Green & Smart Share Discussion Threads

[cisk] 01/11/2007 10:45

CH3, I agree with you that it would be impossible to prevent the appointment - but I seem to remember something along the lines of that, depending on a company's articles & memorandum of association, a vote is put to the floor of the AGM, and then carried or rejected on a show of hands - and then votes are counted from AGM resolutions....

So of course a vote could be defeated on a show of hands but carried on proxy votes.

This of course might be a figment of my imgaination from watching Wall Street far too many times!

This is yet another reason by Scarr-Hall's holding should and must be reduced to below 50% because he still effectively maintains control...

Regards
Cisk

[charterhouse3] 01/11/2007 10:33

Cisk,

I think the problem is that around 88-90% of the shares are spoken for by Scarr-Hall and the Company so it will be difficult to mount a worthwhile campaign against them if they support the new Chairman.

I suppose you can email the company expressing some disapproval:

[e-mail]

On a brighter note I see that there have been some comparatively big trades over the last few days.

I would like to think it is the prospective new chairman buying (nothing concentrates the mind more than having a large chunk of your own money at risk !!).

CH3

[cisk] 01/11/2007 09:25

Guys, this is probably a silly question, but is there anything we can do to prevent the appointment of the new chairman? Or at least indicate shareholder disapproval? From what I've read in the press he seems like a complete muppet...

Does there have to be a vote on show of hands at the AGM?

[simon gordon] 31/10/2007 10:02

Looks like JSG is going bust - how could GSH install a Chairman with such a lousy record?

I have remembered that I put my nephews pension into GSH - so I'll still watch.

I will get my eleven and eight year old nephews to write to ISH....

-----

New forecast:

T/O - 185m
PBT - 9.2m
EPS - 32.8
P/E - 14.5x

Upside potential 10%. 20%+ if ISH loosens up.

[charterhouse3] 26/10/2007 18:11

Evening all !!!!!!

The half term holidays meant I was busy all day so could not comment on the replies from my original post this morning.

Firstly, FWIW, I was delighted with the results so was comfortable spending a day away from from the monitors knowing that the share price would take care of itself.

Was not expecting any news on the Scarr-Hall shareholding today (after all it is something that is out of the control of the current management and nothing to do with prelims) so no surprise there.

Courant has done a very good job of explaining why I think this Company is still very attractive - see 277 and 279 above.

IMO it is just the illiquidity that is holding the share price down at the moment.

If Scarr-Hall offloaded some more shares which in turn got more institutions on the share register then the increased profile of the Company in the City would automatically result in a higher share price as GSH would begin to attract a rating similar to the higher quality members of it's peer group.

What we have is a first class Company that very few people in the City know about.

I first started buying at 305p and have topped up numerous times.

I am more than comfortable holding and look forward to remaining on the share register for many years.

I will try to get to the agm this year (a last minute emergency prevented me from attending last year - even the train ticket to Stoke and back was booked !!).

In the meantime have a good weekend all.

CH3

[phil200] 26/10/2007 17:28

Hi,

Why might increasing the free float have a positive affect on the share price given that the shares are not trading at an extremely low rating ?

I would agree that the share price would increase if the price was lowly rated because more people would want to buy into a cheap company.

Thanks.

[cisk] 26/10/2007 14:29

Simon, it's a shame to loose you from the board.

Is anyone going to the agm? As there are so few of us (circa 100 still?) maybe we could force consideration of changes through a show of hands (and then of course to a full vote which of course ISH would win) but it would make a point...

[courant] 26/10/2007 12:07

I agree the ISH issue is slightly frustrating but it doesn't actually concern me overly. Sure, short-term traders will get a boost if his holding gets spread around - however, my horizons for this one are very much longer term as I see a lot of potential for the business. If I were in ISH's boots, I might well look at the situation and see the potential there too - it would then be entirely rational for him to hold onto his shares (why sell a good thing?!). Again, I prefer to judge it on the underlying business, which is very strong. It also has attractions of the business being relatively insensitive to the general economic environment and being geared positively to higher energy prices. This makes it a highly attractive portfolio addition.

Courant

[simon gordon] 26/10/2007 11:57

Hi Courant,

I agree the results are excellent.

It looks to me like ISH does not want to increase liquidity - hence the Nipper joining.

The new Chairman is second rate (he was fired from JSG) and I wonder if ISH picked him?

The annual report looked so promising but alas the Chairman failed to deliver on the progression of GSH as a PLC. ISH has kept his iron grip. Maybe BG left for this reason??

I am sure the share price will rise over the coming years but I think there are better risk/reward shares in the London market.

I wish you all well.

I am removing GSH from my watchlist.

Good fortune!

[courant] 26/10/2007 11:19

I agree with CH3 here, I thought they were excellent results. They exceed forecasts in all areas by around 10%. Particular highlights are the solid growth, both top line and in the margin, and the increased order book. This is a very stable growing company with an exceptionally strong balance sheet. It's also nice to see that energyplus has been growing strongly too - this is a potential major competitive advantage and could provide a decent earnings kicker in years to come. Strip out the cash and these are on a pe of 14.5, peg just over 1. This is very reasonable given the stability of the business and the company.

