|Relax group PLC LOL, I bet share holders aren't feeling to Relaxed|
|11 July 2008
Change of Name
Result of EGM
The Company is pleased to announce that all of the resolutions proposed at the Company's
extraordinary general meeting held today were
duly passed. As a result, the Company will be changing its name to "Relax Group Plc". The
effective date for the change of name and
EPIC/TIDM will be announced in due course.|
|It seems that recovery is now occurring in this sector.....look at the INVO share price and the start of the recovery of FRP.......if the company is adversely impacted by Firstplus the directors have a legal responsibility to inform the market just as Loanmakers did.......no announcement? The other side of the coin with Relax is their client base.....as defaulters arise the company can now offer debt services directly to those clients......INVO operate in Scotland and as we know DETS has offices there and operate Trust Deeds.....we'll have to wait for the next announcement to truly judge where this company is....but it is debt free unlike FRP!!|
A year is a long time if the non lending divisions of the company (IVA & DM) have got to support the potential loss making 'broker lending' divisions of the company indefinitely.
Reduced margins on IVA fees & very few exit routes via lending alternatives during, or at the end of the IVA term, could mean that the IVA option becomes less attractive both from a client & company perspective. Just an observation.|
Their share price certainly spiked too early but, as the slowdown continues to bite, my expectation is for business and profitability at the company to increase. The agreed IVA deal with the banks has removed one of the big drags and I suspect that the share price is now simply tainted by the whole of the financial sector. Give it a year and then see where we are.|
|Relax always had a close relationship with Firstplus but not sure if they derived business from them. I am certain Firstplus would have been one of the main lenders for Relax, they definitely were for Debts.co.uk. (Scarlet Money)|
|Loanmakers look like they are dead & buried. This has been on the cards for a while. I am a little surprised that Debts.co.uk actually spent money RECENTLY buying Relax Finance, which is a company very heavily focused on a marketplace where the wheels have fallen off "good & proper". I heard that Relax may have been dealing with some of the Firstplus declines?? Is this true?? If so they have just lost another source of income.
As of 10th June I was looking at a buying opportunity at 20p. Certainly not now tho - With more negative developments in this sector nationally, these companies all look like they have "had their day"! DYOR.|
|BARCLAYS stops loans at FIRSTPLUS:
On front page of Daily Telegraph business paper. Loanmakers have already stated they will have to review there business as Firstplus is one of the main lenders.|
|re-assessment - When the price dips to 20p I will look to buy then, as I think it will hit 30p alot sooner than I first thought.
I don't think there is much confidence left in any of these types of company.
Does anyone know where or what debtmatters is now?|
yes i think you are right...TDW have not updated their site yet.
FRP doing well!
name Amount % Holding
Paul James Carter marker 5,011,238 16.43
Barry Nathan Krite marker 4,725,101 15.50
Hargreave Hale Ltd 2,313,642 7.59
Colin Sefton 2,004,671 6.57
David Krite 2,004,671 6.57
Unicorn Asset Management Ltd 1,369,444 4.49
Octopus Asset Mgmt Nominees 1,254,762 4.11
Singer & Friedlander AIM 3 Venture Capital Trust 1,031,746 3.38
Other DirectorsName Amount % Holding
Christopher Steele marker 7,500 0.025
Richard Brian Arden marker 3,746 0.012|
|Aren't these guys new holders......can't see them on the current list of holders over 3%!!
The Company has been notified that ISIS EP LLP hold 3,333,334 ordinary shares representing
approximately 10.93 per cent. of the issued
share capital and voting rights of the Company.|
|I'm not a holder of DETS but I do have a working knowledge of Relax. They are a strong little company with an excellent management team. Whilst others have gone backwards they have carved out a niche within the financial sector and are also very efficient at what they do. Good acquisition IMHO.|
|alex r u about.
what's your view..see if u agee.
I believe with thee recent acquistion..we will be looking at revenues of near £15M for the year..profitable and have cash and debt facilities in place.|
|how is that guys?
an acquistion with adidtional £7M revenues and is profitable for £3M.|
|LONDON (Thomson Financial) - Consumer debt services company Debts.co.uk Plc.
said it will buy Relax Finance Ltd., a consumer loans and mortgage broker, for 3nmillion pounds.
Debts.co.uk said it will appoint Relax Finance CEO Ian Guy as the new group
chief operating officer and intends to change the name of the enlarged company
to Relax Group Plc.
Debts.co.uk said it will pay for the deal with 1.2 million pounds cash,
issue 3.3 million shares worth 1.5 million pounds and 300,000 pounds in
unsecured loan notes.
