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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tolent | TLT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 20.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 20.00 | 20.00 |
| Top Posts |
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Posted at 30/1/2010 02:41 by patricia59 Tolent quits AIM to go back into private ownershipJan 18 2010 by Peter McCusker, The Journal THE group of North East companies de-listing from the stock market in the last year has another member after construction company Tolent announced its intention to quit. After 10 years on AIM, the Gateshead company's CEO and founder John Wood said the company was in good financial shape but that he found listing was not an advantage and that fluctuations in its share price made customers unnecessarily nervous in an already difficult market. Established by Mr Wood 26 years ago, Tolent has been a mainstay of the North construction and civil engineering industry in that time with offices on Tyneside, Teesside, Leeds, Manchester and London. Like many construction companies Tolent, has suffered during the recession, cutting its workforce from 540 to 300, with annual revenues declining from £150m in 2008 to around £100m last year. Mr Wood said: "For a company like ours there is no advantage to being on AIM. We have never once used the market to raise money. "Over the years our share price has fluctuated, rising to £3 at one point. "But what we found is that even a small trade in shares of say £10,000 could move the share price by 10p and this can sometimes spook our clients. "When turnover is down and you are listed on AIM then you have to make an announcement, and in the current climate this can make clients twitchy. "Clients look at these things and wonder what it going on, but as a private company there is no requirement to make announcements such as these. "We are not a company that is in any kind of trouble. We are strong solid business with a healthy order book of £53m. We have cash reserves of £6.5m. We have no debt and we are very competitive. This year we expect revenues to be flat at £100m, we will break even, but we aim to keep our best staff and will be in a good position for 2011 when we will hopefully see a sustained recovery." Tolent has been involved in some of the region's major recent construction projects, completing Time Central and Newcastle City Library and is currently completing Wellbar House, next door to Time Central at Gallowgate in Newcastle. The decision to de-list is likely to be approved at a general meeting on February 8. Over 70% of the shares are owned by Gutenga Investments a trust owned by the family of Henry Schmil, founder of Amco, from which Tolent demerged on to AIM in 1999. In May 2009 Prudhoe-based telecoms group BNS delisted from the AIM market, saying it had been "massively" undervalued due to poor market conditions and a lack of understanding among investors of the firm's hi-tech services. In March last year Killingworth-based property and construction group Metnor quit AIM after a decade, it saying it had been "seriously undervalued" and condemning the City for "perpetual short-termism". And Newcastle-based Northern Recruitment Group quit the FTSE in December 2008. Tolent's shares closed down 50% at 18.5p on Friday after it unveiled its plans. |
Posted at 29/1/2010 19:04 by nocton I wrote to the chairman, Peter Hems, complaining about this, along the lines of many comments on this thread. In reply, ne explained the rationale more or less along the lines of the announcement, but in answer to some of my specific questions he said:"The directors intend to operate the company exactly as before, the board have an obligation to act in what they perceive to be in the best interest of the company as a whole and by implication all shareholders, the company will continue to pay dividends when it is considered prudent to do so." "You make a number of comments concerning the collapse in the share price, including a suggestion that the company should have made an offer to buy in shares alongside the delisting announcement. The cash flow requirements of the business at the current time with the reduced levels of workload, downsizing and reorganisation costs are such that it would have been imprudent for us to do so. It may be appropriate for such an arrangement to be introduced at a later date, when cash flow permits, but it would not be appropriate to commit to such a course of action at this point in time. I am conscious that a number of shareholders have decided to sell in the period since the announcement, but I also note that there have been a number of purchases, which I am assured is not any of the major shareholders referred to in the circular." "I would reiterate that the fundamentals of the business with or without the AIM listing are the same. The number of actual share transactions in normal circumstances in the past has been minimal and as such many of our investors may be considered to be long term investors. The basis on which the quoted price is calculated is reflective of supply and demand and as such the low levels of activity have reflected in the quoted price of the shares, which has had the impact of undervaluing the business as a whole. The matched bargain trading facility will provide a limited opportunity for share transactions in the future." Perhaps reassuring? I certainly think there is little point in selling now at this price. |
