Quayle Munro Share Discussion Threads

[joan of arc] 25/7/2011 18:25

Yes, I bought them at the same time at about the same price, traded out at 1200p and back again at 600p so ditto.

[stevie blunder] 25/7/2011 15:25

Can't argue with that. I hope he is cringing at how he was quoted.

He is clearly not a fan of the company being traded on AIM.
I think they would be better off taking the company private. I am only hanging on now in the hope of a buy out offer not too far from NAV.
I bought my first QYM at 125 in 1993, so they don't owe me anything, but would hate to sell them cheap.

[joan of arc] 25/7/2011 10:26

Well, in my instant analysis on the basis of a few sound bites I would say he sounds pompous and a braggart. Who gives a s--t if the office is open plan or not. As for his pride in "there is greater volatility, more like a bank.", I find that extremely ominous. I shall be watching the company performance like a hawk.

Incidentally, I have owned this share since the year dot and it represents easily the best of the returns I have made in the Market - thanks to Ian Jones and his many special dividends. His obvious snipe against IJ does not lie well with me.

[stevie blunder] 25/7/2011 09:59

Article in the Herald:



Sky is the limit for Quayle Munro under new chief

INTERVIEW SIMON BAIN

23 Jul 2011
T he rooftop views across Edinburgh from the smart new offices of the capital's quoted investment bank Quayle Munro are doubly satisfying to new chief executive Rob Cormie.

They symbolise the firm's new open-plan culture, a break with the past from the Charlotte Square era under founder Ian Jones.

They also remind Mr Cormie of his own unlikely past, as a student at Edinburgh College of Art just across the road, before he took the road to London to become a financier, returning in 2008 to join the quirky Quayle Munro as head of corporate finance.

He says: "Since Ian Jones' retirement the business has changed dramatically, culturally, in the way we do business.

"It was absolutely deliberate coming here, it would have been so easy to go into another (Georgian) townhouse rather than open-plan... and the way we are rewarding people is different, there is greater volatility, more like a bank."

[stevie blunder] 04/4/2011 17:14

Nominee is fine. They give you the contact for their broker which you pass to your broker and the deal gets done. Even an execution only broker can do it if, but it would be a telephone deal and might cost more. Very much worth a phone call to see if they are still buying back when you come to sell.

[makingheaps] 04/4/2011 16:05

Makes a lot of sense but presumably you need paper certificates rather than on line nominee account

[stevie blunder] 04/4/2011 13:21

I would settle for half that right now :-)

I know somebody who sold shares back to them recently for 625 while the MMs were offering 500 for the same quantity. Worth bearing in mind.

[makingheaps] 04/4/2011 13:01

This will be the new three year credit facility refered to in the interims. Not sure how much "new" money there is there but sounds positive. it could be they are in a nice niche area with the government support for new first time buyers.

Morris is valued on the balance sheet at £9.3m being £4.2m loan stock at par and £5.1m for the equity investment.

That values the equity at about £20m. With these positive trading statements we might get back in the next two trading years to operating profits in the £25m - £35m range (2008 was £34m I think). On that basis consevatively applying a PE of 4 the business might be worth £100m and our share £23m or £18m more than the current valuation. Such a scenario means an additional £3 - £4 on the asset value.

As things recover surely RBS will look to realise profits. Hopefully that will yield good advisory work for us as well as a capital gain on any sale or float

[stevie blunder] 04/4/2011 10:30

Housebuilder Morris Homes has secured a £200m-plus working capital boost as it looks to step up its land-buying programme for new developments.
The Wilmslow-based firm has agreed a three-year facility with its principal lenders Royal Bank of Scotland and Bank of Ireland.
Morris Homes is currently developing 42 sites compared with 25 at this time last year, and is planning to accelerate its expansion across the north and the Midlands.
Managing director Mike Gaskell said the group enjoyed a strong year to March 31 and that underlying market conditions were improving.
Morris Homes saw the number of new home reservations rise 25 per cent during the year.
"We have seen a significant pick-up in demand for, and sales of, new homes across our sites and we are well-positioned to capitalise on future opportunities."
As part of its focus on sustainable development, Morris Homes recently signed an agreement with the Homes and Communities Agency to build a landmark eco-village of almost 300 properties in the centre of Peterborough.
The development will be Britain's largest zero-carbon housing scheme.

[stevie blunder] 17/3/2011 20:04

Had a chat with one of the managers, following an e-mail I sent them with some queries.

Fairly reassuring. The proportion of bonus alloted in shares is not fixed, and no decision has been made for the current year.

If you want to sell shares, give them a call, they are open to buying back, and you would probably get a better price than the market makers would give.

[makingheaps] 15/3/2011 18:34

Hmm, a few murky things gone through. On a second read I also note: In November 2010 the Company bought in 37,469 'out of the money' share options which have been cancelled. During the period the Employee Benefit Trust purchased 9,079 shares.I thinnk this new management team needs to prove themselves

[stevie blunder] 10/3/2011 13:51

MH,
as far as I can see 1.1 is made up of:

"£0.9m of IFRS share based bonus costs which relate to the prior year JOE share based bonus and LTIP share option grant, "

plus 0.2 in redundancy costs mentioned in note 8.

