Tellings Golden Miller Share Discussion Threads

[glennborthwick] 03/8/2003 18:16

FORMER coach driver who set up his business with £500 he had saved for his wedding is about to become a multi-millionaire. He is to float his company on the stock market.


Tellings Golden Miller, founded by Stephen Telling in 1972, will join the junior Alternative Investment Market this month with a value of up to £20 million.


Telling, his wife Christine and fellow investor Julian Peddle, are selling shares worth about £2.5 million in the flotation.




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Starting with a single vehicle 31 years ago, the company now has 170 buses and 50 coaches. It operates from four depots with a head office in Twickenham, south-west London.


Telling, 54, struck out on his own after working for a coach company as a driver. He says: 'I decided I would rather work long hours for myself and used the £500 my wife and I had saved for our wedding to buy our first vehicle.'


The company's name comes from its 1984 takeover of Golden Miller Coaches, which traces its title to the Thirties.


Its owner at that time was short of cash and he staked his remaining money on the legendary steeplechaser Golden Miller, which in 1934 became the only horse to win the Grand National and the Gold Cup in the same year. The winning bet helped him keep the business going and he then renamed the company in the horse's honour. Its logo of Golden Miller looking through a horseshoe remains to this day.


After selling shares in the float, Telling and his wife are still expected to control more than 50% of the business, which employs 520.


The company has three potential purchases lined up, thought to be small London bus routes.

[glennborthwick] 03/8/2003 08:57

Just seen this highly promoted on bloomberg and did seem worth analysis. Its a bus company benefiting from the congestion charge. TELLINGS GOLDEN MILLER GROUP PLC
('Tellings Golden Miller', 'the Company', or 'the Group')

Placing of 5,843,184 Ordinary Shares at 70p per share
and flotation on the Alternative Investment Market ('AIM')

Tellings Golden Miller is a London-based bus and coach operator, providing local
bus services in South West London and Surrey and luxury coach hire in Great
Britain and Europe. The Group currently operates 13 bus routes for Transport for
London ('TfL') in South West London and 20 routes in Surrey for Surrey County
Council ('SCC').

•The Placing will raise £2.0m of additional capital (before expenses) for
the Group, which will be used to fund acquisitions of businesses and new
depots

•Current shareholders are selling 2,986,041 shares at the Placing Price
and a total of 2,857,143 new Ordinary Shares are being sold on behalf of the
Company.

•On listing, the market capitalisation of Tellings Golden Miller will be
£15.3m

•Dealings in the Group's shares on AIM begin today (1 August, 2003)

•In the year ended 31 December 2002, the Group achieved an operating
profit of £2.12m (2001: £1.06m) on turnover of £21.31m (2001: £15.79m)

•City Financial Associates is the Group's Nominated Adviser and broker to
the Placing. Oriel Securities has been appointed broker to the Company

Stephen Telling, Chairman & Chief Executive, comments:

'I am delighted by the enthusiastic response of investors to our flotation.
Having established a steady track record of profitable growth over recent years,
we now have the resources to accelerate the pace of our expansion through the
many acquisition opportunities that are open to us.'


Ill add more to thread as I find it