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SORB Sorbic Int

2.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sorbic Int LSE:SORB London Ordinary Share GB00B3CX3F30 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sorbic Share Discussion Threads

Showing 51 to 74 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
28/2/2011
19:13
Please note that the raising of capital stated in post 58 above will impact shareholders as follows.

The company states they now have 38,563,500 ordinary shares- existing shares of 33.4m and 5.2m ordinary shares mentioned in post 58.

BUT, to be conservative in valuing the market cap of SORB, you should assume that the convertible loan notes will convert (just as you would with stock options).
Both A and B loan notes issued can convert at 26pence. Par value for the bonds (as seen on the PLUS website under "SORB") is the usual £1000. £1000/ 0.26p = 3846 shares issued for every bond that converts.
There are 1,562 A Notes in issue and 876 B Notes in issue giving 2,438 Loan Notes in aggregate.

2438 x 3846 = 12.75m shares issued upon full bond conversion.
12.75m upon conversion + 38.57m shares currently outstanding = 51.32m shares + 0.6m share option to Hermes and JM Finn Capital =
51.9m shares fully diluted.

0.28pence x 51.9m shares = £14.5m market cap, not £10.6m cap at 38m shares.
0.26p = £13.5m
0.20p = £10.4m.

In other words, the commonly stated "38m shares in issue" understates the true market price to buy the whole of SORB- it's more expensive to buy at fully diluted than some may recognise.

moathunter
28/2/2011
17:38
Thanks morgannn, although I already knew this. What I was trying to get at on the CFC bb, was that they have secured the funding so there will be no delay to completing the new factory. I was interested in people's views on this. I think SORB have a bright future and, come the end of the summer, once the new factory is in production I can't see the share price languishing below 30p.

25 February 2011

"The new site in Ulanqab City will double Sorbic International's existing manufacturing capacity. The factory building is largely complete and construction remains on track in terms of timeline. The project is expected to be completed by late 2011".

14 January 2011

"As a consequence of the approval process, the GBP1.6 million due from Hermes is now anticipated to be received towards the end of Q2 2011. This anticipated delay, in the absence of alternative funding, would delay completion of the new factory. Accordingly, the Company will consider its options to facilitate completion of the factory which will include looking to secure alternative/bridge funding".

jonny flame
27/2/2011
23:45
Johnny,in a nutshell it seems that Hermes couldn't get the funds out of South Korea in time ,therefore we had to get funding elsewhere.As far as I can see nothing else has changed.I hope this is a correct interpretation of the RNS.
morgannn
25/2/2011
09:54
Press Release 25 February 2011

Sorbic International plc

("Sorbic International" or the "Company")

GBP1.6 million fundraising

Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, is pleased to announce that it has conditionally raised approximately GBP1.6 million (before expenses) through the issue of GBP0.56 million of convertible loan notes ( the "B Loan Notes") and 5,175,000 ordinary shares of 6 pence each ("Placing Shares") which have been issued at 20 pence each ("Placing").

The proceeds of the fundraise are to be utilised to fund construction of the Company's new production facility in Ulanqab City, Inner Mongolia, work on which commenced in April 2010. The new site in Ulanqab City will double Sorbic International's existing manufacturing capacity. The factory building is largely complete and construction remains on track in terms of timeline. The project is expected to be completed by late 2011.

In August 2010, the Company announced a GBP3.5 million loan note issue (the "A Loan Notes"). Included in this total was GBP1.6 million in respect of which Hermes Holdings Ltd ("Hermes"), based in Seoul, had entered into a legally binding agreement. Hermes is due to pay the Company directly but requires regulatory approval to move the funds out of Korea. As announced on 14 January 2011, the Company is in discussion with Hermes to resolve the non-payment in relation to the A Loan Notes. As a result of the ongoing discussions, Hermes has not yet been issued with the A Loan Notes, and is therefore not an A Loan Note holder and will not be involved in the proposed listing of the A and B Loan Notes on PLUS (as described below).

Key Terms of the B Loan Notes

The B Loan Notes are repayable on 26 February 2013, the same repayment date for the A Loan Notes. The B Loan Notes rank pari passu with the A Loan Notes issued in August 2010 and attract an interest rate of 10% per annum, payable half yearly. The B Loan Notes are convertible at a rate of 26 pence per ordinary share and, in the event of early redemption, the noteholder is entitled to either a 10% premium or warrant coverage at 26 pence per ordinary share with no premium payable. The terms of the A Loan Notes have been amended to reflect the same conversion terms as the B Loan Notes.

