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Real-Time news about Playgolf (London Stock Exchange): 0 recent articles
Themoneymonster has had another similar tip by the sounds of it, look interesting this is an extract of his very recent posts on the thread
(CWO is the ticker) Very illiquid, could easilly do a PLG imho.
themoneymonster2 - 29 Jan'09 - 10:00 - 1362 of 1371
There was no news in December from this holding company of machinery, engineering equipment and component parts manufacturing businesses operating from China. With the company having reported a pre-tax profit of ,546 and basic earnings per share of 1.10p for the six months ended 30th June 2008, the current share price looks to materially undervalue such performance and a balance sheet which at that date showed net cash of ,505. Our stance remains buy.
From a broker update yesterday!!
simonparker5 - 29 Jan'09 - 10:09 - 1363 of 1371
themoneymonster2, where did you see this broker update yesterday?
themoneymonster2 - 29 Jan'09 - 10:14 - 1364 of 1371
It was sent as an email from GE&CR! They have a target price of 25p! They originally said buy at 12.5p, that would do me! Evil (Simon Cawkwell) said buy also at 5p!!
simonparker5 - 29 Jan'09 - 10:17 - 1365 of 1371
themoneymonster2 - 29 Jan'09 - 10:19 - 1366 of 1371
See the "W" shape forming on the graph too?!!! Looks good for a return to 7p!
themoneymonster2 - 29 Jan'09 - 10:36 - 1367 of 1371
HerE's the original tip!
|bozzy_s: Rising more than 7-fold in 2 days needs a statement from the company, be it 'there is no reason for the share price rise' or 'we are in takeover talks'|
|currypasty: RNS Number:0924K
Playgolf (Holdings) PLC
18 December 2007
18 December 2007
Playgolf (Holdings) Plc
("Playgolf" or "the Company")
Placing of 10,173,261 New Shares at 9.75 pence per share
Playgolf, the operator and developer of advanced multi-sport facilities in the
UK, announces a Placing of 10,173,261 new Ordinary Shares of 0.2p each
("Ordinary Shares") at 9.75 pence per share to raise approximately £1m. The
placing represents a premium of 30% to the closing middle market share price on
14 December 2007.
Kilmartin Holdings Limited, our joint venture partner in the East Kilbride
Development, is the sole investor in the placing which sees their holding
increase from 8.19% to 20.17% of the issued share capital of the Company.
The proceeds of the placing will be used for working capital purposes.
Commenting on the placing, Michael Mealey, Chairman said:
"Kilmartin took a stake of 8.19% in April of this year at the time of entering
a joint venture with us in our East Kilbride project. We highlighted our shift
to greater emphasis on development at that time and Kilmartin's increased stake
in the company is a reflection of their confidence in the UK sports development
market and in Playgolf. Kilmartin's expertise has already brought significant
benefit to the Company and we are pleased to have strengthened our ties with
such an important partner."
Iain Wotherspoon, Chairman of Kilmartin commented:
"We have been delighted with our new joint venture in Playgolf and see a market
opportunity to expand private sporting facilities into a large market with
strong demand. Playgolf is the ideal vehicle to provide such facilities for the
benefit of local authorities, schools and the general public and we are excited
about the prospects of developing a chain of these facilities around the
country. Playgolf have been a pioneer and market leader in this field and we
see a great opportunity to build on the progress they have made to date."
Application has been made for 10,173,261 shares to be admitted to trading on AIM
and admission is expected to take place on 21 December 2007.
Following the placing, the total number of Ordinary Shares in issue will be
|currypasty: RNS Number:9783E
Playgolf (Holdings) PLC
22 June 2006
PLAYGOLF (HOLDINGS) PLC
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005
The board is pleased to report the results for Playgolf (Holdings) plc
("Playgolf" or the "Group" or the "Company") for the financial year ending 31st
December 2005. 2005 can best be described as a significant year for Playgolf.