So much for me thinking these would be clean figures......

What is most disappointing is all the new shares created. In March they bought back and cancelled 261k shares at £5.

Then:

"During November 258,001 shares were issued of which 229,473 were awarded under a Joint Ownership structure with the Employee Benefit Trust."

Looks like 5% of the company was alloted to the staff. Now if that happens every year...........

[joan of arc] 10/3/2011 11:06

MH,agreed. New technologies in medicine have an enormous inertia to overcome with huge upfront sales/marketing costs to achieve it. Irrespective of how good the ideas very few make it to a decent profit. We should sell the IP on and get out of Tayside.

[makingheaps] 10/3/2011 09:16

Yes disappointing and the tone is quite down beat. The advisort income is slightly higher than last year but nowhere near the run rate of the second half last year. The direct costs of that business is lower than last time probably reflecting lower bonuses?? The big issue is the line Other Operating Expenses whick is £1.1m compared with £0.2m. there is no note and no comment so far as I can see. What is in there? On the asset side Morris sounds fine although no doubt the new 3 year facility will be at a higher cost than before. The eventual re rating of this remains my main reason for holding this. In contrast it sounds like good money going after bad at Tayside. New management, disappointing sales, running out of cash. Lets hope if they do put more of our £15m cash pile in there they extract a high price

[stevie blunder] 04/2/2011 07:59

Thought I would try and get a handle on what to expect in the half year results.

First I don't think there will be any change at Morris, it is probably chugging along in line with the slow recovery in the quoted house building sector.

The professional advisory business could be quite interesting though.

In the first half last year they declared £5.1M professional revenue

For the full year it was £15.6M, pointing to a sharp improvement.

The outlook statement at the full year said:

"While it is difficult to predict the outcome for the next year, with our strong financial position and healthy pipeline of work I believe there is scope for further growth both organically and by attracting more senior people to our advisory platform. "

That leads me to expect/hope that professional revenue in the first half might come in around £10M which might generate profits of £2.5M. There should not be much in the way of exceptional costs this year so most of that should drop through to the pretax level. I am hoping for 30-40p earnings, which would allow them to raise the dividend, hopefully by 10%.

These earnings should also be "clean" ie encumbered by changes in the investment portfolio and so will be much easier for investors to understand.

Results last year were on 4th March.

[stevie blunder] 10/12/2010 07:40

New CEO at Tayside Flow and some new funding including from QYM :



Tom Shepherd, CEO of Tayside Flow Technologies, added: "I am very pleased to be joining the enthusiastic team at TFT at this critical stage in the Company's commercial development. After several years of successful R&D and regulatory work on the unique concept of Spiral Laminar FlowTM, the company is now poised for growth

[makingheaps] 02/12/2010 10:53

Yes could be a theme in the years to come. This was Miriam Greenwood's area of expertise I seem to remember but she didn't come to much. Lets hope the timing is right this time. I'm not sure why they are finding it so difficult to get back into PFI as it still seems to be a growth area. HICL are raising funds at the moment and there have been a couple of other fund raisings I have noted recently

[stevie blunder] 01/12/2010 08:56

Story in Scotland on Sunday about QYM gearing up in the debt market to replace their PFI work :

"Quayle Munro, the boutique Scottish investment bank, says up to £185 billion of debt in the UK will mature in the next two years and is hiring staff to cope with inquiries from firms now looking for new deals."

[stevie blunder] 19/11/2010 16:34

Thanks for that. My holdings are all in nominee, so probably won't be bothered by such conmen :-))

Might be worthwhile contacting the company? ie QYM?

[forensic] 19/11/2010 14:23

Have now spoken to the FSA, and its a potential Recovery Room type fraud, where at some stage they will ask you for a "deposit of money" typically £2,000 to £8,000 - which you will never see again!

[forensic] 19/11/2010 14:02

Warning against unsolicited phone calls from Baros & Ronaldo Associates.

I have received 4 phone calls from this "outfit" in the USA about my holding in Quayle Munro in the last few days. They are supposedly acting for some mysterious company that is looking to launch a takeover for QYM and acquire a 51% holding. As soon as they came on I thought SCAM. They talked about an offer price of between £5 and £12, but the firm offer price wouldn't be known for a few days. They are very pushy and keep pleading that they are a bonafide outfit. However, look at:

Warning from the FSA:


and

Motley fool board:


They are trying to rob you one way or another. Please do not be took in. Has anyone else been contacted by them?

[makingheaps] 14/10/2010 12:07

you're right sorry not paying attention

[stevie blunder] 13/10/2010 22:33

Don't panic, they went XD today, total of 120p xd, so a fall of 112.5 is OK....

[makingheaps] 13/10/2010 17:16

And 12% lower today when someone bought £430k's worth at £8.60!!!! how can that be explained?