It remains the Company's intention to apply for the A and B Loan Notes to be quoted on PLUS Markets. This application will be made following publication of the report and accounts of Sorbic International for the year ended 30 September 2010. The report and accounts are expected to be published in March 2011.

The Placing is conditional on, inter alia, admission of the Placing Shares to trading on AIM ("Admission"). It is expected that Admission will occur in two tranches, with 3,575,000 Placing Shares being admitted at 8.00 a.m. on 2 March 2011 and 1,600,000 being admitted at 8.00 a.m. on 11 March 2011. Following Admission of all the Placing Shares, the Company will have 38,563,500 ordinary shares of 6 pence each in issue.

jonny flame
14/1/2011
11:26
Question - why can't they use the GBP 5.7m in cash that they have? Or has this already been allocated?

Press Release 14 January 2011 Sorbic International plc

Convertible Loan Update

Further to the announcement of 16 December 2010, two directors of the Company visited the offices of Hermes Holdings Ltd ("Hermes") in Seoul, Republic of Korea on 12 January 2011. Hermes remains committed to the agreed amount and now expects the regulatory approval process to be completed during Q2 2011.

The first stage of that process will be the submission of an independent valuation report on the Company to the regulatory authorities. This is targeted to complete no later than the end of Q1 2011. As a consequence of the approval process, the GBP1.6 million due from Hermes is now anticipated to be received towards the end of Q2 2011. This anticipated delay, in the absence of alternative funding, would delay completion of the new factory. Accordingly, the Company will consider its options to facilitate completion of the factory which will include looking to secure alternative/bridge funding.

At 30 September 2010 the Company had net assets of approximately GBP14 million of which GBP5.7 million was cash. The Company remains profitable and last year achieved revenues of GBP12 million at its existing factory in Linyi City, PRC.

The Company will continue to work with Hermes to resolve this issue and will update shareholders in due course.

jonny flame
14/1/2011
10:59
RNS out,funding delay.
serratia
30/12/2010
17:19
Someone happy to buy SORb at these prices
jonny flame
25/12/2010
17:25
SORB is a long term investment, one to hold for the next 5 years.

CFC looks to be progressing very well, SORB is perhaps 2 years behind CFC in terms of it's development and growth story.

jonny flame
23/12/2010
19:02
A look at the results -

In the first half they lost 30 days due to snow - 11 and environmental audits 19.Over the full year they lost 40 days.Assuming no snow in H2 they lost 10 days to other factors.At H1 they said 30 days cost them £350k profit before tax so the 10 days should have cost them £117k in H2.
At the half year they said prices were rising but by year end gross profit had fallen.In H1 it was 21.8%,in H2 15.8%.The conclusion must be that input prices rose faster than selling prices.GP is now less than half the figures for 2008 and 2009.Distribution,admin and net finance costs are broadly similar to previous years.
The problem is both a drop in sales and a rise in input costs.H2 sales are down 8% on last years run rate.Even if I add back the gross profit lost due to 10 days outage gross profit for H2 is still less than half on a percentage basis that of the previous two years.
The new plant start up has slipped a little from summer 2011 to late summer/autumn.
Looking at the cash flow it looks OK on the surface but they have reported a massive increase in payables.It looks like they have delayed payments to suppliers by 70/80 days!
Finally the cash to complete the Mongolian plant is not yet secured although they have not flagged any worries I'd be more comfortable when it's secured.
Overall I'm still interested in their prospects but will wait for the next set of results before making ant decisions.They need to get better volumes/prices or better raw material prices.

serratia
23/12/2010
13:54
Anyone know what this is about? Why do you need a loan of £4.8m to cover a liability of up to £1m? And what does it mean by 'a contribution' - if it's repayable, isn't it also a loan? Unless I'm missing something this rather knocks a hole in the £5.7m in cash - £4.8m repayable on demand.

"The Company disclosed in its financial statements for the year ended 30 September 2009 that a contingent liability of up to £1 million may be due arising from the acquisition of LVST.

In order to resolve the position, a loan of approximately £4.8 million, was made by Wang Yan Ting ("WYT"), a director and shareholder in the Company and the former owner of LVST to LVST, and a contribution of the same amount was made by WYT to Honour Field International Limited. These amounts are repayable on demand. Since the legal agreements relating to the set off of the above transactions have not been executed at the date of statement of financial position, the amounts due to and due from WYT are included in current assets and current liabilities."

zangdook
23/12/2010
13:18
Thanks to whoever sold this morning. Just picked up 10,000 @ 24.5p
davydoo
23/12/2010
12:58
morgannn - 17 Dec'10 - 08:57 - 43 of 49


'I'm in 29,500 @ 32p.Stupidly undervalued.'


