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FAN Volution Group Plc

434.60
7.00 (1.64%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Volution Group Plc LSE:FAN London Ordinary Share GB00BN3ZZ526 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  7.00 1.64% 434.60 435.00 436.80 440.20 424.60 439.00 314,810 16:35:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Equip Rental & Leasing, Nec 328.01M 37.37M 0.1889 23.03 860.4M
Volution Group Plc is listed in the Equip Rental & Leasing sector of the London Stock Exchange with ticker FAN. The last closing price for Volution was 427.60p. Over the last year, Volution shares have traded in a share price range of 330.00p to 457.00p.

Volution currently has 197,793,814 shares in issue. The market capitalisation of Volution is £860.40 million. Volution has a price to earnings ratio (PE ratio) of 23.03.

Volution Share Discussion Threads

Showing 2551 to 2575 of 2750 messages
Chat Pages: 110  109  108  107  106  105  104  103  102  101  100  99  Older
DateSubjectAuthorDiscuss
23/5/2011
07:30
So long as they've gone we can all breath a sigh of relief
:)

hh9
22/5/2011
09:53
HH9 - I think you may have misunderstood my comments I think the Smiths have impeded the growth of FAN and I agree they are certainly not highly regarded in the City - hence the glass ceiling - I wonder if they were the sellers of 493K (at 28p) of shares on friday - probably part of the deal to remove them me thinks.
sofie811
20/5/2011
14:53
Hi Moorsie2 - Totally agree with you good riddance at any price. What I meant was on the financial face of it, it would appear an expensive and ill timed deal. In reality you're dead right
hh9
20/5/2011
14:51
sofie811 - perhaps you don't know the Smiths and the "high" regard they were generally held in by all within the business and outside. The firm and all will I suspect breath a collective sigh of relief.

Let's hope your price forecasts are correct

hh9
20/5/2011
09:56
HH9 - You need to understand that the Smith's had deeply embedded themselves into FAN and to remove them carries a serious price hence the final deal. The flipside is that the glass ceiling that existed under the Smith's stewardship has now been removed and hopefully we can look forward to an exciting future and a share price of 60p by Dec 11 and £1+ Dec 12.
sofie811
20/5/2011
09:53
HH9 - I dont agree its a bad deal

FAN was going down the tubes with these guys in charge.

This would have been all agreed at the time of the investment by the new owners. I am sure Smiths have not done too badly out of it but its a small price to pay to get that monkey off the back of the company.

Smiths duo had zero credibility in the City and would have been perceived as "wide boys" so its a big step forward to have them out.

Worth another few quid to us all holders of FAN

moorsie2
20/5/2011
09:32
Starting to bounce
protean
20/5/2011
09:22
Don't you find the timing interesting?

Football only trade/makes profits Jun to Aug, with a bit in Jan. So the company loses money from Sept to May, hence the £700k loss. It makes good money in the summ. In other words FAN took the loss for 9 months and the Smiths walk away with all the profits! FAN just gave the Smiths all their profit, it's almost as if they were desperate to be rid of them. The cost of the dispoal is nearer £2m ia cash and lost summer profit.

Bad deal for FAN in the short term. In the long term good as the benefits from losing the Smiths outway any write offs, plus the group is now focussed on pure theatre

hh9
20/5/2011
09:14
Colva,

I saw that analyst review and read it with scepticism.

I still stick with my original interpretation. But even then its value. £680k cost to FAN but the unit lost £779K in 6 months! the decision is cash positive and earnings enhancing in the first year.

moorsie2
20/5/2011
08:48
Moorsie,

i read the RNS the same way as you ie. that the disposal costs were 280k for the Smiths + 400k to write off the loan = 680k.

This analyst suggests that the loan was owed TO the sports division.


19th May 2011


Analyst: Derren Nathan
Email: derren.nathan@gecr.co.uk
Tel: 0207 562 3371


First Artist Corporation* - Disposal of last remaining non core business. Reiterate Buy stance at 30p with a target price of 65p

Contact

Jeremy Barbera, Executive Chairman, +1-212-520-4140


First Artist has today announced the latest step in its rationalisation and repositioning as a leading media and entertainment group. As we have anticipated in our previous coverage, the company has confirmed the sale of the last of its non-core businesses, First Artist Sport.

The company has agreed to sell First Artist Sport to Jon and Phil Smith for an initial consideration of £1. Additional consideration is payable to the company equal to the sum of 5% of revenue generated in the years ended 30th November 2011 and 2012 in excess of £3 million. Simultaneously, Jon and Phil Smith will leave the Board of First Artist with immediate effect. The Purchasers have entered into compromise agreements to the value of £280,000 in aggregate payable in cash by 31st July 2011. This is more than off-set by the write-off an inter-company debt that has accrued to the current value of £0.4 million.