Our flagship venture at Northwick Park was opened in November, slightly later
than planned, to critical acclaim. The building and concept has generated
considerable interest from other Metropolitan boroughs. Playgolf has also
received full planning permission for a substantial new venture in East
Turnover was up marginally to #2.391 million with a loss after taxation of
#980,000. Earnings per share were (1.8p) (2004: (1.4p)). The net assets of
Playgolf increased from #6,689,000 at 31 December 2004 to #11,665,000 at 31
December 2005 (74%) which is equivalent to a share price of 22p.
The late opening of Northwick Park missed late summer trade and this had a knock
on effect on the operating performance of the Group. The remaining facilities in
the Group had a mixed year with Heaton Park performing above expectations,
Trafford in line, and Metro below, the last primarily due to operating
difficulties which have since been resolved. The Company also established a
joint venture with Mix Bars Limited to develop and operate the restaurant at
Northwick Park, trading as Amano. The Company owns 90% of the joint venture. As
reported at the time of the flotation of the Company's future profitability will
be driven by Northwick Park, and new developments. The Group is consequently
reporting an operating loss for the year.
The start of 2006 has been difficult, due mainly to unfavourable weather.
Northwick Park is on an upward curve with the driving range, baseball, adventure
golf and restaurant all performing well. The gym will open in July and recent
improvement in the weather is attracting more people to the golf course. We have
some planning issues with Brent Council but are confident that these will be
resolved satisfactorily. Metro is recovering and Trafford is performing
steadily. We have sold our management contract to run the Heaton Park golf
courses in Manchester. We are finalising plans for East Kilbride and are looking
to commence construction in the next few months. We are in discussions with our
bankers concerning appropriate development finance for future projects and we
will review all of our existing finance.
We do not expect Playgolf to be profitable in 2006 although we anticipate being
able to continue to grow the Group's net assets. We are currently streamlining
our existing operations, and expect to be able to report an improvement in the
profitability of the mature facilities as a result. East Kilbride shows the
evolution of the Group into multi sport development and will allow the Group to
generate capital receipts through development profits as well as operational
We are a pioneering business and as a result it is not always possible to
accurately predict how things will go. However, the opportunities for Playgolf
are significant and both Northwick Park and East Kilbride have stimulated
interest from other Local Authorities seeking to provide high quality sports
infrastructure. The political climate has never been more positive for the field
that we are in and the number of potential partners wishing to participate in
Playgolf developments continues to expand. We would like to thank all our
employees for all their hard work during the course of the year.|
|affc21: So from the Daniel Stewart note (above):
Playgolf (PLG) is conservately forecast to make 2.5p EPS in 2006 and 4.3p EPS in 2007.
Which would put PLG on a PE ratio of 6.5 for 2006
and for the following year on a PE ratio of less than 4 for 2007,
based on the share price at 16.5p (21.07.05.).
Year Turnover EBITDA DS&C PBT* Tax DS&C EPS* DPS EV/EBITDA PER Yield
End (£000) (£000) (£000) (%) (p) (p) (x) (x) (%)
12/04A 2,358 -174 -534 3 -1.5 0 N/A N/A 0
12/05E 3,166 336 -371 0 -0.8 0 31.3 N/A 0
12/06E 5,997 1,944 1,193 0 2.5 0 4.3 6.0 0
12/07E 8,049 2,816 2,290 10 4.3 0 2.1 3.5 0
* pre goodwill amortisation and exceptional charges.|
|shadowchaser: PLG --I like this stock.
I also like playing on the Heaton Park golf course although the absence of electric carts make it a physically wearing experience owning to the undulating terrain .
However,the splendid classical features, [or rather mock palladian follies!] and general 'stately home' atmosphere is quite charming .
The share price is due for a rise IMO.
|affc21: Brokers (part) note for Playgolf (PLG):
Daniel Stewart & Company
20 July 2005
Playgolf is an innovative and experienced operator of golf-related operations across the UK. The company has established a platform of operations principally associated with golf ranges and courses. However, the real driver of future corporate growth has been Playgolf's development of an efficient operating and financing model surrounding its'urban golf centres', incorporating golf, retail and conference facilities. The first centre is due to open in October this year, with the second development, announced this morning, due to commence operations in Q4 2006. These centres are forecast to drive substantial growth in profitability and we estimate Playgolf will show its maiden PBT in FY06.
