Msb Share Discussion Threads

[1bensons] 18/1/2006 08:49

Anyone hearing anything about the update they are promising in January. I'm hearing off the grapevine that Peter Brown has been sacked as Sales/Marketing director and another big re-org has happened

Anyone else hearing similar ??

[farsight] 09/1/2006 14:07

Stay down you buggar.

[farsight] 05/1/2006 13:51

I sold my 10000 punt for 34p to chase some other stuff. I'll be back.

[snappy] 23/12/2005 13:05

Looks like the Times read this thread then.

How about these three as a replacement for the three MSB executive directors?



The rationale

. They are cheaper
. They couldn't do any worse than the existing lot

[sharw] 23/12/2005 11:41

From today's Times:

"Third Advance Value Realisation Trust, the investment vehicle run by Progressive Value Management's Robert Legget that raised £72.4 million last month, continued to stir interest by emerging with stakes in a clutch of small caps. .................concentration in the recruitment sector prompted talk that Mr Legget, not one to sit back, may take on the mantle of pushing for consolidation".

[gorse] 23/12/2005 00:03

If the directors ever read this site or TMF, I think they'd see that there's a consensus that they need a good kicking ... out of the door.

[hectorp] 22/12/2005 18:57

down the tube seems the best view. nm

[grigor] 22/12/2005 18:48

Third Advance Value Realisation Company have emerged with a 3.51% in Harvey Nash Group.

2 + 2 = 5?

[farsight] 22/12/2005 15:24

Sounds good to me snappy. These directors who enjoy a nice living but don't make profits could do with a bit of heat if you ask me.

MSB International PLC said Third Advance Value Realisation Company Limited has acquired and now holds 4,229,350 shares in the company, representing 20.63 pct.

[snappy] 22/12/2005 12:33

Farsight, The dividend is likely to be cut back again at year end.

I hope that Third Advance Value are able to kick start a consolidation within the small cap recruiters. Merge 3 MSB's into one company and you save a fortune on Directors salaries and back office costs.

If I have read the bits about Third Advance Value Realisation Company correctly it would appear that funds can swap certain stock for shares in 'the company'. If they attract enough stock support from the smaller recruitment companies they will be in a good position to kick off consolidation.

I would support that in MSB case, Mr Brown, Mr Zeilinski and Mr Ketchin have had long enough to sort out MSB's problems and now they seem to be creating new ones.

Merge MSB with another player, chop out the MSB Director costs of £801,000 last year, reduce back office costs and other costs and you have a much more profitable recruitment business.

[sharw] 22/12/2005 12:06

Third Advance Value (EPIC TAR) is getting into the sector - this morning it announced a 4.5% holding in Quantica and a 3.5% stake in Harvey Nash.

[monty burns] 22/12/2005 11:15

I meant profits worth talking about in relation to their market cap. They can't turn revenue into meaningful profitability, for whatever reason(s).

[stemis] 22/12/2005 10:52

It's a good one on balance sheet fundamentals, but they just don't make any profits, haven't done for a long time,

Funny, I thought they made a profit of £825k last year and £311k the year before. Indeed the recent interims showed a profit of £163k. Hardly acceptable but still a profit.

[monty burns] 22/12/2005 10:00

It's a good one on balance sheet fundamentals, but they just don't make any profits, haven't done for a long time, and don't look like doing so. If they chaven't performed in the last couple of years, they're not going to.

I once met the CEO, Zelienski, who is basically a finance geek, while he was working for Express Newspapers, me applying for a job. Nice guy, but not a CEO of a public company looking for profitable revenue growth as opposed to cost cutting, indeed the manner of his appointment seemed to be because nobody else could be found.

And that's a classic statement in terms of finding new ways of articulating that their costs are too high and they messed up.

[blue tooth] 22/12/2005 09:42

...looks to good to be true, and yet...???

[farsight] 22/12/2005 09:08

And they were even paying a dividend.

Guys, am I missing something?

I know about the profit warning:

The reduction in trading performance combined with the cost of aligning the business with existing market dynamics will result in a substantial shortfall against current profit expectations... ...A further statement will be issued by 31st January 2006, to coincide with the end of the Company's current financial year.

[farsight] 22/12/2005 09:06

Did I miss something? For £7m marketcap you can buy a company with £100m turnover and no debt with assets of £13m. OK profits are scant and not looking good, but has got to be an absolute bargain. It definitely looks like another Spearhead/Parity, snappy.

