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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Prestbury Hds | PBH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.75 | 1.75 |
| Top Posts |
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Posted at 31/1/2008 15:24 by roorontev RNS Number:0057NPrestbury Holdings PLC 31 January 2008 31 January 2008 Prestbury Holdings PLC ("Prestbury", "the Company" or "the Group") Second Interim Results for the six months ended 31 October 2007 Prestbury, the AIM-listed low risk financial intermediary company, announces its unaudited results for the six months ended 31 October 2007. The highlights were: - Turnover improved to £4.7m (six months ended 30 April 2007: £4.5m*). - Margin improved to 18.9 per cent (six months ended 30 April 2007: 18.7 per cent*) - Gross Profit improved to £0.9m (six months ended 30 April 2007: £0.8m*) - Shareholders' funds unchanged at £2.3m - Cash position improved to £412,000 (six months ended 30 April 2007: £354,000) - Overheads reduced to £756,051 - (six months ended 30 April 2007: £871,104*) - EBITDA improved to £0.1m - (six months ended 30 April 2007: £0.0m*) - Advanced stage discussions for acquisition of entire share capital of the Company by Management. * The results for the six months ended 30 April 2007 have been restated primarily to reflect the re-allocation of personnel costs between Prestbury Financial Limited and Prestbury Investment Management Limited, which historically have been reviewed annually in arrears in December of each year, and an increase in broker commission payable for the period. Chairman's Statement Prestbury's trading has remained remarkably stable through an intensely difficult period in the mortgage market. However the business will be subject to intense pressure over the period ahead, with margins being squeezed. Other networks will be increasingly stressed and there are real opportunities for Prestbury to recruit new advisers. Your Board believes that the costs associated with being quoted on the AIM market are at a level that makes it much harder for Prestbury to deliver growth in shareholder value. The independent directors are therefore currently in discussions with the executive management team of Prestbury (the "Management") regarding a proposal from the executive management to make an offer to acquire the entire issued share capital of the Company ("Prestbury Shares"). Such discussions are at an advanced stage (but have not yet been concluded and therefore this announcement does not constitute a firm intention to make an offer for the Prestbury shares nor is there any certainty that an offer will be made) and it is intended that the consideration for the offer would be new shares in a company which is to be newly formed by the Management for the purposes of the offer ("Newco" and "Offeror"), such new shares to be issued on a one for one basis, with a loan note as an alternative form of offer consideration. The loan notes would be non interest bearing, unsecured and issued by Newco in the amount of 20p per Prestbury Share and would be redeemable in the same amount. It is intended that there would be no fixed date for redemption of the loan notes, but that they would be redeemed as soon as possible following issue as the first payment priority of Newco out of the net financial resources available to Newco (after payment of the operating costs of Newco and its subsidiaries) from time to time. Investors should note that although the principal amount and redemption terms of the loan notes are expected to be as described in this paragraph, there is no certainty as to what the actual value to investors of the loan notes will be. Further details in this regard will be set out in any offer document, if or when an offer is made by the Offeror. 20p is the price at which new shares in the Company were last placed in December 2006. This statement is made with the agreement and approval of the Offeror. Francis Maude Chairman Chief Executive's Statement The credit crunch in the second half of 2007 has hit the entire mortgage sector hard. Prestbury has understandably not been immune to the impact and downturn in property and mortgage transactions that followed, but I feel we have managed the associated risks well. The Northern Rock debacle has caused a great deal of concern and uncertainty in our industry, but the low risk whole of market business model that Prestbury champions has stood up well to the market downturn. Whilst Northern Rock accounted for 15 per cent of lending in the first half of 2007, this lending has now been taken up by Banco Santander - Abbey. Overall, however, mortgage transactions were down in the second half, but this drop in mortgage income was offset by an improvement in insurance margin delivering total revenues in the second half of the 2007 financial year marginally ahead of the first half. Less than one per cent of our lending partners have actually withdrawn from providing new mortgages to the prime market, i.e. those free of any bad credit. However, nearly all have increased the rates and reduced the loan-to-value ratio on their mortgage products. The costs associated post credit crunch of the mortgage market to the consumer and the lenders themselves have put such a squeeze on the market that new net lending across the industry has dropped by approximately 20 per cent, predominantly