Goindustry Share Discussion Threads

[dibbs] 15/1/2010 23:50

trewinney,

The basics of what GOI offer alsways did seem to be a common sense business and one that should you would think be fairly defensive as well. I would have expected the recession to create a good availability of valuation and sales related to companies in administration. You'd think that companies would also look at this knock down priced equipment at these times to avoid buying new.

However GOI have struggled at every step to deliver positive results and have raised money time and again therefore wiping out any shareholder value. Issuing bucket loads of options for the directors is good for them but no good for other holders.

Personally I'd tend to think that drastic changes need to be made to turn the company around. I would not be surprised if they delist or maybe an activist shareholder might push for new blood to come in. I keep thinking that somewhere in there a good company is locked away. Can the potential be unlocked? After a few years of asking the same question I really do wonder

Dibbs

[trewinney] 15/1/2010 16:32

Is there anybody there?

[trewinney] 22/12/2009 10:46

I bought in,because the business idea seemed sensible.Why a company running
online auctions,needs 46 worldwide offices is beyond me.
Unfortunately,I am expecting to lose my investment.

[masurenguy] 17/12/2009 17:55

No news since the September interims and the price has drifted down 30% over the past 3 months. After 10 years in business and at least 3 acquisitions (including Dove-Bid) they only have annual sales of circa £25m and are still loss making.

They still have to prove that there is a potentially viable business model after raising circa £31m in less than 4 years since listing on AIM. Their current market cap of £1.73m is roughly just 10% of what they paid for Dove-Bid less than 2 years ago !

Recent loan conversions into equity or roll overs could be the last throw of the dice. Unless there is both tangible and sustainable progress during 2010 it is difficult to imagine where they might source any future additional working capital.

[masurenguy] 29/9/2009 07:18

That is some option package !

It constitutes over 6% of the current number of shares in issue and is worth nearly £300,000 for each penny increase in the value of the current share price. If he can get the share price just back to the level of the last placing (10p in Jan 08), when £18m was raised to acquire Dovebid, then this option would be worth £2.2m !

RNS Number : 8032Z
GoIndustry-DoveBid PLC
29 September 2009

Director Dealing

The Board of GoIndustry DoveBid announces that it granted yesterday an option over 29,232,881 ordinary shares with a nominal value of 1p each in the capital of the Company, exercisable at 2p per share ('the Option') to Jack Reinelt, the Company CEO, under the rules of the Company's Unapproved Share Option Plan and pursuant to an option agreement entered into today between the Company and Mr Reinelt ('the Option Agreement'). The Option is subject to the satisfaction of performance conditions set out in the Option Agreement. The final exercise date of the Option is ten years from the date of grant. Further details of Mr. Reinelt's option arrangements are set out in the Company's circular to shareholders dated 24 August 2009.

[dibbs] 14/9/2009 00:07

Amazingly the ADVFN buy,sell or hold counter shows 26 people have this as a buy!!! There has never been much interest or many posts on the BB. Someone been playing me thinks.... Must have been boring creating all those free accounts!

[masurenguy] 20/8/2009 11:36

Looks like the short term traders are exiting now that the speculative rumours have been scotched by the company !

[theresearcher] 14/8/2009 16:03

off topic .niche group/ngp.ely properties/emo/heads on beds.

[shammytime] 14/8/2009 07:55

I told you this would get silly in the next 2-3 days...

[masurenguy] 14/8/2009 07:15

No takeover talks and a potential discounted placing on the cards !

RNS Number : 4346X
GoIndustry-DoveBid PLC
14 August 2009

Response to share price movement

GoIndustry-DoveBid plc, the AIM quoted global provider of asset management, auction and valuations services, notes the recent movement in its share price and confirms that it knows no reason for the price rise. Further to the Company's preliminary results announcement of 18 June 2009, the Board confirms that it has been reviewing the Company's funding needs and is exploring various possibilities to strengthen the balance sheet.

The Company confirms that it is currently exploring a number of options including a placing of new equity at a significant discount to the current market price (being the closing price on 13 August 2009). In addition, the Company is holding discussions with the holders of the 2011 convertible loan note regarding possible amendments to the agreement, including the possibility of allowing conversion of all or some of the loan notes into ordinary shares at a conversion rate which is at a significant discount to the current market price (being the closing price on 13 August 2009). A further announcement will be made in due course.

H1 2009 Trading Update

The extremely difficult trading conditions of Q4 2008 continued through the first two months of 2009 but improved over the four months from March to June.

The second quarter of 2009 was EBITDA positive (before exceptional items and share-based payment charges), although this will not be sufficient to offset the losses suffered in the first quarter and therefore the Company will be reporting a loss for the 6-month period ended 30 June 2009. EBITDA (before exceptional items and share-based payment charges) in the first half of 2009 is expected to be a loss of approximately £0.7 million on Direct Profit(1) of approximately £12.8 million. With the improved performance since March the annualised run rate of Direct Profit(1) is in excess of £25 million.