The sale of First Artist Sport eliminates a currently underperforming division which made losses of £799k at the EBITDA level in the 6 months to May 2010. The company has recently taken steps to strengthen the balance sheet and renegotiate the terms of its £14.8 million loan facility with Allied Irish Bank, slashing the interest paid from 10% over LIBOR to 3.5% over LIBOR for the first 12 months and to 4% over LIBOR thereafter. As we flagged in our note of 27th April the company needed to hold an EGM in order to remove the limits on the borrowing powers contained in its Articles of Association and seek ratification of the Company's continued entry into the existing facility which automatically novates to the New Facility. The EGM was held on 17th May and all resolutions were passed.

Now that the above steps have been completed, First Artist's management are free to fully focus on reshaping the business as a highly focused media and entertainment business. West End and Broadway theatres, which make up the majority of First Artist's client base, are facing a testing time. The Society of London Theatre recently released figures showing that in the first quarter of 2011 box office revenue dropped by 6% and attendances were down by 10%. However it is at times like these when more than ever, theatre impresarios require the marketing expertise of the likes of entertainment heavyweights Stoller and Barbera, who are spearheading the strategic transformation of the company.

Therefore while our revenue forecasts going forward are not undemanding, we have confidence in the new team, who to date have delivered on all of their promises. We continue to rate the shares as a Buy with a target price of 65p, which is based a 2012 EV/EBITDA multiple of 11x. With all none core businesses now disposed of, and a cheaper cost of debt now in place, we await further news on operational performance and cost base rationalisation.

colva
19/5/2011
19:03
The Smiths are gone - Praise be the lord
Now perhaps the business can be run properly instead of their personal expense account. This will save the business over £1m a year on its own, let alone all the grief caused and the poor regard for them and thus the business in the City.
I knew they'd get rid of it for a £1 in the end. No chance of getting ANY deferred, not with Smith acounting. Either way good ridance
Now watch the business grow and the share price grow
Perhaps there is a god!!

hh9
19/5/2011
14:41
Agreed Moorsie - A new era has dawned. Results should be out soon, will be interesting to see how the entertainment parts have performed against last year.
skinbod
19/5/2011
09:11
Football side of the business gone today! Its cost the company some £280K in compromise agreements for breaking contracts and £400K in writing off loans but from what I can see it should pay for itself within 12 months!

The business was heavily loss making with no real prospects of it picking up and the two guys were expensive and old baggage around the company.

Good riddance and welcome to the new entertainment company.

moorsie2
17/5/2011
08:15
The GM is being held today at 11:30

Along with the " resolution passed " RNS i hope we,l have some sort of trading update and news on progress re the sale of the football agency business.

colva
06/5/2011
05:53
GG,

I don,t know the numbers but could the 1m annual saving on debt repayments be a combination of the reduced interest rate and the quite large reduction in the debt ( due to the fundraisings) . So we,d have a double whammy of paying a lower rate on less debt.

colva
04/5/2011
10:06
Guys take a look at POWR - disposal of an asset announced yesterday completely changes the company profile and leaves just one trading unit which will deliver significant returns this year.

By my calculations on a PE of 5.5 it has a fair value of 58p - so the rerating is only started..

moorsie2
27/4/2011
19:38
First Artist* - New, Lower Cost, Credit Facility
Today (2011-04-27 16:14:16)
Print this Article First Artist* - New, Lower Cost, Credit Facility
First Artist* (FAN) has announced another milestone in its restructuring – as, conditional on shareholder General Meeting approval, it has reached an agreement to replace its existing bank facility with a £14.8 million new facility on preferential terms. This will see its interest charges reduced to 3.5% over LIBOR for the first 12 months, rising to 4% over for a second 12 months. The company is currently paying a range of debt interest charges - including 10% over LIBOR for a mezzanine facility.

The company's recent reductions of debt have paved the way for the new, considerably lower cost credit facility and further bottom-line benefits should thus be swiftly effective. As previously stated, I believe the core theatre business has the capacity to do underlying EBITDA of c.£6 million delivering, after (much reduced) central costs, £5.2 million of group EBITDA or £4.5 million of pre-tax profit. Even though the shares currently trade a further 2p higher at 32.5p on today's news, there looks to remain significant upside potential from the market cap of £21.4 million given the exciting growth prospects under the cracking new management team (google 'David Stoller' and 'Jeremy Barbera'). At anywhere around present levels, I continue to regard these shares as a slam dunk "buy".

scotty1
27/4/2011
15:29
GG - you did need an exit point and its very positive that you were able to offload your sizeable holding and the share price hold up as well as it did. Hats off to you and BC for managing that!

