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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Forth Ports | LSE:FPT | London | Ordinary Share | GB0003473104 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,627.00 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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07/7/2007 16:36 | Worth noting the last paragraph. ..."The Nordic acquisition is expected to forestall suggestions that Forth Ports is a takeover target in the wake of other UK ports companies being bought out. Hammond said: "We feel our job is to get and grow the business for the benmefit of our shareholders and we are setting out how we are trying to do that. We're looking forward to the future with a lot of confidence." I personally also see greater value for shareholders in the long term if Forth Ports are NOT bought out. | gateside | |
07/7/2007 16:34 | Forth Ports to expand Nordic By Ken Symon, Business Editor Grangemouth and west coast ports among possible new sites for waste materials sector of new acquisition FORTH PORTS will look at rolling out its newly acquired Nordic Group materials recycling business at additional UK ports including Grangemouth. Charles Hammond, Forth Ports' chief executive, speaking exclusively to Sunday Herald Business, said he believed there were good prospects for expanding the business to other ports. He said: "Anywhere where there is the possibility to export recycled paper we will look at." He said that these would include Grangemouth and ports on the west coast as well. "These are all possible for the future," he added. Forth announced on Friday that it was acquiring Nordic Group for £46 million, including £13m of the company's debt. Hammond said he expected the business would be earnings-enhancing in the first full year of ownership. He was speaking on Friday after completing the deal in through-the-night negotiations in Edinburgh between Thursday and Friday morning. Nordic's activities include port terminal operations at Chatham Dockyard, a materials recycling business and a data management and storage business. It currently operates from an 18-acre leasehold site in Chatham Dockyard in Kent and is about to complete the commissioning of a materials recycling facility at the port of Tilbury on the southeast coast of England. The materials recycling business does three main things: baling waste paper for export; waste management for companies; and councils and waste paper sales. The deal was financed with £28m in cash, £4m in unsecured loan notes and £1m to be raised through the issuing of 53,620 Forth Ports shares, which were trading at Friday's close at £18.45. The deal was done with Nordic shareholders' private equity group Milestone Capital, Nordic managing director Colin Price and fellow executive Patrik von Hacht. They took over Nordic in a £13m management buyout in August 2005. In a trading upate released on Friday along with the acquisition announcement, Forth said the Scottish Ports division had seen increased piped cargo tonnages due to the Buzzard Field. In the second half of the year it expects to see increased shipments from speciality chemicals company Ineos and spirits group Diageo and increased grain tonnages from Dundee. Forth said it expected a strong improvement over last year's first-half results at Tilbury, due partly to the London Olympics. Hammond welcomed the Scottish parliament's decision to go ahead with the Edinburgh trams project and said it wuld greatly help the regeneration of the Edinburgh waterfront. The Nordic acquisition is expected to forestall suggestions that Forth Ports is a takeover target in the wake of other UK ports companies being bought out. Hammond said: "We feel our job is to get and grow the business for the benmefit of our shareholders and we are setting out how we are trying to do that. We're looking forward to the future with a lot of confidence." | gateside | |
29/6/2007 11:36 | FORTH PORTS ACQUIRES NORDIC GROUP Forth Ports PLC ('Forth') is pleased to announce the acquisition of the Nordic Group ('Nordic'), a group comprising a port terminal operation, a materials recycling business and a data management and storage business. The business operates from an 18 acre leasehold site in Chatham Dockyard, Kent and, in addition, is about to take occupancy of a site within the Port of Tilbury. The consideration for the acquisition was £46m including the assumption of Nordic's indebtedness of £13m. The transaction is expected to be earnings enhancing in the first full year of ownership. The current Managing Director, Colin Price, will remain with Nordic. Nordic has three main activities:- A port terminal operation at Chatham Dockyard providing stevedoring, ships agency, warehousing and freight forwarding services. The facilities include a roll-on/roll-off berth and a conventional berth. The materials recycling business has three main activities: baling waste paper (including sorting and packaging) for export; waste management services for corporate clients and councils; and waste paper sales. A data destruction and archiving service located at Chatham or the clients' sites. All the