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Real-Time news about Westside Inv. (London Stock Exchange): 0 recent articles
|jojo_jo: £1bn worth were issued. Half/£500k was to eliminate the loan note debt, so should have no net negative impact on the balance sheet.
This share must be mega-illiquid for £460 worth of shares to cause a 28% fall in the share price! On this basis the shareholders £1,250 worth of buying could lift the shares 50% on the day!!?
There's a 30% spread today too. Everything about this stock is mad!
|akaaur: rephrased, zest was a music company that changed to rare earth minerals 1 month after rowan invested, if you think about why would rowan invest in a company that invest in other company, rowan can add them to his own portfolio without going through another company, and he bough 200m as there might be a increase in share price once announcement happens|
|highland drovers: Rivaldo
The fall in YRK was after WST sold a quarter of their holding. Which was the highest the share price had been for a couple of years prior to that. Looks more like the price is drifting on the lack of news rather than anything else.|
|topvest: Results were very encouraging and a bit more informative than the past. At the end of the day, all WST floats so far have been quite impressive (albeit early stage and high risk). A lot depends on York Pharma - noticeable that this was listed second rather than first - Maybe just me, but does that mean they think ADDLeisure has the most potential!!
They mentioned that they have a few more deals in the pipeline which is interesting.
Share price is about right imo - a discount would be expected!|
|rivaldo: Looks like WST has raised all of £15k in selling its 10m AKG warrants!
Mind you, AKG's share price has held nicely at 5.5p (despite Hoodless being involved again), and it announced a nice deal the other day.|
|mark c graham: CLS only comprise about 3% of WST's NTA; they could double and only add less than 0.25p to the WST share value.
YRK and PLEI are the most important WST investments. MES and ADE are also material. The recent rise is, most likely, a belated reaction to recent strength in MES.|
|rivaldo: Hi topvest. I spoke to GS - results out very soon. Not too bothered about the share price decline - it'll correct eventually when NAV figures come out.
More to the point, GS was fairly clear (in my estimation) that there will be another IPO, and maybe two, this year. It's possible WST holders won't get to participate if number one is pre 30/6 as it'll have to be done in a hurry to beat the new rules which come into force then. Otherwise we may get a chance.
So I'm happy to hold. Can you remind me (sorry if I've asked this before) - do you think WST qualifies for AIM taper relief or not given its ownership of a trading business?|
|mark c graham: WST gives a nice, relatively low risk exposure to YRK, at present. Movements in the YRK share price feed through at a ratio of about 50% to WST's NAV (e.g. 100% rise in YRK leads to a 50% rise in WST NAV). Upside is half retained, and any narrowing of the discount would gear up WST returns further. Downside is limited by other assets, particularly the cash, e.g. if YRK falls 50%, WST's NAV is still greater than the current offer price.|
|rivaldo: Hi topvest. Still have some BNX - intriguing how the price holds despite constant selling.
I also just spoke to Geoffrey Simmonds. He's expecting another IPO this quarter, and in fact he's hoping for one every quarter in 2005! And he agreed that given the Goals IPO, the Elms was in for nothing in WST at present.
I'm happy for the WST price to drift. Over time I hope to accummulate some more.|
|mark c graham: Offer price on 02/11/04: 4.6p
Income received since 02/11/04: nil
Bid price at 02/03/05: 5.75p
Return to date: +25.0%
NAV (my estimate) at 02/03/05: 8.2p
NAV premium to offer price at 02/03/05: 21%
Tip closed: 02/03/05.
Total return: +25%
Annualised return: 97%
Tip Reopened 20/05/05
Offer price on 20/05/05: 4.25p
Westside Acquisitions (WST) is an AIM-listed company that invests in, or acquires, early stage companies operating in the sectors of sport, technology and general investment.
There are currently 94.04m shares in issue, and the market capitalisation is £4m (@4.25p mid-price).
The investment case for WST is built upon: (a) the opportunity to buy cash and listed assets at a very large discount to their market price; and (b) the ability of the management to create additional value for shareholders by way of more deals of the type done to date.
There are three main contributors to value in WST.
Net Current Assets
As at 30/06/04 these amounted to £2,453k (£2,493k cash). That equates to 2.6p per share.
Football Partners Ltd.
This trades as "The Elms" and is London's leading provider of 5-a-side football. It moved into profit in 2003, delivering £38k on turnover of £840k. I've valued it at 8 x profit = £306k. That equates to 0.3p per share. It is fairly cautious basis. But I am not convinced about the potential or the saleability of this business, and it has yet to demonstrate that it can deliver profits consistently. Encouragingly, the f2004 first half loss was significantly lower than last year's.
Reverse Take-over Investments plc (RTI)
RTI acquires and develops share stakes in shell companies, with a view to negotiating the acquisition of target companies and seeking admission to a recognised investment exchange. WST holds three quoted investments through this route: Cheerful Scout (20m shares [CLS], 1.5m warrants [CLSW] exercisable at ?); York Pharma (2m shares [YRK], 450k warrants [YRKA] exercisable at 50p); and ADDleisure (21.54m shares [ADE], 3.77m warrants [ADEW] exercisable at 5p). Based on current mid-prices, these are valued at £4.1m, that is 4.4p per share. This makes no allowance for any unquoted investments held by RTI.
Thus, total net asset value is 7.3p per share, some 37% higher than the current share price. Any potential for the WST business model to deliver further value to shareholders is additional to this.
Buyers take an immediate hit of almost 20% on the spread, so anyone buying in should be doing so from a long-term perspective.
The soaring value of YRK has sent the NAV still higher. Breakdown of NAV per share by asset is given below.
Cash : 2.62p (32%)
FPL : 0.33p (4%)
CLS : 0.31p (4%)
YRK : 3.89p (48%)
ADE : 1.04p (13%)
Total : 8.18p|
Westside Acquisitions share price data is direct from the London Stock Exchange