down to affordability of the higher interest rates and the higher loan to value products being withdrawn from the market. On a more positive note however, 60 per cent of Prestbury mortgage income is actually originated from existing client re-mortgages at below 75 per cent loan to value, and we expect this percentage of mortgage revenue to continue. The net drop in Prestbury advisers' income from mortgages has therefore only been around 10 per cent as a result of the credit crunch. Since August 2007, the money markets have effectively closed the doors for business to lenders who specialise in the higher margin sub-prime sector. These lending businesses have been unable to access affordable capital elsewhere, thereby removing their ability to lend competitively to the UK's poor credit population to the same levels they had previously achieved. The zero appetite to do business in the current market is as a direct result of the American sub-prime crisis. The American lenders have been hit the worst because of record levels of mortgage and loan defaults, and affecting the worldwide banking giants Citibank and Merrill Lynch to name just two, are also major lenders in the UK's bad credit market, so the UK lending arms have naturally been hit as a result. It also needs noting that Northern Rock, whilst not being a bad credit lender, used the same method of funding as the bad credit lenders and, as a result, the doors where closed to them also, resulting in the current Northern Rock crisis and the emergency funding being provided by the Bank of England. The result of the downturn in the sub-prime sector has only marginally hit the underlying operational margin and performance of the Prestbury Holdings PLC business, as the sub-prime activities were taken out of the Group as part of a risk strategy implemented in 2005. The business directly involved in the sub-prime crisis, Prestbury Investment Management Limited ("PIM"), a company owned by Stephen Keenan and myself, has seen new enquiries and demand hold up well, but due to the reduced ability of lenders to provide funding, completed transactions have recently fallen by 50 per cent. The reason that such a dramatic downturn has occurred so quickly is as a result of the credit crunch and the lenders historical business plans no longer being viable. These lenders sold the mortgages soon after they completed as part of a pool of securitised loan and mortgage bonds sold into the markets around the world. Two fundamental elements to these lenders business models, as a result of the credit crunch, have failed, not only being able to get the money in the front door to lend, but nobody to buy it at the back end either. As a result of the dramatic downturn, and in a similar way to the mainstream prime lenders, the sub-prime lenders who lend via PIM and operate a traditional risk-based balance sheet lending model, i.e. buildings societies and savings banks, have increased the interest rates to sub-prime borrowers by approx 40 per cent and the loan-to-value of products have reduced equally aggressively. This market is now operating at a level more akin to common sense lending, as the majority of lenders now price to risk, as opposed to those that operated via the money markets who priced to sell. Prestbury Investment Management Limited maintains strong relationships with these lenders. |
Posted at 20/4/2007 12:44 by unisave2 This is interesting....RNS from 18th April Promethean have paid £8m for 30% stake in Enterprise which has turnover of £12.5m and originates £1 billion of Mortgages per annum Prestbury also has turnover about the same and also does £1 billion of Mortgage business pa Announcement from Prestbury this morning suggests someone thinks Prestbury undervalued at present Subscription of 30% equity stake in Enterprise Group Promethean Investments LLP is pleased to announce that Promethean Investments Fund LP ("Promethean"), the investment fund of which Promethean PLC is the primary investor, has invested £8.5million for a 30% equity stake in Enterprise Group Limited ("Enterprise Group). Promethean has now invested £42.5m out of £48.35m (some 88%) of the net placing proceeds raised in June 2005. Enterprise Group is widely recognised as one of the UK's largest and most innovative mortgage and loan distribution companies, now originating close to £1 billion in mortgages and loans per annum. Its subsidiaries include Enterprise Broker Services, Enterprise Finance, Enterprise Debt Solutions, Enterprise Partners, Enterprise Homeloans, Choice Homeloans, Mint Homeloans, Thinc Enterprise, Enterprise Wills and also its unique 'EDGE' sub-prime sourcing system. Over the past 6 years, Enterprise has grown from a new entrant to become an established and dominant player in the market by securing formidable distribution contracts with many of the UK's largest and most successful Networks, including; Openwork, Home of Choice, Intrinsic, Positive Solutions, Mint and Thinc, as well as building strong relationships with many directly authorised brokers. Turnover of the Enterprise Group for the year ended 31st March 2007 was approximately £12.5million. Enterprise pioneered the concepts of 'safe sub-prime' and 'branded-packaging' and specialises in providing regulatory protection in the sub-prime market for all its introducers through its unique EDGE system and its robust sales and replacement