Abingdon Cap Share Discussion Threads

[optimist at large] 03/11/2004 16:24

A good sign:-

RNS Number:8316E
Abingdon Capital PLC
03 November 2004

For immediate release

3 November 2004

Abingdon Capital Plc ("Company")

Director's shareholding

The Company has today been informed that on 2 November 2004 Gavin Casey
purchased 200,000 shares at 12.5p per share (representing 0.3 per cent of the
Company's issued share capital) taking his total holding in the Company to
1,200,000 shares (representing 2.1 per cent. of the Company's issued share
capital).

Ends

[ntv] 15/10/2004 13:02

bringing circle petroleum to the mkt

[topvest] 23/9/2004 22:13

not sure how you get to that - CS hold 4%, but the rest was held by ANC. Thought that they had only sold enough to recoup their investment at this stage!

[ntv] 23/9/2004 10:45

£500k+ profit booked on fmj

[topvest] 20/9/2004 21:51

Starting to get to a half decent valuation. Should still be more to come. Hopefully we will get an announcement on M&P Direct soon.

[optimist at large] 20/9/2004 14:47

Now up 7.8%

[optimist at large] 20/9/2004 13:06

A nice little increase, will be a new high I think.

[topvest] 15/9/2004 21:11

Yes, on Formjet. Think they only sold abought enough to get their original investment back though. Rest is carried for free.

[ntv] 15/9/2004 08:28

nice little bit of profit booked yesterday

[topvest] 12/9/2004 14:51

M&P flotation should be soon. This one is interesting. Could be worth a great deal for Abingdon Capital. Tend to agree that approx. 20p would be a fairer valuation.

[bcf200] 10/9/2004 20:51

Valuation on this is still very low when you consider on top of a strongly growing CS business which probably worth more than MV there is Formjet stake at about £1Mill + M&P flotation + 25% of Mountcashel Hedge Fund + cash = ??. At least 20p IMHO.

[ntv] 03/9/2004 08:08

ic tip this morning "says the shares are to cheap"

[topvest] 03/9/2004 08:02

lets hope so!

[optimist at large] 03/9/2004 08:02

nice mark up this morning - is the market waking up to the value here?

[william-just] 02/9/2004 07:11

Morning all

[simonevans] 28/8/2004 16:04

Formjet holding seems to be worth over a million based on closing price on Friday.

[topvest] 23/8/2004 08:28

Another bid deal today that CS have advised on - the offer by C.I. Traders for Comprop in Guernsey. These are both quality companies and underlines CS's abilities to work on bigger deals.

[william-just] 17/8/2004 06:53

Is this a little known comp as the results look very strong and going forward very good.

[topvest] 16/8/2004 17:34

Quite encouraging results imo. NAV accounts for most of the current valuation, so Corporate Synergy is in for free really. CS is probably worth the whole market cap. on its own imo. It is also pleasing to see a slightly more transparent announcement. Investments in Formjet and M&P Direct also mentioned.

[optimist at large] 16/8/2004 08:16

Interim 6 month results out, turnover up 132%, makes a profit and cash is still equal to 50% market cap:-



RNS Number:9721B
Abingdon Capital PLC
16 August 2004



Abingdon Capital plc
Interim results for the six months to 30 June 2004

Abingdon Capital plc reports its unaudited interim results for the six months to
30 June 2004 and a return to profitability.

Financial and operational highlights:

* Group turnover up 132% to #1,722,000 (2003: #742,000)

* Group pre-tax profit of #270,000 (2003: pre-tax loss of #228,000)

* Proposed interim dividend of 0.125p per share represents 25% increase
on last year (2003: 0.1p per share)

* Group cash balance of #3,436,000

* Continued strong performance and significant growth from the Group's
principal operating subsidiary, Corporate Synergy, now established as a fully
integrated securities house servicing smaller companies

* Launch of first hedge fund in May for Mountcashel LLP (the Group's 25%
owned hedge fund management subsidiary - commitment of $16 million from
initial investors

* Further strengthening of the Board following the appointment during
the period of former Chief Executive of the London Stock Exchange,
Gavin Casey

Commenting on today's announcement, Oliver Vaughan, Chairman of Abingdon
Capital, said:

"The Board looks to the rest of the year with confidence. Whilst overall
performance for the year may well be affected by market conditions, which remain
uncertain, our principal operating subsidiary, Corporate Synergy, continues to
attract new clients, greater market recognition and improving levels and quality
of business."

Enquires, please contact:
Oliver Vaughan, Chairman Abingdon Capital 020 7937 4445
Edward Vandyk, Chief Executive

Katharine Sharkey/Jenny Leahy Gresham PR Ltd 020 7404 9000

Simon Hayes KBC Peel Hunt Ltd 020 7418 8900


Chairman's Statement


I am pleased to be able to report to you that the cautious optimism expressed in
my previous statements is beginning to be turned into reality.

The results for the six months ended 30 June 2004 show pre-tax profits for the
Group as a whole of #270,000. The tax charge in the period is nil leaving
profits after tax at the same figure.

