Concepta Share Discussion Threads

[grahamg8] 18/2/2013 17:33

RBCRBC. Thanks, found out how to do it on my own. I quite like the look of PV Crystalox. As you say, a shed load of cash. Reading between the lines there is a lot of pressure coming from some major shareholders. At the AGM, 24/05/12 after representations from shareholders the Chairman did not put his name forward for re-election ie he got sacked. The last IMS and trading update both use the term 'serve the best interest of our shareholders' which is a bit out of place in the context of the rest of what was written. Anyway the new management look like taking decisive action. We are promised 'radical restructuring', only maintaining core production capacity and of course that all important return of cash. They have dropped the carrying value of stock and now seem to be happy to buy in the open market and undercut their own manufacturing plant at Bitterfeld which is going to be 'discontinued'. As the plant is already shut I take it that means closed permanently. So we will get massive asset right downs and some closure costs to eat into the money pot. Also they are presumably trading at a loss, although we are promised that in 2013 they will be cash neutral. The icing on the cake seems to be these supply contracts at the previously much higher wafer prices. One customer seems to have paid 90m Euros in 2012 to escape, two others are in dispute and going to the International Court of Arbitration.

[rbcrbc] 16/2/2013 11:42

Sterling cheque (actually direct transfer) received this morning Ex Rate = 1.1561

graham - There is an option in H-L to move the income balance to the capital balance it is then available to make more purchases (or stuff in a suitcase and wander down to the BMW dealership), go to the cash page and click on 'details' of Income account. I'm not really sure why they do it like that, but yes it will move automatically at some point in the month if you don't do anything.

I will definitely hang on to my AdamsPlc shares to see if there is a RTO.
I have some TRC and it isv. slow to liquidise I will not be adding more to that holding.

PVCS is well worth a look, something to do with solar panels which is a dire market with serious oversupply, but they have a ton of spare cash that they are about to give back to shareholders When I bought the cash expected was well higher than the sp, not sure what the maths looks like now, but the oversupply issue may not be as bad as predicted so they may survive as well as return cash.

[grahamg8] 16/2/2013 09:28

My initial thoughts were to sell to Peterhouse, but the date of the transaction is unclear. The residual rights look to be worth more than the post distribution share price. So I'm probably going to hang and make sure I get those rights. The shares can be sold in the open market from 11 March anyway.

Always interested in liquidation or cash return stocks. Holding a few TRC but with the dire Indian property market it is proving very slow at winding down, just like CPT really. Latest NAV 26pps vs market price of 11pps.

[flying pig] 16/2/2013 08:08

Cheque received in sterling

[papy02] 15/2/2013 20:16

That looks like a broker fx-rate. I think Selftrade must be using the £ option for payment to them from registrar IOMA, who exchanged at very close to the interbank rate.

[rbcrbc] 15/2/2013 19:32

H-L dividend now in at an Exchange rate of - 1.1815

[rbcrbc] 15/2/2013 16:50

No sign of any cash in my HL account and no sign of the printed cheque either :(

[papy02] 15/2/2013 14:08

Selftrade just paid the dividend into our account. Reasonable ex-rate of 1.1561. (I've lost money on my spreadbet hedge against Euro dropping, but was not fully hedged so happy).

Hope you enjoy your new car RBCRBC :-)

[rbcrbc] 14/2/2013 18:24

I think any cheques from certified holdings will come through in EUR unless you had registered to receive them in sterling a long time ago, It may be possible to register for sterling now, you would have to ask the registrar.

I already hold PVCS, but will look at the others, I too will not go as heavily in to anything else as I am currently to CPT (famous last words).



it is intended that the on going Group will remain obliged to ensure that any further cash reserves and accruals relating to the period prior to the Extraordinary General Meeting, which are no longer required due to the settlement or discharge of the corresponding liability, will be paid out to the Qualifying Shareholders on the register as at 9.00 a.m. on the date of the Extraordinary General Meeting.

Extraordinary General Meeting noon on 8 March


Should any Shareholder wish to sell its investment in the Company, it may do so by notifying Peterhouse within 30 days of the date of the Circular. Peterhouse has agreed to arrange the execution of a sale of any New Ordinary Shares (created following the completion of the Capital Reorganisation) held by any Shareholder wishing to sell the same to its clients for EUR0.02165 per New Ordinary Share. This sale facility effectively values the whole of the Existing Shares, prior to the Placing, at approximately EUR50,000.


Expected date on which the Placing Shares and 8.00 a.m. 11 March
the New Ordinary Shares will be admitted to
trading on AIM and the Effective Date of the
Capital Reorganisation


I think the sale (if you want to) will happen after the cut off date for registering the payments. So you will get the payments whether you want them or not (assuming your nominee doesn't lose them).

