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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Total Systems | TTS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 16.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 16.00 | 16.00 |
| Top Posts |
|---|
Posted at 14/6/2010 07:45 by roastedpeppers I am looking at a business idea and want to have peoples opinions as to whether or not they believe it will work.Due o the high number of delisting of companies which I believe have significant value attached to them, I am looking at setting up a holding company. People then transfer their shareholdings into the holding company in return for a class of share in that company of the same value (it has to be of the same value because the assets held (shares in delisting companies) will equal the liabilities (effectively a loan note to all shareholders who transfer their shares). There are two reasons for doing this Firstly, if people transfer their shares over, then a single entity then has a significant shareholding and can at first call try to prevent the delisting (25% or more) Secondly, even if the company cannot stop the delisting then it will still have a stake and can still be a thorn in managements side (thereby giving the management the incentive to buy out this thorn at a later date). The benefits to shareholders are such 1) If shareholders believe there is value, they do not need to sell out their holding, rather they can approach a company at a later date if this value is realised 2) All shareholders will receive up to date information including analysis of results, representation at the AGM and investor presentations 3) If after a period of 12 months the shareholders have not had a return, the company will purchase the shares from the individuals (in effect buying back its loan notes) in retun for the shares of the company. Any comments please |
Posted at 13/6/2010 23:55 by hugepants The offer is reprehensible but Im tendering all my shares. I dont fancy holding this when its delisted. ISA holders dont even have an option. They have to accept 26p whether they like it or not. Also why can't they publish the results now and give investors more info to make a decision. We all know how hopeless the full year guidance is with this shower. |
Posted at 09/6/2010 16:17 by davidosh This is an interesting read from last years AGM Note the question about delisting then.... Fly in the ointment Although Total Systems looks like a slam dunk for value investors, it is worth bearing in mind that no dividends have been paid in the last few years and, of even more importance, Terence Bourne owns approximately 50% of the shares. Another director owns approximately 20%. Having been scarred for life by the recent fun and games at Touchstone (LSE: TSE) -- where the directors are planning to take the company private at what is perceived by many as a very low price -- it is always possible that the directors could decide to take Total Systems private at less than the value of its tangible assets. With 70% of the equity, the directors are in control. When asked about the costs of remaining public the finance director, Granville Harris, said the cost was about £50,000 per annum. The MD also said that potential acquisitions come across their desks approximately once a quarter, and very very general chats about whether he would consider selling the company happen on the same frequency. Winding up this report, I liked the directors as they were happy to answer questions and not in a hurry to wind up the meeting. The offer of the site visit was appreciated. For what it is worth, I do think they are genuinely committed to answering shareholders questions. The last few years have been reasonably dull for Total Systems' watchers. Given the directors don't appear to be thinking about retirement, the next couple of years could also be dull, and the latest trading update was downbeat. Of course, there is always the possibility that the MD does receive an offer for Total Systems in the next month that he cannot refuse, but don't bet your town house in Islington on it. Amazing how the supposed cost of having a listing doubled in a year when they wanted to use it as an excuse for running off the market with all the assets !! |
Posted at 05/2/2010 12:58 by ar4plcscom It is a brave investor that buys in with that trading announcement even if cash balances are good. |
Posted at 03/3/2009 16:33 by egoi HP it's good to see Capita picking up an insurance company and another pointer to the myriad sort of 'outers' possible for TTS in the future; along with possible dividends, cashbacks, new contract wins and so on. And it is nice to see this company not for the first time beating expectations. With the asset backing, the cash - and trading below nav, in the current climate this is imho the sort of share ideal for safe haven investors. i really don't see personally how people can go far wrong at this sort of shareprice. That reminds me, i have some spare cash (for once!)......... -;) |
Posted at 03/3/2009 15:32 by joshalexander JoshAlexander - 17 Aug'07 - 20:45 - 2302 of 2716 editAll free - I am generous to a fault - its one of my better qualities. I have not looked at fundamentals in detail here, I posted a few months ago (at the 60 pence level) because the Chart looked very much like the 40 pence support would to tested. I rarely post on individual threads, unless I am as near certain as possible that I can call a trend correctly. I posted frequently, for example, on the Mice thread (MEG) because I knew it would end in suspension - and tried to warn investors there I had seen exactly the same happen with Photobition (a similar company) a few years previosly, so the signs were very clear to me. I have also been Bearish recently on Coffee Republic (CFE)and again warned there that the 2.5 support level would be tested - which it was in fact today. But those taking an opposing view often do not welcome "other" opinions - and I can understand why - there is emotion pride and money involved - a potent mix. This is another reason I post infrequently, sometimes its easier just to leave others to get on with it. |
