Acg Acquisition Share Discussion Threads

[pugg1ey] 14/5/2009 11:49

lol!

still expect a MBO (release a poor statement then put in a cheeky offer) but maybe not at the price i hoped for. why do things never go smoothly!

[markktm] 14/5/2009 11:42

Ouch!!!

I know I got out on the news of the disposal of the IVA portfolio but am still watching this one & shocked at the poor statement out this morning.

The remaining lifeblood of Accuma has been hit hard in the statement & taking a further writedown on the Byrom value.

I need to sit down & work out the remaining value of Accuma is but if they can't make hay in this current economic environment there's little help for them.

Glad I jumped a couple of weeks ago!!!!

G/L if you continue to hold....... Personally, I can't see you hitting your 20p target in the short term!

[pugg1ey] 12/5/2009 08:49

yes current cash in bank is equal to market cap, plus they have a profitable business. Expect a MBO soon imo

[asl1978] 12/5/2009 08:23

From what I can tell the last payment for the BK deal will be covered by cash in hand.

In addition they have a net gain in cash of about £2.3m after the sale of the IVA book and the costs of lease etc...

BK will have made roughly £1m in the last year and the IVA's businesses also apparently made £1m.

Surely that leaves us with cash in somewhere aroung £1m in excess of the mkt cap of circa £3.2m and a profitable business making £1m a year and having no debts and likely to expand in the future.

Agreed that it may not make sense to stay on Aim but still more value in this than the mkt price so I will hold in the short term

[battlebus] 04/5/2009 21:11

Orlando didn,t think your views would change but you brought a smile to my face for once.Will hold for 20p foolish or not.

[orlando99] 04/5/2009 20:32

I agree with Markktm - if I held these (which I dont) and was in profit I would take it all now - the future is a pure gamble where info will be few & far between

[battlebus] 04/5/2009 20:20

The question is whatwill they do to increase shareholder value as they state in that last release? I'm back in profit also but won't sell at this point as the next six months could bring the biggest returns and with the cash in hand downside should be somewhat limited.Anyhow good luck Markktm you should be spoilt for choice with undervalued shares to reinvest into.

[markktm] 04/5/2009 19:40

This was good news & feeling chuffed that I called this as a possibility (3249)......

Anyway I took my profits on Friday - doubled my money on these ...... just wish I'd put a bit more in!!!!!!!

Battlebus / Pugg1ey.... I can't say I'm with you re a 20p target... yes, they have a pot of cash now but as hamidahamida points out more than half of this is already committed ( just how much are they paying to get themselves out of their Manchester City Centre lease!!!!!!!????????) & they have not committed to return the rest to shareholders yet.

Also they are left with Byrom with their focus on Debt Management plans. These areba nightmare!! (I say this on the basis that where IVAs are a formal 5 year contract where the debtor formally commits & hence secures revenue across that 5 years whereas DMPs can be stopped at any time (& the revenue for Byrom stops with it!). Also there are formal statistics available on IVAs as the Insolvency Service released on Friday but there are no stats for DMPs hence it's really hard for us to understand how the business is doing in the context of an unknown overall number

Overall, too many unknowns in whats left (if there's just Byrom left is is big enough to remain floated?) & I can't trust a board who's communication is as shockingly absent as this has been.....

I won't moan about doubling my money but I'm out & G/L to those that continue to hold & I do hope you see your 20p but my money's in my pocket!!!!!!

[battlebus] 02/5/2009 23:29

Puggley you might even be able to take another holday courtesy of ACG.

[pugg1ey] 02/5/2009 22:35

back from holiday and things beginning to look extremely profitable in my ACG garden. surely 20p is the worst we could expect now from the figures that are on the table?

[battlebus] 01/5/2009 20:00

Said we would get to 10p if you were patient enough to hold. A little more patience should see 20p.