[deucetoace] 14/2/2013 13:02

Looking at the timings I don't see how it is possible to keep our rights to additional funds AND to sell the residual shares to the new owners as the announcement allows. Am I misreading this? I think the only way is to hold the shares and sell in the market for whatever you can get. The amounts are trivial for the residual shares but the additional funds that may be available whilst small are significantly more so I don't think it is worth the risk.

[papy02] 14/2/2013 12:09

Many thanks RBCRBC. So any payments, with Certificated, we should receive a cheque direct from Registrar? In Eur or £ or can we choose?

My (wife's) pennies are reserved to go towards an agricultural land purchase with my brother. If that doesn't come off I'd be interested in liquidation opportunities as well.

Current holdings we have that fit that description (or have some near term return of cash) are: PVCS; AGOL; ACD; MTH. These are all smallish positions though, and I wouldn't scale them up to anything like the CPT proceeds. I've been burned before by TRE but keep an eye on that in case an attractive entry point appears.

[rbcrbc] 14/2/2013 11:39

Holding in certified form should not present any problems, but will eventually be a little more expensive to sell. I have a small certified holding here, it is useful as you get all the printed bumpf, I will post here any cheques received in the future, and obviously any future payments are legally yours and the nominee ought to credit them without charge, but I wouldn't be at all surprised if one or two nominees had troubles and needed a nudge. My largest holding is in a SIPP so I can't extract that as certified.

Still had no real thoughts on what to do with the cash tomorrow, as my car old has packed up some of it is likely to find its way to the local car dealership just the old questions of new vs second hand and nice car vs cheap car. I am leaning towards nice car 2 years old.

As for the SIPP proceeds, some will go to my bond ladder, some to boring HYP and I have my eye on am interesting situation with an O&G share that might develop, but it'd be nice to find another liquidation situation. I'll post any research I find here.

Any one else decided what to do with their pennies ?

[papy02] 13/2/2013 20:41

I wonder if Selftrade and other low cost brokers will be able to execute the Deed Poll payments for shares held as Nominee? Anyone got thoughts/info on this?

The Circular says the payments will be to "Qualifying Shareholders" ( = a Shareholder whose name appears on the register of members of the Company as at 9.00 a.m. on 8 March 2013).

Since the Qualifying Shareholders entitled to payments under the Deed Poll may or may not own shares in the Company at the time of the payment, the payment will not be structured as a dividend but will simply be a contractual payment paid to the Qualifying Shareholders.

The payments (if made) shouldn't be too hard to execute for Nominee holdings – 8 March will be the "entitlement-date" that should gate all later Deed Poll payments. This is similar to the process for dividends or returns of capital. But the elapsed time from entitlement-date to payment will be unusual (6mo to 1st payment). And the share name and ticker will change in that interval.

Selftrade's Corporate Action note makes no mention of the Deed Poll payments, though it says "further info to follow". I asked Selftrade about this today and got the usual flannel from Customer "Services".

Even if only 10% or 20% of the 0.8c/share contingent-liabilities turn out to be uneeded, that's still worth having as an additional shareholder return.

Rather than wait to see if Selftrade do say anything definitive, I've today paid £20 for my wife's nominee holding to be changed into Certficated form, so she will then be on the Shareholder Register before March 8th. Hopefully that reduces the chances that these payments will be lost to her due to process difficulties. The Selftrade "Certification" process takes 10 working days, so should make it before 8th Mar.

This is the first time we have held shares in Certificated form so I am hoping we don't trip over our own bootlaces!

Anyone got thoughts on this?

[steve36] 11/2/2013 12:17

I'm disappointed at the lack of an income/capital choice for this payout. I guess they thought it wasn't worth it given the majority has already been paid out but as the structure was in place I wouldn't have thought the extra cost/effort would be that great.

Having initially bought in the Dawnay Day era at over £1, I had averaged down so that a 2.25c capital payment would have given me a profit of about £2k overall but tax on the dividend will wipe that out. Still a better result than I expected a couple of years ago.

I think any further payments will be treated as a part disposal for tax - the cost would have to be split proportionately between the amount received and the remaining value remaining of the shares (not sure how we will estimate that though)

[rbcrbc] 10/2/2013 21:29

Having just read the detailed bumpf that came through the post yesterday and is here:

One line stood out:
There will be no limit on the number of projects into which the Company may invest, and the Company's financial resources may be invested in a number of propositions or in just one investment, which may be deemed to be a reverse takeover pursuant to Rule 14 of the AIM Rules.

