Just Car Clinics Share Discussion Threads

[davidosh] 12/10/2011 12:19

spaceprallax....Some funds cannot hold unquoted stocks and I am not sure about the rules for SIPPs, ISAs etc. I do not know any Investment Clubs that buy or hold unquoted stocks and most investors stay clear. For that reason you get massive downward pressure. Forced selling, No buying. An agreed exit even at 25p when trading much higher would have been fair. Directors buying at a third of the pre delisting RNS price does not bode well for the future.

Check the past. The directors were very happy with the listing when it allowed them to raise capital for their exit from Dixons Motors at a price which was a huge multiple of this mornings price. That suggests a monstrous failure in their growth strategy but I doubt the directors have been on minimal salaries to reflect their negative returns to shareholders !!

Listings are great when directors can benefit from the mass of money in the markets. When they can no longer benefit they leave shareholders high and dry. At the very least one could argue that directors are buying votes for the delisting by strengthening and increasing their position ahead of the delisting vote.

[aleman] 12/10/2011 12:12

Ex-dividend today.

[deswalker] 12/10/2011 12:03

David,

The ease with which delisting and other Special Resolutions can be passed ought to be up for discussion between ShareSoc and the authorities IMO. The hurdle is too easy to jump when many shares are held in nominee accounts and are not actively watched.

Des

[spaceparallax] 12/10/2011 11:57

I'm afraid it's called the open market - people ain't compelled to sell.

[davidosh] 12/10/2011 11:49

I personally find it shocking that directors are able to take advantage by buying shares at such low prices that have artificially been created due to their announcement to delist.

A fair way to announce this would have been for the directors to have made available a fund of company money for buybacks and also for the directors to have agreed to make purchases at say 25p before the delisting. That would have allowed a reasonable exit for those who have to sell because they cannot hold stocks that are not listed for whatever reason.

These delistings are almost pre packs under a different guise !

[microscope] 12/10/2011 11:22

Shame that people seem to have accepted this so easily. I haven't held JCR shares for quite a while, but it is sad to see such a decent little company fade away so tamely.

The last time a share I followed went private, the last day of trading saw the shares fall to a spread of 1-7p (not a misprint) and from what I read subsequently the company used it as a last day of trading price as a stick to beat potential future sellers with.

Sincerely hope this does not follow similarly, but personally it would be no surprise.

[wraz] 12/10/2011 08:52

It appears someone dumped 320k @8p late yesterday. Game set and match?

[aaainvestment] 11/10/2011 17:31

I looked several times at buying today, before the director purchase, lets face it they are dirt cheap and I didn't seem to have much competition!

It's annoying as I'm usually comfortable with high risk, got offered 12.5p at one point, however I couldn't bring myself to press the buy button, as unlike the director I haven't a clue how I would ever realise my investment in the future and cannot be sure if the BoD would treat me fairly once they are free to be totally secretive etc (thats putting it politely).

I suspect most current and potential shareholders feel the same way and would not bring themselves to press the buy button either.

I'm not deramping the price is not a problem, cheap as chips already (even 30p was cheap), its the risk of being ripped off that is a complete deterrent and not even the business risk, so it's ironic that a director cash in on the weakness created by the BoD .

All IMO

[wraz] 11/10/2011 16:55

Let me guess. One of the directors has snaffled a load?

[aaainvestment] 11/10/2011 16:30

Somebody has benefitted already!

[narc22] 11/10/2011 15:28

Does anyone know if they have retained RBS contract?

[targatarga] 11/10/2011 15:21

delistings usually end in tears... gla imho

[wraz] 11/10/2011 15:15

Any thoughts why?

[spaceparallax] 11/10/2011 14:58

Crazy share price movement today

[narc22] 05/10/2011 13:30

Interesting parallel activity by a fellow NARG member...

[narc22] 05/10/2011 13:26

DWS in management buyout

DWS Bodyworks is being brought back into private ownership with a management buyout for an undisclosed sum led by new owner and original founder of the company Dave Smithyes and the DWS executive team.

The new structure will enable the business to build on its unrivalled position as the automotive solution for the M25 area through ongoing acquisition and expansion into new sectors including fleet, retail, light commercial vehicle and truck, and 24 hour MOT and servicing.

Under the new ownership, the executive team will be reconfigured to include:

Dave Smithyes as executive chairman
Paul Pancham as chief executive
Bob Florence as commercial director
Scott Thompson as finance director
Jackie Jones as organisational development director

Business entrepreneurs with considerable experience and a proven track record, specialising in accident repair, automotive, insurance, manufacturing and customer service, the executive team has a shared vision to drive forward the considerable opportunity for DWS under its private ownership, setting new standards for service and value in the industry. This will mark a return to the company's core values created by Dave Smithyes over 30 years ago when he established the company, enabling the business and its people to be part of an engaged team that achieves its full potential and provides a tailored service that treats everyone as an individual and understands motorists' specific needs.

