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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| AT Commun. | ATCG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 3.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.875 | 3.875 |
| Top Posts |
|---|
Posted at 08/6/2009 14:00 by staymour They would probably have been in the course of renegoiating bank financing in view of the funds received from the sale of Rocom.But the contract delay would have thrown a spanner in the works do to speak. Before going back to the bank they would have drawn up a cost reduction plan so that all the relevant information was on the table, ie, Rocom sale funds, loss of cash flow from project delay, cash savings from cost reductions. Finally they would have presented a business plan and revised cash forecasts for the bank to review. That is my take on how it might have gone. Investors are leery in case the bank decide not be supportive, but hopefully the directors having stated that new business wins and cost redcutions should mitigate the contract delay will make ongoing bank support less problematical. |
Posted at 05/6/2009 10:57 by staymour The recent announcement said that sales were a bit behind the curve, so to speak, but new business still being won.They also said that they were beginning the process of better matching staff levels to anticipated revenues, that is slimming the business down to a more appropiate level. Perhaps this slimming down has been somewhat overdue? However what has scared investors into such dumping over the last few days is the worry that because of the project delay they will need to secure an increased level of bank financing and that the banks might be unwilling to accomodate this. Now the banks have been supportive of ATCG for some time and at quite high levels of debt. So has ATCG's business collapsed to the extent that their bankers would view it as an unjustifiable risk? Well according to the recent announcement ATCG's directors feel that the cost reductions together with current trading will help to mitigate the project delay. This being the case the banks should remain supportive. |
Posted at 01/6/2009 16:41 by staymour Notice the statement said .... 'has begun a process of cost reductions.....'Looks as though the project delay might have been a catalyst for this to have started sooner than planned? Nobody likes being on the sharp end of redundancies, but if the cost base is getting out of step with revenues then it often has to be done to protect the business as a whole. There might be some further selling tomorrow as investors at work come home to this news and decide to bail. For us long suffering holders a further wait..... Still feel there's a good business in there somewhere that is just waiting for quality management to unlock it. |
Posted at 01/6/2009 15:33 by staymour A lot of people have been holding on waiting for the company to turn things around, but looks like they have finally capitulated and are bailing out.If we take the management statement at face value then it looks like there are four elements involved. Delay to a significant project resulting in a loss of cash flow, unclear when the project will complete, but management in discussions about this. This will have affected projected cash flows and so will have impacted on the levels of bank support this year and would obviously have to be discussed with the bank. Ongoing revenues down on budget but still at an encouraging level. Cost reduction programme being implemented which will reduce staff levels. The last two points will make the the company more able to mitigate the project delay. So............. with continued bank support the company should weather this delay in revenues and may emerge stronger in the longer term. But do we trust this management to get us out of this mess? At less than 5p bid now, a lot of investors are voting with the sell button. |
Posted at 05/9/2008 16:39 by whiterussians banks are getting tougher - see MYH announcement yesterdayStatement re suspension The Board of Myhome today announces that it has requested, and the London Stock Exchange has granted, a suspension of the Company's shares from trading on AIM with immediate effect. This suspension has been requested following the receipt, by the Company, of a demand notice from Lloyds TSB Bank plc (*Lloyds TSB*) for the immediate repayment of all monies owed to Lloyds TSB by the Company. This demand has been received notwithstanding the fact that the Company is still actively pursuing the offer, received last week, from a new potential investor to replace the Company*s existing bank debt and subscribe for new shares in the Company. In addition the Company is still trading within its banking facilities. At this time the Company is unable to repay the monies owed to Lloyds TSB. The Board will make further announcements as appropriate. |
Posted at 17/5/2008 18:01 by davidosh Is anyone here going to the dinner where ATCG are doing a presentation to investors ? |
Posted at 25/4/2008 09:17 by masurenguy Some people are critical of AIM companies with debt who pay dividends. I think that there are pros and cons to this situation. However an interesting comment relating to this subject matter appreared in the FT today which supports the view that this is a positive policy to adopt (my attention was drawn to this by rivaldo on another thread)..................... "Some new research from Noble, the boutique investment bank, gives a graphic demonstration of why dividends are important. Since 2004, the shares of companies that have started the year with a dividend yield have outperformed those that did not. According to Noble's The Anatomy of Aim, published next month, "the role of dividends in Aim, perhaps more than in most markets, is crucial". It shows the confidence of the management in the future - even more important, Noble suggests, in a market where detailed and historic fundamental data can be in short supply. Against a background of slowing economic growth, "companies that can maintain their pay-out levels will have the potential to command a premium within the market". Such companies will be "among the most resistant to cutting back sharply on their dividends for fear of the resultant knock to investor confidence". |