Playgolf's shares have drifted since their IPO in June 2004. Although the investment community has been slow to reaffirm the attractive financial prospects behind this operation ahead of its imminent opening, the wider golfing and media communities have taken a keen interest in the project. Essentially, the 'golf-in-an-hour' concept is revolutionary and offers a brand new concept to existing golfers (a chance to play six exceptional golf holes) and those looking to take up the game (inexpensive opportunity to learn their skills in the range/school prior to playing).
Crucially, the urban golf centres are not simply a creative new golf development, they also offer substantial returns on capital and we envisage cash payback on the Northwick Park site after a little more than three years. Furthermore, Playgolf securitised the future revenues from its retail, catering and conferencing partners in order to attain attractive rates on its debt funding.
Playgolf stands at an exciting period of its development and is due to open the doors to consumers on its first golf centre on 1 October 2005. This should reaffirm the qualities of its operating and financial model. There has been a relatively long lead-time to profitability, but the company is forecast to drive growth from its new venture and deliver further upside from the completion of its Scottish site in 2006. Investors have had to wait patiently for the promised returns, but they are imminent and the shares offer highly attractive upside from current levels. Forecasting a new venture carries risks (on the upside as well as downside) but, at 6.0x projected earnings to FY06, we rate the shares as a Buy.
Daniel Stewart acts as Nominated Advisor and Broker to Playgolf
Shares in Issue
Share price performance
020 7847 0386
* pre goodwill amortisation and exceptional charges.
Source: Daniel Stewart & Co.
Playgolf remains at a relatively immature stage of its development in terms of profitability. We do not envisage EBITDA breakeven until H2 2005, with annual positive PBT from FY06.
The FY04 results reflect this scenario and Playgolf reported an operating loss before interest and tax of £432k. Despite substantial revenue growth (+64% relative to FY03), due principally to the acquisition of the Barnet Copthall operations in January 2004, Playgolf saw an increase in losses before tax (pre-exceptionals and goodwill) from £131k to £534k. The minimal tax income (inflow of £16k) and share issue at the time of the IPO equate to annual loss per share of 1.5p.
Figure 1: Playgolf results
EBIT margin (%)
PBT (pre-exceptionals & goodwill)
Tax rate (%)
Fully diluted shares (m)
EPS (pre-exceptionals & goodwill)
Source: Company, Daniel Stewart
It has been a busy year for Playgolf in terms of corporate activity. On top of the ongoing development of Northwick Park, plus the negotiation with several UK Local Council's (concluded successfully with South Lanarkshire, as announced today), Playgolf has also completed several transactions aimed at cleaning up the corporate structure and driving profitability;
Figure 2: Playgolf corporate activity FY04
Acquired 100% of 'Golf Learning Centres' (Metro Golf) through intermediary company Playgolf (Barnet Copthall) for cash of £2m plus issue of 350,858 shares
Acquired 100% of 'Work for Fun' via the issue of 1.67m shares. Created goodwill of £7.2k (Work for Fun owns 26% of Playgolf Trafford and 26% of Playgolf Northwick Park)
Disposed of 50% holding in Playgolf (Calverly) to directors Piggins and Fox for £50k
Issued 11.8m shares at 16.67p at AIM listing, raising £1.99m
Acquired 10% minority interest in Playgolf Limited for 899.7k shares
Source: Company, Daniel Stewart
These activities have created a clearer organisational structure, focused primarily on the development of it golf and retail parks (Northwick Park and East Kilbride), also further enhancing its sales and margin within its other golf operations.
Figure 3: Playgolf divisional structure
Opening autumn 2005, will have a two-tier range (60 bays), a 6-hole golf course consisting of leading signature holes, a short-game academy, adventure golf, a substantial golf school, nine baseball cages (there are 350 baseball teams in London), retail facilities, a restaurant and conferencing.
Playgolf has a 99-year lease with the local authority that expires in 2101. The facilities are assumed to open 1 October, with c.30 staff (possibly higher at start).
Planned opening Q4 2006, will have a two-tier range (60 bays), a 6-hole golf course consisting of leading signature holes, a short game academy, adventure golf, a substantial golf school, three baseball cages, retail facilities, a restaurant and conferencing. It will also have a premium health club and 11 five-a-side football pitches (these operations are due to be sold to a third party prior to development of the site)
Was built in a JV with Peel Holdings (injecting £1.3m each) and have a 25+25 year lease.
