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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Transware | TRW | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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Posted at 24/1/2004 15:06 by mutimer Can anyone explain how this delist works ?They have delisted, there has only been 2 trades that i have seen since this happened. one for around 500 shares and a second of i think 124k ish. How does the actual value of the company now get reflected in the share price. It can't just be supply and demand as there is no demand a present. So if TRW turns things around, picks up contracts or maybe tells the truth that things ant as bad a we think how will the share price change.. How what and when does the share price reflect the value Sorry if stupid question but i have not dealt in delist stock Still holding and awaiting that day some good happens....good be good recover stock and they are still looking to take more people on Darren |
Posted at 01/7/2003 00:49 by isis latifs -This is definately good news & could be the start of the turnaround. The previous directors made some terrible mistakes & also failed to gve a profi warning which cost all the company's cash. The Chairman of Oyster (Bill McCabe) was the founder of Smarforce the largest e-learning co. in the world & is well connected as well as worth £50m himself. I have also seen at last 8 current jobs advertised on the web for TRW. Undoubtedly still a risky share, but I would'nt be surprised to see some decent news in the near future. Of course DYOR etc. |
Posted at 16/12/2002 11:01 by isis As there are no alternative plans for the re-financing of TRW on the table at the moment how can Guiver vote against?Oyster buying more today obviouysly they want the deal. |
Posted at 29/11/2002 23:06 by biomax my target is modest 20-40p which even after forthcoming agm dillution will result in a market cap only 10-20 mln. Given that their last two years profits were 1.2-2 mln, the current price 6p and market cap 3 mln makes the stock 3-6 times bagger. especially, if TRW makes some positive noises/statement on AGM, then 20-40 p could be achievable very quickly indeed, imo. |
Posted at 29/11/2002 22:22 by volleymeister Be careful....remember the Gladstone/Transware split and the failed attempt to get rid of Raven.....no smoke without fire.Price at time of split was @1.20 Glad now 4.5 TRW 7......... |
Posted at 29/11/2002 07:52 by biomax because, TRW fundamentally is very cheap, andthe price was suppresed by possibility of negative outcome of egm, which is very unlikely |
Posted at 07/10/2002 07:50 by welshanalyst RNS Number:1143CTransware PLC 07 October 2002 Immediate Release 7 October 2002 TRANSWARE PLC Preliminary Results Announcement : for the year ended 30 June 2002 "MAINTAINING A CONSISTENT GROWTH RECORD" KEY HIGHLIGHTS: Financial * Revenues up 22.9% to #12.81m (2001 : #10.42m) * EBITDA up 60.9% to #3.74m (2001 : #2.32m) * Pre-tax profit (before exceptionals) up 6.7% to #2.10m - after head office costs (2001: #1.97m - no head office costs) * Earnings per share (before exceptionals) up 4.5% to 5.40p (2001 : 5.17p) * #1.8m one-off exceptional charge * Funding of #1.16m o #500k short term funding provided by directors o #407k to be provided by Enterprise Ireland o #253k additional funding from directors * Moving to AIM Operational * Beginning to emerge from tough trading period * Continuing to move beyond IT training: pharmaceuticals, retail, law * #1.5m operating costs removed * Begun strategic initiative to market directly to large multi-national corporations: projects for EDS, FT Knowledge, JP Morgan, JC Penny, Dell, Avon Cosmetics * Key accounts increased from 6 to 15 (customers potentially spending over $1 million per annum) Commenting on prospects, Brian Raven, Chairman, said: "Transware has become a leaner and more efficient Group. We have always considered Transware to be an exciting business with enormous potential and are demonstrating our willingness to back our judgement with additional personal investment. Independent research continues to point to strong growth in the Group's target markets. Mindful of on-going market volatility, we believe that future prospects are good and look forward with renewed confidence." For further information, please contact: Brian Raven, Chairman Kieran McBrien, Chief Executive Oliver Cooke, Finance Director Today on Tel No: 020 7466 5000 Transware Plc Thereafter on Tel No: 01784 228500 or visit Transware's website at www.transwareplc.com Lisa Baderoon : lisab@buchanan.uk.co Buchanan Communications M: 07721 413 496 / Tel No: 020 7466 5000 CHAIRMAN'S STATEMENT The year to 30 June 2002 was particularly challenging for Transware. However I am pleased to report the Directors' confidence that the Group is now beginning to emerge from what has been a tough trading period. As the Group conducts most of its business in the USA, the economic slowdown there had a direct impact on trading and led to lower than expected levels of localisation