Share Name Share Symbol Market Type Share ISIN Share Description
Assetco LSE:ASTO London Ordinary Share GB00B42VYZ16 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 385.00p 370.00p 400.00p 385.00p 385.00p 385.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 21.7 4.0 32.9 11.7 4.70

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Date Time Title Posts
22/7/201412:16Assetco rocking on since ASF takeover2,217

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Assetco Daily Update: Assetco is listed in the Support Services sector of the London Stock Exchange with ticker ASTO. The last closing price for Assetco was 385p.
Assetco has a 4 week average price of 385.75p and a 12 week average price of 384.42p.
The 1 year high share price is 390p while the 1 year low share price is currently 315p.
There are currently 1,221,163 shares in issue and the average daily traded volume is 1 shares. The market capitalisation of Assetco is £4,701,477.55.
strollingmolby: The new board of AssetCo, the firm that used to maintain London's fire engines, today said it was suing its past management for more than £50 million over a "very significant decline in [shareholder] value"...
effortless cool: Also note what they didn't tell you in the last announcement - the preference shares are being exchanged for 3.75m of the new shares, i.e. 3.75bn of the old ones. With the preference share conversion, the placing shares and the warrants, existing shareholders are being left with only a small slice of the business and, probably, a much lower share price (adjusted for consolidation).
rorrys: 18th March 2011 Statement regarding Additional Capital The Company announced on 14 March that the approach taken by certain creditors has impacted the ongoing working capital requirements of the Group following its proposed £16 million Placing. The Company has continued discussions relating to these matters and has concluded that it still will not have sufficient future working capital. In order to provide the necessary certainty for the Group and to allow the Placing to proceed, a number of the major shareholders of the Company have indicated that, in the event that the Company cannot meet its needs from banking sources, they would be prepared to provide additional support for the Company's requirements. This support is subject to a maximum of £10 million, although the Company does not currently anticipate that the maximum amount will be required. If the support is provided by means of further equity it is intended that it would be at not less than the Placing price of 10 pence per share. Further details will be provided before the shareholder meeting. ------------------------------------------------------------------ What this statement clearly says is this........... The lenders(we already know the names of the 3 instis which took part) Would "CONSIDER" lending up to £10 mill if required as further support and if "more shares" were the chosen way for them to be paid then they would insist that such lending was based on the share price being at 10p or above. Otherwise forget it. Since then more debt has been discovered and a paltry £10 mill dont touch it nor come close. As for a buyout if a buyout were to succeed then such a buyer would have to take on the companys debt.Which as we know is vast so any such buyer would probably offer a nominal amount for the co ie £1.00 yes thats right one pound.They are taking on £100 mill in debt so a fee of one pound for the co would be reasonable . Why take on such debt when you can let them go into admin and snap up the tasty bits from the reciever for pennies and whatsmore with NO DEBT!! It looks to me that any potential suitor has stepped back and the co are trying to get a creditor agreement and issue more paper.
treacle32: Judge aids rescue package for " bust " privatised London fire firm A High Court judge came to the potential rescue of AssetCo, the near insolvent owner of London and Lincolnshire's fire engines, by granting the company another month to negotiate an extraordinary deal with its creditors to wipe out debts of over £100m. Mr Justice Floyd, sitting at the Royal Courts of Justice in London, granted applications to adjourn moves until September 28 to wind up the firm in favour of allowing the company to open negotiations with its creditors on a deal that will recover some of their lost investments. Mr Lloyd Tamlyn, for AssetCo, explained that if the company went bust now, the banks and other investors would be lucky to get 0.5 per cent of their money back. But if they agreed to negotiate with the company on a deal they could walk away with 23.5 per cent. In return they would have drop any further demands for cash, wiping out the £100m plus owed by the firm. In effect investors in AssetCo look set to lose some £77m. Since the judge was aware that this case was being reported, AssetCo were careful not to ( as at other hearings) list who is owed what. But from the previous hearing ( where the registrar was not aware he was being reported) the creditors named included state-owned Halifax Bank of Scotland which is owed £12m and energy company, EDF, which suggests AssetCo may not have paid fuel bills for premises they run in London. Others include FD Direct, the Inland Revenue. They will still be big losers. The difference the deal would make is shown by Northern Bank who are owed £1.3m and have been very active in opposing moves by AssetCo to give preferential pay outs to its lawyers and accountants. Adam Goodison, for Northern Bank, who had pressed for the company to be wound up, explained to the court why the firm is now " content" for the deal to go ahead. This followed negotiations that changed the creditor status of Northern Bank, so it could benefit from the proposed pay out. If AssetCo went bust the bank would be lucky to get £10,000 back from the £1.3m they put into the