Posted at 09/4/2008 10:34 by sfriend The results came in as forecasted rather than exceeding expectations supporting 'Masurenguys'commentIn regards to a right issue to reduce debt I am not in favour. Although historically I never never invested in a company with such a high debt ratio I can understand the companies decision to 'stretch' themselves and the contract wins is the justification. If I has a large holding similar to the FD and CEO I would want a return vis the described 'progressive dividend policy'. Any long term investors similar to myself will reap the rewards in years to come. Short term speculators good luck and hope you do make money entering in and out of the turbulent markets. One last comment - this company is wide open to predators even with the high debt ratio....I believe it will be only matter of time !!! |
Posted at 09/4/2008 10:10 by rivaldo Excellent summing-up by SteMis on T.M.F:Confirms my suspicion in my above post that the 8.1p EPS was by virtue of tax items (thx SteMis, you've saved me some work!). As he says, ATCG are cheap, just not quite as cheap as might be seen superficially on a P/E basis. And with w/cap the way it is some investors may stay away. I'll stick with it at these levels - seems to me all the director buying, hints in the report etc will give rise to further news flow soon-ish. |
Posted at 10/2/2008 09:56 by masurenguy Interesting article on the AIM market in this weekends FT. Given the following factors relating to ATCG's projected performance...* Pretax profit in 2007 of circa £6m * Sales growth in 2007 of 65% * Prospective 2007 PE of just over 5 (assuming tax @25%) * Forward 2008 PE of just over 4 * EV of circa 8.6 and 7.4 for 2007 & 2008 respectively * PEG of just 0.15 for 2008 * Prospective dividend yield for 2007 of around 1% * The apparent ease with which they recently refinanced debt on more favourable terms * The CEO & FD have collectively bought 3.5m shares over the last 6 months ....I think that they more readily qualify for Bob Mortons classification below where he states that "for anyone who is a long-term investor, it's a cracking time to invest". Aim misses significant target By David Blackwell February 9 2008 When the FTSE Aim All-Share index last month fell below the 1,000 mark at which it started in 1995, the sound was lost among the louder market crashes elsewhere. Yet the breach, on January 21, was significant. It was the first time the main index of London's junior market had dropped below 1,000 since the bursting of the dotcom bubble. It also looks like marking the beginning of the third period of the index remaining below 1,000 for a significant time. The first came in 1998, just before it soared to its all-time high of 2924 in the dotcom boom. The rapid increase of that dizzying era was matched by an almost equally precipitous fall. It passed back below 1,000 in September 2001, touching its nadir of 542 in the spring of 2003. It took until January 2005 before it climbed back above 1,000 and any gains since have been short-lived. Does this mean that as Aim approaches its teenage years, its best days are already behind it and senescence beckons? Certainly, taken as a whole, Aim appears far from vibrant. Not only has its main index generated little capital growth but, as a market for small and often young companies, it does not generate much cash either. The Aim All-Share yields just 0.64 per cent only a minority of Aim companies pay a dividend at all against 3.66 per cent for the FTSE 100 index or 2.51 per cent for the FTSE SmallCap index. The problem is that in more than 12 years the market has changed out of all recognition. Having begun with just 10 companies, none of which would stir the memories of today's investors, it now consists of 1,700 companies all performing very differently. Almost 60 per cent of stocks listed on Aim in 2003 have since underperformed the market, some of them real horrors in which investors lost everything. Yet, there have also been stars. Since Aim's 2003 low-point, these have included Asos, the online fashion group (up more than 5,000 per cent); Indigovision, the digital signage company (up 2,400 per cent); and Camec, the mining company run by ex-cricketer Phil Edmonds (up 1,600 per cent). Moreover, the amount of money raised in primary and secondary issues on Aim has soared from just £2bn in 2003 to more than £16bn last year in primary and secondary issues. If it is the case that Aim is a stock-picker's market, some people are clearly prepared to hunt and place some bets. Aim's coming of age was in the year 2000, when the number of new technology companies seeking a listing forced the institutions which initially refused to invest in the junior market to revise their opinions. By the time of Aim's 10th birthday in June 2005 it had grown to list more than 1,200 companies. It had survived the dotcom crash by offering a broad spread of companies that gave fund managers somewhere else to turn apart from new technology. Over the past three or four years Aim has proved its adaptability again by attracting an increasing number of companies from overseas. About 500 of the companies now listed on