That was a bad call.

stevedawn
23/12/2010
11:47
Still here mate, just watching from the sidelines.

Still pushing my BIOM lol


SirM


Have a good Christmas ALL

sirmark
17/12/2010
16:24
Bit of volume today for a change..Marks about,try Biome!
morgannn
17/12/2010
15:23
No more problems with power supply at new plant its bang next door to a power station!
morgannn
17/12/2010
11:48
where did sirmark go ...
ukinvestor220
17/12/2010
11:38
In HI profit before exchange differences fell to £220k from £2210k in the same half last year due the disruption of production re power supplies but also gross profit dropped from 40% to 22% so raw material costs must have hurt them as well.
I'm concerned that they are announcing results on Dec 23rd just before the market closes for Xmas.If the news was good I'd have thought they would have given the market time to consider the figures.They stated that they still trade profitably but that isn't an exciting statement.Back to original levels would have been more comforting.
On the upside they benefited from exchange rates at the last report and should continue to benefit in H2.
I'm keen on this stock if they can get back to earlier profits,a £10m market cap for a company generating £3m cash flow (2009)is too low.Looking forward if they get the Mongolian plant up and running in 2011 it should benefit the bottom line.Also if they just repeat HI figures they're on a price to operating cash flow of around 7 which isn't too high.
I'll wait to see the final results.
In the meantime I'm watching to see if they've got it back on track.

serratia
17/12/2010
08:57
I'm in 29,500 @ 32p.Stupidly undervalued.
morgannn
16/12/2010
09:24
Sorbic International PLC

16 December 2010


Press Release 16 December 2010

Sorbic International plc

("Sorbic" or the "Company")

Convertible Loan Update and Notice of Results

Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, announced on 26 August 2010 that it has raised approximately GBP3.5 million (before expenses) through the issue of convertible loan notes ( the "Loan Notes").

The proceeds of the loan notes are to be utilised to fund construction of the Company's new production facility in Ulanqab City, Inner Mongolia work on which commenced in April 2010. The new site in Ulanqab City will double Sorbic's existing manufacturing capacity. The factory building is largely complete and construction remains on track in terms of budgeted cost and timeline and expects to be complete in late summer 2011.

One of the lenders in respect of the Loan Notes is Hermes Holdings Ltd ("Hermes") based in Seoul, Korea. They entered into a legally binding agreement to lend GBP1.6 million under the terms of the Loan Notes and are due to pay the Company directly. Hermes requires regulatory approval to move the funds out of Korea. Representatives of the Company met with Hermes on 10 December 2010 and the regulatory matters are now expected to be resolved in early 2011 and the Company expects to receive these proceeds in Q1 2011.

As at the end of October 2010, the Company had cash balances of approximately GBP6 million.

The Company expects to announce its preliminary results to 30 September 2010 on 23 December 2010. The results will show that Sorbic continues to trade profitability from its existing facility in Linyi.

jonny flame
29/11/2010
11:58
SirM, just do 'view page source' on this page and it the whole HTML will show up in a new browser window. I'll try pasting it here but it probably won't work:

b>Click on the arrow to go straight to the posts

maxcashflow
29/11/2010
11:52
ukinvestor can you give me the html for the arrow to go straight to post please as im trying to do this on the CFC board TAI.


SirM

sirmark
10/11/2010
11:35
Now holding 0.002% of this company :) However as about 90% of the companies stock is tightly held that's not bad, hence why my paltry buy has pushed up the share price

Hoping that small PI's will continue to bail out for know better reason than boredom, so that I can continue to add at these lowly prices.

jonny flame
08/11/2010
09:36
PI's bailing, probably because they have got bored. Never a good reason to sell out....quite often a good indicator to pick more stock though, IMHO, DYOR.

SORB is a long term hold for me.

jonny flame
04/11/2010
13:53
Did you know that the common greeting in China is not 'hello how are you' it's 'have you eaten yet'.

Need I say more about what's going to happen when 1.3 billion people turn into the largest middle class the world has ever seen and they all start consuming more and eating out at reataurants. The Chinese middle class will be so large that in a decade it will be larger than the entire population of the US.

jonny flame
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