Posted at 15/1/2010 15:05 by moathunter Moathunter- "My little opinion is to hold TLT if already owning and not to buy if considering."DesWalker- "I see your logic but I don't agree with it...." You're absolutely right, Des. My comment is mistaken (and yet am mindful 'mental accounting' risk!). Meant to say "personally not buying TLT due to its tiny size and having too much in construction-related companies already. As a result, I haven't researched it sufficiently to honestly suggest whether someone with a little capital should or should not buy... but it looks interesting." Also agree about director trustworthiness; the sheer voting power and the information asymmetry (directors and majority know what we don't know etc.) means that a private investor who is buying is at the mercy of these guys. DesWalker- "why risk playing these games?". Quite. If you've been briefly studying them at £5m, there's psychological pressure to remain consistent and purchase when at £2.5m. After all, the intrinsic value of TLT's business hasn't changed (may even improve with the c.£200k cost saving). *But* if there are no share buyers, potential tricks by the majority or very delayed catalyst dragging down the annual rate of return, then the seemingly significant margin of safety counts for little. And if you spend more hours in actively trying to realise value, then Return on Investment + hourly rate could be negligible. Frankly, I'm naive to this situation- outside the little circle of competence, so TLT goes in the "too hard" bin (simple company, lots of 'important unknowables'). |
Posted at 15/1/2010 12:32 by moathunter Hmmph! I was considering buying these at £5m cap and fully listed but not now at £2.5m and v. likely de-listed.Positive thoughts: # Tolent is very cheap at £2.3m- it has net cash of c.£5m so shares buyers at £2.3m today gets both £2.5m non-operating cash and a profitable operating business worth roughly £10m = £12.5m of assets for £2.5m. # The same 70% major shareholders of Tolent also own 70% of Billington Holdings plc.- the steel construction frames company that used to own TLT until 1999. So that aids revenue stability (as both companies can lower total costs and hence win contracts) and is likely leading to Billington buying TLT back = potential catalyst for TLT holders to realise true value of the company. # Some of the major shareholders appear ethical and honest: Tarom Foundation owns 20% of TLT and it's a public welfare foundation, domiciled in Liechtenstein (tax haven) with its object being the pursuit of charitable, humanitarian and social goals. Negative thoughts (irrational guys might want to stop here than consider disconfirming views): # Google "matched bargain arrangement" and visit other recently de-listed companies besides WTV and REF (cheers, gogeneko); others are Top ten bingo TTH and Itis Holdings ITH. The minority shareholders posting are dissatisfied for various reasons. # 73.91% of TLT is not in public hands, so the de-listing of TLT is a very high probability event as 75% vote is needed. Once on the matched bargain arrangement, shareholders should ask the next logical question- "who will buy shares off me?"- TLT or Billington could, but the big paradox with 'off-AIM matched bargain situations' is that only expert investors would know where to look for such companies as TLT and yet such experts will have too much capital to be able to invest a meaningful amount in TLT. Inversely, little investors lack the expertise although they have sufficiently small funds to consider micro-caps. So the real buyers of current shareholders are TLT/ Billington and no-one else (posters of de-listed companies using matched arrangement all talk about selling on advfn, but don't have buyers or balk at the commission rate). (Just read DesWalker and wholly agree). This liquidity risk (nil spread but virtually nil buyers too!) with a possible catalyst that may be years away is not attractive at all. # The potentially big returns are on a tiny investment opportunity (limited share float available to buy and a tiny company) with the potential cost of having to study the issue of selling and reduced TLT transparency. Surely the next best alternative investment- the opportunity cost- is better than TLT? My little opinion is to hold if already owning and not to buy if considering. |
Posted at 15/1/2010 09:47 by renew What was the problem? AIM was/is the problem. Proper controls of managements just doesnt exist.Private investors should leave the whole stinking mess alone until government put an American style supervisory system in place. |
Posted at 08/1/2009 20:37 by piedro Do you have any information on this 25% Joint Venture...?Easington to rival Pinewood with film complex May 10 2008 by David Whetstone, The Journal A £300m film studio and education complex, on land near where Billy Elliot danced, came a step nearer yesterday. Councillors in Easington approved the ambitious proposal by Coolmore Estates, a Hartlepool-registere The plan for a Centre for Creative Excellence includes a film studio, a four-star hotel with 150 beds and smaller business hotel, and a campus for 1,500 to 2,000 students linked to the University of Sunderland and East Durham and Houghall Community College, Peterlee. It would be contained on a 72-hectare greenfield site at Dawdon, south of Seaham, east of the A19 and near the A182 link road. ... |
Posted at 28/10/2008 21:40 by joan of arc As an aside support the Kill the Spread campaign. It is in all our interests!!See below :- www.killthespread.co October 2008 (2) Dear Supporter, We wrote to you earlier this month with details of the Kill the Spread campaign objectives - since then word has really started to spread! Below are the links to the latest news and articles written about the campaign over the last two months. Were you aware that the London Stock Exchange is facing a High Court claim of anti-competitive behaviour from Plus Markets?? Change we need.....so what's next? Since we last wrote to you, we have been approached by several brokers, wanting to know more about the Campaign and offering their assistance! We were very encouraged by this it's comforting to know we aren't the only ones complaining about the AIM and its Market Maker system. It's killing their business too! We have learned a lot from their perspective on the way the AIM works and have now started discussions on some interesting initiatives including: 1/ Ways of creating an alternative Broker account for AIM shares, which could effectively cross stock between buyers and sellers, bypassing Market Makers and avoiding spreads. 