Share Name Share Symbol Market Type Share ISIN Share Description
Albemarle & BD. LSE:ABM London Ordinary Share GB0000343110 ORD 4P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.65p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 107.1 4.9 6.4 1.0 3.07

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Date Time Title Posts
26/10/201401:37Albemarle & Bond1,241
02/10/201316:32*** Albemarle & Bond ***4
19/5/200411:47Albermarley and Bond going to 90p imho142
30/10/200313:05Pawnbroker to be top day trade share1
16/10/200307:49Why the movement...7

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Albemarle & Bond Daily Update: Albemarle & BD. is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker ABM. The last closing price for Albemarle & Bond was 6.65p.
Albemarle & BD. has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 46,127,645 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Albemarle & BD. is £3,067,488.39.
quepassa: Do remember that major shareholder EZCorp actively negotiated over summer2013 with ABM seemingly for some months on the terms of a rescue rights issue which ultimately they could not at that time agree. Negotiating indicates interest. Not being able to agree terms normally means price. If all other parties have now thrown in the towel in The Formal Sales Process, this puts EZCorp in a strong position, in my opinion only , should they still be interested. The two former senior EZ executives quit the ABM Board some time ago and so now would apparently have no conflict of interest vis-à-vis other ordinary shareholders. Yesterday's RNS is fascinating. In some ways, it throws up more questions than it answers. ABM did indeed receive "a number of proposals". But none of the proposals were deemed to represent a "fair value" for the Company. However, somewhat enigmatically, the same RNS also states that "as a result of ONGOING DISCUSSIONS" the Board of ABM continue to explore alternative options to maximise value for all stakeholders. But who are these mysterious ONGOING DISCUSSIONS with? Especially when none of the offers received were deemed acceptable and have all been rejected. There is no administrator appointed to negotiate with and the Company still operates. On the one hand , ABM seem to be indicating that they still wish to max out value for stakeholders but are equally warning that shareholders are likely to get stuffed. This is perhaps a little self-contradictory in my view as stakeholders are normally the shareholders. Who else might a stakeholder be? A creditor (ie the Banks) would not normally be referred to as a stakeholder. Perhaps the term "stakeholder" in this context means a Major Shareholder. The RNS also warns that there may be "limited" value to shareholders. Not negligible value. Not zero value. But limited value. It should be noted that the banks have yet again provided another deferral for the third time. Whereas on yesterday's news alone, that would perhaps have allowed the banks to pull the plug in February rather than roll-over the Deferral again until March, had they wanted. Why do the banks further delay? It seems to me that the act of the banks deferring yet again despite the Formal Sales Process having now been abandoned may indicate,in my view only, that ABM and the banks still expect a take-out of stricken ABM on better terms than the unacceptable proposals received in the Formal Sales Process. On the back of yesterday's RNS, the market cap of ABM has yesterday further fallen by some 50% to a paltry £3.7million at a share price of around 8p. In order to save the Company from formal administration and full break-up and to safeguard jobs, surely the management would recommend any forthcoming bid of a miserly few pence in the pound per share and the banks would subsequently fall into line, on the assumption that the debt would also be taken out or guaranteed, or even agree a debt for equity swap with a better covenant. Personally, it seems puzzling to me why EZCorp go to the trouble, in their recent 14th January Webcast Alert: Fiscal 2014 first Quarter Earnings Release due today 28th. January, to highlight that they have significant investments in ABM when EZCorp latterly wrote down these investments heavily and their shareholding in ABM is now valued at around $2m. That may or may not just be a coincidence. It is however a conundrum. EZcorp also recently filed with the SEC in December a preliminary document called a PRE 14A on 6th. December about their desire to increase their number of authorized shares from 55.5m shares to 120million for the following given purposes:- "The purpose of the proposed increase in the authorized shares of Class A Common Stock is to make available additional shares of Class A Common Stock for issuance for financing activities, acquisitions, stock issuances pursuant to employee benefit plans and other corporate purposes without the requirement of further action by the Stockholders of the Company. The Board of Directors believes that it is important for the Company to have available for issuance a number of authorized shares of Class A Common Stock sufficient to support the Company's growth and to provide adequate flexibility for future corporate needs." This needs to be voted on at EZCorp's Annual Meeting usually held in late February. This may all just be coincidental and have nothing whatsoever to do with ABM, and EZCorp may have no interest whasoever in pursuing ABM. On the other hand maybe they do and it is clear that EZcorp have international growth ambitions. I may be wildly wrong but my guess ( and that's all it is ) is that EZCorp will eventually acquire ABM for a pittance. Banks may accept EZcorp equity in lieu/part-lieu of debt, and ordinary shareholders may , if they are lucky,end up with a few pence in the pound per share. But that is anyway near as dammit nothing for ordinary shareholders given the former value of ABM stock. It will be interesting to watch how the end-game for ABM is now played out. Not many more moves are now left until the game is over. ALL IMO. DYOR. QP