Posted at 22/2/2009 11:52 by rarther I remember when I was 15 and got hold of my first copy of the FT - this was the first share I ever looked into. I thought "wow, they have got cash and such a low market valuation, they are well oversold". Now over a decade later they have still got a cash pile and the same valuation, albeit with a few spikes on the way. They have done nothing much at all with their assets.I really have a lot of time for Terry's diligent management style & his respect for shareholders. If he had been managing Northern Rock or governing the FSA, none of this mess would have happened. He's definitely a safe pair of hands, but it's a misleading investment for many smallcap investors because, unlike most companies listed on the LSE, TTS's glass is always half full and their focus is simply on maintaining their position and treading water. I have not been a shareholder for a few years, but to this day I don't understand why they are paying for a full listing on the LSE (correct me if this has changed?) when they have no desire whatsoever to raise money? It's nice to have visibility and obviously their customers are in the financial world, but 30 years' experience and good word of mouth is all the evidence of legitimacy they need. Being listed is expensive and time consuming. If shareholders need an exit at least they could move it to aim or a lower exchange where it is so much cheaper. On the subject of inefficient use of capital, what sort of small company owns its own property in EC1? I saw it from the outside once. It's tiny, more like a flat (certainly does not accomodate their 40-something employees) and was worth a mint. With rising property prices that was the value in this share. It was hidden on the balance sheet because they bought it decades ago and never wrote it up - but that window of opportunity has passed now. Effectively, they are subsidising their prices by having an inefficient asset. Other companies have to pay high rents but they don't. So they have cash sitting in the bank and property rooted to the ground. That's why the market cap has often dropped below NAV, because the money is not doing any work. Also, searching them on the net, the first thing you notice is that they are paying Google Adwords for top listing when they are the top listing anyway. Then you get to the site and it comes across as extremely amateur for a company with their own team of programmers. The homepage should clearly state their offering and have a huge phone number for prospective customers to ask for an information pack. Instead they've got diagrams and big paragraphs and all sorts which makes little sense to a finance monkey. Just send them a video of how you are going to solve their problem and tell them where to send the cheque! |
Posted at 16/2/2009 17:07 by scburbs If you like TTS you might also like NAR. I don't hold either, but have been tracking both. Obviously intermitantly as you can only watch so much paint dry!NAR has a massive undervaluation on an assets basis but very erratic earnings. Current mid price around 28p. Current NAV of c.90p made up of 40-45p cash, 35-40p net current assets, 10p fixed assets. but ....... Controlled by one dominant individual, no obvious exit strategy and not cheap on an earnings or dividend yield basis. No purpose to its quoted existence other than paying the salaries of the directors and employees and retaining massive cash buffers to ensure that it can continue to do so! Sound familiar? At some point they will both prove to be a bargain, but I suspect it may be (and for some already has been) a frustrating wait at least until the dominant shareholders decide they have had enough. As the executive chairman and managing director are 63 and 64 respectively the prospects for the realisation of NAR's inherent value may be better (how old are the TTS directors?). These companies can be contrasted with FWY which was in a similar position. FWY was not quite as cheap, but it did not have a dominant shareholder treating it as a personal company and instead had activist investors and a strategy for realising value. FWY has now returned most of the underlying value to its shareholders. |
Posted at 16/2/2009 16:49 by davidosh Blimey look what happens if you try to sell ? Sadly the lack of dividend or intention to pay one just leaves investors mulling whether they should really be holding at all. At least with MUBL they intend to pay a maiden dividend in the Summer and they are generating cash and growing earnings far faster than TTS.The growth at TTS has been negligible for many years and the property gains were always heralded as the big bonus outer which sucked me in too. We have to be honest with ourselves here. It is payout 80% of earnings as a dividend with that cash buffer or forget it ..... |
Posted at 14/2/2009 12:37 by davidosh Egoi.....When did I say I do not hold TTS ? I simply cannot see the value in adding to my position in the current climate with no real growth, no outer and no dividend whilst holding.At LOQ there has been phenomenal growth so I can cope without a dividend and in fairness others have seen it too...hence up by 120% over last few months and that is the sort of longer term hold I can relax with and knowing it is still on a p/e of three. Plenty of cash at LOQ too. GLD has been a special case with the bid approach providing the outer. Do you see a bid approach here at TTS ? I cannot see it myself and investors should never depend solely on that for a return. Anyone who has held GLD or TTS for the past three years as I have done will have seen no return for their money and most likely will be down on paper unless they have been somehow trading their position but the spread and costs make that a terrible strategy. I am a realist but please do not knock me for telling it how it is in these markets.....What are TTS doing with all that cash in your view ?? How are longstanding shareholders to be rewarded ? |
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