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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eurodis Elect. | LSE:ELH | London | Ordinary Share | GB0003100772 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.95 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.95 | GBX |
Eurodis Elect. (ELH) Share Charts1 Year Eurodis Elect. Chart |
|
1 Month Eurodis Elect. Chart |
Intraday Eurodis Elect. Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 01/8/2008 | 17:32 | 2005 - The Year of The Electron | 9,585 |
| 13/3/2006 | 20:00 | Eurodis @1.07 oversold!! | 191 |
| 22/8/2005 | 19:32 | Eurodis....Cheap or Wot ?!?!? | 12,747 |
| 09/7/2005 | 03:52 | Eurodis Electron Merger talks - News | 14 |
| 03/10/2004 | 09:13 | ELH - Ridiculous undervaluation 1000% rerating required 24/11/03 onwards!! | 50 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 01/8/2008 15:48 by realcooltrader Does anyone know if losses can be used to offset gains yet? I seem to recall there is a list on which ELH has to appear first, but I can't remember its name. TIA |
Posted at 02/12/2006 12:20 by miavoce That would be me then - for buying ELH in the first place ! |
Posted at 27/10/2006 20:28 by ards for the privilage of being the last poster on the elh thread. goodnight and goodluck. |
Posted at 13/9/2006 16:40 by barrybaker Before ELH I have never held shares in a company thats gone under, but I would be amazed if the shareholders are usually treated like this. Obviously I don't expect to get anything back, but I do expect to be told what has become of the company and its assets, and for the shares to be cancelled or whatever happens to them. Has anybody had an experience like this before? |
Posted at 12/9/2006 08:55 by andrewwan Is this share already finish???? |
Posted at 29/7/2006 20:34 by 13579 ELH news....elh |
Posted at 26/8/2005 10:35 by mike012321 From Eaglet...Fund Commentary 31st july 2005 During the past month the share price of Volex Group continued its rally following the successful fund raising and there was positive trading news from Systems Union, Glotel and Imprint Search & Selection. In what was a fairly quiet period for news, Deltron also announced two acquisitions. The positive news was regrettably outweighed by weakness in the share price of Abacus Group and the demise of Eurodis Electron . The Harvey Nash share price was also particularly weak but we are hopeful that the recent appointment of Numis, as company broker, will help rectify this situation. There were a number of partial disposals to reduce borrowings and these included Volex Group, Mears Group, Imprint Search & Selection and Robert Walters. As a result of these disposals borrowings have fallen from £21.7m to £14.4m. It is quite possible that the prospect of lower interest rates will provide a boost to smaller company share prices in the months ahead. However, recent news confirming the weakness of consumer spending within the economy means that the right sector calls will be very important if we are to make progress in the months ahead. Corporate activity remains a likely catalyst to unlock value amongst our companies although the exact timing of action remains unclear. |
Posted at 18/7/2005 10:06 by very quick As administrators are now involved, the current Board of directors of ELH have no say in the matter relating to the company and the administrators will accept the best price possible from any future bidder for ELH. And my guess is they will have to pay between 1-2p per share that values ELH at 9.47 million-18.94 million which is still a bargain.Wot i do not understand is," Why the board of directors took the route of administrators? as its far better to merge at a minimal return", then go into recievership/liquida And i also find it strange that the RNS about the end of merger/bid talks was but out after close of business rather then first thing, I know share price would have fallen through the floor and MM's would have been stuffed! but as it stands that would have made little difference. I still think they did this to protect the share price and a buyer will be found at the pre suspension price. 1.05P |
Posted at 17/7/2005 14:52 by chiansaw Thought Gromleys posts may be of interest to all concerned....hope you don't mind Gromley!Hi PlayerTwo, It's the number of parties bit here which confuses me somewhat. Are the administrators likely to be looking for a single complete sale or factoring the company? A good question, we won't really know until more news come out. But FWIW my reading of the statement was that they are in discussion with "a number" of parties who are interested in buying the business in it's entirity, but I would absolutely accept that the statement could be interpreted differently. As MonsterMonk says the administrators are oblidged to get the best deal they can and it seems to me that the individual parts are worth much less than the business as a whole. I attempted a potted view of the valuation a few days ago here : and I personally think that broadly that is still applicable. One of the key "assets" (not on the balance sheet) is the tax losses and I'm not sure that these could easily be preserved in a breakup. Also, before they leak away, the franchises, customers and market share have value beyond the break up value (it would be interestin in this respect to hear what Eurodis are saying to their customers - anyone know?) On paper it would still be possible to conclude that the business is worth more in a whole entity sale than its value at suspension. However as you rightly point out - if this is the path the administrators are taking then they are seeking to do what the management failed to do - only now from a weaker bargaining position. It's my personal suspicion that there is some information not in the public domain which proved a barrier to the original deal being done (seemingly at any price) and in the absence of information it's very much safest to conclude that this will be the case for the new interested parties. So whilst there remains a remote chance of some return for shareholders here it's my belief that it should be treated as a total write off, unless information arises to the contrary. Of course theres not much you can do as a shareholder at this stage in any case so it's a bit of an arbitrary "decision". Interesting still though to see how this progresses and whether any further information comes out about the failed