[snappy] 21/12/2005 18:03

Third Advance Value Realisation Company Ltd

The Progressive work out team focuses on the smaller end of the UK equity market. The small cap element of the UK market is significant by number but small by value. Liquidity can be poor with holdings often sold at depressed levels.

Whilst institutions are able, if they desire, to dedicate time and resource to this area the potential impact on performance is such that it may not be an efficient use of their time. Via an innovative stock swap and limited life fund, Progressive is able to offer institutions a logical and cost effective service whereby we manage an orderly realisation of assets, enhancing value and saving management time.

Key features

• Specialists in realising value from small and illiquid UK listed securities
• Proven investment process with award winning fund
• Highly experienced and successful management team
• Recycle money from non-core holdings and rationalise portfolios
• Focus management resources on performance
• Innovative, unique approach to save management time

Fund Name: Third Advance Value Realisation (TAVR)
Description: Limited life, closed-ended, London listed, launched 2005

###########################################

Progressive operates in a number of distinct areas but the common theme is provision of service which addresses the needs of institutional clients including major retail intermediaries such as private client stockbrokers. Its focus is on niche product areas where it can add value and its investment management staff have a wealth of experience in a variety of asset classes including investment trusts and other closed ended funds, small companies (especially with respect to special situations), private equity, bonds, preference shares, equity income funds, hedge funds and emerging markets. PAML is complemented by access to corporate finance expertise within its sister company, Marshall Securities Limited. Another subsidiary company, Cavendish Administration, administers funds for both internal and external clients.

###########################################

(21/Dec/2005 17:30)

Pub. Date Company Type Description
30/11/2005 THIRD ADVANCE VALUE REALISATION COMPANY LTD (TAVR) SINGLE PROSPECTUS PROSPECTUS - ISSUED IN CONNECTION WITH A PLACING OF UP TO 30,000,000 ORDINARY SHARES AND UP TO 70,000,000 REDEEMABLE PREFERENCE SHARES

Offer date / Admission date: 30/11/2005

ISSUER & INTERMEDIARY
The document is available in a printed form, free of charge, at the following offices:

Issuer Name: THIRD ADVANCE VALUE REALISATION COMPANY LIMITED
Address: C/O CAVENDISH ADMINISTRATION LIMITED
CRUSADER HOUSE
145-147 ST. JOHN STREET
LONDON
EC1V 4RU


Telephone no:
Intermediary: MARSHALL SECURITIES LIMITED
Address: CRUSADER HOUSE
145-147 ST. JOHN STREET
LONDON
EC1V 4RE

Telephone no:

[blue tooth] 21/12/2005 16:47

unless of course those 3 are the directors of "Third Advance Value Realisation Company Limited"

[snappy] 21/12/2005 16:12

Cheers Bensons

There's the answer who bought the Eaglet 20.63%

I hope "Third Advance Value Realisation Company Limited" give Mr Zeilinski, Mr Brown and Mr Ketchin a good kick up the backside.

Another Spearhead/Parity situation in the making perhaps?

[1bensons] 21/12/2005 14:58

Cheers Snappy.......Guess we will have to wait for the next announcement

Have a good Christmas

[snappy] 21/12/2005 13:22

All I can say Bensons is that I still expect them to report a profit at this stage, based on the announcement yesterday they said substantially below expectations. Their was no mention of a breakeven or loss. Expectation was for £1.1m pretax so substantially below is anybodies guess where we will end up on 31 Jan.

Over the last few years I thought the business had put the problems from the past behind it. Figures (all measures) were improving year on year and the business was looking good for the future.

What appears to have happened is that they have taken on more sales staff than they needed in the first half only to lay them off again in the second. The management blame a temporary downtown (you always get one on the lead up to Christmas anyhow) for the problems. I blame the management for not planning for such an eventuality.

One of the prime reasons that increases in fee income have not made it down to the EPS level is because Directors salaries have been increasing disproportion ally. This should now stop and be reversed - there simply is no justification for it.

Still holding for better times, 80p at the beginning of the year seems a long way away now.

[1bensons] 21/12/2005 12:01

How are you getting 20p ??

[u813061] 21/12/2005 10:33

Fair value is 20p

[scotswhaehae] 21/12/2005 10:24

Well done Eaglet...(EIN)...very cheap imho...see the Eaglet thread...

Meanwhile, here..hmmm...!