|Prem. Bar & Res
||EPS - Basic
||Market Cap (m)
Real-Time news about Prem. Bar & Res (London Stock Exchange): 0 recent articles
|lbo: 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: I also note that PBR is in a closed period so some people who wish to buy the shares are precluded from doing so! So indeed a strange time for the CFD to be forced to sell unless of course if you are CFD provider who does not care as the losses will have to be covered by Dawney Day.
"Premium is in a closed period which precludes its management from increasing their holdings to try to steady the share price"
I also note the comments by the company at the interims
Share Buy Back:
Shareholders passed a resolution on 28 November 2007 to authorise us to make
market purchases of our own shares within certain specified pricing constraints, up to 15 per cent. of the issued ordinary share capital, such authority to expire at the next AGM. However, our two largest shareholders, the Reuben Brothers and Dawnay, Day are interested in 32.5 per cent. and 29.4 per cent. respectively of the issued share capital, and consequently any increase in the shareholding of the Reuben Brothers and their concert party and any increase over 30 per cent. in the shareholding of Dawnay, Day and their concert party , following the purchase of shares would normally result in the obligation for them to each make a general offer to all shareholders pursuant to Rule 9 of the City Code on Takeovers and Mergers. The Takeover Panel will normally waive such an obligation provided that the Company's shareholders (other than the Reuben Brothers and Dawnay, Day and their respective concert parties) approve on a poll such waivers at a general meeting of shareholders. We intend to take the necessary steps to obtain such approval from shareholders, which will require us to obtain firstly waivers from the Takeover Panel and thereafter post a circular to shareholders to convene a general meeting to approve the Takeover Panel's waivers|
|fillipe: I've only just started looking at PBR, although I was a follower, but not a buyer, of the old Ultimate.
Am I correct in thinking that the only attraction of PBR, at the present time , is as an asset play. I see that Net Tangible Asset Value at 30th July 2007 was 114p/share, but net borrowings were £38m - about the same as the turnover!
The trading performance looks very poor and with the possiblity of going worse, from the sound of the last update. I see the only broker forecast available is for 2.35p of eps for 7/2008, which hardly supports the 30p share price. Eps of 3.86p is forecast for 7/2009 but in the present economic climate this must be a bit of a guestimate.
I quite fancy a risky punt but recently my bottom fishing has only dragged me down. Any thoughts anyone?
|lbo: Looks like the CFD was forced to sell on a margin call. Will the Reubens bid for the stock and the whole company now that the share price was depressed by the forced CFD sale? Its a very illiquid stock so you would have to ask questions if a bid came now after the the way the closing of the CFD forced the price down.
Premium Bars and Restaurants, the Aim-listed bar group that is backed by the Reuben brothers, tumbled 29 to 34½p as the troubled Dawnay Day group offloaded some of its CFD position at a big discount. Dawnay Day still holds 25.6pc of the company
Premium Bars and Restaurants saw its shares slump 45pc after ailing investment firm Dawnay Day was forced to offload more than a 5pc stake in the high street group.
Financial backers to Dawnay are understood to have forced through the sale of 2m Premium shares yesterday after the investment firm failed to meet a margin call on contracts-for-differences (CFDs) connected to the owner of the Prohibition and Living Room bar chains.
Dawnay controlled a 29.4pc stake in Premium in a combination of shares and CFDs. The shares were sold at about 30p, sending Premium's share plunging 29 to 34½p.
The Reuben Brothers own a 32.5pc stake in Premium and yesterday's share price fall will have reduced the value of the property magnates' holding by more than £3.5m.|
|jeffian: From today's Independent investment column:
"Premium Bars and Restaurants
Our view: Sell
Share price: 104.5p (-23p)
For some time now, those in a number of sectors, and particularly the restaurant industry, have argued that some consumer markets are less affected by the credit crunch. If that is true, and a decline in restaurants signals the onset of a real economic downturn, then we are all in trouble if yesterday's statement from Premium Bars and Restaurants (PBR) is anything to go by.
The top end bar, pub, restaurant and hotel group, which includes the Living Room chain, warned that the market continues to be "very challenging". Annual like-for-like sales are down 5 per cent.
The company said it expects full-year numbers, to be published in September, to come in under previous expectations, and the executive chairman, Mark Jones, adds that the firm has switched from trying to maximise revenues, to cost control. The group is also trying to increase its food sales, with Mr Jones saying that things could soon be getting quite serious for bars just offering drinks.
Investors reacted as though the group had contracted plague, with the stock falling 18 per cent.
Sadly for buyers, this is not a golden buying opportunity. The shares have crashed through the previous year low, and with a constant flow of bad economic news the price will continue to fall.
Experts at KBC point out that new Living Room openings in Milton Keynes and Bristol will help profitability, and that the share price should hold up to some extent because the group owns the freehold on much of its estate. Indeed, far better to be with PBR than a group without the safety net of a property base.
However, frankly, this is papering over the cracks. The watchers predict that earnings per share will fall to 3.9p next year, from 5.7p. Investors should heed this as a warning: a punt now will lead to losses. Sell."|
Prem. Bar & Res share price data is direct from the London Stock Exchange