City Of London Share Discussion Threads

[warala] 01/6/2005 16:59

Nice rise today .Fingers crossed for good news.

[topvest] 20/3/2005 17:38

All very quiet on here. Anyone else hold this one or is it just me!

[topvest] 17/11/2004 10:16

Interims today. Company plodding alond with NAV of 63.5p. Some positives - back into profit and a net cash position. PR business tiny, but profitable. Connected Corp. sale will help the second half. Stake in Worldbid looking more promising. Change in direction looks like it is some way off as it indicates that they may have walked away from a sizeable deal. Then again, better to walk away than overpay. Still a reasonably safe investment imo and we may see a return to dividends some time in the not too distant future.

[topvest] 30/10/2004 09:26

Just taken a look at the Connected.com web-site.....very interesting. Two points of interest...the archiving product is all over the front page and was probably the reason that Iron Mountain bought the company, particularly given that they are a storage company:


1, See the demo and other info including latest sales and the fact that it has just received an award for storage product of the year.



It proves that CIN had done the ground work on this and produced a great product. Unfortunately the upside is limited, but may be a chance of more than the minimum royalties expected!

2, Consideration in cash is as follows, assuming no dilution in 2004:

US$117m @ 1.8 exchange rate * 1% = £650k.



Under the existing terms of the sale agreement CIN were due to have received US$300K on 30 September 2004. All shaping-up quite nicely.

[topvest] 28/10/2004 22:54

fegga - thanks, hadn't seen that - well, that's US$1m+ for CIN later on this year plus the royalties. It will mean a good profit this year for CIN and an opportunity to start again with a very robust balance sheet. We could be in for a transformational end to the year, if CIN can also announce some robust plans going forward.

[fegga] 28/10/2004 12:00

on worldbid - it's a great idea but revenues are sub 1m US$ - there must be something else....


full article:

RESULTS OF OPERATIONS


NINE MONTHS ENDED JANUARY 31, 2004 COMPARED TO NINE MONTHS ENDED JANUARY 31,

Revenues

We had revenues of $307,096 for the nine months ended January 31, 2004, compared to $230,676 for the nine months ended January 31, 2003, representing an increase of $76,420 or 33%. We had revenues of $101,888 for the third quarter ended January 31, 2004, compared to $88,712 for the third quarter ended January 31, 2003, representing an increase of $13,176 or 15%.

Our revenues from sales of membership subscriptions to our Worldbid web sites for the nine months ended January 31, 2004 increased to approximately $253,527, representing approximately 82.6% of our total revenues, compared to $227,716 for the nine months ended January 31, 2003, representing 98.7% of revenues. The balance of our revenues was comprised primarily of revenues from advertising sales. The increase in our revenues was in part attributable to our acquisition of the ECeurope.com web site and related business in our second quarter of 2003. We have experienced an increase in advertising revenues in 2004 compared to 2003; however we believe that these revenues will constitute less than 20% of our revenues during our current fiscal year notwithstanding any overall increase. Revenues from our Worldbid global payment services, data mining services and our partnership arrangements have been minimal during the first nine months of our current fiscal year. We anticipate that we will not earn significant revenues from partnership arrangements during our the balance of our current fiscal year.

Operating Expenses

Our operating expenses were $929,584 for the nine months ended January 31, 2004, compared to operating expenses of $610,173 for the nine months ended January 31, 2003, representing an increase of $319,411 or 52%. Our operating expenses were $601,501 for the third quarter ended January 31, 2004, compared to operating expenses of $156,650 for the third quarter ended January 31, 2003, representing an increase of $444,851 or 384%. The increase in our operating expenses was attributable to an increase in our selling, general and administrative expenses attributable to stock based compensation expense incurred during our third quarter.

[fegga] 28/10/2004 11:50

by the way is this the connected corp you were talking of earlier?


