Prem. Bar & Res Share Discussion Threads

[timbo003] 03/1/2009 06:03

Ian, uhhh?

On my screen, I can see all RNS announcements going back to February 2005, I think these are the ones you are interested in:

[jeffian] 02/1/2009 22:37

Errrm......there's nothing there pre-Oct06, timbo!

[timbo003] 02/1/2009 20:57

Hi Ian

Try this link for the old RNS announcements



I don't hold these thank goodness!

[jeffian] 02/1/2009 20:32

PBR was previously Ultimate Leisure Group (ULG) but since they changed their name I can't access the old RNS announcements to check my facts, but I think TJS2 is essentially right. The Reubens built a stake of 29.9% in ULG around Feb o6 at an average price around 266p/share and when things started to go wrong they came to the rescue via a Placing at 169p/share which took their holding up to 38%. I assume they got dispensation from the authorities at the time but, as I say, I can't access the history.

A lesson to us all that the rich don't always get it right, but they can probably afford their mistakes better than you and me!

Regards, Ian

[madmick] 02/1/2009 20:12

Thanks, I thought it was strange.

[tjs2] 02/1/2009 20:05

madmick

I think you can get permission to go over 30% if it's to take up shares.I think the Reubens took up shares in rights issue or placing which took them over 30% so they must have got the permission for this.

[madmick] 02/1/2009 10:51

How come Reubens Bros have a 32% holding.
I am sure the take over rules state that when a 30% holding is reached, you must either make an offer for the Co. or reduce your holding to less than 30%.
How did they get around that rule.

[petlover] 02/1/2009 09:51

exactly...

[jeffian] 02/1/2009 09:50

They probably could if they wanted to but they'd wipe out the other shareholders in the process.

[petlover] 02/1/2009 09:49

howmuch cash do they need? surely the Reubens Bros can stump it up?

[petlover] 29/12/2008 09:28

how much cash do they need?

[tonka10] 21/12/2008 22:24

bye bye PBR

[growthhunter] 17/12/2008 11:53

they a fluked!

[jeffian] 17/12/2008 10:38

Oh, dear!

"RNS Number : 2832K
Premium Bars & Restaurants PLC
17 December 2008



PREMIUM BARS & RESTAURANTS PLC

('PBR' or the 'Company')

Update

The Company announced on 9 October 2008 that it was in discussions with its banks to renew its banking facilities. To date PBR has not obtained a renewal of its facilities; however the Company's banks have continued to support the business.

PBR confirms that following further discussions with its banks, the banks' preferred route is for PBR to raise additional funding in order to meet its short term cash requirements. The Company also confirms that it is in discussions with its key stakeholders to procure sufficient additional funding to meet such short term cash requirements.

The board are confident that these discussions will result in additional funding being forthcoming over the next few weeks, and will update shareholders in due course. However, if such additional funding is not secured, the board cannot be certain of the continuing support of the Company's banks."

[lbo] 29/10/2008 11:45

Analyst Paul Hickman, of KBC Peel Hunt, who forecast a £800,000 pre-tax profit for the coming financial year, said: "Premium is by no means devoid of asset value, although it has written down its predominantly freehold property by £18m to £54m, compared with our February estimate of £60m and a 2006 valuation of £80m. Merely the property, net of debt, would value the business at £14m, or 35p per share."

[lbo] 21/10/2008 21:00

Chairman quits Premium Bars



Who owns Premium Bars?


Who owns Premium Bars? That's an interesting question because there's little clarity about the shareholder base. The ownership puzzle has certainly contributed to the sharp fall in the share price in 2008. The company's website shows that the Reuben Brothers hold a third of the shares, bankrupt Dawnay Day 29 per cent (but half may have been bought by a Swiss entrepreneur) while Bear Sterns International Trading has 8 per cent.