procedures. EDGE, which was launched in May 2006 and now has over 2600 registered users, provides the first accurate and dedicated sub-prime sourcing system. It also provides an instant audit trail to demonstrate that thorough research has been carried out prior to recommendation. Version 2 of EDGE, which is fully integrated with many of the specialist lenders' systems is due to launch in June. Sir Peter Burt, Chairman of Promethean PLC, said today, "Having extensively reviewed the market, Enterprise stood out as a shining example of how a mortgage and loan distribution company should be evolving in the regulated environment. Every box was ticked for us, and we are very excited about working with the management team to maximise on the vast opportunities we see in this market. The EDGE technology is the first true sub-prime sourcing system we have seen that offers full regulatory protection and best execution for its users." |
Posted at 17/3/2006 07:58 by jessica5 Not the one i was expecting BUT!!...;-))LONDON (AFX) - Mintgate Investments Ltd, an investment vehicle led by Prestbury Investment Holdings Ltd, confirmed that it is contemplating making an approach to Luminar PLC, although no final decision has been made. In addition to Prestbury, West Coast Capital and Investec Trust (Guernsey) Limited as trustees of the Tchenguiz Family Trust are co-investors in Mintgate. Mintgate already holds about 4.6 pct of Luminar. newsdesk@afxnews.com hjp COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited |
Posted at 04/3/2006 09:47 by latestarter its been a long running battle fella, and credit to lee he has not got that caught up in it, griffiths has taken advantage of PBH trading as a plc and therefore living in a green house, whilst he has tried to float network data but seems to be struggling to get it away, network data also raised an extra 2m this year from investors, has 3 times the number of ARs and still looses money, the key point from the acounts as you have picked out is the 500k from H2 that i believe re rated them and will have them on the radar of a couple of providers and networkersSTJ reported it has directors and senior managers whos only responsibility now is to increase the number of ifas, why so? because STJ is 60% owned by HBOS its mortgage offering is poor compared to others hence, despite cracking results on pensions its 5billion mortgage book is weak, PBH currently transact 1 billion with an offering second to none, (it is worth remembering at this point the strict criteria to transact through pbh) PBH is valued at some 7m here we all know lee wants a £1 a share and 15 months ago had approaches, for someone to come in and get this and increase through PBH as a stand alone entity makes perfect sense, although it is fair to say we have been waiting 2 years, a lot of risk is now removed from any transaction and the need to consolidate or do something has increased with the BBB fiasco and the much mooted demise of MIL If dale knight turned down the MD role at intelligent to become sales director south here, he must have heard something he liked in the game plan |
Posted at 01/3/2006 08:15 by mrsasal490 As expected bye bye BBB.................Berkeley Berry Birch Rule 10.8 Waiver RNS Number:0958Z Berkeley Berry Birch PLC 28 February 2006 Update on financial position Sale of the business and related assets and liabilities of Berry Birch & Noble Insurance Brokers Limited, and Heads of terms for sale of further group businesses Update on financial position Berkeley Berry Birch plc ('BBB' or 'the Company') is the holding company for a financial services distribution group. Its principal subsidiaries are Berkeley Independent Advisers Limited ('BIA'), Berry Birch & Noble Insurance Brokers Limited ('BBN IB') and Berry Birch & Noble Financial Planning Limited (Weston) Limited ('Weston'), all of which are regulated by the Financial Services Authority ('FSA'), the latter via BIA. Trading in the Company's shares was suspended from 1 December 2005 at BBB's request pending clarification of its financial position. For a number of months the Directors have been trying to refinance the Company and address the regulatory capital deficits within BIA and Weston and to provide the funds to meet the Group's working capital requirements. On 29 July 2005, the FSA issued Decision Notices against BIA and Weston as a result of their regulatory capital deficits. As announced on 18 January 2006, the FSA agreed that it would not serve Final Notices in respect of the Decision Notices before 27 February 2006 and would, in any event, not serve Final Notices in respect of the Decision Notices if BIA and Weston could provide the FSA with written opinions from its auditors that they are compliant with the Prudential Rules on capital adequacy. Weston has since become a member of the BIA Network and is therefore now authorised via BIA and is no longer a directly regulated company. Following the transfer of Weston into the BIA network, the regulatory capital deficit in BIA is around #4 million. BBB's interim results for the six months ended 30 September 2005, announced on 29 December 2005, disclosed an operating loss of #1,385,000. Since 30 September 2005 trading has remained difficult. This has been as a result of the continued impact of the well-publicised issues affecting the business. As at 30 September 2005 the Group had consolidated net