary shares in the Group, representing 1.78% of the Group's issued share capital. Under the terms of the LTIP, participants are required to remain employees of the Company for a minimum of three years from the date of award before options under the scheme vest.

[masurenguy] 16/4/2009 08:55

Y/E cash and investments were over £31m (or circa 32p per share) with a positive cashflow and no pension liabilites. The eps for 2008 is up by 15% over the prior year while the share price is only 5% above its IPO listing 18 months ago.

Current broker forecasts are for eps of 6.2p and a dividend of 3.2p in 2009 and 6.9p and 4,0p in 2010. The forward PE is therefore 8.3 and the PEG is 0.7

[masurenguy] 16/4/2009 08:54

Ex-dividend date is April 30th 2009. The 2p dividend for FY 2008 represents a yield of 3.5% and is also a 33.3% increase over the prior year.

[masurenguy] 16/4/2009 08:54

This is a quality small cap niche insurer where the senior management still retain just over a 50% shareholding, so their personal interests and motivation are closely related to the performance of the company and aligned with external shareholders. Sales have doubled and profit before tax has virtually trebled over the past 5 years.

[masurenguy] 16/4/2009 08:52

I made an initial investment here @58.7p in April 2009 and have added since then !

COMPANY TAKENOVER @115Pp AND SUBSEQUENTLY DELISTED. THREAD CLOSED