Interbulk Investments Share Discussion Threads

[davydoo] 30/6/2014 11:43

From the annual accounts

'On 30 September 2009, 15,144,600 warrants were granted to the Bank of Scotland with an exercise price of 10p. During the year ended 30 September
2011, 3,028,920 of these warrants were cancelled resulting in 12,115,680 remaining in issue. The warrants are exercisable at any time in the 5 years
beginning 30 September 2009'

So that's about £1.2m and just over 5% of the company.

With the price at half that, unlikely to be exercised in the next 3 months, and therefore lapse presumably.

edit. 5% of the company value now, but I guess only about 2.5% if the share price was equal to the warrant price.

[davydoo] 27/6/2014 10:49

Nice to see a rise on (relatively) little volume and no bb attention.

Bodes well if either of these subsequently happen.

[rathkum] 07/5/2014 14:55

Some holder has been off loading going on for the past several weeks. No share purchase from the new CEO hardly inspires confidence.

Let's see what the interim results next month brings which I suspect will call for some sober reading. Wonder what game Sinotrans is playing here.

[davydoo] 07/5/2014 14:14

The average net cash flow of the past 5 years is £19.38m

The market cap is now down to £20.47m

If they can recover their margins and continue repaying debt this could become very attractive very quickly.

I remain a disappointed but optimistic holder.

[rathkum] 07/1/2014 23:09

While Interbulk flounders..........Chaintek prospers.

[davydoo] 03/1/2014 16:59

Interesting that the price fall after the results saw virtually no volume to confirm it. (although it was the quiet holiday perdiod)

Also curious to see the price rise today when it was mostly sales.

[davydoo] 27/12/2013 18:07

Thanks emmamdell, I appreciate you sharing your experience. I didn't know the company then, I first became aware about 09/10 I think. You're right to point out the opportunity cost of holding here and that has been significant in comparison to many of my other micro cap holdings.

I plan to keep my holding and expect an acquisition to be the most likely option for a profit

[emmandell] 27/12/2013 17:48

Yes you're quite right Davydoo, my brush with Interbulk was some time ago.
Incorporated as Interbulk Investments plc on 8/12/04 and admitted to the AIM market the same month with a Prospectus issued on 6th Jan, I purchased two tranches, each at 4.44p, in Jan and Feb 05 (with hindsight I paid over the odds).
In mid 2005 the share price ranged from 2.5p - 5.25p, after which the shares were suspended until March'06 when Interbulk raised more capital and simultaneously undertook a 1-for-10 consolidation of the shares. The consolidated share value should thus have been about 44.4p, but with dilution the price fell rapidly to below 30p.
[Rathkum please note – you probably overlooked the share consolidation. The early discussion forums at the time highlight the general dissatisfaction among shareholders with this shell company's performance. For example see Forum discussion items 01/02/06 through March 06 re consolidation
[...]
Or later on the same forum:
[...]
By mid-2006 the share price was at 26p, falling to 21p in April'07, and 12p in Aug'07. I sold in Sep 07 at 11.78p (i.e. the drop from 44.44p to 11.78p is 73.5%).
I've taken only the occasional interest in Interbulk's performance since selling. The shares have a large spread and are illiquid with a very volatile price. Your approach davydoo suggests that you are managing to sell on the highs and rebuy on the lows, and with the right timing is the only way to make money from these shares, especially as there are no dividends. It seems very risky to me though, with decent price rises roughly a year apart and I can't see it paying off if you stay invested long-term. There are more reliable companies around with a high beta. Interbulk appear to be struggling at the moment as do Sinotrans. A bit of research on the directors of the company would reveal their track record, good for them perhaps but not their shareholders. As I recall I put my Interbulk sale proceeds towards Air Partner and Tate & Lyle, both of which have shown a total return equivalent to 12%pa compound interest. Had I stayed in Interbulk I'd be down to 5.5p at the moment, having further halved my 'get-out' price.

[davydoo] 19/12/2013 16:32

Im no technical analyst or chartist but im always curious. INB has a five year pattern of spiking up then crumbling down, but each time with a higher low. Yesterdays news and fall didnt quite break that pattern.

I did well when Sinotrans came in at 11p, and I think the company is stronger now than then, largely because of their cash injection enabling a better negotiation with the banks.

Its an ugly balance sheet, but its improving quickly.

[rathkum] 19/12/2013 16:18

'I got out some time ago at 11.8p having lost 73% of my money'

You mean you paid around 40p for your shares.Do us a favour and bank your information with facts. What you write is total BS.

[davydoo] 19/12/2013 08:52

it must've been sometime ago, hasnt been that price in the last 5 years.

This is my third spell holding this. The previous two were profitable and im happy to keep holding at this price.

[emmandell] 18/12/2013 22:35

My advice to you guys is to sell and cut your losses. This company is a dead loss. I got out some time ago at 11.8p having lost 73% of my money. Look at the track record of the directors and the non execs and their past shell companies. They make money for themselves but never for their shareholders.

[davydoo] 18/12/2013 08:55

rathkum I called Buchanon yesterday to ask when and they confirmed today.

I havent had chance to read the detail, but obviously poor as expected, and I think the writedown is in line with my 'kitchen sink' analogy with new ceo starting.