In light of market conditions, the Company took further action to reduce headcount and operating expenses, cutting approximately £6 million of annualised costs during the first quarter of 2009. As a result, the Company is currently expecting to book a restructuring charge in the first half of 2009 of approximately £1.0 million. GoIndustry-Dovebid's restructuring has reset the fixed cost base in order that the Company should have a better alignment between its cost base and current levels of income. In addition, the Company has taken steps to improve the profitability of auction sales. These changes were effected to ensure that the Group should be EBITDA positive (before exceptional items and share-based payment charges) on recent levels of Direct Profit.

[shammytime] 13/8/2009 20:54

Someone has just posted this on iii

Saying that, the takeover murmurs do appear as though they may have some credibility. Watch this space...

[shammytime] 13/8/2009 15:50

Breakout. Price action in this could get very silly in next 2-3 days...

[masurenguy] 13/8/2009 12:24

Aside from the sudden volume of share purchases (1.5m @ circa 2.2p is only around £33,000) what should we be taking notice of here ?

[rhiannon] 13/8/2009 11:19

TAKE NOTICE.wdik

[trewinney] 29/7/2009 09:47

Maybe the drop was related to purchase of redeemable shares.
Commiserations certainly due.Thankyou.

[masurenguy] 28/7/2009 21:51

Never thought they would get this low. Wonder who is buying - maybe the company - since I can't believe that the MMs are prepared to accumulate these shares. At a market cap of just £6m - only a third of what they paid for Dove-Bid just 18 months ago - you have to question why they remain listed. Will they delist from AIM or will they go down - difficult to see the way up from here.

No position - just watching - commiserations to any remaining shareholders !

[dibbs] 28/7/2009 20:56

Big drop the last few days. No specific recent news but a few big sales.

Can anyone remember at what point in the economic cycle GOI are supposed to prosper. Had boom and now bust and they have floundered during both.... is their a phase I've not heard of?

Sorry for those holding BTW.

Dibbs

[masurenguy] 18/6/2009 07:28

Admin expenses of £27m on sales of £37m, write offs of £24m, debt of £10m & market cap of £10m - amazed that they are still operating ! Can they survive another year ?

No position - just curious since I briefly held during late 2006 - early 2007 and fortunately exited for a very small % gain in Feb 2007 !
................................................................

RNS Number : 0870U
GoIndustry-DoveBid PLC
18 June 2009

Preliminary Results

Financial & Group Highlights

Completed the transformational acquisition of DoveBid, Inc. and successfully integrated the enlarged business

Gross asset sales (GAS) of £115 million (2007: £96 million)

Online sales accounted for 59% of GAS (2007: 37%)

Share of direct profit attributable to corporate forward flow accounts more than doubled from 15% to 38%

Subsequent to year-end renegotiated the Group's banking facilities, issued £5 million of new 2011 convertible loan notes and redeemed the outstanding £3 million 2009 convertible loan notes

Summary of Results

2008 2007

Direct profit
23,217: 17,772

Adjusted (loss) / profit before taxation
(4,339): 652

Exceptional items
(23,758): (369)

Other charges
(788): (866)

Loss before taxation
(28,885): (583)

Adjusted (loss) / earnings per share
(1.0p): 0.2p

Loss per share basic and fully diluted
(6.9p): (0.3p)

Chairman Neville Davis said: 'While undoubtedly the Group has suffered in tandem with the global economic downturn, I am confident that we are in a good position to make advances in 2009 and prosper in the coming years. With our new CEO, Jack Reinelt, at the helm, I look forward to working with him to continue to develop the business and deliver sound profitable growth in the medium and long term.'

Financial Performance

The Group suffered an adjusted loss before tax* of £4.3 million (2007: adjusted profit before tax* £0.7 million) on direct profit of £23.2 million (2007: £17.8 million) and gross asset sales of £115 million (2007: £96 million). Adjusted loss per share* was 1.0p (2007: adjusted earnings per share* 0.2p). Exceptional charges of £23.8 million (2007: £0.4 million) related principally to the impairment of goodwill, inventories and receivables, as well as restructuring costs; other charges of £0.8 million (2007: £0.9 million) were recorded for the amortisation of acquisition-related intangibles and share-based payments.

In February 2008 we completed the acquisition of DoveBid, Inc., our largest direct competitor. This transaction was strategically key: materially strengthening our business with corporate customers, transforming our position in the North American market, giving us real global scale and cementing our position as market leader in this sector. The business was successfully integrated during the first half and we were able to achieve cost savings in line with our expectations, but the acquisition did adversely impact first quarter revenues.

Although not at anticipated levels, revenues in the second and third quarters were reasonable. However, the dramatic events in the global financial markets in October had a material impact on our business with both asset prices and demand for equipment declining substantially. This led to fourth quarter revenues being materially below our expectations. In the light of market conditions, we took action to reduce our headcount and operating expenses, cutting over £6 million of annualised cost during the first quarter of 2009. We also instigated profit enhancement initiatives in areas such as auction sales.