shredded waste on site at Chatham is sold to the materials recycling business and fed into the baling process. The prospects for growth in the Nordic business are good. A significant proportion of Nordic's existing revenues are underpinned by its customer contracts. Nordic will soon complete the commissioning of a Materials Recycling Facility ('MRF') at the Port of Tilbury. The MRF facility already has contracted throughput for a major paper customer and will allow Nordic to supply baled recovered paper to a variety of export markets, using Tilbury's wide trading links. The sourcing and export of baled waste can potentially be carried out by Nordic in other port locations in the UK. In addition to assuming the debt, the consideration for the acquisition was satisfied as to £28m in cash, £4m in unsecured loan notes and £1m by the issue of 53,620 Forth Ports Ordinary Shares of 50p each. The cash consideration has been financed from Forth's existing bank facilities. The shares in Nordic Limited, the holding company for the Group, were held by Milestone Capital Limited, Colin Price and Patrik Von Hacht. In the audited accounts to 31st December 2006, Nordic generated revenues of £21m, EBITDA of £3.3m and profit before taxation of £0.3m. As at 31st December 2006, the gross assets, excluding goodwill, amounted to £14.1m. Commenting, Charles Hammond, Group Chief Executive of Forth, said: 'Nordic's paper handling and waste export business has high quality customers and secure contracts that underpin future revenues. The Nordic business model allows export opportunities to be created from the sourcing and collection of paper for recycling. The business fits well with Tilbury's wide and varied trading base in what is a long term growth market as the need to find alternative ways of dealing with waste intensifies. The strategy can be replicated in other port locations in the UK to add value to paper customers' businesses. This acquisition also underlines our commitment to recycling and improving environmental efficiency.' | gateside | |
29/6/2007 11:35 | TRADING STATEMENT Forth Ports PLC ('Forth') is making this statement in advance of the announcement scheduled for 10th September 2007 of its results for the six months to 30th June 2007. Overall the results for the first half are expected to be in line with our expectations. We are also pleased to announce that Forth has acquired Nordic Limited ('Nordic'), a group with port terminal operations, a materials recycling business and a data management business, for £46m. Further details on this acquisition are provided in a separate announcement. Ports Division Within Scottish Ports and Marine, the piped cargo tonnages have increased, with Hound Point benefiting from the Buzzard Field tonnages. Coal and iron and steel traffic at Leith has improved over the comparable period. General dry cargo at Grangemouth was up. Container volumes were slightly lower but are expected to recover in the second half. At Tilbury, the financial performance is expected to show a strong improvement over last year's first half results. Short sea container volumes should be up by over 10%. Far Eastern timber tonnages improved in the first half this year compared with the comparable period. The Ferryways ro-ro business performed well during the period, but the company has recently been placed in administration. As a result, we have entered into discussions with other ferry operators and are confident that a new ro-ro service will replace this business. The Stora Enso paper business has seen strong service levels and better cost control throughout the first half of the year. Tilbury Container Services Limited is expected to be marginally behind the equivalent period last year due to lower ancillary revenue. Overall, trading in the ports division should show a good level of underlying growth for the first half of 2007. The outlook for the second half of 2007 in ports should, as in prior years, be stronger than the first half. In Scotland, we should see improvements in container volumes at Grangemouth with the benefit of improved production levels from INEOS and Diageo and improved grain tonnages at Dundee. At Tilbury, a new tenant, Hughes and Associates, will use Tilbury for barge movements to and from the Olympic site; Far Eastern plywood is expected to increase and the bulks business should have an improved second half. Property Division The commitment from the Scottish Parliament to allow the Tram project in Edinburgh to continue is welcomed and will greatly assist the regeneration of Edinburgh's Waterfront. The first affordable housing plot sale was achieved in the first quarter of 2007. This sale was completed ahead of our legal commitment under the Western Harbour planning approval and is a measure of our commitment in this area. The revised masterplan for Granton remains on course for approval during the last quarter of 2007. Within Western Harbour, we have completed the refurbishment of the former Harry Ramsden's restaurant and expect our new tenant, Loch Fyne Restaurants, to be open during the third quarter. The Leith Docks outline planning application is now expected to be submitted