trend surfer: Bengt Saelensminde from the right side has summed AMBs current situation like this, for what it's worth.Is this 19p pawnshop worth £1.74?When banks turned their back on borrowers after 2008, the pawnshops sensed an opening.And to put it bluntly, they made a killing. I mean, pawnbrokers completely derisk the loan by taking full collateral from the punter. And still they charge exorbitant interest rates! Albemarle & Bond (Lon: ABM) is one of the biggest pawnbrokers in the UK. And it wants to cement its position at the top. The only problem with that is that over the last year or so, just about every area of its business has taken a whack. With the plummeting gold price, punters aren't rushing to cash in unwanted jewellery. The banks have gradually started to re-open their doors to borrowers, and the payday loans business looks like it's about to face a rather nasty regulatory shock. To top it all, competition has been stiff – you can't have missed the changing nature of UK high streets, with new cash lenders and pawnbrokers popping up all over the place.ABM invested heavily in setting up new shops (and taking over others). But it now appears that the company overstretched itself. In October, it tried to raise money by way of a rights issue. A rights issue is effectively the issue of new shares to existing holders at a pre-set price - in this case, 50p. Alas, the biggest shareholder, US pawnbroker EZCorp, said it wasn't prepared to back the issue. What had been a steady share price decline turned into a rout.Last week the company announced that has resorted to melting down gold holdings in order to meet the debt schedule. It will also shut its online payday loans operation. And the trouble hasn't stopped there. This morning it was announced that four of the company's directors will leave the board. Wow! It just goes to show what a mess can be made of a business that, up until recently, was in one of the only growing sectors on the high street.Book value or share price?But despite all these woes, if you look at the business, you might think that the share price fall has been overdone. After all, even with debt, the book value of the business (the value of assets) amounted to some £1.74 at the time of the latest full accounts. The main issue is of course the debt and managing the company cash flow. It's all well and good saying that the company has £1.74 in assets. But if they haven't got the cashflow to keep the banks happy, then they can yet be forced into liquidation.But there's more to the share price fall than just cashflow. When the company abandoned a rights issue earlier that whacked investor confidence. Not only that, but the company has delayed publishing its results until next Monday. The markets absolutely hate delayed results. That's just another element of uncertainty that's not needed right now.But there's one more thing that explains the share price fall. And it's one every private investor must be aware of. Especially, if considering buying stocks like ABM in the hope of recovery...The poison pillSo should a brave investor consider 'catching a falling knife' as they say? That is, is it a good idea to buy some stock on the hope that there will be recovery? Provided the thing doesn't go bust, one could certainly imagine ABM stock bouncing from the sub-twenty pence mark to well over a pound in the coming years.And if this company were privately owned, I wouldn't bet against it. When it comes to privately owned businesses, owners will move heaven and earth to keep the thing afloat. For starters, they're less likely to get into trouble in the first place. I mean, in the case of ABM, trouble brewed from over-expansion. Those are classic powerplay antics from a management team that doesn't actually own the business.But secondly, even if private businesses do get into financial straits, management tend to have a few tricks up their sleeve. It may include putting their own personal wealth on line, or finding other routes to raising finance – rich friends, or bankers, will often scratch a back when required.But when it comes to publicly owned stocks, such avenues are seldom pursued. In publically-owned business, the solution to a funding crisis will all too often involve stiffing the ordinary shareholders.And that, my friend, is why the share price of ABM is now below 20p.To my mind, it is no reflection of the true value of this stock. Like I say, the book value of the business is over £1.50 - though we can't put an exact figure on that until next Monday. For sure, the company will not be returning to form any time soon. After all, it's smelting much of its stock and severely constraining new business in its lending units.That said, this is still a decent business. With a bit of streamlining (and debt management), one might expect a return to profitability after the current financial year is out. In fact, for all we know, the business could still turn in a profit for the year ending June 2013 (which is due to be reported next week).All the company has actually said is that it has been losing money for the first five months of the current year. For the period about to be reported, analysts have pencilled in 20p in profit per share. And we know that this figure is too high – the company has said that much!This is certainly one to watch. Will the company struggle on and just about get by? Or will it require financing – financing that comes with a sharp sting in the tale for current shareholders?We shall see. This whole situation highlights one of the nastiest sides of the stock market investing. When it comes to refinancing businesses, ordinary shareholders find that they're all out of friends in the right places.
c1d: QuePassa The accounts would not need to be qualified but they would need to reference an uncertainty regarding going concern - in accounting these are different situations. This might seem a technical distinction but could be important nonetheless (as you say the bank facilities might require an unqualified audit report). I think that the accounts are delayed because they want to announce the results and refinancing at the same time. This is just my opinion though. They will have to give the bank all the information they ask for so the bank will already have the figures and they have probably been audited although I'm sure the auditors will be withholding their signature until the future is clearer. I agree that the value of current assets may be lower today but from memory I calculated a figure for current assets less total liabilities of 60p per share based on the last reported results so there is room for a reduction before it drops below the current share price or a level that I would expect the bank to pull the plug. This was the basis of my investment decision. I calculated the chance of successful refinancing x the potential recovery of the share price to be significantly greater than the share price I bought at.
