Ensor Share Discussion Threads

[tiswas] 08/12/2015 09:11

I assume the PLC is no longer up for sale so not in an official offer period and shareholders no longer have to report change in holdings daily.

However, Directors will still be in possession of inside info re sale process so unable to deal.

[shanklin] 08/12/2015 09:09

If the directors are pretty confident of the various sales proceeds, based on detailed negotiation, they would be unable to buy or sell shares.

[manrobert] 08/12/2015 08:59

you may be right though they have said they are out of the offer period, cheers colin.

[shanklin] 08/12/2015 08:52

manrobert

If there is a pretty firm bid agreed for at least one of the sales, I would have thought the directors would be in a closed period.

Cheers, Martin

[shanklin] 08/12/2015 08:43

Presumably potential buyers want nothing to do with the pension deficit... ...perhaps trade sales are being held up by its existence. So, get a short term loan to obtain the annuity and I guess at least one of the trade sales goes through immediately, and ESR pay off the loan.

Of course, no idea what the total liquidation value will be.

The cost of the annuity, above that of the liability of £2m shown on the B/S is £3.5m to £4m. With just under 30m shares in issue, £3.75m equates to 12.5p per share.

[manrobert] 08/12/2015 08:43

good opportunity for directors to back up their decision and buy?

[tiswas] 08/12/2015 08:29

Looks more like this is the only option and also been forced to throw in a stack of cash for pension top up.

No concrete news after all this time makes you wonder if there will be more cheap management buyouts.

[manrobert] 08/12/2015 08:16

presume the directors feel they can realise more this way.fall seems a bit over the top.

[tiswas] 08/12/2015 08:12

Disappointing.

[rp19] 26/11/2015 20:21

Interims are normally early/mid Dec, so I'd expect an update on sale prospects then.

[bally101] 26/11/2015 13:22

Just sold out for a nice profit from 92p.

[manrobert] 26/11/2015 13:09

hope so just bt 4500 at 108.1simons research is usually pretty good.

[cockerhoop] 23/11/2015 12:56

It's Simon Thompson in the IC re-iterating that he believes the company will be sold for 125p.



A snippet:

'I recommended buying the shares shortly after that announcement was made when the share price was 97p, targeting a minimum share price of 125p to reflect the value of the assets that could be sold ('Building up for a takeover', 22 Jun 2015). Investors cottoned on and Ensor's share price subsequently rallied to 123p in July before succumbing to profit taking. However, at the current offer price of 99p I firmly believe this is another great opportunity to buy into this M&A situation and one that is likely to reach a conclusion in the coming months.'

[tiswas] 23/11/2015 12:48

Must be news coming after that spike!

[buffythebuffoon] 16/10/2015 18:42

I don't really follow this company, but isn't it a little disturbing that after 'an extensive sales process' the assets are sold to employees of the company?

Buffy

[gdjs100] 16/10/2015 18:22

I was a little surprised the sale was for as little as £1.4m given it produced 1p of the 9.2p EPS last year. That's just a PE of 5 assuming tax at 20pc (and ignoring its share of central costs).

[davidosh] 16/10/2015 15:24

First bit of the sale process jigsaw now completed and in their words a successful start....

The Company has agreed to sell the entire issued share capital of Ensor Building Products Limited, a distributor of roofing, drainage and speciality building products based in Lancashire.
As at 31 March 2015, EBP generated operating profits of £365,000 before exceptional and group charges. The net asset value of EBP as at 31 March 2015 was £1,029,000.
After an extensive sales process, the Company has agreed to sell EBP to a company controlled by Philip Brooke, the current Managing Director of EBP, for a total consideration of £1,441,000. £1,241,000 will be paid on completion, and the remaining £200,000 will be paid by 30 April 2016.
The disposal is in accordance with, and represents the successful start of, the Company’s previously announced policy of reviewing its strategic options in order to maximise value for shareholders, including exploring a potential sale of the Company. Depending upon the further progress of the review of strategic options it is presently the board’s ultimate intention to return cash to shareholders.

[shanklin] 09/10/2015 09:59

Well, given the optimistic comments about trading in the FY results, the forward P/E may well now be (significantly?) below 10. So the downside share price risk of the sales process not coming to anything has pretty much disappeared.

All IMHO.

[meijiman] 09/10/2015 09:38

I saw the share price weakness yesterday and again today. Can't decide whether to increase.
Would be helpful to have some sort of update on where we are!

[blueliner] 09/10/2015 09:11

Can now add @ 91p, seeing as I sold 20% of mine at 114p, might be worth going back in again.
Would have thought progress on the management buyout ? re Building products division would have reached fruition by now.

[shanklin] 09/10/2015 09:02

Now 25% off the share price peak. It would certainly be helpful to get some sort of update on how the "Formal Sales Process" is progressing.

Unfortunately ESR do not normally provide trading updates unless something significant has happened so, presumably, the positive noises expressed in the FY results continue to hold true. On that basis, whilst there are no broker forecasts, I presume we are still heading for some level of EPS growth in the current year.

Hoping patience proves to be a virtue in due course.

Cheers, Martin

[fozzie] 22/9/2015 15:50

One or two selling this last few weeks I suspect either locking in profit or moving to cash. Kept all mine and looking to add here. Some news can't be too far away now.

[dorset64] 24/8/2015 11:54

Just a hunch Shanklin

[shanklin] 24/8/2015 11:40

Dorset64,

If you do have inside information, just don't act on it :-)

Cheers, Martin