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Share Name | Share Symbol | Market | Stock Type |
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Hartstone | HST | London | Ordinary Share |
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Posted at 18/4/2004 20:13 by sambuca If you get a letter from Keirgroup holdings asking if you want a research report on HST just sign on the dotted line and return in the pre paid envolope read this first (copied from the FSA website under the heading of "share scams")It is not on the FSA register so they might be all above board but they might not! Share scams The Catch Sounds obvious but if a stranger rings you out of the blue and tries to sell you shares in companies you've probably never even heard of - TAKE CARE! They may be part of a financial scam using hard-sell tactics to persuade you to buy shares. If they end up persuading you to buy, they'll be the ones laughing all the way to the bank. And you may be left with potentially worthless shares and no rights to complain or claim compensation from the UK schemes. But surely financial scams would be closed down immediately by the regulator? Well, yes they would if we found they were operating from within the UK. Firms selling shares have to apply for a licence and abide by rules designed for your protection, otherwise they're not operating lawfully. BUT WATCH OUT! These rules are not identical abroad. Financial scams based overseas are able to communicate with anyone anywhere in the world and could be targeting UK investors. The first time you hear from such firms could be by post or e-mail, or they might advertise their services over the internet. They may offer you a free research report into a company in which you hold shares, or a free gift or a discount on their dealing charges. The scenario may follow this pattern. You'll probably be an investor in smaller companies (often called penny shares). Therefore, your name will have appeared on the share register of the company you've invested in - which anyone can get hold of. Then surprise surprise, you'll receive a mailshot making you a great free offer. Sign on the dotted line and you'll receive a free, independent research report outlining future prospects for the company. "Nothing to lose" you think. "And it's free". So you sign on the dotted line and send your response in the freepost envelope - but don't worry, it must be OK because its got a UK address and so if anything goes wrong, you'll be able to complain. What you haven't realised is: By signing on the dotted line, you have probably agreed to be contacted by the firm in the future. This was probably written in the small print of the mailshot. The UK freepost address on the return envelope may simply be a forwarding address to an overseas address. What happens next? You'll start to get flooded with calls offering you a great deal on shares, often in smaller companies you may not have heard of or possibly other investments such as futures, options or foreign exchange. The firm's salesforce will probably sweeten, cajole, flatter, bully and even sometimes threaten you to take up their offer. Don't forget, they probably make a commission on every sale. After buying the shares, you may have difficulty in getting the shares or their certificates. And when you try to sell them, you won't know if the price is fair - or you could find the price is inexplicably lower. If you do manage to persuade the firm to sell your shares for you, you may have difficulty getting the proceeds from the sale or be put under a lot of pressure to buy other shares with the money. Companies based outside the UK and which are not authorised persons are allowed to advertise their services in the UK, but only if their publicity is approved by an FSA-authorised firm or an exemption applies which allows them to advertise their services without such approval. In the UK, firms are generally not allowed to 'cold-call' potential customers to sell them financial services. If, however, you initiate contact with the firm, a follow-up phone call does not count as a cold call. How to protect yourself Always check whether the company is authorised in the UK. Ring the FSA Consumer Helpline 0845 606 1234 (calls charged at local rates) to find out or look at the online FSA Firm Check Service. If it isn't, take care. You probably won't have the right to complain or seek a penny in compensation from the UK regulatory system if things go wrong. The FSA has published a warning about firms that it is aware of that operate this way. However, be aware that this type of firm is likely to change its name frequently so if it does not appear on these lists do not assume it is genuine. If the company is not authorised in the UK, then look carefully to see where the company is registered. Try and check whether the company is in fact regulated in its home country. If it is, try to find out as much as possible about how regulation, ombudsmen and compensation works there. Financial firms authorised in a country in the European