Snoozebox Share Discussion Threads

[lovelyjubly1] 26/4/2016 14:38

this came to my attention on a podcast..

Just glad i never bought.

[smithie6] 26/4/2016 14:09

Lessons
imho the temporary loan secured by the V1 cabins was phps the biggest mistake
...as result the main assets to support the share price have gone....and that lender has a call on all the assets of the co.....and the co. cant afford the finance costs...

---
Ctrl costs in 2013 4M !!
2013 = 2.4M !!

For co. struggling to save alive ...

[smithie6] 26/4/2016 13:49

Wow
Only in Nov the MD said
" we are confident....
And ability to profitably scale"
----

So Eden project looks like only semi perm. site , correct ?
(Silverstone ??)
So much for global domination !

[lefrene] 26/4/2016 13:44

Smithie^, he's paid a lot of money to sniff out rotten apples, although if he is another beancounter then I guess he would have little idea. His job is to know if data is true or not.

30 million traded today our of a total 295 million in float, I guess if you want to wash your hands of it, then this is the day.

[smithie6] 26/4/2016 13:38

H1 news
'300 beds semi permanent on contract rental and looking at opportunities for 500 more '

News today
' at end of May will have 80 beds on contract rental and that contract comes for renegiotation in H2'

Wow, that is a (sudden hidden) change in news !!

(AIM. Any material news and we promise not to tell you anything !.....till its all too late)
----

Kestrel Head of Research is now exec. Chairman !
Ouch.
Expect he might not be getting a pay rise this year, although if he was mislead with false data/info its not his fault that Kestrel put in fresh cash at 6p.

( me . No position
Held from 3p to 2p as recovery idea !)

[smithie6] 26/4/2016 13:11

If Panmure took the usual 5% comission on the Jan. cash raise that is 250k.

& % on previous cash deals as well ?

So they and directors appear to be the only winners.

[the stigologist] 26/4/2016 13:01

Rest In Peace Snoozebox

[lefrene] 26/4/2016 13:00

They might have been rubbish at selling temporary rooms, but they knew how to sell a deal to the money guys. These people should be in government! :¬)

I guess a head or two will roll at Kestrel Hargreae. Very likely 7.5 year income bonds were written against these dead certainty earners, and sold into pension pots?

[loverat] 26/4/2016 12:55

Snoozebox?

What is this business. Is it cardboard boxes for sleep outs?

[lefrene] 26/4/2016 12:49

They certainly took that finance house, the deal works out at £17,301 per room, or £86,505 per box (5 rooms a box), although that works out at 115.6 boxes, so someone is still messing with the numbers! It was a 7.5 year deal and they took all the money (£10 million) out at once. Their net position is a loss of £1.9 million, having squandered all the dosh. They are looking for a manager, presumably someone who knows how to sell long term accommodation to large construction businesses or governments. I don't doubt that the various hangers on will continue to draw emoluments until the cupboard is bare. It might as well have been called "Carry on Snoozing", Sid James could probably have done a better job for 10 bob an hour!

[smithie6] 26/4/2016 12:46

Toast

1M reduction in cash in Q1
2M net debt
Short term lets dont generate cash
1 big semi perm. site contract ends & cabins in south Atlantic ! Falklands !
2M /yr finance cost and cant fund/pay it imo

Cabins need refurb. every now and again and then replacement, no cash generation to pay for this.

So, imo no one will be willing to supply them unless paid in advance and imo the company cant since creditors prob. wont allow cash to leave....

[smithie6] 26/4/2016 12:33

I has thought that the 2015 boss was doing a good job !!
Getting various installations done for semi perm. sites
...lots of RNSs...business up

..now appears it was lies

[smithie6] 26/4/2016 12:31

Deltalto
.....you were busy skiving off & smoking during every spelling class !!??

[lefrene] 26/4/2016 12:29

The managers 'rested easy' Smithie6

[lefrene] 26/4/2016 12:28

deltalo, they are losing over £5 million a year, with no sign of the business gaining traction. Usual story of management larging it, whilst clueless about actually earning money.

[smithie6] 26/4/2016 12:21

I see the thread title is quite ironic !!
" Rest easy with Snoozebox" !!

[lefrene] 26/4/2016 12:16

Investors thought this was a company with physical assets, now it seems that it's just a sales agent for somebody who owns a lot of boxes. Unfortunately they don't seem to be much good at selling though. These situations become quite fascinating, as the actual owner of the boxes may have to start paying to store and maintain them? That's an incentive to get shot of the things asap. So who is going to pop up to take the 'problem' off their hands? Perhaps someone with previous experience of this sort of thing?

[deltalo] 26/4/2016 12:11

March 31st. There cash position was 5.8million and 1.3million restricted cash. Market has oversold here and should recover back above 1p in days.

[lefrene] 26/4/2016 11:49

I would expect the shareholders to be left for dead. If BA systems still want the facility then the owners of the boxes could set up a new company and lease the boxes to BA to manage themselves. Cheaper for BA and no hassle for the financier, they at least get some earn out before the boxes end up as building site cabins and farm hands cabins in the harvest season. But lets see if our erstwhile beancounter pops up with an offer of his services?

I'm wondering why this hasn't been suspended? Oh yes it's AiM.

[smithie6] 26/4/2016 11:48

Lesson for any holders ?
(I dont hold after a punt from 3p to 2p sell)

Look at debt levels and note that if problems the debt holders own the company with 0 for shareholders.
& take care with cos. that dont generate cash.

2 examples are 7DIG & BOOM but there are many more

[smithie6] 26/4/2016 11:43

...good last point ...
..banks probably not happy..but phps happy to just it off as a loss....
Phps nor the ppl that did sale & leaseback deal....of cabins which appear not to be profitable and hence one assumes are of lower value than paid for the cabins...

---

If the cabins are useful for BA Systems workers in Barrow then maybe they offer say 1/2 of the cost to make new ones. & subject/company closed. 0 to shareholders.

[fenseal3] 26/4/2016 11:25

2.5m buy....1p soon!!!!