In the light of the results it is proposed to pay an increased interim dividend
of 0.125p per share on 24th September 2004 to holders on the register on 3rd
September 2004, compared with 0.1p for the maiden interim dividend paid in 2003.

I am delighted to have been able to welcome Gavin Casey, formerly Chief
Executive of the London Stock Exchange, to our Board during the period under
review.

The underlying feature of these results was the strong performance from the
Group's principal operating subsidiary, Corporate Synergy.

Corporate Synergy plc

The turnover of #1.65 million generated by Corporate Synergy for the six months
ended 30 June 2004 exceeded that for the whole of the previous year and the
profits attributable to Corporate Synergy exceeded #400,000 for the period. 2004
has been a period of significant growth and change at Corporate Synergy with the
establishment of the firm as a fully integrated securities house servicing
smaller quoted companies. Corporate Synergy now provides corporate finance,
research and sales services to a growing list of clients. Compared with this
time last year staff numbers at Corporate Synergy have almost doubled and it now
acts for 22 retained client companies, compared with 14 at the end of 2003. In
addition Corporate Synergy has raised in excess of #20 million for client
companies (a service not offered this time last year) and has undertaken 19
transactions in the period (including 4 new issues and a further 7 placings)
compared with 16 in the whole of 2003.

On 1 July 2004 Corporate Synergy announced a new management structure with
Justin Lewis, previously head of broking, being appointed Chief Executive,
whilst Edward Vandyk will concentrate on a more client oriented role within
Corporate Synergy itself and on taking the Group forward in his role as Chief
Executive of Abingdon Capital.

Mountcashel LLP

The Group holds an equity interest of 25 per cent in Mountcashel LLP, a
regulated hedge fund manager. In May of the period under review the Mountcashel
Fund was launched, with initial investors committing $16 million. The
Mountcashel Fund is listed in Dublin and managed by Mountcashel LLP. Prior to
this the Group reduced its exposure to Mountcashel LLP from 50 per cent to 25
per cent allowing management to subscribe for further equity in the LLP so as to
have an appropriate exposure to risk as well as to reward. To date the fund,
which works on a 'momentum' principle, has, in common with all hedge funds, had
a somewhat difficult May and June but losses in each month were limited to under
one per cent. In July the fund recorded a profit of over one per cent. In
relative terms these results out perform the general hedge fund indices for the
period but we are well aware that investors are only interested in absolute,
rather than relative, returns.

Investments

The Group has maintained a strong cash position whilst at the same time
investing some of our resources to the Mountcashel Fund where we, as investors,
will be looking for enhanced returns.

The Group still has a limited number of investments not connected with its core
activities including a stake in M&P Direct PLC, which has stated its intentions
to seek a quotation on AIM as soon as is practicable.

In addition the Group has a 20 per cent stake, costing #75,000, in Formjet PLC
which expects to float on AIM shortly. Based on the projected placing price at
which funds are proposed to be raised on admission to AIM, this will show a
substantial uplift in value of the Group's investment.

The Group intends to continue to seek out similar opportunities to act as
principal where appropriate.

Outlook

The Board looks to the rest of the year with confidence. Whilst overall
performance for the year may well be affected by uncertain market conditions,
our principal operating subsidiary, Corporate Synergy, continues to attract new
clients, greater market recognition and improving levels and quality of
business.

As stated above, as an indication of the Board's confidence in the Group's
future prospects, it intends to pay an interim dividend of 0.125p per share,
payable to shareholders on the register on 24 September 2004.

Oliver Vaughan
Chairman

16 August 2004

Consolidated Profit and Loss Account
for the six months to 30 June 2004

Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 30 June 31 December
2004 2003 2003
#'000 #'000 #'000

Turnover 1,722 742 1,759
Cost of sales (1,033) (344) (1,264)
----------- ----------- ----------

Gross profit 689 398 495

Administrative expenses: (859) (714) (1,436)
Other operating income 39 - 20
----------- ----------- ----------

Loss on ordinary activities
before interest (131) (316) (921)

Profit on disposal of investments 333 176
Investment income - - 2
Interest receivable and similar
income 68 88 169
Interest payable and similar
charges - - (18)
----------- ----------- ----------

Profit / (loss) on ordinary
activities before taxation 270 (228) (592)

Taxation - - 14
----------- ----------- ----------

Profit / (loss) on ordinary
activities after taxation 270 (228) (578)

Dividends (72) (57) (114)
----------- ----------- ----------

Transfer to / (from) Reserves 198 (285) (692)
=========== =========== ==========

Earnings/(loss) per ordinary share
(pence)
- Basic 0.47 (0.40) (1.02)
- Diluted 0.43 (0.39) (1.02)
=========== =========== ==========

Consolidated Balance Sheet

Unaudited Unaudited Audited
30 June 30 June 31 December
2004 2003 2003
#'000 #'000 #'000

Fixed assets
Tangible assets 121 55 121
Investments 265 - 325
----------- ----------- ----------

386 55 446
----------- ----------- ----------

Current assets
Investments 2,613 734 446
Debtors 634 664 604
Cash at bank and in hand 3,436 5,312 4,983
----------- ----------- ----------