Economic Area (EEA) can offer certain products or services in any other EEA country if they have a 'passport' that entitles them to do so. Such firms will be regulated in their home country and meet standards which have been agreed across all EEA countries. However, if the firm becomes insolvent and you have a claim for compensation, you will need to deal with the relevant authorities overseas. Read the small print. If you had, you would probably find that you had expressly agreed to receive calls from the company. And even if you think you're immune from such high-pressured selling tactics, you'd be surprised at just how many people give in - simply to get rid of the caller. If you do decide to go ahead and buy the shares, at least try to check the current price in the financial press or with a broker. These firms may be acting as bucket shops, buying in shares from other brokers. If they do so, you may not pay the market price for the share. Even though they will be trying to get you to make a decision quickly, still try to find time to do your own research before buying - look on the company's website if they have one, get hold of the annual report and read the financial press. If you decide to go ahead, be aware that it may be difficult to get evidence or confirmation of what shares you hold from the firm - and it may be even more difficult to sell them when you want to. IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS! What can happen In one recent case, a consumer received a "cold" call from a company he had not previously had anything to do with and was persuaded to buy shares in another company. Later on he received some paperwork in the post, including a 'stock purchase agreement'. This mentioned two other companies and claimed that one of these companies was FSA-authorised. When he checked with the FSA, he discovered that the company was not authorised and that the FSA Register number was false. He told the FSA what had happened and FSA enquiries revealed that the investment was entirely bogus and that the address was false. This particular individual was saved from losing a very substantial sum of money. Always check whether the company is authorised in the UK. Look at the online FSA Firm Check Service to find out or ring the FSA Consumer Helpline 0845 606 1234 (calls charged at local rates). If it isn't, take care. You probably won't have the right to complain or seek a penny in compensation from the UK regulatory system if things go wrong. Sam |
Posted at 23/3/2004 19:45 by nod My, what a nervous bunch :)I don't believe the situation has worsened at all - on the contrary, things have not looked so bright for HST since 2001. Although the light at the end of the tunnel is still dim, at least there is some light now. The Bennett deal changed the future for HST. What's the business worth to HST or someone else? I have no idea. But if someone were to pay £15m then that would cover the pref conversion and interest plus a small premium on the ords. If someone were to pay £20m then ords will more than double. In other words, it's ordinary holders who will reap the reward of any offer above £15m. Prefs may not be any better off if HST goes under. After accountants and bankers takes their cut, there will probably be little left for pref holders. Prefs may not be better off if HST is sold, unless it's sold for less than its curent market cap of £3.2m plus pref repayments. If an announcement is made on a deal, positive or negative, there will be no time to get in or out. The only way you can win is to be in. You could also lose a significant percentage. I've taken a balanced view and have half in ords and half in prefs. These are both high risk and not for widows, orphans or the nervous. |
Posted at 21/3/2004 00:27 by nod Negotiations have been terminated in the past at prices higher than today's level.That these talks take place at all implies bidders have done basic sums. Bid offers are seldom below current price and are usually at a premium. Current price usually factors in debt and risk. The Bennett deal was a good one for both parties. The Bennett deal enabled HST to renegotiate its bank debt. From this information I would conclude: a. HST are not yet cornered (though it may happen one day) b. Neither pref holders nor the bank want HST to go under c. An agreed bid would need to be Prefs + Ords + Debt d. A premium on Ords seems biggest hurdle. These major shareholders hold 57% and are not going to vote to lose their investment: Major Shareholders Amount % Holding J & O Hambro Inv Mgmt Ltd 26,060,000 16.44 North Atlantic Smaller Companies Investment Trust PLC 22,060,000 13.92 Henk Maris Van Heyst 13,500,000 8.52 Schroder Investment Management Limited 10,700,000 6.75 Veer Palthe Voute NV 6,641,947 4.19 Shaun Coleman Dowling 6,500,534 4.10 Barclayshare Nominees Ltd 4,898,060 3.09 |