work being completed during the year. Coming at the same time as a significant investment in the new product initiative, this has put a strain on the Group's working capital position. However positive action has now been taken to ensure adequate funding is in place going forward. Financial Review Despite these difficulties the Group has maintained its consistent growth record. Revenue for the year rose by 22.9% to #12.81 million (2001: #10.42 million) with EBITDA up 60.9% to #3.74 million (2001: #2.32 million). Pre-tax profit before exceptional items (explained below) increased by 6.7% to #2.10 million. This level of profitability was after incurring UK sales and head office costs for the first time since Transware became an independent public company (2001: #1.97 million with no UK sales or head office costs). On the same basis, earnings per share before exceptional items rose by 4.5% to 5.40p (2001: 5.17p). In November 2001, the Company raised some #0.63 million net of expenses by placing 1,473,000 shares with institutions at 44p per share. The Group's net assets at 30 June 2002 were #4.12 million (equivalent to 11.53p per share). In line with previous years, the Directors are not recommending payment of a dividend. The difficult market and trading conditions the Group and its customers have experienced have prompted the Directors to take a close look at every aspect of the business and to reduce operating expenses wherever possible. They are pleased to report that the resultant cost control programme has already realised savings of some #1.5 million per annum. As part of this programme, the executive Directors waived a fifth of their income entitlement for the year to 30 June 2002 and have agreed to defer at least a quarter of their entitlement for 2002/ 03 until at least the latter part of the year. The non-executive Directors have likewise agreed to defer a proportion of their fees. Certain contracts and trading arrangements have also been re-evaluated and in some cases, renegotiated. In particular, the royalty arrangements entered into with SmartForce in the early part of the financial year have been terminated by mutual agreement. Transware has achieved a small profit from the transaction and been released from the obligation to make any further payments to acquire future royalties. SmartForce has been released from the formality of certain obligations regarding future levels of expenditure but Transware's status as SmartForce's preferred supplier for all its localisation needs has been reconfirmed. As a consequence of the termination of the royalty arrangements, the Group has written off the amount previously capitalised as an intangible asset and written back the associated creditor. This has resulted in a one-off exceptional charge to the profit and loss account of some #1.8 million. Audit arrangements have been rationalised, with BDO Stoy Hayward being appointed as the Company's auditors, a move prompted by the operating company's incumbent auditors who are based in Dublin, recently joining BDO's international partnership. In May we wrote to shareholders explaining the tax implications for the Company of the option arrangements with Oliver Cooke and myself. I am pleased to report that agreement has been reached with the Remuneration Committee, who have consulted with the Company's advisers, on a basis whereby Oliver Cooke and I will take on the responsibility for settling the employee's tax liabilities arising on any option exercise. The required changes to the option agreements will be put to shareholders for approval at a forthcoming general meeting. Business Development Despite last year's difficult trading conditions the Directors are confident that Transware is well placed in terms of its future prospects. The Group has continued to build up its business with many of the key players in the e-learning industry. Organisations for which projects have been undertaken in the past year include Microsoft, Oracle, DigitalThink, KnowledgeNet, SmartForce, Skillsoft, McGraw-Hill, Mindleaders, NCR, Xilinx, Symantec, Thomson Publishing, Peregrine Software, Interwoven and Lotus. As indicated in the interim report in February, Transware continues to move beyond traditional IT training applications which have historically accounted for most web based training. Recent projects cover areas as diverse as pharmaceuticals, the retail sector, ergonomics, law, hospitality and the automotive industry. Of particular note, the Group has increased its number of key accounts during the period from 6 to 15. A key account is defined as a customer from which the Group believes it has the potential to achieve over $1 million in annual sales. During the past year the Group also began a strategic initiative to market directly to large multi-national corporations as well as continuing indirect marketing via its specialist e-learning customerbase. There are two key reasons for this initiative. Firstly, to establish direct contact with the corporate decision-makers whose budgets already drive the