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Veris Share Discussion Threads
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|Debtors flee Irish bankruptcy laws
Veris sets date to get selloff approval|
|The EGM will be comical!
|Fatso always believed in bagging a nice fee for himself.|
|Veris disposal comes with a high price tag
|See ya inside de George!|
Investing in a company that buys at the top of the market and sells at the bottom and loses millions retuning a fraction of what was invested would drive many shareholders to drink!
|Bubbly on fatso tonight..|
|Rats and ship?
|Writeoffs drive Veris to FY loss of E6m
Dublin-listed company Veris is to carry out a review of two of its business divisions after receiving a number of approaches for them.
The two divisions are the facilities and property management arm and the moving and storage business. Veris said the approaches had come from 'unconnected third parties'.
CEO Bernard Farrell said the company had performed in line with expectations in 2008 despite the tough economic conditions. He said the final results outcome would be within 10% of what the market expected. Veris will issue a more detailed trading statement on Thursday
Veris sells off loss-making business
debt burden, which Goodbody estimates stands at 34m
Dublin-listed company Veris says it expects to report profits after tax of over 4m for the year to end of December. However, in a trading statement this morning the company said this figure does not take account of impairment charges of 11.2m after the write-down in value of its moving and storage division.It added that revenues will reach over 80m for the year. Earlier this week Veris said it had sold its moving and storage business for 74,000 to Capstar, a company controlled by Niall Doris, who is also a Veris shareholder. The group said it had reduced its net debt position from 40.9m in 2007 to below 30m by the end of last year.
Stand by for the new rights issue stampede
Other rights issue candidates must include Niall McFadden's Boundary Capital, whose market capitalisation of just 3.5m is a tenth of its net debts of 35m, and house builder McInerney, where the balance sheet has been devastated by repeated writedowns of its landbank. It wouldn't be a huge surprise if Boundary's quoted associated companies Siteserv and Veris were also contemplating infusions of fresh equity.|
|Veris shares plunge 21pc after report of 'flat' earnings
|Property services group to cut 5% of staff
Veris was admitted to AIM and IEX on 30 September 2005 at a price of 1.30 per share. The promoters of BCL invested personally in Veris and have not reduced their shareholding subsequently (however their shareholding has been diluted by subsequent share issues as part consideration for acquisitions undertaken by Veris). The promoters of BCL and Veris management invested 3.3 million of the original 15.5 million cash equity investment and Niall McFadden personally underwrote a 4 million mezzanine loan for the company which it subsequently refinanced.
Veris warns of tough times as trading is hit by economic downturn
|From the Sunday Times:
'VERIS, the property management group named after its chief executive, Ross Ivers, has been one of the stars of the Irish market this year. Formerly Irish Estates Management, the facilities management company floated at 1.30 in September 2005, and last week traded over 4.50. It has traded as high as 4.85.
The latest news to put a bit of steam under Veris was two tiddler acquisitions. Glenrye Property Services makes sure posh south Dubliners have light bulbs to guide them through Dundrum town centre. It marks Veris's first step into the retail sector and was purchased for just under 7m. Premier Property Management operates in the residential market.
Last week's deal came hot on the heels of five deals in July. The company is currently trading at more than 25 times forecast 2006 earnings, which seems to suggest the market really believes that Ivers is going to knit all these acquisitions together and that property services is the place to be.'|
'The Group is committed to building an Integrated Property Services Group through
a combination of strong organic growth and acquisitions.
The property services sector covers a wide variety of businesses including
Property Management, Facilities Management, Facilities Services, Professional
Services, Administrative Services, Moving and Storage Services, Consulting
Services and Financial Services.
The Group is actively looking at expansion in these areas both organically and
by acquisition in both Ireland and the UK. The Groups' preference is for non
capital intensive businesses with significant long term contractual business or
repeat business. A critical part of any acquisition must be that there are
demonstrable synergies for the Group through the acquisition.'|
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