Trafford consists of a two-tier range and opened December 2000. The lease is structured so that Playgolf should benefit from upside in asset value if the development is sold. The company is forecast to pay c.£250k p.a. of rent for the next 5 years, on condition of building an adventure golf area. It has a leading coaching facility, a JJB superstore, conferencing facilities and a sports bar/café.
This was acquired from Metro Golf for £2.6m (£2.15m in cash and the remainder in shares) in January 2004. The operation has operated since 1997, and was run by Chris Meadows who now performs the same role for Playgolf. Barnet Copthall has a two-tier range (48 bays), a golf school, a 9-hole academy course, a pro-shop and a popular local Italian restaurant (Metro Piazza) on the site.
Playgolf's nine-year contract with Manchester council commenced in 1996 (extended to 20-years in 1997), and the company has a revenue share arrangement with the council. There is an 18-hole course (£10-14 per round) and 18-hole par 3 (£4-6 per round), a teaching academy and a bar/restaurant. There are c.35k rounds played per annum.
Holding company that pays management fees, expenses, salaries, legal fees, audit fees etc.
Source: Company, Daniel Stewart
Following a progressive expansion of the company's golf-related businesses, Playgolf is focusing on incremental sales and marketing growth within these divisions, but principally is looking to further develop its 'golf-in-an-hour' concept, combined with further golf, retail and F&B facilities.
Further Local Council sign-ups
Playgolf is searching across the UK to sign-up similar deals to that achieved with the Local Councils backing the Northwick Park and East Kilbride sites. The announcement this morning states that Playgolf is at 'well advanced' stages of discussions regarding a number of sites. Essentially, the company requires council approval to develop +40-acre sites (excluding the additional sports arenas which requires a larger site) on waste or under-utilised land that Playgolf will regenerate with attractive, green space. Furthermore, the councils benefit from rental income and provide a service to their residents that would have cost them time and money to develop. We believe that this attractive combination of benefits to the councils at zero cost and positive cash inflows should ensure that the number of potential sites for Playgolf is high. This should be further accentuated when Northwick Park is open and councillors can witness first-hand the creative use of space.
With its Northwick Park and East Kilbride sites, Playgolf has established a highly cost effective method by which it can finance the golf, leisure and retail parks. The key element behind the company's efficient cash and working capital requirements is that it locates sites for which it does not have to pay for the land. As alluded to above, Playgolf takes its schemes to Local Councils and offers to make use of land for which the council would not have ordinarily received income. With this bargaining power, Playgolf ensures that it can secure use of the land for zero initial outlay.
In terms of financing the build work, management has acted commercially and effectively securitised the future revenues from the retail, F&B and conferencing rentals (Playgolf receive minimum base rentals and a revenue share). Under this scheme the banks loan Playgolf substantial capital that is covered by the sub-tenancies and equates to a level from which Playgolf has access to 100% of the development costs.
Costs and revenue model
We estimate that the costs associated with developing the entire Northwick Park site are c.£6.75m. However, the company estimates that the initial valuation of the land (plus planning permission) is c.£3m, thus creating an asset with a final valuation, on build completion, of c.£9.75m. This material uplift in NAV provides a base that underpins the attractiveness of the shares as an asset-value play as well as a growth company.
Clearly, as new sites are built, the operating margin should incrementally increase as central overheads are kept to a minimum. However, due to the disparate geographic location of the company's existing and forecast asset base, central overheads reflect only a small proportion of group costs.
Our financial projections for the company's golf and leisure parks are detailed below, utilising Northwick Park as an example. The figures work on a number of assumptions, many of which will not be finalised until the site is fully operational (demand for golf lessons etc). However, the model provides a clear presentation of the potential profitability and cash returns on each new investment. We estimate that the Northwick Park site will show a ROIC of 33.3% by year three (up from 29.5% in year two). Cash payback is estimated at 3.13 years (month two of year four).|
Playgolf share price data is direct from the London Stock Exchange