It said Relax's current trading continues to be strong.|
|RNS Number : 4903U
15 May 2008
For release at 07.00 Thursday May 15th 2008
Debts.co.uk plc ("Debts" or "the Company")
Appointment of non executive director
The Board of Debts is pleased to announce the appointment of Christopher Steele as a non
executive director with effect from May 14th
Christopher is aged 57. He spent some 20 years as a stockbroker, as a partner with Kitcat
& Aitken and then with County NatWest Wood
Mackenzie before becoming a director of the Manchester Exchange Bank responsible principally
for the fund management division and for group
compliance. He was also non executive chairman of Nikko Fraser Green Asset Management.
Latterly he founded City Insights, an investor relations consultancy and then worked in
financial PR and corporate communications.
CEO Paul Carter said "We are delighted to have the benefit of Chris's extensive analytical
and M&A experience as we pursue our objective
of actively seeking acquisition opportunities during the industry's ongoing consolidation."|
|Families now need £1,000 more than this time last year - just to put food on the table
Millions of families are having to spend almost £1,000 a year extra on food after more punishing price rises. The annual increase in the price of a basket of essentials surged to 19.1 per cent in May, according to the Daily Mail Cost of Living Index...|
|Morning Line: Investors fret over fragile economy as record numbers lose their homes
|This article from the Mail on Sunday sounds extremely good news for the industry.....in essence the IVA's will no longer have to be approved by the banks if they adhere to certain criteria......the banks will simply have to accept them!!!
Dealing with debt
Debtors borrowing to be written off
Dan Atkinson, Mail on Sunday
4 May 2008
Reader comments (2) | Chat | Guide
Private debt advice companies and charities are to be given the power to write off part of an individual's debts - whether creditors like it or not.
Debt halved: it could be under controversial new proposals.
They will also be able to force creditors to accept a schedule of repayments for the remainder of the money owed, regardless of the lender's wishes.
Creditors will not be able to petition for bankruptcy, nor will utilities be allowed to cut off gas or electricity supplies to clients of such companies.
All this is in the Tribunals, Courts and Enforcement Act passed last year, but the Ministry of Justice is consulting before activating the relevant clauses.
One concern is that unscrupulous debt advisers could improperly arrange debt write-offs in return for a cut of the proceeds.
At present, about 70,000 people with heavy borrowings are in 'debt-management plans'. These are arranged by private debt advice firms and charities, which negotiate with lenders to provide a timetable for repayment.
'Such schemes depend on the voluntary participation of the debtor and creditors and operate without any form of regulation,' said the Justice Ministry.
'There is currently no power to compel creditors to adhere to the terms of a debt repayment plan.'
Under the new law, Justice Secretary Jack Straw will license approved operators of debt management plans, which will then have the power to force creditors to accept the plans that they draw up.
The Justice Ministry added that operators would also be able to compel creditors 'to write off a proportion of the debts where a debtor complies with a plan, but cannot repay the full amount in reasonable time.' These new compulsory debt management plans come alongside other types of 'quickie' insolvency for people who have borrowed too much.
Debt-relief orders (DROs), which can wipe out debts of less than £15,000 without the need to go to court, are due to come into force next April.
A simplified version of Individual Voluntary Arrangements (IVAs), an alternative to bankruptcy, will become available from October, reducing creditors' powers to block an arrangement.|
|bought some CLEA this morning|
|I hold both Jailbird.....was in INVO....but sold down to buy into FRP when they were at 76p........I think these 2 will dominate the debt sector and both are on very low ratings.|
FRP and DETS are the 2 are am putting my money in for now on.
competitors have fewer now..and FRP is the largest provider, whcih i expect will perform the best.|
|Well results pretty much as expected....but these paragraphs I think sum up our current prospects
"The outlook for the economy appears favourable for the provision of the Group's
services. With this as the backdrop, we have and are continuing to put into
place processes and systems which enable us to continue the growth and progress
of the business.
We look forward to the next six months and the further progress of the Group and ARE CONFIDENT that we shall meet market expectations for both growth and
That puts us on a p/e of 5 for this year and 3 for next year......retail sales showing a large drop and house prices continuing to fall. Many commentators expect House prices to fall between 25% - 30% (some go as far as 45%!!), Buffett warns that this slowdown could be a lot worse than we think ......all these factors I think point to a very good economic environment for DETS to prosper.|
|results look ok from initial reading.
Sounds like a decent recovery play from on.
Found this bit in the all the rest.
CHIEF EXECUTIVE'S STATEMENT
Market trading conditions have been the toughest yet for the industry. However,
we are pleased with our results against this backdrop since our last full year
We have made significant progress both operationally and financially.
Additionally, we are in the fortunate position of having in place a good quality
case load which provides a healthy level of cash flow and future un-booked
contracted revenue. In addition, non-contracted revenue is derived from other
client books. This contracted revenue provides a base level of future revenue
for the next financial year of circa £7.9m before organic growth or acquisition.|