majority of the Group's revenue and secondly, to gain greater access to the enormous market for multi-lingual corporate training and information distribution. The initiative is beginning to bear fruit and projects are now underway for EDS, FT Knowledge, Beazer Homes, JP Morgan, Dell Computers, J C Penny, Lowes and Avon Cosmetics in the USA, for Rexel Group in France and for Telefonica in Spain. The establishment of these new relationships is very encouraging, as Transware has consistently demonstrated success in retaining customers and increasing the level of business transacted with them. This advance into the corporate market for multi-lingual content development will be underpinned by the Group's new knowledge mobilisation product called " erudigm". This innovative internal development is designed to enable large multi-nationals to capture the knowledge and expertise within their organisations, use it to create multi-lingual training routines and control distribution of these routines throughout the world via the internet. The phased release of erudigm began on schedule in July and the early feedback from sales and marketing activity endorses the Directors' optimism for the product. Working Capital and Fundraising In recent months the Group's working capital position has come under pressure and the Directors have been exploring all viable alternatives for obtaining the additional facilities the Group requires. To date the Group has been unable to relieve this pressure by arranging additional facilities from its bankers although discussions are ongoing. What this process has highlighted is that the costs and restrictions associated with operating as a fully listed company are inappropriate for a business of Transware's size. Consequently, it has been decided to move to the Alternative Investment Market as soon as practicable where the Company will benefit from the lower costs and greater flexibility of the lighter regulatory regime. In order to ensure that the Group had sufficient funds for its interim needs, the Directors provided short-term unsecured loans of #500,000 in August 2002. Since then the Directors have succeeded in obtaining additional financial support for the Group from Enterprise Ireland. Enterprise Ireland is an organisation which is funded by the Irish government with the remit to encourage and support developing businesses in that country. In the past it has assisted the Group through the provision of employment related grants. Enterprise Ireland has agreed to subscribe for some #407,000 (Euros 635,000) of convertible preference shares in the Group's operating subsidiary, Transware Limited. These preference shares have a limited right of conversion into ordinary shares in Transware plc. However, the investment by Enterprise Ireland is dependent on a significant level of additional support from the Directors. Firstly, the short term support that was provided by the Directors in August is to be made permanent through the conversion of their loans into ordinary shares. Secondly the Directors are being required to provide additional unsecured convertible loans of #253,000 (Euros 400,000). The Directors believe that the combination of their support and that from Enterprise Ireland will mean that the Group is adequately funded going forward. Consequently, once the move to AIM has been completed, they will seek shareholder approval to enable them to cater for the conversion of Enterprise Ireland's preference shares and the Directors' loans. This approval will be sought at an EGM to be held in November 2002. Full details of the proposals will be provided in a letter to shareholders. The Directors would have preferred to give all shareholders the opportunity to subscribe for additional shares. However, the costs which they have been quoted for such an exercise, even on AIM, make it prohibitively expensive. Summary and Prospects In summary, the Directors believe that Transware has become a leaner and more efficient Group. They have always considered Transware to be an exciting business with enormous potential and are demonstrating their willingness to back their judgement with additional personal investment. Independent research continues to point to strong growth in the Group's target markets. Mindful of on-going market volatility, the Directors believe that future prospects are good and look forward with renewed confidence. Brian Raven Chairman 7 October 2002 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2002 Note Unaudited Audited 2002 2001 # # Turnover 12,806,946 10,417,322 Cost of sales (2,573,962) (2,206,087) Gross profit 10,232,984 8,211,235 Administrative expenses (8,014,960) (6,214,515) Administrative expenses - exceptional items 2 (1,782,184) - 9,797,144 6,214,515 Operating profit 435,840 1,996,720 Earnings Before Interest, Taxation, Depreciation and Amortisation Operating profit before exceptional items 2,218,024 1,996,720 Add back: Depreciation of tangible fixed assets 589,857 317,129 Amortisation of intangibles 927,793 8,003 EBITDA 3,735,674 