From a secure financial footing, DWS will continue to develop its model to enhance its fast track proposition and 24 hour offering in both accident and mechanical repair, leading to reduced cycle times and increased volumes at the right cost. The company is also planning the expansion of its services in the area of smart and mobile repair, and will provide full commercial capability for light commercial vehicles and trucks.

Dave Smithyes says: "Since the change of management some nine months ago, the company has experienced the injection of innovative, quality processes that place the customer experience high on the agenda, secure capacity in high volume areas and provide the greatest value for our insurance partners. Now is the right time to re-ignite our business by reintroducing our core values that focus on engaging proactively with all our people, treating everyone as an individual and enabling the business as a whole to achieve its full potential."

Paul Pancham says: "Our plans are to continue to invest in the business and our people to drive forward a new approach to the market that expands on the competencies within the organisation. We will continue to develop a model that secures capacity at the right cost and enhances the speed and quality of the repair process from end to end. It's very exciting to be part of the next stage in the company's evolution, as the executive team recognises the opportunity for a dynamic, flexible and robust business in today's changing repair market."

[davydoo] 05/10/2011 13:17

Wouldn't it make the sense for the company to pick up as many as possible for cancellation? Therefore upping the percentage of the major holders? Or is that not allowed?

[aleman] 05/10/2011 11:09

Apparently , petrol prices down south have dropped 4 or 5p in places to 130.9p. Petrolprices.com has shown about a penny fall in the last week to 134-135p.

[harrogate] 05/10/2011 10:42

I would have thought it was the Hodgsons given the 100,000 they bought on Friday

[aleman] 05/10/2011 10:40

I know. I was wondering why the sells weren't continuing to push the shares down but I think the 30k buy might be the answer. Somebody just bought 0.2% of the company. I wonder who and how much more they might buy. I'm guessing that order was already there and being filled by mopping up the small sells.

[supreme mo] 05/10/2011 08:14

Aleman re: post 2577

Targatarga is correct - Market Makers try to keep a balanced book - the investment banks do not want to hold a minute numer of shares in a private company.

On the last day of trading it is not uncommon to see a spread of 1p to sell and 7p to buy for a company about to de-list!!

[narc22] 04/10/2011 15:05

For information:

Solus (London) Ltd, has just filed its results for the year to 31 December 2010.

- Turnover of £67.8m in 2010 (2009: £74m; 2008: £84.7m)

- Pre-tax profit £11.1m in 2010 (2009: £6.0m; 2008: £9.4m)

- Pre-tax profit margin of 16.3% in 2010 (2009: 8.2%; 2008: £11.1%)

- Gross profit margin of 54% in 2010 (2009: 56%; 2008: 51%)

- Labour hours sold in 2010: 690,000 hrs (2009: 654,000 hrs; 2008: 744,000 hrs)

- Staff numbers in 2010: 650 (2009: 759; 2008: 848); equal numbers of operations and administration staff

"Profitability increased mainly due to an increase in hours sold and decreased overhead expenses as a result of improved efficiencies and utilisation.

"The volume of business increased in 2010, due to additional repair contracts yet turnover decreased due to a reduction in the amount recharged to group companies."

During 2010, Solus surrendered the leases of sites at:
- London Heathrow
- Tottenham
- RAC Service Centre Norwich

The accounts show "site closure costs" of £1.05m.

The average number of staff employed during 2010 fell to 650 from 759 in 2009 – most of the fall was in "operations" staff where their numbers fell from 405 to 324; whilst "administration" staff only fell from 354 to 326.

The average salary (exc pension and social security costs) of the 650 staff in 2010 was £29,626, up from £27,040 in 2009.

The income of £67.8m in 2010 was split £56.6m "crash repairs" and £11.2m "other income" (2009 £74.0m split £58.8m "crash repairs" and £15.2m "other income")

The company is a subsidiary of its holding company, Solus Automotive Ltd, which in turn is owned by the Aviva Group (Norwich Union)

[aleman] 04/10/2011 13:00

Defaqto track them but I don't think youll ind anything recent.

[narc22] 04/10/2011 12:50

Do you know if anyone is tracking excess trends? You would hope that they would come down too as insurance reduces.

[aleman] 04/10/2011 12:41

September 23, 2011, Press Dispensary. The latest pricing data released by car insurance comparison site Tiger.co.uk makes happier reading for UK motorists. Under pressure from increased fuel costs and massive increases in car insurance prices over the last 18 months, the site's unique monthly price monitor, Tiger Watch, shows that prices in September 2011 were 2.3% lower than those recorded for motor quotes a month ago. Indeed, prices for the third quarter of 2011 were down 4.5% when compared with the previous quarter, indicating an end to the massive increase in motor insurance rates seen in the last 18 months and reflecting increased levels of competition in the market.