[hamidahamida] 01/5/2009 16:44

Last reported Byrom & Keeley results for 5 months

Byrom & Keeley, our debt management business, posted a profit of
£570,000 (5 months)
Turnover was £1,745,000 (5 months).

This division will alone make around 1.5 million profit
+
New look Accuma will have just over 3 million cash after all payments no debt

5.3 million cash from iva todays rns
1.5 million cash before

less lanlord payments etc 2.7 m
less last earnout for Byrom & Keeley around 1 million

my est cash bal= 3.1 million

[andrbea] 01/5/2009 13:02

net proceeds are expected to be GBP5.3m
payments to landlords: Together with certain tax liabilities associated with
the Disposals, these total approximately GBP2.6m

so 2.7m net?

[hamidahamida] 01/5/2009 12:54

M/cap 3 million
Accuma is worth less than the cash it has..No debt.. plus

byrom keely makes around 1.5 million pretax profit and growing
fair value 30p/40p

[hosede] 01/5/2009 12:27

Today's announcement seems to me to mean that the "size" of the business will reduce dramatically. Will it really be worth Byrom and Keeley remaining a quoted Company? Likely to be taken private I would have thought - that is of course if anyone can find the money! Anyone else's thoughts on this?

[battlebus] 28/4/2009 20:48

Zeus group adding to their holding. A vote of confidence!

[markktm] 28/4/2009 14:08

Not mm's some volume going through here in comarison to usual quiet trading

something on the move

Some info would be good..... something... anything... please???!!!!!!

[awe430save132] 28/4/2009 12:15

any news guys on the share price rise?

[anointedone] 25/4/2009 22:29

I was recently following SID.L. Their final results for end of Sept 08 were published on 30th March 2009. That was the last day or they would have contravened FSA rules. Apparently, there is a 6 month rule following official end of year date which the results have to be published by.

As far as ACG goes, I suspect for 31st Dec, 08 it will be end of June 09.

For what its worth, I'm hoping/expecting postive outcome in relation to how the industry has performed recently and current economic climate.

[markktm] 23/4/2009 23:02

I wonder if the delay is due to the accounting complexity of managing the historic portfolio of IVAs.

What I mean by this is that they are easy to account for in their first year but 2 or 3 years into an IVA the accountants will be all over the portfolio to make sure all the IVAs are paying on schedule and Accuma are getting the revenue in line with how they have recognised it over the term of the IVA life.

Were now a couple of years on from the large increase in IVA volumes and the problem may be that IVA companies back then put so much resource into signing up as many new IVAs as possible ..... it may be that they are no having to scramble to put the supervision processes in place to please the accountants and make sure the IVAs earn revenue in line with their forecasts hence the silence and delay in any flow of information out.

There is an alternative possibility.......... maybe they are following the lead of DEBT. who disposed of their historic IVA portfolio. If this was correct it would allow ACG to get a large cash inflow from the sale and focus on Debt Management Plans which give a better return and quicker cashflow. (The current economic market is perfect for this today was Debt Management plans seem more in demand than IVAs - see the latest FRP results for their view on Debt Management).

or I may be barking up completely the wrong tree!!..... I too have emailed the company a few weeks ago to ask when an update is due...... & like others have got zippo back from them.

Whatever the answer is to their silence, their treatment of shareholders is nothing more than scandalous & the board should be strung up by their privates!

As always DYOR!!!!

[battlebus] 23/4/2009 22:15

Always the same here. Think the dip in shareprice is due to mm,s wanting to pick up cheap stock before results and before we hit 10p again.

[jonnybig] 23/4/2009 20:25

Why haven't the company given any trading update for so long? The silence doesn't bode well IMO.

[pugg1ey] 23/4/2009 15:40

surprised no rally hear after the CLEA statement. Hopefully the results will see a doubling of the SP

[anointedone] 16/4/2009 21:52

My TDW account notes 24/04/09 for annual results. However, it is suffixed with an 'E' (Expected). Not confirmed.