2/ Creating a "ring-fenced" nominee account, offering guarantees to shareholders that their stock will not be loaned in the Market to cover short selling. We think these could be very compelling propositions for Investors and any views or feedback you could give us on this would be very helpful; info@killthespread.c We are also discussing ways forward to achieve the big systemic changes we are looking for with Direct Market Access, and we hope to be able to update you shortly with some very interesting developments. We are finding that there is a willingness to listen to the voice of the Private Investor, but to turn these initiatives into constructive measures, we need to prove we have sufficient numbers behind the Campaign.......... and this is where you come in! Hitting those Numbers! At this crucial stage your support is essential and we are now asking you to make a really big effort on behalf of Kill the Spread..... As a growing grass roots movement, we are now being taken seriously. We want our demands to be implemented as soon as possible and the only way we can ensure this happens is to prove beyond questionable doubt that a significant number of Private Investors are totally dissatisfied with the way the AIM market currently operates and are demanding change. In simple terms - we need to get the numbers up - and fast! 5,000 supporters = ACTION! Our target is to get to up to 5,000 supporters. We're getting there but we need to get there quicker!! We are currently up to just over 1,300 supporters on the Poll - so there is still a way to go. We are getting publicity but we really need the word to spread......So please, make sure you tell as many Investors you know about Kill the Spread. You can spread the word in the many ways: Talk to others Investors about the campaign Post a link to the site on your Blogs Post a link to the site on Bulletin-boards, Tell people in you Share Club/Investor Group Tell Everyone!! Ask people to sign up at the website and get them to complete the on-line poll it won't cost you anything and will only take a few minutes of your time. Help give us a real push and remember if every supporter brings in just 3 new supporters - our numbers will quadruple!! We are now on the brink of making a real difference for all Small Cap Investors - so a big push for more supporters right now is just what we need! Thank you once again for supporting Kill the Spread with your support change really is possible! Kind regards Campaign Coordinator Kill The Spread www.killthespread.co info@killthespread.c Please email us at info@killthespread.c Recent News: The London Stock Exchange is facing a High Court claim of anti-competitive behaviour from Plus Markets Great Article by Tom Bulford another mention from Dominic Frisby (mention is at the end of this article) |
Posted at 26/6/2008 11:58 by jeff h Good news doesn't do much for the share price in this market MrT8... any bad news and it gets slaughtered.Bit more info:- Tolent's share price takes hefty tumble Jun 26 2008 by Graeme King, The Journal SHARES in construction company Tolent have tumbled by a third inside 48 hours after the business reported tough trading and that two bad debts would hit its half-year results. The Gateshead company closed yesterday valued at under £12m down from around £18m on Tuesday morning. But the business's finance director and its advisers moved quickly to say the drop in price was probably more to do with City fears about the construction sector, rather than Tolent in particular. Tolent was trading at a reasonably healthy 137p on Tuesday morning, but then a trading statement was issued saying the first four months of 2008 had been "disappointing" due to economic conditions. The company also said it had put aside £950,000 to cover a debt owed by a housebuilder, and an accounting adjustment. However, Tolent says it has an order book of £120m lined up, with another £40m close to being signed. Shares fell by 35p (25%) on Tuesday to close at 102.5p, and then a further 10.5p (8%) yesterday to close at 92p though that represented a rally from a low of 77p during the day. Andy Clark, Tolent finance director, said relatively few shares had been traded but these had been enough to take the company's price down. He said: "The trades are only 600 shares here, 1,000 there, through a few investors. Obviously it's not just us, and certainly we are doing better than the likes of the companies who are just in housebuilding. "We are certainly not panicking. We would like to be in a slightly better position, but a lot of it is driven by the banks turning off the funding tap. They will gradually turn it back on as, if they are not lending to anybody, they are not making money. Hopefully towards the back end of this year, the tap will be turned back on, and that will feed its way back into the market in 2009." Andrew Emmott, director of corporate finance for Brewin Dolphin, who advise Tolent, said: "It's not uncommon for small companies to find themselves overly punished in this sort of market for the faintest hint of bad news. Small stocks are suffering disproportionately to large stocks, and construction is also suffering disproportionately, so if you are at the wrong end of both those equations, you can see what happens." Michael Parkinson, director of research at Brewin Dolphin in Newcastle, has downgraded his pre-tax profit forecasts for Tolent's performance. For 2008, he has cut from £5.6m to just £3m, and for 2009, from £5.8m down to £3.4m. He added: "Investors are pretty scared of most things associated with the construction sector. It's a pretty harsh market we are in at the moment." |
Posted at 26/8/2006 09:42 by jeff h Nowt in yesterday's IC either, perhaps they are waiting for the stock to fallback before they mention it, but the div has brought it to the attention of a lot of new investors who have clambered aboard. I'm wondering how much cash and profit they will make from Echo24. The flats are over 70% sold though none of the development profits were included in the recent Interims due to their previously highlighted policy of not taking a profit until practical completion...in this case probably early 2007. As well as the flats 2 retail units are being constructed:- ...on a gross yield of 8% (reasonable?)...thes another £1m to Tolent for its share...as well as approx £20m for its stake in the 179 apartments..less costs of course. |
Posted at 11/8/2006 10:41 by santangello Cheers Jeff...Probably putting it on more investors radar screens accounts for the buying momentum of the last couple of days? |
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