Thirdforce Share Discussion Threads

[hypocrite] 24/9/2004 08:03

With a 5p spread......these mm's are looking for the mug that will
buy for 22 and sell for 17......25% profit......

[hypocrite] 12/9/2004 14:19

Self admiration society.....
O'Sullivan and McDonagh both featured in Tribune this morning......
Now they can say with some conviction....
mirror mirror on the wall,
who is a most important businessman of them all?

Might be better to stop the mm's running for cover whenever
anyone wants to sell more than 5000 shares!!!!

Caveat Emptor!!!

[hypocrite] 11/9/2004 04:35

72 per cent insiders eh?
Plus a nominal amount of institutional??
Leaves 20+% free float???

Hopelessly illiquid......

[itansey] 10/9/2004 21:37

Rapid growth for ThirdForce

It is easy to forget that, 18 months ago, Brendan O'Sullivan was chief executive of Rapid Technology, a minnow of the Dublin Stock Exchange with limited revenues and growth prospects.

Founded by entrepreneur Pat McDonagh, Rapid was an underperforming poor relation to McDonagh's two other technology ventures, Riverdeep and SmartForce (now Skillsoft).

A year and a half on, McDonagh and O'Sullivan have radically altered Rapid's business, completed two acquisitions and changed the firm's name to ThirdForce.

Shares in the company rose strongly to 30 cent in Dublin last week, giving it a market capitalisation of €34.75 million, after it reported half-year sales of almost €5.9 million.

While still modest, the figures for the six months to the end of June were nearly double Rapid's full-year sales in 2002.

O'Sullivan, who has held senior positions with Apple worldwide and is now chief executive of ThirdForce, is convinced the turnaround is only the beginning for the e-learning provider.

``We have looked at 52 companies in the last 18 months,'' he said.``We acquired two and were close to a third, and we continue to look at a number of companies.''

The two acquisitions - of Electric Paper for €15.5 million and AV Edge for €515,000 - are the major contributors to ThirdForce's revenue, which also licenses Rapid's old technology.

The half-year accounts show that ThirdForce also spent €212,000 on a proposed acquisition that later collapsed. O'Sullivan said the company had been ``very, very close'' to buying a British company for what would have been a multimillion euro sum, but could not agree a price with all the company's shareholders.

``We will continue to spend, including on acquisitions,'' he said. ``If we were just being cautious, we would not be doing that. We are on a road, we are not at the end point, but our progress is positive.''

O'Sullivan said the company was still carrying debt from its old business, but had proven it could be a strong profit generator.

ThirdForce's London broker, KBC Peel Hunt, has forecast full-year sales of €12.4 million for the firm this year, rising to €14.9 million next year and €18 million in 2006. Those figures exclude the impact of any more acquisitions, which could see sales increase rapidly.

``If we had done the transaction in the UK, it would have been a substantial transaction which would have had a substantial impact on numbers,'' O'Sullivan said. ``It was one of the bigger ones, but there are others on a list of a similar size. We have a number [of potential acquisitions] on the boil.''

According to KBC's research, ThirdForce has the management team and overheads to manage ``further complementary acquisitions'' and gain access to new products or markets. The broker expects ThirdForce to grow through more acquisitions in Europe, before buying in the US.

``ThirdForce considers the American market particularly attractive and ultimately a place where it must operate if it is to become a global leader,'' it said. ``The American market is much larger than the UK, although it is still very fragmented and it is well known to the group's chairman [McDonagh].''

O'Sullivan said 74 per cent of ThirdForce's sales were in Britain, with the remainder in Ireland, Australia and smaller markets including China and the US.

The firm is listed on the Alternative Investment Market in London and the Developing Companies Market in Dublin, but O'Sullivan said it could ultimately take a full listing in London or Dublin, or a US listing.

``We are not ready yet, but we have the ambition and the appetite,'' he said. ``In the event of us achieving our goals, it is the logical next step.

"We are building the business at a pace and scale to get there sooner rather than later.''

McDonagh owns 34 per cent of ThirdForce, and Hugh and Gillie Skinner, the founders of Electric Paper, own 23 per cent. Other management own 15 per cent, but O'Sullivan said the company expected to broaden its shareholder base as it continued to develop.

The share price should also benefit, he said.

``I think what we have is more valuable than 25 or 30 cent a share and that will, in time, be visible. If value continues to be created, I think this business will be worth a lot more.''