Posted at 20/3/2004 15:52 by besbury Having been away from the PC for a few days I missed all the exitement!I am a long term holder having first bought in June 1995 @ 14p. I averaged down several times but eventually lost patience and sold all HST @ 4.55p in June 02. However, being a shareholder in 1996 I took up my entitlemnt to the 8% cumulative convertible preference shares at 100p. I have since added more at a lower price to my original allocation and, more in hope than expectation, was looking forward to their redemption at 100p in July next year. Also of course we are owed several dividends. Without checking my records I believe it is four to date? There have been several false dawns with "talks which may or may not result in a bid for the company". They have all fallen by the wayside, but could this one be different? I have no idea. I have no intention of buying back HST as they are far too risky. I have taken a look a the trading in HSTA yesterday and IMO, that is where the smart money is going. Buying HSTA now is not without risk but it is, IMO, the much safer bet of the two. I trust the foregoing will have been of some help. Regards B |
Posted at 17/2/2004 13:05 by dell314 day_dreamer - I appreciate that your angle is level2/trade based, possibly with TA, but for a stock like HST, I think you need an appreciation of the fundies. Without the Bennet deal, it looked like there would be no further US bank facilities. The new US loan facility halves next month and prefs are due to be redeemed next year. Large stakeholders aren't necessarily any brighter than the rest of us, although presumably money buys better advisors(I imagine SWO stakeholders aren't feeling very clever right now). I don't know the exact details of the HST cumulative prefs but prefs are usually non-voting but get the right to vote, when divis aren't paid. Those with large holdings of HSTA may well have very different plans to those accumulating the equity and there could be a struggle here between equity holders and debt holders.. My comments are simply to balance out the bluesky rampers. If someone cares to post a thorough analysis of the impact of the Bennet deal on the next results, then I might have more faith that people here know what they are talking about... Rgds dell All IMHO etc. |
Posted at 16/2/2004 17:16 by tony14 Well what a day for HST, up 56.5%. Opened up on Level 2, 1 bid 4 offer then took off after the 100k@1.2 mm buy. Keen observers of this stock would have noticed the mm's slowly moving up their quotes in the last few trading sessions but what sparked the flurry of upward activity today? Ramping, I dont think so, naturally any stock that hits the top of the leader boards warrants attention and whilst some may be accused of over-enthusiasm, HST was already on its merry way. Many unanswered questions here for some but one thing for sure HST is now in "play". Micro-caps are very much in vogue at the moments and maybe its HST's turn to catch up with the pack. Definitely not for those that are risk averse or orphans and widows!Regards |
Posted at 16/2/2004 15:41 by day_dreamer james 2 :I'm not aware of hst being mentioned everywhere else, it's a shame because the genuine holders might have stumbled on the fact that the current currency rates favour Hst's deal with Bennetts, it's not easy to explain as i'm not a accountant but i was told yesterday that it's a bonus for Hst and gives them a good chance of making inroads into their debt problem, i hope ct can add to this. Gravy |
Posted at 11/12/2003 09:58 by currypata kai 11 December 200311 December 2003 (for immediate release) THE HARTSTONE GROUP PLC Announcement of Unaudited Preliminary Results for the six months ended 30 September 2003 * Operating profit before non-recurring and central costs, #0.1 million (2002: loss of #1.8 million) * Non- recurring costs of #2.1 million * Loss before tax of #1.8 million (2002: loss of #2.2 million * Footwear Licensing agreement with Bennett Footwear Group signed in September * Trading in shares transferred to AIM Commenting on the announcement, Hartstone's Chairman, Shaun Dowling said: "The new Footwear Licensing Agreement has reduced working capital and given us a licence income, but we have forfeited the contribution which the footwear division previously made to company overheads. Further overhead savings are being made." PRESS ENQUIRIES The Hartstone Group PLC Tel: 01494 787700 Shaun Dowling, Chairman THE HARTSTONE GROUP PLC Unaudited results for the six months ended 30 September 2003 GROUP RESULTS In the half year to 30 September 2003, The Hartstone Group PLC made an operating profit of #0.1 million, (2002: loss of #1.8 million) before non-recurring costs of #2.1million and central costs of #0.2 million. After net interest payable of #0.3 million and other finance income of #0.6 million, there was a loss before tax of #1.8 million (2002: loss of #2.2 million). The non-recurring costs principally relate to the cost incurred in entering into a new licensing agreement with Bennett Footwear Group LLC and also to the closure of full price stores. The other income of #585,000 arose from winding up a dormant subsidiary pension fund and the taxation charge of #267,000 mainly relates to this