The holdings are difficult to identify because some are held via CFDs. Recently, Aim-traded tech investor Ora Capital (close to the Reuben Brothers) has acquired an 8 per cent 'call option money' stake via CFDs. Premium's 2007-08 loss included a £17.85m property impairment. This year's trading will be tough but cost savings are being pushed through.

[lbo] 13/10/2008 14:37

Well it sounds like Mr Jones and the Reubens are about to sh1t or bust

Clean sweep looks possible


The billionaire Reuben brothers - at least, I assume they're still billionaires - are rumoured to be keeping a close eye on events at Premium Bars and Restaurants (PBR), the operator of the trendy Living Room and Prohibition bar chains. The Reubens already have a 32.5 per cent stake in PBR and are said to be eyeing the 20 per cent stake that formed part of the collapsed Dawnay, Day house of cards. I assume that then they would have to launch a mandatory offer for the rest, although, with the shares having fallen 90 per cent in the past 12 months, I doubt that such a move would be welcomed by other shareholders.

[tonka10] 11/10/2008 12:35

Oh yes, just one more thing. I pity anyone who had taken a punt on ULG or PBR!!

[tonka10] 11/10/2008 12:34

I told you all so on the note posted 19th June. This company led by Jones was always going to fail. The man is simply a one trick pony. The trick worked with Yates but he was never going to be able to manage what was a night club business and then link it successfully with a top end high street brand (living room). The business has basically failed, i just pity the poor sod that follows Jones

[lbo] 27/8/2008 12:01

Anyway I wonder is Mr Jones with the backing of the Barclays brothers about to avail of this Dawney Day mess to take this private!

Jones to focus on PBR in future


It's a bit puzzling how pub company senior executives can do several jobs at the same time, while the rest us struggle to hold down the single day job. Credit, then, to Mark Jones who has decided to step down as non-executive chairman of Las Iguanas, the Latin-American bar-restaurant concept backed by Bowmark Capital, to focus on his other job running Premium Bars & Restaurants (PBR). "With the challenges we are all currently facing I feel that my prime consideration at this time has to be PBR," he says

[lbo] 27/8/2008 11:51

LOL

Yes I am very upset that I bought at £1.80 and sold for over £2! I have followed many Dawney Day companies and the key was always be fearful when others were greedy!


And I would still back the Barclay brothers ahead of you ;) Yes they get things wrong but the majority of the time they finish ahead

Analysts see silver lining for Premium Bars

[jeffian] 27/8/2008 08:53

Oooops! Succumbed to the childish urge to poke a stick in a hornets' nest. Sorry about that. Put it down to the lateness of the hour and the glass of wine in hand! Anyway, the more serious point is not necessarily to follow the super-rich blindly in the belief they always get it right. Besides PBR, I believe the Reubens also took a caning on Dawnay Day and I expect their sale & leaseback deal with Spirit Group (in administration) not looking so healthy. Luckily, they can afford it.

Regards, Ian

[jeffian] 26/8/2008 23:43

You're turning into the king of cut'n'paste, LBO. Mind you, probably safer than your own opinions!

LBO - 14 Mar'06 - 13:07 - 526 of 579
A lot of buying this am. Goes ex div tommorrow. (will side with the Barclay bothers over Jeffian on this one!)

What was it the Reubens' paid? 270p?

LBO - 22 May'07 - 13:20 - 577 of 579
Well the price is now £2.20. The market has a nasty habit of transfering wealth from the impatient to the patient.

What goes around comes around, my friend. Be patient, indeed.

Regards, Ian

[lbo] 26/8/2008 23:17

Who's next on the auction block for a public-to-private


Paul Lines, assistant director at Altium, which is advising Ascribe, said he expected activity in the leisure sector. He declined to mention any possible targets, but shares in Hale-based Premium Bars & Restaurants, owner of the Living Room and Bel and the Dragon chains, have fallen 77 per cent since the start of the year, wiping more than £40m off the group's market capitalisation and making it an obvious possibility

[matt123d] 18/8/2008 16:14

Covered some of my short postion at 35p on the back of todays volume.

Is the seller still there!?