Iron Mountain to Acquire Connected Corporation
Tuesday October 12, 8:31 am ET
Acquisition Broadens Iron Mountain's Digital Solution Portfolio to Support Customer Needs; Solidifies Leadership in the Online Backup and Recovery Market

BOSTON, Oct. 12 /PRNewswire-FirstCall/ -- Iron Mountain Incorporated (NYSE: IRM - News) today announced the signing of a definitive agreement to acquire Framingham, MA-based Connected Corporation in a cash transaction valued at approximately $117 million. The acquisition builds on Iron Mountain's mission to protect its customers' information and to protect its customers through compliant information management. Connected is a technology and market leader in the protection, archiving and recovery of distributed data.
* (Photo: Logo: )

"Bringing Connected into the Iron Mountain family is reflective of Iron Mountain's long-term strategy 'to go where our customers need us to be' in the archiving and data protection market," commented Richard Reese, chairman and CEO of Iron Mountain. "Traditionally, that has meant increasing the Company's geographic footprint for our physical records management and off-site data protection businesses. Today, that means helping customers manage and protect all of their information -- both physical and digital -- regardless of format or location."

Reese continued, "This is a logical move for Iron Mountain because it extends our protection to distributed data, which is a particularly difficult management challenge and area of vulnerability for our customers. Our new combination of offerings ensures better information protection, access, availability and compliance."

[fegga] 28/10/2004 11:46

is it an error? showing up 9.4% today on zero volume... or is something afoot?

[topvest] 26/10/2004 21:13

Yes, but its the Connected Corp stake that could be a company maker. It may only be a 1% stake, but that could be worth a very large amount. Anyone know what it's worth? Somewhere in the range of £0-10m I guess?

[daveperry] 26/10/2004 13:55

Don't forget the 2m shares in Worldbid.com. They have started to put a few deals
together the share price is now around 12c.

Dave.

[topvest] 07/10/2004 21:59

Patience will be required imo. Anyone know how Connected Corp is doing. The 1% holding could be worth a very substantial sum one day imo.

[fegga] 06/10/2004 08:39

still no developments or details of "meaningful projects". i know they said things were at a very early stage back in june, but now, 4 months down the line we must be closer to getting somewhere.

sitting there waiting for stuff to happen does get frustrating - there's the opportunity cost to this investment, plus its drifting down now which starts putting one into negative territory.


watching closely for signs of life........

[simonevans] 09/6/2004 22:20

Results today were fairly encouraging. Finances in much better shape and ready to start again. Still think the Connected Corp. stake could prove very worthwhile. Like to see them make a definitive move on strategy though and this was a little disappointing that there was nothing to say.

[simonevans] 31/5/2004 16:28

Could be in for some activity on this one soon - final results probably early next week and it will be interesting to see if they have any firm plans to announce to the market.

[tuffbet] 14/4/2004 09:19

phucker

thanks

[phucker] 14/4/2004 06:29

Tom Winnifirth at T1ps.com recommended this as a Buy

[tuffbet] 13/4/2004 22:17

Does anyone know who tipped CIN and what the basis for the positive argument was ?

[simonevans] 13/4/2004 19:43

That may be, but an 18p increase today is good news for me, given that I bought at 38p the other week and in the mid-40's initially. True, the Company has had a rocky time, but at a share price in the 30's and 40's it looked reasonably good value. Always a chance of some positive developments with the final results imo.

[argy2] 13/4/2004 08:20

Mark up this morning was more due to an internet tip sheet ramping this unmarketable smaller company.

[argy2] 13/4/2004 08:20

Mark up this morning was more due to an internet tip sheet ramping this unmarketable smaller company.

[simonevans] 13/4/2004 08:04

Nice mark-up this morning. Looks like the dip in recent weeks was due to a distressed sell imo.

[simonevans] 05/4/2004 20:57

Yes, exactly. Tends to indicate that the price is way too low. Could be on the bounce now.

[scrapheap] 05/4/2004 12:46

good to see the company buying in a few - not a bad trade for them, raise cash by issuing shares at 65p and now buy 60000 odd at mid-30's - helps NAV a little I guess!!!

[simonevans] 01/4/2004 21:01

yes, nothing unusual there - could be an end of tax year distressed sell. Looks an opportunity at this price imo.