We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Financial Pay. | FPS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.45 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.45 |
| Top Posts |
|---|
Posted at 22/6/2009 14:37 by hena79 If you like such stocks then PMA may interest you. The annual report should be out by end of June in FPS. |
Posted at 19/6/2009 14:38 by hugepants Any reply Hena?Most of the cash was still in China last we heard. Hopefully theyve made some progress in getting it out. I think they had perhaps 0.25p per share in cash NOT in China which they could have returned promptly but have, as you say, changed their mind. FPS is still a PLC so must have accounts published by the end of this month. Hopefully we'll know a bit more soon. |
Posted at 19/1/2009 12:40 by lord santafe Hugepants,Thankyou for the update, and hopefully FPS will be relisting next year on the Plus Markets or back to AIM. Regarding FPS to do this, then surely they will have to notify the existing shareholders and get their agreement before this can happen?. |
Posted at 17/1/2009 14:45 by hugepants LSThe information Ive had from FPS is they are considering investing the free cash they have available. They are looking at some deals to take advantage of the collapse in valuations. So there may not be a cash return this month. There is approx 0.9p per share still in China. They say this is secure but its taking longer than they thought getting it out. |
Posted at 08/9/2008 19:08 by lord santafe It is likely to be around 0.75-1.25p plus, payout in Januray 2009 if nothing happens. See the FPS website for details. If redundancys etc are more than expected then this figure could be less, IMHO. |
Posted at 21/7/2008 10:38 by tiredoldbroker HugePants, we all agree that they've written off the loan made to their JV partner and the equity their JV partner was meant to have put into the JV but never stumped up. However, the £187,000 write off is not, as you say above, because their JV partner won't pay their share of the windup costs.The FPS balance sheet would incorporate the book value of the assets of the JV subsidiary: the capital the JV partner was meant to contribute would have been stated as one of those assets. The asset won't now ever materialise, so it has been written off. But nothing to do with windup costs, simply an asset they hoped they'd have which has evaporated. Also, what the company itself says (p5 of the accounts) is that the JV doesn't actually have a valid business licence, and they can't formally wind up the JV until it has a valid business licence. So the JV partner is in a position to engage in - let's call it 'whitemail' - i.e. it has leverage which it can exert, to force FPS to a compromise, before FPS can get any money back from winding up the JV. The alternative is to start legal proceedings and I stick with my point, a tiny Channel Islands company is on weak ground trying to sue a 50% Chinese govt owned business in the Chinese courts. It isn't a level playing field, and I think it's realistic to assume this will cost FPS money. Note 11 to the accounts (p39) states the recoverable amount at 31.12.07 at £407,920 and I think you have to write off a big part of this, either in a compromise or in legal costs. Using a contractual/legal stumbling block to sting a European company isn't seen as corruption in China, you get the death penalty for robbing other Chinese, not for walloping a foreign company. Put it another way - are you assuming that getting this £400K out of China is as simple as writing a cheque, or are you allowing for any costs in getting it ? The balance sheet (p17) also shows a 'creditors' item of Trade & other payables of £299,432; I'm perhaps generously assuming that the SCI settlement saves £100,000 of this, but it still leaves creditors of £200,000 to be met. Also, the HK dollar and Singapore dollar cash is only shown in the accounts (p42) as £1,909 and £51,538 respectively, not enough to make a material difference here. But let's add in that, and a realistic sum for interest on the £1m in Jersey (again, the accounts say on p42 at rates from 0.007% to 4.75%, don't think you can go for the top rate necessarily). The only assets you might bank on are the £1m in Jersey and ther £0.4m in China; add in another £100K for HK, Singapore and interest. Say £1.5m. But you do then have to deduct the £730,000 running costs, the £200,000 trade creditors, and surely something for settling the China problem, So maybe they'll be left with £600,000 in total, maybe only £400,000 or less if China gets nasty. And the company is no longer subject to even Stock Exchange rules; I still don't see that the shareholders are yet within sight of getting a worthwhile payout. |