Aim, or almost a third, are based abroad in 70 different countries. In fact it can almost be regarded as two separate markets. The London Stock Exchange, which owns Aim, tacitly admitted as much when it launched in May 2005 two new indices the Aim 50, which takes in the top 50 UK companies, and the Aim 100, which comprises the top 100 companies, including those from overseas. Neither has proved particularly useful although last year's figures did show that the UK-only index did not hold up as well as the bigger Aim 100. Dawnay Day, the broker, has come up with an Aim Overseas 100 index and an Aim UK 100 index, which show more clearly how the overseas companies which have a bigger market capitalisation have been outperforming the UK companies. However, the underperformance of UK small caps has not been confined to Aim. The Hoare Govett Smaller Companies Index, which covers the bottom 10 per cent of the full list by value and is rebalanced at the end of every year, last month showed that after outperfoming the large caps for four years, the small caps fell behind in 2007. Rubbing salt in the wound, Professor Elroy Dimson of London Business School, and one of the compilers of the index, also said the start of this year had been the worst in the 21-year history of the HGSC index. Andy Crossley, fund manager at Invesco Perpetual, believes there is a crisis of funding for small-cap companies in the UK. Until 2000 the amount of money going into small cap investment trusts had been steadily increasing for 20 years. Since then every quarter has seen more money taken out than invested. At the same time changes in the UK pensions and life assurance industries have led to a much reduced pool of money available for investing in smaller companies. Other fund managers agree. "Fund raising for UK micro-caps has become extremely difficult and has every prospect of remaining so," says Henrietta Marsh of Isis. But the upside is that the prices for some Aim shares "are daft they are so low". Bob Morton, a serial backer of Aim companies, says all investors are very wary of small caps at the moment wherever they are listed. Poor sentiment, the expectation of a recession and further fall-out from the credit crunch will all take some time to go through the system, he believes. But while he is predicting a poor year for equities, "for anyone who is a long-term investor, it's a cracking time to invest". Meanwhile, companies are still coming to the market, albeit not so many. Kentz, an engineering contractor specialising in the resources sector, this week became the eighth to float on Aim so far this year. In the same period last year 13 companies joined. Evolution Securities, which acted as nomad (nominated adviser) to Kentz, is very positive after bringing five companies to market in the last few months. "Our message is that the London market is open for business," says Andrew Umbers, Evolution Securities chief executive. He also says some of the institutions backing Kentz have not invested in an Aim company before. Although it had to settle for less than it wanted, Kentz was a big flotation, pulling in £67m from the sale of new and existing shares. The company has also been around a long time, is based in Ireland, operates all over the world, and has a market capitalisation of £145m hardly the type of dynamic start-up UK company for which Aim was created. But then many of the more interesting companies hoping to join Aim are coming from overseas. One that began its roadshows this week is Mortice, which is planning to be the first Indian property and facilities management group to list on the junior market. The company is hoping to raise $25m (£12.8m), but not only in London. It is also visiting potential investors in Switzerland, Singapore and Hong Kong. Not everything that comes from overseas sticks. A couple of years ago several spacs as special acquisition vehicles are known in the US were listed on Aim. While there has not been a spac launched in London for some time, this week Deutsche Bank and Citigroup raised 600m (£447m) on Euronext in Amsterdam for Liberty International Acquisition. Quentin Nason of Deutsche Bank said Liberty was the second spac to arrive on Euronext, describing it as a "big bang moment". Spacs which are big sources of fund raising in the US had originally come to Aim because it offered a much faster route to completion and a more flexible environment than the US. But the technical, regulatory and legal offer from Euronext, coupled with the ability to do bigger deals, would now prove more attractive to US investors. Spacs were never mainstream Aim business, but their arrival and disappearance illustrate how quickly things can change on a market that is still evolving. But as Aim matures, it faces new challenges. It has always had to find a delicate balance between a light regulatory touch and the need to maintain its reputation, but in the last year the rules governing the market have been tightened with an inevitable impact on costs. And its very success means that competitors are constantly looking for a way to muscle in. As the size of companies on Aim has grown 15 of them are worth more than £500m and three are worth more than £1bn Plus Markets has reestablished itself at the micro end of the market. In its sights are the 500 Aim companies with a market capitalisation of less than £10m. Now UK small-cap plc is having a tough time and it is too early to tell whether Aim's increased interest in attracting companies from abroad is taking the market in the right direction. Many will heave a sigh of relief when the Aim All-Share climbs back through 1000 but that might be several months away. |
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