Now, this might be just a bit of standard stuff that is in every such document, but based on the very small capital the Adams PLC will have available c300k EUR this does seem like the real motivation behind the deal.

So I shall be holding on to my Adams PLC shares just to see what happens next, and see if we end up with a part of a listed (currently private) biotech co.

[papy02] 10/2/2013 15:18

I would think there will be a loss for CGT, not a gain (?) as the bulk of value is to be paid out as the 2.25 c/share dividend on Feb 15th (so taxed as income not capital gain).

I'm not sure what the role of the New Deferred shares is - they are not entitled to any payout and will be bought back for no proceeds? Maybe a CGT angle? Anyone any ideas?

[deucetoace] 08/2/2013 16:43

We are going to end up with such a small amount of money in the new company that I guess most will sell out using the facility the new owners have provided. I will almost certainely do so. e.g.500,000 old shares will be able to be sold for 105 euros, this size just isn't worth keeping.

I wonder if anyone has a suggestion about how any residual amount should be treated for tax. I am hoping HMRC won't be too worried as most amounts will be quite small but it looks to me like a return of capital - wotrking out the gain is not going to be fun.

[grahamg8] 08/2/2013 12:44

Agree the implications for us are pretty much unknown.

1 Our (old) shares seem to worth 0.0167c each based on the net cash value of the placing
2 Plus any distribution from Luxembourg as the subsidiaries are run down. As the cut off value is 100,000 Euros per distribution then presumably there should be that much around or indeed several multiples of 100k. This equates to 0.043cps (old) per 100k tranch.
3 Plus any goodwill/perceived value that the new company direction will generate.

The only guide I can come up with is a rather outdated NAV of 2.7cps from the preliminary results on 25 April 2012, less 2.25cps distributed leaves 0.45cps (old). But that's little more than a guess now as so much water has passed under the bridge since.

[rbcrbc] 08/2/2013 12:16

So we are to become Adams PLC investing in Biotech !

I need to read the announcement a few more times but initially it doesn't look as if there will be much cash to invest.

But there will/may be a further return to current shareholders of up to 0.8c per current share if/as reserves are released. Which would be pleasant.

[rbcrbc] 07/2/2013 20:02

LCA - The airport code for Larnaca Cyprus ???
Sounds good to me ;)

Seriously I haven't started looking yet.

[praipus] 07/2/2013 12:48

On the subject of where to go next anyone else noticed LCA and have a view?

[rbcrbc] 24/1/2013 14:18

Looks to me like a definite NO to a capital option. (I cant see that being a serious problem to many given the size of most holdings, and the likelihood of many being in SIPPs).

Nice to get an extra 0.05c :) don't spend it all at once - an extra 400 quid per million shares, should pay for a nice weekend away.

If the change in investment policy or reverse takeover happens then we will save the liquidation costs at least, so that ought to either mean another small distribution or a holding in the new company, liquidation costs were once estimated at 2m (although some of that will be spent so that's a maximum of an extra 680 GBP per million shares - probably less). Plus a share of the new majority owners saving in listing costs, and half any benefit of tax losses they might get, and did we have one last piece of land left ???

I too have got lost about this extra 0.5c = £4k per million shares.

The new majority owners would then need to manage the return to market if they want to revive the listing.

[papy02] 24/1/2013 12:13

grahamg8,

I wondered re D-shares but this announcement does say Special Dividend, not Distribution. I guess the advantage is no need for a Circular, etc, as would be the case for D-shares. A shame, as on reflection I would probably have taken some as capital, to avoid my wife's 2012/13 total income getting pushed above the basic rate band. I wonder if it also means we get raped and pillaged by our brokers' forex exchange rather than the reasonable rates that were applied by CPT's custodian(?) for the B and C shares.

Indeed I wonder if CPT's plan is to not bother with the shareholder meeting required to come out of suspension, and just pay out the amounts they can then liquidate the company.

Re 0.5 cps from a RTO: the thing I keep coming back to is that the amounts paid out/ payable under the DCP incentive to the Property Investment Adviser, as stated in the half-yr results in Sept, reconcile to a total shareholder return (from here) of 2.75 c/share. If this is a valid perspective, that would be exactly another 0.5c. (As a non-accountant, I got lost by the discussion of the 2.7c NAV vs circa 2.2c distributable reserves and whether that delta is or is not still available for distribution at liquidation, whether or not there is a RTO).

Edit: removed my ref to EGM above (as you say Grahamg8 the shareholder approval for B/C/D shares was given once upfront, not once for each distribution).