Posted at 20/7/2008 09:35 by hugepants TOBI think youve lost the plot. Cash outflow for 2008 stated at £730,000 (before interest income). Say £0.65M after interest added on. This estimate obviously made just before these accounts were released ie. mid July. You seem to know different though and suggest FPS will have to write off another £650,000. Where does this extra 650,000 come from? The minority interest has been accounted for under creditors (and see note 32c). Theyve already written off £187,000 to allow for their JV (15% only) partner not paying their part of windup costs. FPS MAY take legal action to reclaim this £187,000 but is it worth it? You can (if you want) assume the Chinese authorities simply steal the 400 grand but you can get the death penalty in China for corruption! Wont happen. Nobody would invest in China. Not sure how you can write off another 250 grand over and above that. Has the Singapore and Hong Kong cash been knicked as well? |
Posted at 19/7/2008 09:32 by tiredoldbroker Gosh, Cancer6, still turning a blind eye to all the stocks you've ramped this year which have ended in disaster ?Many a problem for FPS to overcome before the cash they say they have ends up in the hands of shareholders, if that ever happens, and maybe you should take a less optimistic view of what may actually be there. There are certain points in the accounts which might be worth noting. They say they had £2m in cash at 31.12.07, but only £1m of that unencumbered in Barclays, Jersey; and even their own forecast of expenses for 2008 - for a company which has effectively ceased trading - is £730,000. I'd put it to you that all these costs may have to be met out of the Jersey money (there's no suggestion I've seen that Mr Ong will drop his £100,000 p.a. salary, and no doubt the other director Mr Fitzsimons will want paying). They've saved some money buying out the minority in SCI but even so the £300,000 of trade creditors at 31.12.07 can't be totally ignored. Note 11 to the accounts says that at 31.12.07 the'recoverable amount' in the JV was £408,000 but even after writing off the amounts their JV partner might have been due to contribute, I'd suggest to you that getting into a battle in the Chinese courts with a Chinese company half-owned by the Chinese govt, over a failed payments scheme for the Chinese provincial authorities is not a good place for a tiny Channel Islands company to be. I don't see any provision for the cost of pursuing a court case, and I'd sugget to you that either FPS will recover nothing, or they'll actually have to pay off their former JV perner and split the proceeds if they're to get anything out. So maybe a more realistic estimate is that at the end of this year, they'll have £300,000 left in Jersey; and after settling up in China, paying off their JV partner, and settling trade creditors and the costs of litigation, maybe they'll pull together another £200,000. Say half a mill, Sterling; or a shade over 0.5p per share. But there's every chance that FPS will just disappear into that netherworld of unquoted companies, not protected by Stock Exchange regulations, and you're a long way from even seeing your money back here. |
Posted at 17/7/2008 10:41 by tiredoldbroker So Chancer, why should you be right about this, when you've just been proved wrong about PLW, which you were also ramping ?Seems quite probable that FPS will never see back any of the money stuck in China; I don't rate the chances of a tiny Channel Islands company, taking a Chinese company half-owned by the Chinese government through the Chinese courts. It's not like taking Wandsworth Council to court over an uneven pavement. Strange that only at this stage they admit that their JV partner never put any share capital into the JV and that in fact, FPS was loaning money to the JV partner. As for the money in Jersey, what are the chances that corporate expenses, directrors' remuneration, legal bills and the cost of flying directors around the world to supervise legal action will make a nice big hole in the cash ? Be interesting to see what price the company makes for |
Posted at 27/6/2008 09:12 by lord santafe Now that FPS is soon to proove its worth, we will then have a lot to thank Chancer for.Every RNS cost FPS money and thanks to their rich cash pile the price of all this news is just like pennys. However todays great news means that FPS should be back before the 30th or sometime in the future. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