by the end of August. Finally, good progress has been made on the preparation of the Hub outline planning application and masterplan which is still expected to be submitted by the end of this year. Directorate The Board is pleased to announce that with effect from 1st July 2007 Mr. James Tuckey will be appointed as a Non-Executive Director. James Tuckey is UK chairman of Multiplex Group and the former Chief Executive Officer of MEPC plc. He is also an adviser to the BP Pension Fund. Christopher Collins, Chairman said 'We are delighted that James Tuckey is joining our Board. His property experience will be particularly valuable as we develop this increasingly important part of our business'. Outlook The second half of the year will see the integration of the Nordic acquisition, which will give us the opportunity to offer additional services to our existing paper customers. The full year ports' performance should see a good level of improvement over last year. In Property, the key focus will be on submitting the two outline planning applications for the Hub and Leith Docks. The Group continues to have a strong pipeline of projects and so we look forward to the future with confidence. | gateside | |
26/6/2007 09:53 | There may be a lot of hot money in this from yesterday. When it started to fall the herd ran for the exit. Or, it might have been profit taking by that bloke who started the rumour. ;-) | ed 123 | |
26/6/2007 09:45 | what was that!!!??? Should have topped up on that drop but didn't have the bottle - did a trader have slippery fingers and press the wrong button? | deeppockets | |
26/6/2007 08:22 | LOL!!! .... just going off to another board to .... .... NO, NO, must resist abusing my new found power! ;-) | ed 123 | |
26/6/2007 07:15 | Ed123... It must be those rumours you started last week! ;-) | gateside | |
26/6/2007 07:14 | Market Report: Forth Ports surges on talk of private equity bid By Nick Clark Published: 26 June 2007 The port operator Forth Ports is once more in the takeover spotlight, as the stock soared to become one of the top risers in the second tier yesterday. Shares in the last remaining independent UK port operator rose 84p to 1,846p, reversing its recent slump and driving speculation that a bid was in the offing. While no potential buyers were named, traders are expecting an offer of £25 before too long, slightly lower than estimates earlier this year. Infrastructure has been strongly targeted by private equity, and after the takeover of Associated British Ports last July by a Goldman Sachs-led consortium, traders are saying it is only a matter of time before Forth Ports receives similar interest. | gateside | |
25/6/2007 19:59 | Firms turn up heat on SNP in bid to save trams | gateside | |
25/6/2007 08:19 | Forth up 23p - a pleasant surprise! I didn't read the tea leaves too well yesterday! ;-) | ed 123 | |
24/6/2007 21:37 | Thanks, Gateside. There was some support on Friday, which was encouraging. Shouldn't be affected by the DJ drop on Friday, but, if I had to guess, I'd say Forth will be down tomorrow. Also guessing, when the market thinks the last UK interest rate rise has happened, Forth will start to recover. The ebb and flow of sentiment ... | ed 123 | |
21/6/2007 08:58 | Pssst, wanna bid for Forth Ports, mate? ;-) It looks to be following the falls of the property stocks and housebuilders. If that's the case, there may be a bit more to come (another interest rate rise in July probably). Apropos a bid, it would be more likely when the share price was 1760 than when it was 2160. | ed 123 | |
21/6/2007 08:41 | Someone please start some bid rumours! | gateside | |
20/6/2007 21:22 | Yes, it looks seriously out of favour now. Dow Jones closed down 146 points, so tomorrow's very likely to see Forth even cheaper, dragged down with the broader market. Where will this drop end? Looks oversold short-term and could bounce (but not tomorrow, I think). Technically, there should be support around today's level (1800-ish). However, I'm not feeling very confident and would not be surprised if the selling resumed after any bounce. Long term, it should be sound but this fall is not pleasant. | ed 123 | |
20/6/2007 19:01 | Looks like we are sinking fast! :-( | gateside | |
12/6/2007 15:13 | G - Appears that way and no comment from any source or indeed hint of any problem. Only 15% down on Feb high which considering the "takeover" hype at the time with 0 in the offing is probably what would be expected. Feels uncomfortable tho'. | faraway | |
12/6/2007 12:05 | Now down through £19 :-( This surely is becoming a bargain. Takeover anyone? | gateside | |
07/6/2007 12:07 | Dropped though £20 :-( Rumblings of a £26 takeover bid seem a distant memory now. | ed 123 | |
29/5/2007 16:08 | Yes it's good to see £20 acting as strong support | gateside | |
29/5/2007 16:05 | Hello ............ someone's been busy today. This should be a quiet time of year for FPT. Good to see it heading north again :-) | ed 123 | |
25/5/2007 13:01 | Ed 123... Good brief summary of reasons to keep holding. My FPT shares aren't for sale either. | gateside |
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