As regards FAN - a saving is indeed a saving but as important is the confidence provided by a lender like AIB (Who have massive issues of their own!) being prepared to refinance FAN on a more normal business trading level. This says to me that the downside risks as perceived by an ultra cautious lender (now after its mistakes!!) like AIB are gone and the business is on a stable footing to significant success.

moorsie2
27/4/2011
14:28
Moorsie,

All out of fdp, although still keep an eye on it. Interesting to note on FDP the volume of job vacancies in Investment Banks for Derivative (Java) programmers. Hugely positive for fdp.

Scotty, the savings are not great and the £1m mentioned by UK analyst is just plain old tosh. Expect savings of (£115k 1st year, £35k 2nd year)

A saving is a saving tho'

gg

greengiant
27/4/2011
14:23
GG good to see you back and excellent insight as ever.

Have you exited FDP - i dont see you there anymore?

moorsie2
27/4/2011
14:04
gg not from T1PS it's from Uk Analyst and yep i know it's all hand in hand
T.W not done his update yet.But as you say it may be misleading but it does give a good indicator of the savings to be made.

scotty1
27/4/2011
12:30
Scotty1, Bad misleading and frankly blatantly incorrect posting by T1ps. The 2008 Annual Report gives the breakdown of the debt structure as:

£7,200,000 @ LIBOR + 2.25%
£5,000,000 @ LIBOR + 2.75%
£3,728,000 @ LIBOR + 10%
(other £500k paid off)

This gives an annual interest charge of £672,300 (treating LIBOR as zero because it is a constant in both)

Using the same numbers as above for comparatives at 3.50% gives a annual interest charge of £557,480 (LIBOR @ zero)

And at 4% gives a charge of £637,120 (LIBOR @ zero)


This part is particularly misleading

"...the terms of its £14.8 million loan facility with Allied Irish Bank, slashing the interest paid from 10% over LIBOR to 3.5% over LIBOR for the first 12 months and to 4% over LIBOR thereafter."

They are treating all the debt as 10%

Poor article, anyway it gives you an indication of the savings.

Good to see you all doing so well

gg

greengiant
27/4/2011
12:12
27th April 2011
Analyst: Ross Jones
Email: Ross.Jones@t1psim.com
Tel: 01624 676848


First Artist Corporation * - Borrowings Refinanced: Re-iterate Buy stance at 30.5p with a target price of 65p

First Artist has today announced that as a result of recent fundraisings it has been able to renegotiate the terms of its £14.8 million loan facility with Allied Irish Bank, slashing the interest paid from 10% over LIBOR to 3.5% over LIBOR for the first 12 months and to 4% over LIBOR thereafter. It has also admitted that it is in technical breach of its Articles of Association in terms of its total borrowings to its capital and reserves ratio and is seeking to hold an EGM to amend the Articles to solve that issue.

The administrative oversight is a legacy of the previous management team and will be rectified quickly. The refinancing of its borrowings was expected and will serve to reduce interest costs by almost £1 million on an annualised basis. As such we are not amending our forecasts at this stage although we understand that First is trading strongly and see risks to the upside on current numbers. But the fact that the Barbera/Stoller management team has delivered on this key issue will be seen as positive.

Investors will now be keen to hear news on the disposal of the last non-core activity (the footbal agent business) even for a nominal sum and on how Barbera/Stoller have moved to slash the bloated central costs First suffered under its previous management. Delivery on these two matters will, we believe, drive a further re-rating of the shares and we expect news soon.

We re-iterate our Buy recommendation with a target price of 65p but the delivery of operational milestones such as the refinancing of debt gives us increased confidence in that target which values the company on a 2012 EV/EBITDA multiple of 11x.

scotty1
27/4/2011
09:40
Max

Thanks for the cautionary tone, definitely some problems in the US for MSGI Security, they're overdue on loan notes apparently and will most likely need to raise funds/dilute. That said, from reading some of the US boards, it seems the company is well connected (Barbera's history) with NASA and other government organisations and general feeling seems to be that it will get through and prosper.



I was sceptical when First Artist was introduced by TW, still am a bit, but overall I think they might be OK. Still haven't bought yet though.

paleje
27/4/2011
07:57
Great news and a further milestone in this turnaround.

I hope at the AGM they actually put a value on the savings to the company of the new credit facitility. Its not all at 10% above LIBOR but it would be good to get an average to compare against the new rate and put into pound note terms the added benefit to EBITDA in the year.

But notwithstanding that it is a great step forward.

moorsie2
Chat Pages: 110  109  108  107  106  105  104  103  102  101  100  99  Older

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