2,321,852 Exceptional costs of reorganisation and merger - (420,000) Profit on ordinary activities before interest 435,840 1,576,720 Interest receivable 109,181 7,456 Interest payable (225,447) (33,988) Profit on ordinary activities before taxation 319,574 1,550,188 Being Profit on ordinary activities 2,101,758 1,970,188 Less exceptional items (1,782,184) (420,000) 319,574 1,550,188 Taxation 3 (204,848) (201,536) Profit on ordinary activities after taxation 114,726 1,348,652 Earnings per ordinary share 4 - Basic 0.33p 3.94p - Diluted 0.33p 3.59p - Before exceptional items 5.40p 5.17p All amounts relate to continuing activities UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 JUNE 2002 Unaudited Audited 2002 2001 # # Profit for the financial year 114,726 1,348,652 Exchange differences on translation of net assets and results of subsidiary undertakings 333,050 (169,772) Total recognised gains and losses relating to the year 447,776 1,178,880 UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2002 Unaudited Audited 2002 2001 # # # # Fixed assets Intangible assets 5,711,770 2,184,703 Tangible assets 1,903,925 1,462,181 7,615,695 3,646,884 Current assets Work in progress 32,547 186,636 Debtors - due within one year 2,327,885 2,516,191 - due after more than one year 385,431 - 2,713,316 2,516,191 Cash at bank and in hand 1,818,975 3,433,147 4,564,838 6,135,974 Creditors: amounts falling due within one year (4,292,546) (3,984,065) Net current assets 272,292 2,151,909 Total assets less current liabilities 7,887,987 5,798,793 Creditors: amounts falling due after more than one year (2,247,163) (3,235,645) Provisions for liabilities and charges (98,778) (104,100) Deferred income (1,419,900) - Net assets 4,122,146 2,459,048 Capital and reserves Called up share capital 3,573,717 3,426,417 Share Premium account 483,773 - Merger reserve (3,272,882) (3,272,882) Profit and loss account 2,753,289 2,305,513 Equity shareholders' funds 3,537,897 2,459,048 Minority Interests - Non-equity 584,249 - 4,122,146 2,459,048 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2002 Unaudited Audited 2002 2001 # # # # Net cash inflow from operating activities 2,489,747 2,620,318 Returns on investments and servicing of finance Interest received 109,181 7,977 Interest paid (119,813) (13,989) Interest element of finance leases (105,634) - Net cash outflow from returns on investments and servicing of finance (116,266) (6,012) Taxation Overseas tax paid (39,398) (124,491) Capital expenditure Purchase of tangible fixed assets (653,314) (538,682) Receipts from sales of fixed assets - 24,226 Purchase of intangible fixed assets (4,113,305) (234,373) Net cash outflow for capital expenditure (4,766,619) (748,829) Net cash (outflow)/inflow before management of liquid resources and financing (2,432,536) 1,740,986 Management of liquid resources Term deposit 871,213 (871,213) Financing Proceeds from issue of shares 631,073 1,000,000 Proceeds from issue of pref shares to minority interest 584,247 - Hire purchase capital repayments (305,526) (236,879) Repayment of loans (91,430) - Net cash inflow from financing 818,364 763,121 (Decrease)/Increase in cash (742,959) 1,632,894 NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2002 1. Funding proposals This financial information has been prepared on a going concern basis. Were the proposals referred to in note 5 not to receive the necessary shareholder approval at the EGM to be held in November 2002, the impact would be to significantly reduce the Group's available cash balances. As a consequence the Group's ability to operate as a going concern might be jeopardised. However, the Directors anticipate that the proposals will obtain the necessary shareholder approvals and be completed. Accordingly the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future and for this reason the going concern basis has been adopted in preparing these financial statements. The Directors have taken the twelve month period from the date on which these statements are approved as being the foreseeable future for this purpose. The financial statements do not include any adjustments that would result should the proposed refinancing not take place. 2. Exceptional items As a consequence of the difficult market and trading conditions encountered during the last year, certain of the Group's contracts and trading arrangements have been re-evaluated by the Directors and in some cases, renegotiated. In particular, the royalty arrangements entered into with SmartForce Ireland Limited ("SmartForce") in the early part of the financial year were terminated by mutual agreement on a basis which ensured that Transware Limited achieved a small profit from the transaction, and was released from the obligation to make any further payments in order to acquire future royalties. SmartForce has been released from the formality of certain obligations regarding future levels of expenditure but Transware Limited's status as SmartForce's preferred supplier for all its localisation needs has been reconfirmed. As a consequence of the termination of the royalty arrangements, the Group has written off #9,119,888 previously capitalised as an intangible asset and written back #7,337,704 being the associated liability due in respect of this asset. This has resulted in a one-off exceptional charge to the profit and loss account of #1,782,184. 