income. There was a cash inflow of #3.7 million as stocks were reduced in the USA. Debtors increased by #2.7 million, principally due to the sale of stocks to Bennett Footwear by means of stage payments. ETIENNE AIGNER Etienne Aigner, the principal trading company contributing to group results, had another dismal trading period, as the whole US retail clothing sector remained depressed, particularly in the early months, and our major customers, the department stores, continued to lose business to low price chain stores. Sales in our wholesale footwear division were 22% down on the previous year and sales in our retail stores in the outlet malls were down by 13%. However, our smaller accessory business held up well with a 46% increase in sales, but this was not enough to prevent total sales in US dollars decreasing by 12%. During the period, four of our five full price stores were closed and the last store was closed in October, incurring costs of $0.8 million in the current period. In July I reported that we had been negotiating for several months with a purchaser and his partners to divest the Aigner business and these negotiations were aborted. This was followed immediately by negotiations to license our wholesale footwear business to Bennett Footwear Group LLC which was successfully accomplished on 23 September 2003. DIVIDENDS The group will not be in a position to pay the preference dividend on 2 January 2004 due to the restriction by the US banks on remittances to the UK. AIM The company transferred trading in its ordinary and preference shares from the Official List of the UK Listing Authority to the Alternative Investment Market of the London Stock Exchange ("AIM") on 10 September 2003. This is a more appropriate and, in certain circumstances, a cheaper market in which to operate for a company of our size. DIRECTORS Mr Christopher H B Mills was appointed as a non-executive group director of The Hartstone Group PLC on 14 October 2003. He is Chief Investment Officer and indirect shareholder of J O Hambro Capital Management Ltd which has a non-beneficial interest in 15.6% of the company's ordinary shares and 42% of its preference shares in issue. FUTURE PROSPECTS The new licensing agreement will obviously have an impact on the Aigner business, and also therefore on The Hartstone Group. The principal change will be a reduction in working capital and bank borrowing, which has enabled Aigner to enter into a new bank agreement. Although Aigner has gained the benefit of a monthly license fee from Bennett Footwear, it has forfeited the contribution which the footwear division previously made to company overheads. As a result, the management structure has been streamlined, staff have been reduced and overhead savings have been made. SHAUN DOWLING Chairman 11December 2003 The Hartstone Group PLC Unaudited group profit and loss account for the six months ended 30 September 2003 6 months 6 months Year 30/09/03 30/09/02 31/03/03 #000 #000 #000 Turnover 33,124 40,075 75,080 Cost of sales (20,625) (27,147) (51,718) Gross profit 12,499 12,928 23,362 Net operating expenses (14,614) (14,915) (29,939) Operating profit / (loss) before non-recurring and central costs 129 (1,834) (5,491) Non-recurring costs (Note 3) (2,088) - (725) Central Costs (156) (153) (361) Operating (loss) (2,115) (1,987) (6,577) Net interest (payable)/receivable (Note 4) (318) (215) (464) Other finance income 585 - - (Loss) on ordinary activities before taxation (1,848) (2,202) (7,041) Taxation (267) (50) 75 (Loss) after taxation (2,115) (2,252) (6,966) Dividend on non-equity shares (Note 5) (400) (400) (800) (Loss) for the period transferred from reserves (2,515) (2,652) (7,766) (Loss) per ordinary share (Note 6) Basic and diluted (loss) per ordinary share (1.6)p (1.7)p (4.9)p Adjusted (loss) per ordinary share (0.3)p (1.7)p (4.4)p The Hartstone Group PLC Unaudited consolidated balance sheet at 30 September 2003 Restated See note 2 30/09/03 30/09/02 31/03/03 #000 #000 #000 Fixed assets Intangible assets - 35 - Tangible fixed assets 3,135 4,225 3,948 3,135 4,260 3,948 Current assets Stocks 10,742 21,394 18,019 Debtors 11,240 11,238 9,000 Cash at bank and in hand 536 935 1,151 22,518 33,567 28,170 Current liabilities Creditors: Amounts falling due within 1 year (6,354) (4,023) (16,428) Net current assets 16,164 29,544 11,742 Total assets less current liabilities 19,299 33,804 15,690 Creditors: Amounts falling due after more than 1 year (7,659) (13,576) (876) Provisions for liabilities and charges (32) (160) (31) Net assets excluding pension liabilities 11,608 20,068 14,783 Pension liabilities (1,288) (1,719) (1,804) Net assets including pension liabilities 10,320 18,349 12,979 Capital and reserves: Share capital 2,584 2,584 2,584 Capital redemption reserve 329 329 329 Profit and loss account 7,407 15,436 10,066 Shareholders' funds 10,320 18,349 12,979 Shareholders' funds represent: Equity interests 322 8,351 2,981 Non equity interests 9,998 9,998 9,998 10,320 18,349 12,979 The Hartstone Group PLC Unaudited consolidated