6,683 6,710 6,033
----------- ----------- ----------

Creditors: Amounts falling due within
one year (981) (566) (589)
----------- ----------- ----------

Net current assets 5,702 6,144 5,444
----------- ----------- ----------

Total assets less current liabilities 6,088 6,199 5,890
=========== =========== ==========

Capital and reserves
Called up share capital 58 57 58
Share premium 845 748 845
Other reserves 2,708 2,708 2,708
Profit and loss account 2,477 2,686 2,279
----------- ----------- ----------

Equity shareholders' funds 6,088 6,199 5,890
=========== =========== ==========


Consolidated Cash Flow Statement

Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 30 June 31 December
2004 2003 2003
#'000 #'000 #'000

Net cash inflow/(outflow) from
operating activities 336 60 (229)
----------- ----------- ----------

Returns on investment and servicing
of finance
Interest received 68 86 168
Interest paid - - (18)
Dividends from fixed asset
investments - 1 -
----------- ----------- ----------

68 87 150
----------- ----------- ----------

Taxation Paid - - (127)
----------- ----------- ----------

Capital expenditure and financial
investments
Purchase of tangible fixed assets (33) (6) (107)
Purchase of fixed asset
investments - - (325)
Purchase of current asset
investments (2,821) - (172)
Sale of current asset investments 986 37 717
(Grant) / repayment of loan (25) 100 -
----------- ----------- ----------

(1,893) 131 113
----------- ----------- ----------

Equity dividends paid (58) - (56)
----------- ----------- ----------

Cash (outflow) / inflow before
management of liquid resources
and financing (1,547) 278 (149)
=========== =========== ==========

Management of liquid resources and
financing
Decrease / (increase) in short
term deposits 1,787 (338) 179
----------- ----------- ----------

Financing
Issue of shares - - 99
----------- ----------- ----------

Increase/ (decrease) in cash in
the period 240 (60) 129
=========== =========== ==========

Notes to the Accounts

1 Basis of preparation

The unaudited accounts for the six months ended 30 June 2004 do not constitute
statutory accounts.

The profit and loss account, balance sheet and cash flow statement have been
prepared on a basis consistent with the statutory accounts for the year ended 31
December 2003.

Results for the year ended 31 December 2003 have been extracted from the
statutory accounts which were reported on by the auditors, without qualification
or statement under Section 237(2) or (3) of the Companies Act 1985 and have been
delivered to the Registrar of Companies.

2 Taxation

There is no tax charge for the period due to the availability of losses brought
forward.

3 Profit / (loss) per share


The calculation of the basic profit / (loss) per ordinary share is based on
profit / (loss) on ordinary activities after tax and on the weighted average
number of ordinary shares in issue during the period. The calculation of diluted
profit / (loss) per ordinary share is based on the basic profit / (loss) per
ordinary share adjusted to allow for the issue of shares on the assumed
conversion of all dilutive options.

Reconciliations of the profit / (loss) and weighted average number of shares
used in the calculations are set out in the table below.

6 months ended 30 June 2004 6 months ended 30 June 2003
Profit Weighted Profit Loss Weighted Loss
# Average per # Average per
Number of share Number of share
shares (pence) Shares (pence)

======== ========
Basic profit /
(loss) per
ordinary 270,000 57,937,851 0.47 (228,000) 56,529,518 (0.40)
Share
======== ========

Dilutive
effect of
securities - 5,771,957 - 2,624,854
-options and
warrants --------------------- ------------------

Dilutive
profit /
(loss)
per ordinary
Share 270,000 63,709,808 0.43 (228,000) 59,154,372 (0.39)
================================================================

4 Dividends

Six months to Six months to Year Ended
30 June 30 June 31 December
2004 2003 2003
#'000 #'000 #'000

Proposed interim of 0.125p per
share 72 57 114
========== ========== ==========




This information is provided by RNS
The company news service from the London Stock Exchange

END
IR QXLFFZVBEBBV

[simonevans] 31/7/2004 19:56

Another deal just announced with reasonably sizeable fees; Sports & Lesiure - £800k of fees in total with CS probably getting the largest proportion.

[simonevans] 04/7/2004 08:28

Deal flow has been very impressive in the first half with a very strong finish - 3 floats:

IP Live

Monkleigh

Independent Media Support Group

Still no news on M&P Direct, but must have been a very good first half.

[warpedone] 01/7/2004 07:41

Change of Adviser
iTrain PLC
1 July 2004


RNS Release

1 July 2004


iTrain plc appoints Corporate Synergy as new Nominated Adviser

iTrain plc ('the Company'), the provider of training software to large companies
and local authorities, announces today that it has appointed Corporate Synergy
Plc as its Nominated Adviser with immediate effect. This is in addition to its
already existing role as broker to the Company.


Enquiries, please contact:

Derek Moore Katharine Sharkey/Jenny Leahy
iTrain plc Gresham PR Ltd.
01243 785 562 020 7404 9000

Justin Lewis
Corporate Synergy Plc
020 7626 2244

[warpedone] 24/6/2004 11:42

Busy day!

2 floats: IMS.L and IPV.L and a (re?)appointment by CLV.L