3. Taxation Unaudited Audited 2002 2001 # # Current tax Overseas Corporation tax 106,070 201,536 Deferred tax Origination and reversal of timing differences 98,778 - 204,848 201,536 4. Earnings per ordinary share The basic earnings per ordinary share has been calculated using the profit on ordinary activities after taxation for the year and the weighted average number of ordinary shares in issue during the year as follows: Unaudited Audited 2002 2001 # # Profit for the year after taxation 114,726 1,348,652 Number Number Weighted average of ordinary shares 35,119,721 34,264,172 Basic earnings per ordinary share 0.33p 3.94p The diluted earnings per ordinary share, as defined by FRS 14, has been calculated as shown below: 2002 2001 # # Profit on ordinary activities after taxation 114,726 1,348,652 Number Number Weighted average number of ordinary shares in issue as above 35,119,721 34,264,172 Dilution for share options exercisable at a price below the average market value of the Company's shares 325,651 3,318,076 Diluted weighted average number of ordinary shares in issue 35,445,372 37,582,248 Diluted earnings per ordinary share 0.33p 3.59p The earnings per ordinary share before the exceptional charge has also been presented since, in the opinion of the directors, this provides shareholders with a more appropriate measure of the earnings derived from the Group's present activities. It can be reconciled to the basic earnings per ordinary share as follows: 2002 2001 pence pence Basic earnings per ordinary share 0.33p 3.94p Exceptional charge 5.07p 1.23p Earnings per ordinary share before exceptional charge 5.40p 5.17p 5. Going Concern In order to ensure that the Group had sufficient funds for its interim needs, the Directors provided short-term unsecured loans of #500,000 in August 2002. Since then the Directors have succeeded in obtaining additional financial support for the Group from Enterprise Ireland. Enterprise Ireland is an organisation which is funded by the Irish government with the remit to encourage and support developing businesses in that country. In the past it has assisted the Group through the provision of employment related grants. Enterprise Ireland has agreed to subscribe for some #407,000 (Euros 635,000) of convertible preference shares in the Group's operating subsidiary, Transware Limited. These preference shares have a limited right of conversion into ordinary shares in Transware plc. However, the investment by Enterprise Ireland is dependent on a significant level of additional support from the Directors. Firstly, the short-term support that was provided by the Directors in August is to be made permanent through the conversion of their loans into ordinary shares. Secondly the Directors are being required to provide additional unsecured convertible loans of #253,000 (Euros 400,000). The Directors believe that the combination of their support and that from Enterprise Ireland will mean that the Group is adequately funded going forward. The approval of shareholders is to be sought at an extraordinary general meeting of the Company to be held in November 2002. Full details of the proposals will be provided in a letter to shareholders. 6. The results and summary balance sheet incorporate the unaudited results of Transware plc and all its subsidiaries up to 30 June 2002 and have been prepared on a basis consistent with the audited fi |
Posted at 04/10/2002 11:11 by isis I think many people are at capitulation stage at the moment as the market looks like it'll never recover - I've seen some silly trades going through this week on many shares well below bid price.I have been in touch with TRW regarding latness of results & was very frustrated in their slow response, but I am not expecting any real bad news - in fact they hav'nt profit warned, erudigm has been launched & people I've spoken to on the phone say they remain busy. Well we will know Monday - the fact they are having a Analyst & press meeting does not usually indicate bad news - but you take ya chance. Good luck to all. |
Posted at 04/10/2002 10:59 by thamestrader Looks like someone just bailed out of TRW and former sibling GLD with an 80k sale in each. Both at all time lows (more or less).My miniscule stake is not worth selling, the £85 I'd end up with might as well stay where it is in the hope that one or both of them eventually recover. Decent figures for TRW on Monday would be a good start. |
Posted at 15/9/2002 21:53 by welshanalyst GAINGo to ft.com front page, tick 'quotes', then trw in box for company name, then click on trw for transware (choice of two with trw epic), then 'analyst estimates' (two-thirds down the page). |
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