Pochin's Share Discussion Threads

[the troll] 11/6/2014 18:02

there's a development-land surplus of £3.4m though ( see RNS of 14th August last year ) NOT accounted for ( because it offends some arcane rule or other ) but does mean the ( adjusted ) tangible NAV = 77 p which I'm NOT happy to sell for 45 p & await the Chairman's justification letter with interest.

[topvest] 10/6/2014 20:31

Yes, but at least they have got the price up from below 40p to 45p. There is also a share alternative for those brave enough to hold this as a private company. The net asset value is only c60p - c£12m divided by 20m shares. I only have a few held for many years. Happy to just take the 45p and exit, but if I had a bigger position I would not be as happy.

[the troll] 10/6/2014 18:00

re; 9.6.2014 RNS;

selling 77 p of net-tangible assets, inc £1.40 pps of appreciating commercial property, for approximately 45 pps ? ? my my, it will be interesting to see how the non-execs. ( acting in the interests of all shareholders remember ) justify a 58%+ discount to NAV in a recovering sector.

[the troll] 31/3/2014 18:00

......blah, de blah, de blah....., 112 days of 'discussions' & absolutely zilch to show for them. what the hell's going on ??

if this Nicholson isn't willing / able to meet the NED's price, show him the door & let's put an end to these nauseating 4 weekly extensions.

[the troll] 31/1/2014 18:00

interim profit ( RNS 29th Jan. 14 ) + net assets ( adjusted for 14th Aug. 13 RNS - surplus on development land ) of 77 pps ?? why would I ( or any other holder ) sell out now for 40 p ??

it looks to me ( can always be wrong, of course ) NED's not willing to recommend & Monday's RNS will either confirm this or further 'talks' ( not sure how many extensions can be granted for this, though ? ). they can always go 'hostile', but this Nicholson would first have to resign his Directorship to avoid a conflict of interest ?

approach was badly timed ( too late ) & richly deserved to fail.

co's cleaned-up & positioned for gradual recovery, especially the investment property; my interests will be served by staying aboard ( all IMHO ).

[topvest] 05/1/2014 12:25

Well tomorrow is the deadline. With underlying earning of £2-3 million it's pretty clear that this is opportunistic at a time when markets are improving. Needs to be £10m+ to be successful in my opinion. Given central costs are £1m I suspect these can be at least halved on going private...clear to see the logic from management's perspective, but smaller holders will fair poorly.

I think the well know private investor, John Lee, holds a few of these. Be interesting to hear what he thinks...I suspect this is one for ShareSoc to take up!

[topvest] 02/1/2014 20:08

I think an agreed bid is likely. The bidder must have been 100% sure that 40p would be rejected. They have just done it this way so that they pay 50-55p rather than 60-70p. Happy to cash up the small number I hold and move on.

[the troll] 02/1/2014 18:36

update; the potential bidders control 42.11 % of issued share capital ( see RNS of 23rd Dec. )

[the troll] 02/1/2014 18:28

if they persist with 40p & the NED's blow them out with 'not in the interests of shareholders......seriously undervalues the business, blah, blah......', will they go hostile ?

it's possible; they have c. 44 % & need another c. 7 % to secure control of the board. interesting, we'll know more Monday ( ie, put up or shut up day )

[topvest] 27/12/2013 20:26

The indicative offer of 40p hasn't been agreed with the NEDs, so I suspect 50p or so might be the recommendation. Still very low, but happy to get out of this dog to be honest.

[topvest] 09/12/2013 20:40

They have to be joking...

"The indicative offer received is below the closing mid-market price of a Pochin's share of 41p on 6 December 2013."

and just as the market picks up. Greedy!!!

Since when is less than half of book value anything like acceptable.

[jonwig] 05/9/2012 09:50

I looked at this a few years ago.

Yes, the asset backing is tempting, but I will never buy PCH, as the various family interests hold about 80% of the stock between them.
There's a fashion for de-listing and this looks to be a prime candidate.

[hybrasil] 05/9/2012 08:03

This share was beloved of John Lee. It is quite a disaster. Its market cap is £5M against assets as of nov 2011 of £22m. A little turn in the construction world which if history is anything to go by must be coming could really turn these around.
I hope when I look back at this post that I am correct!

[balcony] 27/1/2012 08:34

Think we might here news on disposal soon

[hvs] 15/9/2009 11:26

We is on fire now.

[walker10] 17/4/2009 11:58

They own Midpoint 18 and if this gets the go ahead they may even get to build it - however a lot of local protest:



Down side one market maker bloody awfull spread, in the past it has been quoted at £1.00 - £2.00 !!!!

[3800] 16/4/2009 20:07

survivor company just about sums it up. I don't know if the new CEO will make much difference or not, a little about it here though
I've no position in this one 3800

[topvest] 15/4/2009 20:49

Sounds like Pochins are holding their own and generating some cash flow in very difficult markets. Still looks like a survivor company to me.

[jonwig] 15/4/2009 16:11

With a MCap of £13.5m and net assets of £48.6m (all tangible) this ought to be a recovery situation. But ... there's the gearing, forecast (broker) of losses in 2010 and 2011 and over 50% of the shares are 'family' (or families).

[m.t.glass] 21/11/2007 10:45

Broker downgrade yesterday (Charles Stanley).

Some horrible words and phrases within that company statement. "Challenging".."difficult".. "cautious".."delays".. any one of which would sound like a warning bell.

[forensic] 06/9/2006 09:28

'Monster' new warehouse is underway:

[forensic] 23/9/2005 18:18

Disposal

RNS Number:7105R
Pochin's PLC
23 September 2005

Pochin's PLC
Sale of Property at Crewe Green
Appointments to the Board


The Board is pleased to announce that it has today completed the sale of a major
development property at Crewe Green to a private consortium for a consideration
of #30 million, payable in cash at completion.

The property is a 790 bed purpose built on-campus hall of residence that will be
occupied by Manchester Metropolitan University.

The proceeds from the sale will be used to repay the #19 million of bank
facilities used to finance the development, with the balance being re-invested
into the Group. The Group will, in the current financial year, realise a profit
of approximately #6 million before tax, having realised approximately #1.5 m in
the year ended 31 May 2005.

David Shaw, Chief Executive, commented:

"We are delighted with the success of this project, which represents further
progress in this area of the Group's business."

The Board is also pleased to announce the appointment today of John Edwards,
Company Secretary, as Group Finance Director, together with Nicholas Fry and
Michael Chadwick as Non Executive Directors; Mr Fry will join the Audit
Committee.

A further announcement will be made in relation to Listing Rule 9.6.13 in
respect of each of Mr Edwards, Mr Fry and Mr Chadwick.


23 September 2005


Enquiries:

John Edwards 01606 833 333
Pochin's PLC

Philip Davies 020 7739 8200
Richard Thompson
Charles Stanley & Co. Limited

[forensic] 24/8/2005 14:42

Moving up again.