One initial thing i noticed that worried me, is referring to increasing 'activity' busy fools in china? or creating an infrastructure and pipeline of work?

Will read detail.

[rathkum] 17/12/2013 22:00

davydoo- did you get that from the company? I was wondering why such a delay thinking they may snick an RNS on Christmas Eve to hide some bad news. I wonder who has been off loading shares at 6p recently over the last couple of weeks.


SINOTRANS (00598.HK) initiated Buy with target 3.3 - Daiwa
2013-12-17 11:52:43

SINOTRANS (00598.HK) +0.310 (13.136%)was initiated Buy with target price set at $3.3, and is the top selection of Daiwa in the logistics industry. The securities company mentioned SINOTRANS is the market leader of the logistics sector in China, and may take up the leading role in the future with its mature management and network.

The majority of profits of the group are currently generated from the sea-freight freight forwarding operation. However, Daiwa believed the third-party logistics business will become more important, thanks to the climbing demands for logistics service in the PRC.

Please take out Interbulk and end the misery.

[davydoo] 17/12/2013 15:29

results are out tomorrow

[rathkum] 05/12/2013 23:44

Broker forecast is revenue of £278m, Pre-tax £2.55m and EPS OF 0.4P. Pretty grim considering their alliance with Sinotrans has produced zilch growth in revenue. Had revenue of £300+ in the middle of the recession for 2011, so I guess they have lost market share to their European competitors.

Nothing positive to look forward to, save some sort of long awaited corporate action.

Missed opportunity to sell out at 9p+ at about the beginning of the year.

[davydoo] 05/12/2013 09:53

Results will be bad we know, but with a new MD will they kitchen sink it?

[mattjos] 28/10/2013 23:02

davydoo .. if you are still here, see the YGH thread

[jeff h] 22/10/2013 08:54

Trading Update was a disappointment....not much positive though you'd expect the future to have better trading conditions.

UK-Analyst comment:-

Logistic specialist Interbulk (INB) conceded that operating profit will be below market expectations for the year ended 30th September. Interbulk attributed this to the slower than planned recovery within its Dry Bulk operations as well as the continued level of investment over the period. The firm's Dry Bulk business was adversely affected by the "weakness" of the European polymer market. Westhouse Securities was quick to act on the profit warning and cut its target price on the shares from 9p to 8.5p, re-iterating its "add" recommendation in the process. The shares were down by 0.75p at 6.625p.

[rathkum] 15/10/2013 08:29

The pre-close trading statement is well over due.Last tear it was on the 8th October.Perhaps they are reserving it for a Friday announcement.

[rathkum] 04/10/2013 08:04

Norbert Dentressangle storage demand hints at possible economic upturn

By Robin Meczes
News Operator News - 03 October 2013
Norbert Dentressangle storage demand hints at possible economic upturn

Norbert Dentressangle has reported higher-than-usual demand for storage space within its shared user network in recent months, suggesting it could be indicative of an upturn in the economy.

Although demand for storage always increases in the run-up to Christmas, the company has already seen a 30% reduction in the amount of space available, with its shared user sites receiving more enquiries than usual and filling up earlier than in previous years, according to ND Logistics business development director, Martin Palmer.

"While it's difficult to be certain about the reasons, we have seen a dramatic reduction in the amount of available space in our network in recent months and are optimistic that this could be indicative of an improvement in economic conditions," he said.

A spokeswoman for the firm said storage utilisation across its 37 UK shared user sites was already at a level normally experienced in mid-November.

Demand has been particularly strong from the fashion retail, e-commerce and food manufacturing sectors, said the firm, with the uptick in demand going "beyond that associated with the ramp-up for Christmas".

A spokeswoman for ND said current utilisation levels were equivalent to mid-November.

[davydoo] 27/9/2013 09:35

BDI up a further 30% since my last post

Good indicator of increased confidence, and less overcapacity in the shipping industry

shares in BMS and CKN two of the largest ship broking firms both doing very well recently

[davydoo] 13/9/2013 17:21

The Baltic Dry Index is up approx 50% in the past month.

[jeff h] 05/9/2013 22:09

The company seem to have been hit by poor trading in the European chemical sector over the last 12-18 months.

I suspect this is coming to an end, at least in Germany as the below article suggests:-

hxxp://www.icis.com/Articles/2013/06/21/9680667/market+outlook+germany+is+having+its+own+chemical+renaissance.html

As you say davydoo Sinotrans represents a growth opportunity with the above article mentioning that China is the worlds biggest chemical market.

Whether Interbulk can capture more trade we shall see, but I did note that a few months ago they seemed to be acquiring more containers, which suggested to me they expected an upturn in trade for the company.

hxxp://www.interbulkgroup.com/app/news?id_newsitem=9

"it has just acquired new tank containers, leading to a total fleet of 10,000 tank containers."

[davydoo] 05/9/2013 14:11

I've been buying back in here too over the last few days Jeff H

Not sure how good the prospects for eurozone are, but i dont expect current trade to be any worse than H1. Opportunity for growth surely lies with Sinotrans alliance.

Reminded myself how rapidly they are paying down debt (last numbers distorted by currency) and that only 15% of the shares are available.