talks. regards, gromley Previous post, as highlighted above: At the risk of offending some folk at "another place" it strikes me that there's some right old cr4p being written about the possible take out valuation for Eurodis. The thing that most seems to be throwing people is the idea that Eurodis' NAV is c. 2p share. True but highly misleading imho when you consider that of the NAV of £18.6m (ie c. 2p / share) £15.2m belongs to the holders of preference shares, the amount actually 'belonging' to shareholders is actually only £3.4m and if you take off the intangibles (£2.3m) shareholders only actually "own" £1.1m and given that we are nearly 3 months into the "third half year" it's a fairly safe bet that this has been eroded and that the NTAV "belonging" to shareholders is less than zero (ah the joys of limited liability it's okay we won't be asked to pay up.) Actually it was always on the cards that during the recovery phase shareholders funds would drop to zero, so this ought to be no surprise to anyone. It's also a mistake to reason that "the directors bought at price X, therefore they won't accept any less than that" the board will seek the highest price that they can get but this could be as low as ZERO (to the shareholders) it matters less what the company is "worth" than what the relative bargaining positions are. Anyway this prompts me to have a look at the potential takeout price (hopefully not adding to the aforementioned cr4p) The lowest price a buyer could pay ("to the shareholders") for the business would be ZERO (NADA, NOTHING for the avoidance of doubt). On this basis they would still be making a fairly hefty financial commitment, they would be covering the net debt c. £37m and the liability to preference shareholders £15m. (That's not to say they would necessarily have to stump up this cash immediately, but generally speaking I think a buyer would consider this as part of the 'price'). So if the shareholders get nothing the buyer will in effect be paying c. £52m (it strikes me they could pay less if they negotiate with the preference shareholders to pay less than par). So at this less what would the buyer be getting? Well basically they would be buying a TNAV of c. £52m (zero shareholders funds + £15m prefs paid for + £37m net debt - paid off). As noted elsewhere they would also be buying ELH's tax losses of c. £122m (£135m has been quoted elsewhere but I'll stick with £122 being the deficit on the P&L account) assuming a 30% tax rate, these are worth £36m. Given one assumes the buyer to be profitable it's reasonable to include the value of these tax losses in the buyers TNAV. So at a share price of ZERO the buyer gets c. £88m of TNAV for c. £52m. I think that this is a reasonable starting point to consider. Effectively they also get the following "intangibles" : Ø £200m pa of turnover representing perhaps 5% market share in Europe. (with associated gross margin of c. £35m) Ø A potential list of franchises (if they can retain them and don't already have them) Ø The future potential of the ATeG and WPG deals. Ø An under-utilised logistics centre and more importantly "processes" the value of this to someone in the business is almost certainly greater than the book asset value of the bricks and mortar. Ø The liability for ELH's ongoing losses (probably c. £5m pa once the interest payments are taken out). So how much (above zero) would the buyer be prepared to for these intangibles and the excess book value noted above? AS LITTLE AS POSSIBLE I SHOULD THINK You can't completely rule out a take out price of zero. If no other buyer comes forward and if Eurodis are incapable of financing themselves long enough to return to profitability. It's not apparent that either of those two are definitely the case, but were I a buyer wanting to play hard ball, I'd be looking for Eurodis to PROVE IT. So, we have a minimum possible return to shareholders of zero (and I would imagine some of the sellers see this as a risk), on the other hand if Eurodis do have some bargaining power what's the upside? Well one, possible benchmark comes to mind NTAV (as above, including the deferred tax asset) = c. £88m, say a 20% (number plucked out of the air) discount to this = £70m. (This implies a 35% EV : Turnover ratio.) Taking away the amount that covers the debt and prefs leaves c. £18m for shareholders or c. 1.9p / share. Obviously the market seems to think that this is pretty optimistic, but it's not hard to think that a buyer might consider themselves to have got a relative bargain here. It is also quite possible to conceive of a much more bullish case if two (or more) buyers surface who : 1. Perceive Eurodis' reach to be an important piece of the jigsaw to becoming a truly global or regional player (which seems to be agreed as a perquisite for ongoing success) 2. See value in the intangibles noted above. 3. See synergies / economies of scale in a merger, sufficient to wipe out Eurodis' operating losses. 4. Are keen to buy Eurodis' market share and equally keen to ensure that the other guy doesn't get it. It's not inconceivable (imho) that in such a circumstance and EV:Sales ratio of 50% might still be consider cheap That's c. £100 less £52 = £48m of c. 5p / share. Higher? Well steady on it's all ENTIRELY speculation. Truth is that I don't think any of us have enough information yet to judge the outcome. The potential buyer will pay as little as possible, factors that can force this up are : > If the ELH board have the ability to say NO. (zero to the shareholders is still better than liquidation as the board also have responsibilities to the creditors) > If there is another bidder prepared to pay more, or if they wish to preclude any other bid by pitching sufficiently high first time aroumd. Financial interests aside, I'm fascinated as to how this may play out. Any thoughts? Regards, gromley |
Posted at 15/7/2005 12:03 by very quick I agree with Galleon. I think it was a good move by the company to suspend trading in ELH, had they pushed out the news at midday. The share price would have gone down like a shot, due to the panic selling. And yes i find it odd that the share price rose 5% yesterday before the RNS. IMHO i think ELH does have a plan B and all is not as bad as it seems, and suspension is not always bad and in this case it was wise to protect the share price as further developments are been worked on. |
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