Source: Sunday Business Post - 5/9/04

[bainsey] 09/9/2004 08:15

putting people off because you are selling? not good

[hypocrite] 09/9/2004 07:56

Caveat Emptor!!!

[hypocrite] 07/9/2004 16:59

Maybe what's been said on this thread has some effect after all!!!!

[bainsey] 07/9/2004 15:48

any news any 1?

[hypocrite] 07/9/2004 10:13

Up 4.5p..........
Company obviously did'nt like the lack of
London appreciation.......
No trades in Dublin!

[hypocrite] 07/9/2004 08:23

Dublin asking 40 cents at open?
What gives.....
late reporting trade????
watching....!!!

[hypocrite] 03/9/2004 08:17

Ho!HO!Ho!
So it's Christmas again........

I mean 25% spread needs some explaining....does'nt it?


Caveat Emptor!!!

[hypocrite] 31/8/2004 10:53

Despite the REALITY of Dublin reports!!!!
"Thirdforce ahead of target; makes profit

Tuesday, 31st August 2004 08.46am



Thirdforce, the e-learning courseware and testing provider, today said it is ahead of its 2004 business plan and is showing an operating profit before goodwill and non-recurring items halfway through the year.

Group revenue for the six months to end-June 2004 was E5.9m compared to E2.74m for the corresponding prior year period and compared to E5.01m for the six months to December 31 2003.

Operating profit, before goodwill amortisation and non-recurring items, was E623,000, a notable increase on the E136,000 loss in the corresponding prior year.

The group said the addition of new products and channels to its e-learning business, including the partnership with Harcourt Education International in the UK schools market, have been particular factors in the group's improved financial performance.

The roll-out of our Autotest product to Learndirect's network of over 2,000 centres across the UK has also been a key contributor.

The board said it continues to search for further suitable acquisitions, and during the period it came close to completing one such transaction.

However, the group's price criteria in terms of enhanced shareholder value could not ultimately be met in this instance, and ThirdForce withdrew its proposed bid. Costs of E212,000 were incurred in this instance.

The board concluded that while developing a strategic vision for the group, ThirdForce management maintains a sharp focus on the day-to-day commercial drivers of the business in order to ensure that on-going product development adds further strength to the group. "With this impetus the board anticipates continued growth in the business for the second half of 2004 and has a positive outlook for 2005," it said."

The DUBLIN cartel strikes again.....down 1p on ZERO volume!!!!

[hypocrite] 31/8/2004 09:10

here he goes again....down one....bid 15p.....
Thirdforce need more than a change of advisor.......
excellent results for a growing company....future
profitability assured....and these gombeen mm's
look for cheap shares????

[itansey] 16/8/2004 13:24

any word on the EGM last week or is it this week

[hypocrite] 11/8/2004 14:11

Little nibbles.....

[hypocrite] 23/6/2004 08:01

Thirdforce.........third of three similar companies!!!

[itansey] 13/5/2004 11:35

Thirdforce focuses on next acquisition

By John Pitt
Financial Times; May 13, 2004

Thirdforce, an Aim-listed electronic learning group, continues to pursue acquisition possibilities as it reported an interim pre-tax loss of €267,000 (£186,000).

Pat McDonagh, chairman, said "our next acquisition is the focus of senior management attention and we are pleased with developments. I look forward to reporting on progress at a future date".

In the six months to December 31, sales amounted to €5m. The group has changed its year-end from June to December so there are no comparatives. The shares were unchanged at 20p. John Pitt

[itansey] 30/4/2004 17:16

this is only the start of it. Watch this company grow along with the share price. Buy now.

[bainsey] 27/4/2004 16:59

DYOR = MUCH MORE TO COME

[hypocrite] 27/4/2004 08:24

Today's news set the share price to increase by 30% over the timeframe
to the revised accounts in May/June....which will show substantial improvements......
One of the nicer price doubling situations I have seen....and in such
short order?
Caveat Emptor!!!

[bainsey] 19/3/2004 15:04

RNS Number:7381W
Thirdforce PLC
19 March 2004



As announced on 28 January 2004, ThirdForce plc has changed its year-end to 31
December and the first set of audited accounts utilising this year-end will be
for the six months to 31 December 2003. As a result, no interim accounts for
this period will be issued. The Board expect that the audited accounts for the
period to 31 December 2003 will be available in May 2004.