statement of cash flows for the six months ended 30 September 2003 6 months 6 months Year 30/09/03 30/09/02 31/03/03 #000 #000 #000 Net cash flow from continuing operating activities: Operating (loss) (2,115) (1,987) (6,577) Depreciation charges 451 626 1,032 Amortisation and permanent diminution in value 22 14 59 Impairment of fixed assets - - 607 Other non-cash items (7) - 122 Working capital movement - decrease in stocks 6,624 1,499 4,766 - (increase) / decrease in (2,741) 1,302 3,219 debtors - increase in creditors 1,170 371 775 Net cash inflow from operating activities 3,404 1,825 4,003 Returns on investments and servicing of finance 349 (574) (808) Taxation (189) (148) 62 Capital expenditure and financial investment 164 (611) (1,208) Cash inflow before financing 3,728 492 2,049 Financing - (decrease) in debt (4,318) (1,591) (2,813) (Decrease) in cash in the period (590) (1,099) (764) Reconciliation of net cash flow to movement in net debt: 6 months 6 months Year 30/09/03 30/09/02 31/03/03 #000 #000 #000 (Decrease) in cash in the period (590) (1,099) (764) Cash outflow from decrease in debt 4,318 1,591 2,813 Change in net debt resulting from cash flows 3,728 492 2,049 Other non cash items - issue costs to be amortised (6) (6) (14) Translation difference 424 1,333 1,301 Movement in net debt in the period 4,146 1,819 3,336 Opening net debt (10,418) (13,754) (13,754) Closing net debt (6,272) (11,935) (10,418) The Hartstone Group PLC Unaudited interim results for the six months ended 30 September 2003 Unaudited statement of total recognised gains and losses Restated See note 2 6 months 6 months Year 30/09/03 30/09/02 31/03/03 #000 #000 #000 (Loss) on ordinary activities after taxation (2,115) (2,252) (6,966) Exchange (losses) / gains (578) (2,021) (2,086) Release of deferred tax on exchange gains / (losses) - 400 362 Gain / (loss) on pension assets 434 (926) (1,079) Total recognised (losses)/ gains for the period (2,259) (4,799) (9,769) Prior period adjustment - adoption of FRS 17 (523) Total recognised (losses)/ gains since the last interim (5,322) report Unaudited reconciliation of movements in shareholders' funds Restated See note 2 6 months 6 months Year 30/09/03 30/09/02 31/03/03 #000 #000 #000 Total recognised (losses) for the period (2,259) (4,799) (9,769) Dividend on non-equity shares (400) (400) (800) Net (decrease) in shareholders' funds (2,659) (5,199) (10,569) Opening shareholders' funds (originally #24.1 million before deducting prior period adjustment of #0.5 million) 12,979 23,548 23,548 Closing shareholders' funds 10,320 18,349 12,979 The Hartstone Group PLC Notes Note 1: Interim Report This interim report was neither audited nor reviewed by the auditors. The figures for the year to 31 March 2003 were derived from the statutory accounts for that year. The statutory accounts for the year ended 31 March 2003 have been delivered to the Registrar of Companies and received an audit report which was unqualified and did not contain statements under s237 (2) or (3) of the Companies Act 1985. The interim report was approved by the Board on 9 December 2003. The interim report has been prepared using accounting policies that are consistent with those adopted in the statutory accounts for the year ended 31 March 2003, except for Retirement Benefits. The last actuarial liability valuations were carried out as at 31 March 2003 and have not been updated as at 30 September 2003. Therefore, the net pension liabilities shown in the balance sheet have only been adjusted for the movement in value of the UK and US plan assets and payments made into each plan. Going concern In the statutory accounts for the year ended 31 March 2003 we brought to your attention that the group's principal US operating subsidiary was in breach of its banking covenants which were to be renegotiated and that the board was assessing alternative options to maximise the return to shareholders in the group including the sale and/or licensing of all or part of the US business. On 23 September 2003 the US business agreed with its lenders new banking covenants and a new two year $20 million loan, reducing to $10 million by 31 March 2004. On 23 September 2003 the US business entered into a seven year licensing agreement with the Bennett Footwear Group LLC to license its branded footwear business in return for a royalty fee and also entered into additional supplementary agreements, for varying periods, for both parties to provide additional related services to each other. The directors consider that in preparing these interim accounts they have taken into account all information that could be reasonably expected to be available including forecasts incorporating the effects of the new trading arrangement and they consider that it is appropriate to prepare these accounts on a going concern basis, consistent with the basis of preparation in the statutory accounts for the year ended 31 March 2003. Note 2: Restatement of comparatives The early adoption of FRS 17, Retirement Benefits, in the year ended 31 March 2003 required