||EPS - Basic
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Ensor Share Discussion Threads
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|I think that's unclear simso, earlier sales did include an element of excess cash being removed from the business's (Technocover & OSA).
We do know that assets of £4.2m have been transferred with Ellards and £460k with Woods.
At 30th Sept
NAV 17.0m -
Tax A 0.4m
Ass Tr 4.7m
Leaves approx £1m(or £1.5m if Tax Asset transferred with company sale) of potential working capital that could have been removed?|
|I would think the receivables less payables would transfer with the businesses when sold|
|Cash + sales + retained profit, say £20m
Tax rebate £400k
Receivables Less payables c£1.8m
I get in the region of £23m or between 70p and 80p probably close to 75p after expenses but should certainly be above 70p or I think questions would be asked.
There's actually more value than this in the accounts.|
|On first reading, the conditions around the £7.3m and the £2.1m do not look onerous, so would assume we will get both in full. I am away and without access to my models on this, but crudely and from memory my sums would be £10.3m of cash at last bs date, £9.5m from these two sales, c 0.7m for the land, and perhaps 0.5 cash from trading profits since sept bs date. That is c£21m to give to 30m shares, so c70p a share. Anybody with a more accurate assessment?|
|I think the range of outcomes is between 68p and 75p assuming earnout at Ellard. Decent price obtained for Ellard but Christine has done well to get over £600,000 of op profit for £2.125m at Woods!|
|The letters referred to by daviddosh are now on the Ensor website. No details of what we can expect to receive although the Woods sale suggests minimum of 44p, hopefully considerably more.|
|The directors expect to be able to wrap everything up into one letter to shareholders plus same info on the website this week.|
|Anyone spoken to the company? Perhaps thy are in no rush to advise shareholders until remaining company sold to the family and they can cover both in one letter with update re liquidation.
I miss RNSs!|
|Good spot strathroyal. No details I can find about how much they paid for it, but am sure we will find out in due course.|
|Hot off the press!!
Also posted on Ellards website.|
Just noticed your last post, I also had a holding with idealing (also Charles Stanley) but have not received anything (certificate or recent dividend). Will need to chase.|
|Received my share certificate this morning from idealing now not in ISA.
Any sniff of any news?|
|Will this board remain open so we can share news as no rns any more?|
|Nice to see Peel playing it safe today with their 10/100 bid and offer!|
|Getting nearer to break up value ?|
|With an offer for Ellards already underway and an offer has received from the Harrison family for Wood's then you have to ask yourself just how much of a saving will be realised by delisting the company? The implication is that there will be a long time between delisting and final sale (if ever)
But that is the problem though. They have not actually said it is a cost saving exercise. "The de-listing will improve our flexibility to complete the realisation process and reduce delay." If its such a good move then why isn't it standard practice for when other companies are wound up?
And this business about "under the AIM Rules it will be required to prepare and publish a circular to Shareholders and seek Shareholder approval, which will bring delay and uncertainty to the transaction and additional costs payable to our advisers." The only uncertainty to the transaction would be if the final disposals are so blatantly cheap to be scandalous. That is highly unlikely to happen though; so this argument is hogwash.
It could all go smoothly and a profit from the current share price is possible; but unless that profit was likely to be 100% upside then I don't think the risk of ultimately being shafted is worth being an investor at this point in time. FWIW I believe a realisation price of ~62p/share is likely if management do the right thing.
|I entirely agree with you Zimtrader and also feel much more comfortable having sold my shares. The chairman says: "This would ordinarily be the natural conclusion to our well-recorded and publicised strategic review and formal sale process." Exactly! So why do it now? The explanations are not at all convincing and with an internal sale to a major shareholder possible, you can be sure that the price achieved will not favour the other shareholders.
The statement also says: "We currently have an offer for Ellard which is at an advanced stage of negotiations. Without de-listing, the sale of this subsidiary would need a simple majority of shareholders at a general meeting to approve it. " So what is the problem? That the shareholders wouldn't approve it? If so there must be something fishy and/or it is a very poor offer. Whatever, this shows that after delisting and forming a private company the remaining shareholders will have little or no say in the future of the company.|
|I reviewed the results announcement with interest yesterday and made the decision to exit my holding completely. I'm afraid that I simply do not trust the boards a) intentions and motivations and b) capability to actually follow through this time.
I don't mind admitting that I have taken a pretty hefty loss on this one but I have certainly taken some serious lessons from the experience. I had felt uneasy about the situation for quite some time yet ignored my instincts to get out and move on some time ago. I guess the consolation is my portfolio management software will always remind me of this lesson when I review the performance of my portfolios!
Interestingly, Roger Harrison did reply yesterday to an e-mail I sent him challenging the boards intentions and asking if he understood the implications for many small shareholders. He disagreed with my assertion that the board had handled the position in an incompetent manner and his comment; "I do have some sympathy for the effects on shareholders" was poor in my opinion.
I wish those of you who stayed in the best of luck and hope it does turn out ok.
|So. What will the payout per share be?|
|'in the best interests of the company and shareholders as a whole if the company's admission to trading on AIM were cancelled'
AS A WHOLE ? Its the insiders who will benefit after the little people have gone or been squashed.
Yeah! Tell it to the Marines as the old saying goes.|
|Carcosa, but the board of Ensor have said many, many things and then consistently failed to do them or have then gone on and done something pretty different! I am curious as to why you think we should trust them to deliver on their latest strategy this time...
It would also be nice to have a clear answer to the same question from the Board as well.
I've exited by ISA holdings but retain the SIPP holding. For now anyway. ;-)
|Kev - Ensor have stated they will continue to issue financials but they are no longer any obligation to do so. One assumes they will be unaudited and perhaps the detail of reporting will be reduced and perhaps the standards used for reporting may be compromised.|