The only disappointment was there was no mention of the free float - given this was an explicit commitment in the last finals, I'm very disappointed that there has not been much movement on this front.

Courant

[alter ego] 26/10/2007 11:16

thanks Simon, now I understand what you were alluding to. I hope your fears are misplaced. Alter ego

[simon gordon] 26/10/2007 10:08

Hi alter,

JSG is a company with many problems:

-Debt.
-Failed ERP implementation.
-Confused strategy.
-Exceptionals are a way of life.
-Pathetic execution.

JSG have a new CEO from Brandon Hire but he is having trouble stopping the rot!

I think the Nipper and JSG appointments are lousy and I wonder how the CEO is feeling being surrounded by such mediocrity.

I think shareholders have to wonder if at some stage CT will be prized away to a Main Market listed Support Services plc.

[cisk] 26/10/2007 09:37

I think the results are good but not sparkling - it would be nice to see more free float available, and think the shares will continue to tread water until this happens. However the lack of volatility is also appealing in current times...

Cisk

[theophilus] 26/10/2007 09:05

CH3,

I thought the results were more like "OK".

A useful dividend increase and an outlook for steady growth.

What was it that appealed to you?


---------------------------------------------------------------------------------------------------------

Question for anyone with accounting skill:--

Sorry about the formatting I did my best

I follow the figures in the first col upto and including the underlying profit of 7152 but then there is a figure for Penson curtailment gain of 481 but this is just left hanging in air.

i thought the next figure would be 7152 +481 = 7633. But it remains at 7152.

If you look at the actual results the columns are clearer.

Cheers


Th.




For the year ended 31 July 2006

UK GAAP as IFRS 3 Restated under
previously adjustment IFRS
reported,
presented in
IFRS format

#000 #000 #000

REVENUE - CONTINUING OPERATIONS 135,756 - 135,756
Direct costs (100,861) - (100,861)

GROSS PROFIT 34,895 - 34,895
Administrative expenses (27,666) 59 (28,088)

PROFIT FROM OPERATIONS - CONTINUING
OPERATIONS 7,229 59 6,807
Finance income 105 - 105
Finance costs (182) - (182)

UNDERLYING PROFIT 7,152 59 6,730
Pension curtailment gain 481 - 481
Share based payment charge - - -

PROFIT BEFORE TAXATION 7,152 59 7,211
Tax expense (1,729) - (1,729)

[alter ego] 26/10/2007 09:05

can you explain why please Simon

[simon gordon] 26/10/2007 08:12

Hi CH3,

What about the JSG guy as Chairman!!

JSG is a serious mess!!

[charterhouse3] 26/10/2007 08:07

Stonking results.

CH3

[cisk] 25/10/2007 12:09

Simon, maybe he was shopping?!

[simon gordon] 25/10/2007 11:51

Hi CH3,

I noted a GSH van at Asda's on Sunday.

I wonder if they have won a contract with them.

Should find out tomorrow.

[charterhouse3] 25/10/2007 11:13

Reassuring to see that big buy at 460 (at least I think it was a buy !!)

;o)

[courant] 09/10/2007 18:38

No (unfortunately!) cos he's a Swiss resident now (no CGT).

Courant

[simon gordon] 09/10/2007 17:56

Any thoughts on whether the new CGT rules, announced by our Darling chancellor today, will speed up ISH selling more shares by 4/08?

[charterhouse3] 05/10/2007 09:19

GSH Group PLC
05 October 2007

GSH Group plc
Announcement of Preliminary Results


GSH Group plc (AIM: GSH), the international provider of bespoke facilities
management and energy management solutions, will announce its preliminary
results for the year ended Tuesday 31 July 2007 on Friday 26 October 2007.

[courant] 28/8/2007 09:26

"You simply cannot afford to be careless or wrong."

But how much weight do you attribute to either the possibility of you being wrong (just because you could be), or to random events wiping you out? It's all well and good to stack up on one share, but the potential for wrong-ness - especially with small caps - for a myriad of reasons is quite high, or at least higher than you might expect. Personally it's an approach which is fine on paper and sounds attractive but it's rather harder to implement in practice without a good dose of luck. (At least in small caps - doing this with large caps is significantly easier. I would be reasonably comfortable exclusively holding two or three of my current large cap positions.)

That said, my current two largest small cap holdings make up about 40% of my small cap portfolio and I'm very bullish on both. It's just that I'd like to have some decent backing (some of that being GSH)! I could stand a 20% hit if one goes completely belly up ,or 40% (even though it would be very painful!) if both went off the rails. But that's my threshold - if you stack up on one or two shares, you have to seriously consider the possibility of losing it all, and that risk exists no matter how much work and research you put in.

Sorry, this has gone waay off topic!

Courant