erogenous jones: enfranglais - that might be wishful thinking for the share price to rise - and TBH I do not care if he has short sold for the max possible gain is 100% but the potential loss is unlimited - but until there is a cohesive plan from the new beancounter, the share price issusceptible to downwards pressure. Until there is some certainty, as far as I am concerned, there is no point in taking a position except as a speculative punt. You might be correct that the share price will rise. Time will be the judge.
quepassa: Please don't draw me into any aggro between you and another poster. I respect ST's views. And agree with some and disagree with others. That's the value of a good bulletin board. As far as ST is concerned, he is always very polite in his posts and that is a quality to be admired and perhaps emulated by everyone. I think his point about gold price is indeed a very valid one. If not the main reason for ABM now finding itself in such straitened circumstances. There is a clear correlation between peak gold price at $1850 and the peak share price of ABM. As gold has fallen, so has the share price of ABM who expanded like topsy on the back of this ephemeral boom by opening too many (gold-buying) shops which are expensive to run. ABM expanded their business on the back of the gold-buying boom as people rushed to cash in old gold at sky-high prices. Now that gold has slumped so much, the supply of old gold has dried up and this has smashed ABM's profits, especially at the new shops which hadn't yet built up a reliable/sustainable traditional pawn-broking business and partly because of too much new competition. I think there is a vast difference to the fortunes of ABM if gold is at $2000 or $1000. Bloomberg is a highly respected source. If gold is predicted to fall much further and down to $1000 that is potentially disastrous for ABM's prospects. ALL IMO. DYOR. QP
bobsidian: There are some scarily ill informed posts on this bulletin board. "Yes suspect more upside as more shorts will be closed (in significant profit). As of Monday the board were reporting a possible 50p rights issue, the share price is now @ 28p...." Surely the rights issue has been abandoned after the major shareholder declined to participate ? And with daily trading volume at levels last seen in 2001, today would surely have been the day for a significant short covering rally. That one has not materialised should be telling. "50 million debt is less than 3 times profits." Using the past to value the present and the future ? I suppose gamblers' instincts tend to be reliant upon distortion or misrepresentation of the truth. And I suppose it does take a degree of blind faith to make money in the face of such a monumental share price collapse. Nevertheless, best of luck to those brave enough to have bought in the hope of a share price recovery.
bobsidian: Quite a fearsome share price collapse over the last 3 trading sessions to take the share price all the way back to 2001 levels. Muted though it may be, you could imagine there to be a technical bounce of sorts in the share price. But the problem is the shocking nature and sequence of the news flow. The absence of any positivity over the coming days could easily consign ABM to penny share status.
bench2: Gold Bears out in force , with genuine fears of Cyprus needing to sell its gold reserves followed by Portugal . All metal and energy spot prices look weak and gold no exception bu at U$1360 looks oversold . ABM share price doing amazingly well particularly vs gold mining stocks ... HAT has hardly budged . Interesting to see if they hold up .
quepassa: Gold tumbled an astonishing 4% on Friday. To less than $1500 per ounce. Now down 20% from its August 2011 peak of $1891 Nobody seems to have a good explanation as to why. Even the gold gurus can't explain the enormous fall given geo/econo-political uncertaintainties. In times of uncertainty, gold is meant to go up. But fall it did. Further reinforces my opinion that gold-buying for the likes of Albermarle and kin is going to be less and less buoyant and that any expansionary corporate strategy based or part based on the recent boom in gold buying is in for a challenging time ahead. The ABM share price graph above from July 2011 to now looks dreadful and shows no sign of bottoming in my view. This is against a backdrop of new all-time highs for stock market major indeces. It is interesting to note that the ABM share price price of £4 odd in late Summer 2011 seems to have coincided with the gold price peak. In my view, the smart money is on-line and an expansion of High Street shops now is not propitious in my opinion. ALL IMO. DYOR. QP
taylor20: A very solid set of results, and I know its difficult to compare half year results with full year, but... Looking at the headline figures: ABM share price @ 280p did 26p EPS for the last 12 months HAT share price @ 310p did 29p EPS for the first 6 months! HAT used to have significantly more debt that ABM, but that is not the case anymore - both have similar net assets of £55-59m (HAT-ABM). ABM have the EZCorp shareholder as a possible takeover candidate. But they've been holding for years and not made an approach, so can't see why that should add much of a premium. Is HAT viewed as more risky management? Poorer quality store portfolio? Heavier reliance on gold purchasing? Any views?
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