liabilities of #496,000. Included in this figure is a liability of #3,245,000 in respect of the Group's defined benefit pension scheme. The Directors announce that they have been unsuccessful in completing their plan to recapitalise BIA by the FSA deadline which involved: (a) the sale of BBN IB's business and related assets; (b) the sale of 50% of BIA together with the application of the proceeds of the sale of BBN IB to recapitalise BIA; and (c) a subsequent equity and debt capital raising. Although the sale of BBN IB's business and related assets and liabilities has been completed, a number of factors have prevented the Board from completing its plans, including a further deterioration in the trading prospects of BIA and the withdrawal of a potential investor in BIA at a late stage. The Directors have been advised that although the proceeds from the sale of the BBN IB business and related assets, together with the cash balance held by BBN IB, might have been sufficient to refinance BIA, the Directors, in the light of their obligations to BBB's creditors, including the Group defined benefit pension scheme, could only do so if there was a realistic prospect of raising sufficient funds, over and above those from the sale of the BBN IB business and related assets and liabilities, to enable the Company to continue trading for at least the next 12 months, an amount estimated by the Board to be around #5 million. The Directors have concluded that the uncertainties around the future of BIA as an independent entity following its deterioration in trading prevent them raising funds externally and have therefore concluded that they are unable to recapitalise BIA. Instead, the Directors must take all steps to sell the Group's remaining businesses with a view to attempting a solvent outcome for the Company. In this respect the Company has entered into conditional heads of terms with Tenet Group Limited ('Tenet') for the proposed sale of its remaining trading businesses, as set out below. The FSA will issue Final Notices no later than 9 am on Monday, 6 March 2006. This will allow the sale of BIA and the other businesses to proceed in an orderly fashion. Tenet have informed BBB that they are committed to this timetable. Following the completion of any sale, the Group will cease all regulated activity and BBB will apply to enter administration as soon as possible. Sale of the business and related assets and liabilities of BBN IB The Group has today completed the sale of the business and related assets and liabilities of BBN IB, a wholly owned subsidiary of the Company, to Smart & Cook Limited. Given the financial position of the BBB Group, the United Kingdom Listing Authority ("UKLA") has granted a waiver under Listing Rule 10.8 in respect of the requirement to issue a circular and obtain shareholder approval in respect of this disposal. BBN IB is an insurance broker established in 1964 which specialises in giving advice on a range of personal and commercial insurance products for individual and corporate clients and employs around 70 staff. The estimated total cash consideration receivable from the disposal, including the maximum deferred consideration, is #4,521,000. The initial consideration receivable from the sale is #3,117,000, payable in cash on completion, comprising #3,276,000 in respect of 70 per cent. of the total consideration payable for the business less #159,000 in respect of the estimated net liability position. The balance of the consideration for the business is payable 13 month after completion, although this will be reduced if the general insurance fees and commissions, net of any paid away commissions, in the year following completion is less than the level agreed at completion of #3,900,000. The deferred consideration cannot be lower than #nil and the maximum deferred consideration payable is #1,404,000. For the year ended 31 March 2005 BBN IB reported turnover of #4,594,000 which included approximately #11,000 in respect of the Private Insurance Portfolio ("PIP") division that was sold in January 2006. Profit before tax for the year ended 31 March 2005 was #473,000, which is net of an estimated loss for the PIP division of #242,000. The turnover and profit before tax have been extracted from the Annual Report and Accounts for the year ended 31 March 2005, upon which the auditors issued a qualified opinion arising from limitation in audit scope in respect of a #200,000 provision against unreconciled debtors for which the auditors were unable to obtain sufficient evidence. The gross assets being sold are estimated to be #2,747,000. All of BBN IB's staff, including the management of the company, will be transferring as part of the disposal. Heads of terms for the sale of further trading assets of the Group The Company has entered into conditional heads of terms with Tenet for the sale of its remaining businesses and related assets, including those of BIA and Weston. Tenet is the largest independently owned IFA Group in the UK and currently supports over 5,000 advisers through seven of the industry's major brands. The Board has selected Tenet as a potential purchaser because it believes that Tenet's size and industry credibility provide the greatest likelihood of a positive outcome for the Group's employees and clients. The UKLA has granted a waiver under Listing Rule 10.8 in respect of the requirement to issue a circular