a change to the accounting treatment of pensions. As a result the prior period results have been restated accordingly as follows: Consolidated balance sheet Creditors due 1 year Liabilities account #000 #000 #000 As previously reported at 30 September 2002 (4,293) - 16,885 Adoption of FRS 17 at 30 September 2002 270 (1,719) (1,449) 30 September 2002 restated (4,023) (1,719) 15,436 The Hartstone Group PLC Notes (continued) The movement of #1.4 million in the profit and loss account in the period ended to 30 September 2002, shown above, represented the movement in the pension plan asset values at that date which have been reflected in the Statement of Total Recognised Gains and Losses. Under FRS 17, the difference between the market value of the assets of the group's UK and US defined benefit pension funds and the present value of the accrued pension liabilities is shown as a liability on the balance sheet. Previously, the only balance sheet item recognised was a provision representing the deficit between the market value of the assets and the present value of the liabilities of the US pension scheme which was frozen in 1992. The movement on this deficit has been charged to the profit and loss account in prior years. Note 3: Non-recurring costs Non-recurring costs principally comprise the costs associated with entering into the agreement to license its branded wholesale footwear business amounting to #1.5 million, transaction costs associated with the aborted sale of the US business amounting to #0.1 million and costs associated with the closure of the Full Price division amounting to #0.5 million. In the year to 31 March 2003 non-recurring costs principally comprised the impairment of the Full Price division fixed assets and certain other professional fees. Note 4: Net interest (payable) / receivable 6 months 30/ 6 months Year 09/03 30/09/02 31/03/03 #000 #000 #000 Net interest charge - payable on loans and overdrafts (268) (278) (556) - interest receivable 12 104 142 (256) (174) (414) Foreign exchange losses (56) (35) (36) Refinancing costs (6) (6) (14) (318) (215) (464) Note 5: Dividend 6 months 30 6 months Year /09/03 30/09/02 31/03/03 #000 #000 #000 Non Equity Shares - preference dividend 4p per preference 400 400 800 share, 2 July 2003 With cash transfers to the UK restricted by the US banks, the Group will not be in a position to pay the preference dividend on 2 January 2004, and the dividends will continue to be rolled up for future payment. The Hartstone Group PLC Notes (continued) Note 6: (Loss) per ordinary share Basic and diluted loss per ordinary share is calculated using a loss of #2.5 million (2002: loss of #2.7 million), after deducting preference dividends, and a weighted average number of ordinary shares in issue of 158,485,711 (2002: 158,484,612). The cumulative, convertible preference shares are anti-dilutive. The adjusted loss per ordinary share is calculated using the basic loss of #2.5 million (#2002: loss of #2.7 million), stated above, and adding back non-recurring costs of #2.1 million (2002: #nil) and using the weighted average number of ordinary shares stated above. This measure shows the loss per share of the underlying business excluding one-off charges for transaction fees, the costs of entering into the footwear licensing agreement and the closure of the Full Price division. Note 7: Analysis of cash and indebtedness 6 months 30 6 months Year /09/03 30/09/02 31/03/03 #000 #000 #000 Secured US bank loans (6,808) (12,870) (11,569) Cash and bank balances 536 935 1,151 (6,272) (11,935) (10,418) Note 8: Taxation The charge principally arises on the income received from the settlement of the David Dixon Pension Fund, which is included in other finance income, and US State taxes. This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 25/9/2003 20:40 by nod I bought a few HSTA preference shares. See HSTA thread for earlier discussions on their value. If US bank loans can now be rearranged then HSTA divis should be resumed and HSTA could rise 50-100% very quickly. HST may take a bit longer as investors may wait for next results. Someone thought it worth buying over a million pref shares today - up 13%. |
Posted at 11/6/2003 07:02 by besbury washbrook, I am in complete agreement with you on this one. I can't understand why anyone would buy the ordinary shares (HST) when the convertibles (HSTA) are trading at less than half their redemtion price in two years time? In addition, should the ordinaries jump to a level where it would be worthwhile, (unlikely IMO) one will be able to convert one HSTA share to ten HST on July 31st this year with the final opportunity on July 2004.I have held HSTA since Sept 1996 and until this year have received 8p per share in divi. I am hopeful that I will receive the January divi of 4p along with the one due next month? I understand it is a matter of the necessary cash being released by the USA Banks. I sold all my HST long ago but considered HSTA worth holding. Regards |
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