company. Under the revised deal the bank would get back nearer £300,000. The same would apply to other creditors. The question – dealt in passing during the hearing – is where has AssetCo got the cash to even finance this deal? It appears to have come from money raised from international financiers who have given another £10m cash to the company on top of money raised earlier this year which severely diluted its share price to near junk status. At the last court hearing the financiers were named as North Atlantic Value LLP, a part of the J O Hambro Capital Management Group, Utilico Investments Limited and Henderson, which incorporates the interests of Gartmore Investments Limited. A hint came from Northern Bank's lawyer after the hearing when he told me that the deal could be "good news" because it could rescue the company and remove most of its debts. He thought investors were " taking a punt" on the firm's future. The majority of the investors will still have to agree before the deal can go ahead and it will need final approval of the court on September 28 – but the judge's move means that it could get Brian Coleman, Tory chair of the London Fire Brigade, off the hook from seeing London's fire engines owned by administrators. Once the debt is cleared it then makes the company more attractive to a take over. Nothing more was said in court about a bidder – known to be Arcapita Bank in Bahrain – which suggests they have gone cold on the idea. The situation is far from satisfactory and does not rule out a slow death of the company,reflected in its low 2.2p share price, valuing it at £5.52m today. FBU general secretary Matt Wrack said: "Privatising emergency services is stupid and dangerous. The long, slow death of AssetCo is a perfect illustration of this. We still do not know what is going to happen to London and Lincolnshire's fire engines. They are, we believe, going to be the property of AssetCo's creditors when AssetCo finally goes under. I call on the London Fire Brigade and the government to bring the fleet and their maintenance back into public ownership." This blog was trying to contact Tudor Davies, head of AssetCo, for a comment.
treacle32: Charles Stanley - 12.50p target and BUY rating??? Link:- 'The one analyst offering a 12 month price target expects Assetco PLC (ASTO:LSE) share price to rise to 12.50 in the next year from the last price of 2.68'. Is this for real?
effortless cool: linslader - they actually said that any offer was unlikely to exceed the then current share price (4p), which does not mean that they expected any offer to match the then current share price. The Drewster - there are plenty of buyers with cash to afford this. In theory, it looks a great private equity play. Given the recent history, the share price, and the apparent withdrawal of all but one interested party, I think you have to take the view that all the published financial results are unreliable, and that things are such a mess that it is proving very difficult to calculate how much this is worth(if anything).
microscope: In my opinion this is the classic greed/fear situation. Drewster you probably will learn from this, (I'm speaking from my own mistakes!), because what you learn most is your own risk profile. Taking a punt with more money than you can afford to lose, or a lot of money anyway, and expecting that 'it'll be alright on the night' is imho the biggest mistake inexperienced (and sometimes experienced) investors make - and if you can learn that flaw, if it is one for you, and how to deal with it before you might end up making a bigger mistake next time, that's really valuable imho. Once they needed a second large funding within weeks, it was always likely imho to be a one way ticket dramatically downwards for the share price - it looked very like they had lost control of the finances to me at that point, and whereas once was I might have taken the punt, not nowadays. There's still a chance that something will be salvaged, but a successful bidder will surely still find it hard going for a long time, and I still think the odds are against them ever getting out of the mire. Infact I sold after the 2009 results, even then I commented that i could sense strains for the balance sheet ahead. I suspect up till the 25th the share price will be volatile and if people want to risk riding the ups and downs they might trade in and out at a profit, but it's a game no better than Russian Roulette, with a very unsure result, and there's always the risk imho of a suspension meantime and being left with the baby at any moment.
rrogans: If there was a MBO, then that would explain why the share price has been pushed down to the current level. Otherwise I don't explain why the last RNS would have stated the company was only worth the current share price.
caledoniaman1: I called Tudor this morning, but surprise surprise, he was not available and has not called me back - get some balls Tudor and face your shareholders wrath ! - there was absolutely no need to make that comment about any offer at this time likely to exceed the currentb share price - he absolutely knew that this would have a significantly advers affect on the share price, yet he has the cheek in the very same RNS to claim that he is looking to maximise value for the shareholders. The guy is either crokked or is trying to bluff the market IMHO - it will be VERY interesting to watch this one play out !!!!!!!!!!!!!!
crosswire: Analyst Consensus 12 Month Target Price The one analyst offering a 12 month price target expects Assetco PLC (ASTO:LSE) share price to rise to 12.50 in the next year from the last price of 3.64. Shares Outstanding 250.71m Free Float 48.33m +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Offer wil IMO be over 10p
Assetco share price data is direct from the London Stock Exchange
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