and obtain shareholder approval in respect of the disposal of the Group's remaining trading assets to Tenet. A further announcement will be made on reaching agreement with Tenet on the terms of the sale. Working capital The BBB Group does not have sufficient working capital for its present requirements. On a going concern basis, the Directors estimate that the additional funds required for the next 12 months would be around #8 million for the next 12 months. As noted above, the Directors have concluded they are unable to raise the funds required and therefore the BBB Group is no longer able to continue as a going concern. In these circumstances, the Directors have to maximise the funds available creditors, which, as explained below, is also in the interests of shareholders, since it gives them their best chance of a return on their investment. Application of funds from the disposals Given the financial position of the Group, the funds from the sale of the business and related assets and liabilities of BBN IB and from the disposal of the remaining businesses to Tenet will be applied to meet the Group's liabilities to its creditors. The Directors consider that the disposals of all of the businesses are also in the best interests of shareholders, since, although it is far from certain, it gives the best chance of a solvent wind up of the Group and a return for shareholders. It will only be possible to determine whether a solvent wind down is possible when the disposals of all of the businesses have been completed and the full extent of the liabilities determined. Conclusion The directors of BBB confirm that in respect of the disposal of the business and related assets and liabilities of BBN IB and the proposed disposal of the remaining businesses in the Group: (a) negotiation does not allow time for shareholder approval; (b) all alternative methods of financing have been exhausted and the only option remaining is to dispose of its remaining businesses; and (c) by taking the decision to dispose of its remaining businesses to raise cash, the directors believe that they are acting in the best interests of the Company and shareholders as a whole. Unless these disposals are completed administrators will be appointed tomorrow. Arden Partners Limited, which is acting as the Company's sponsor, confirms that, in its opinion and on the basis of information available to it, BBB is in severe financial difficulty and it will not be in a position to meet its obligations as they fall due unless the disposals take place according to the proposed timetable. Enquiries: Andrew Shortis Group Managing Director Berkeley Berry Birch plc 024 7623 2010 Steve Douglas Arden Partners Limited 0121 423 8943 |
Posted at 24/11/2005 08:22 by wormcatcher Jessica 5,Last one I had - I think it is still current Lee Birkett - 8,064,994 34.55% (31.82%) EK Sample - 21,576 0.09% (0.09%) Mark Clare - 525,000 2.25% (2.07%) Stephen Keenan - 2,801,230 12.00% (11.05%) Arlington Group - 735,000 3.15% (2.90%) Principal Corporate Investor (PCI) - 575,000 2.46% (2.27%) Brit Insurance Holdings PLC (Brit) - 937,500 4.02% (3.70%) F Maude - 193,141 0.83% (0.76%) R Anderson - 2,500 0.01% (0.01%) Chase Nominees - 670,000 2.87% (2.64%) Prestbury Trustees - 705,000 3.02% (2.78%) UVS Laing and Crookshank - 625,000 2.68% (2.47%) Armadillo Investments Plc- 5,000,000 21.42% (19.73%) Issued to Blue Pearl owners - 1,000,000 4.28% (3.95%) (Potential BP owners +2m) - (2,000,000) (7.89%) Total (without additional shares) - 21,855,941 93.62% Current Total Shares in issue - 23,346,210 Total (with additional shares) - (23,855,941) (94.12%) Potential Total shares in issue - (25,346,210) |
Posted at 31/10/2005 17:01 by mgstone ls - thanks for your reply and good to see you positive on this one, have to admit, I am surprised to see the share price at current level. Will likely add here if it remains at this level a bit longer. As I think you suggested, poor or no PR means investors etc will not be interested. Look forward to the update soon. |
Posted at 30/9/2005 17:05 by latestarter no news flow i guess, i have been busy with other stuff of late but still not sold, oh well in for the long haul, any value investors may want to look at INO done a lot of rsearch on that |
Posted at 19/8/2005 17:51 by wormcatcher A response......Dear Mr Wormcatcher, I am responding to your e-mail to Julian Hirst of earlier this afternoon. We have published research on Prestbury Holdings but due to the financial services regulations under which we operate, we are not permitted to distribute the research to investors or shareholders who are not themselves regulated by the Financial Services Authority. However, we are able to distribute the research to other financial services professionals such as private client stockbrokers. If you have a private client stockbroker through whom you deal in shares, please let me have their details and we would happily send our research on Prestbury to them. Yours sincerely, Richard Swindells |
Posted at 17/8/2005 13:54 by wormcatcher Certainly does SW - still have half of my holding. Very disappointing at the moment. Let's hope they do haul themselves back - I image there are going to be some very disappointed investors selling out as this drops.Bought into IDN yesterday - looks like I might have timed it right for once!! |
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