Current Position

The year to 31 December 2009 began with continuing market difficulties affecting revenue during January and February, but in March trading improved and has remained satisfactory since then. The board believes the return to normal trading levels, when combined with the lower cost structure as a result of costs taken out both following the DoveBid acquisition and in the first quarter of 2009, should result in an improvement in the Group's performance over the final three quarters of 2009 and beyond. We have renegotiated our banking facilities and replaced the £3 million convertible loan notes with £5 million of new convertible loan notes that mature in 2011. The board continues to review the Group's funding needs and is exploring various possibilities to strengthen the balance sheet.

Outlook

Our business and the market opportunity for our services remain strong. Our customers include many of the world's leading corporations, financial institutions, corporate advisors and business recovery and bankruptcy professionals. We conduct valuations in over 30 industrial sectors and 70 different countries around the world, drawing upon the experience and asset intelligence of tens of thousands of appraisals and transactions. Our auction reach and competence is unparalleled based upon global coverage, extensive experience and outstanding technology. Our asset management service for major organisations draws upon all of our capabilities to provide a range of comprehensive, compelling and effective solutions.

We believe that market conditions have now stabilised and we are optimistic that opportunities for GoIndustry-DoveBid will improve. The business is tactically well placed to exploit these opportunities. Strategically, the business is very well positioned: we are clear global market leaders in our sector, but we only have a small share of a very fragmented market. We believe our approach, scale, coverage, experience and expertise ideally place us to strongly grow our share of this market. The board is confident that, under the leadership of our new Chief Executive, the Group can take advantage of these opportunities and deliver sound profitable growth in the medium and long term.

Neville Davis: Non-executive Chairman

[masurenguy] 11/6/2009 00:54

Results for the year ending Dec 31st 2008 will be announced next Wednesday (June 18). The shares are now at an ATL of 2.05p so their latest outlook could be interesting.

This company has raised £31m in three placings May 06, March 07 and January 08 with the latter raising £18.5m to fund the acquisition of Dovebid who they bought for a net £15m nearly 18 months ago. They have burned through £21m to arrive at todays market cap of less than £10m. Can they rise like a phoenix from the ashes or are they heading for a delisting having blown it ?

[dibbs] 06/5/2009 10:35

raginghippo, rather you than me! GOI has a history of going from bad to worse.

Dibbs

[raginghippo] 06/5/2009 08:59

Im in 50,000 @ 1.6p - only way is up from here. Get in now and wait until 18 July with arms, fingers and legs crossed.....!

[raginghippo] 06/5/2009 08:21

is this worth bottom feeding....hmmmmm

[masurenguy] 06/5/2009 08:18

Share price at an all time low - CEO replaced - Overdraft halved - £1,5m restructuring write downs - 'substantial' operating loss projected for the year ! Looks like they are on life support now - will they survive and if they do will they delist ?

On my watchlist since selling out at 16.75p in Feb 07 - very glad that I was never tempted to reivest here !
.................................................................

RNS Number : 7319R
GoIndustry-DoveBid PLC
06 May 2009

GoIndustry-DoveBid plc, the global provider of asset advisory, disposition and
valuations services, today releases the following trading update and update on
its banking facilities:-

2008 was a very challenging year for the Company. The acquisition of DoveBid,
Inc was completed on 25 February 2008 and was followed by a significant period
of successful integration activity. This acquisition adversely impacted first
quarter revenues, but revenues in the second and third quarters, while not at
the anticipated levels, held up well, with relatively stable levels of demand
and healthy market pricing. However, the turmoil in the global financial markets had a major impact on fourth quarter trading. Asset prices declined
significantly and demand for surplus equipment weakened. As a result, revenues in the fourth quarter and the year overall were materially lower than expected. The Company achieved Direct Profit for 2008 of approximately GBP24 million, leading to a substantial operating loss for the year. In the light of market conditions, the Company took action to reduce its headcount and operating expenses, cutting over GBP6 million of annualised cost during the first quarter of 2009. As a result, the Company will be booking a restructuring charge in the first half of 2009 of c. GBP1.5 million. In addition, the Company has taken steps to improve the profitability of auction
sales. Revenue levels in January and February 2009 remained depressed, but trading has improved since the beginning of March. The Board believes this upturn, when combined with the lower cost structure, should result in an improvement in the Company's performance over the final three quarters of the current financial year ending 31 December 2009.

The Company's bankers continue to remain supportive and the Company has just
completed the re-negotiation of its main banking facilities. The GBP2 million
overdraft facility with Barclays Bank has been replaced with a GBP1 million
facility that will be repaid before the end of 2009. The $10 million facilities with PNC Bank in the United States have been renewed. All facilities have been negotiated on normal commercial banking terms.

Separately the Company also announces today the appointment of a new CEO, Jack
Reinelt, with immediate effect.

The Board expects to announce its preliminary results for the financial year
ending 31 December 2008 on 18 June 2009.