|William Ransom & Son
||EPS - Basic
||Market Cap (m)
|Pharmaceuticals & Biotechnology
Real-Time news about Ransom(William) (London Stock Exchange): 0 recent articles
|deswalker: Based on underlying Operating Profit we have ...
But, for the Pharma division (which is very cyclical with H1 much better than H2) on the same basis we have ...
H2/10 -£266k (a relatively good performance cf H1 and the previous year)
FY/11 -£460k (my estimate based on TS dated 24/10/11 saying losses in this division had increased yoy).
The Pharma division has now been divested so on a continuing division basis we have ...
which IMO is a fantastic turnaround of the continuing businesses. There clearly remains some large cyclicality between H1 and H2.
My estimate of continuing Depreciation and Amortization for FY/11 is £380k giving a continuing historical EBITDA of £1280k.
As for net-debt, based on £2.7mill for 31 March 2010, £2.6mill for 30 September 2010 (cyclically higher than the year end) and the sale of the Pharma division, I estimate the net-debt for 31 March 2011 to be £2.2mill, for 30 September 2011 to be £2.2mill and for 31 March 2012 to be £1.9mill giving an average for the current year of £2.1mill.
So a 6p share price gives a £5.07mill market cap and a £7.17 mill EV and if they can repeat my estimate of last year's EBITDA of £1.28mill then it would be trading on a current year EV/EBITDA of 5.6 which sounds about right to me. Add on a premium for any sale and 6.5p looks a fair price for the whole company IMO.|
|kramch: JP Jenkins; RNSM price 3p. No trades showing, bit surprising. K|
Everyone I have spoken to says FW and SQ would be regarded as a concert party and therefore cannot exceed 30% together without making a bid.
However I guess PG will be in the market as I expect he will want to reach his trademark 25%.
Aviva are expecting to be in there for some time, and to come out with a higher share price, so they would be pretty p...ed off by a low-ball bid (as would we all). So I can't see the management pulling it off, especially after this contentious delisting.
I can well understand that getting on-line brokers to trade with the likes of J P Jenkins matched-margin mechanism is going to be hard work, (and time consuming for the broker), but I think if we can see the history of trades it may encourage a bit of liquidity.
I agree, a move to Plus would be far more satisfactory for shareholders. K.|
|kramch: I have now had a reply from Ran Oren at Willianm Ransom to my objection on timing, and suggesting counter-proposals. He says the board believes that the current proposal is in the best interest of all shareholders.
Dear Ran, \ Thank you for your response,
If details were posted on 22nd Dec and assumed to arrive on 24th (given the Xmas post), that means 10 working days before proxies have to be received. However many people do not work Xmas eve or the days between then and New Year, so that means c 5 working days. The fact is that many shareholders have not yet received notification of the delisting and will not be able to respond in time. This scheme could easily have been launched the first week in Jan.
I cannot see how a delisting is in the interest of the shareholders, it has already caused a further collapse in the share-price, and the experience of shareholders in other companies which have delisted is that the share prices on matched-bargain systems are significantly lower than on a transparent market such as AIM.
My proposals for a cumulative redeemable preference share option was an example of the sort of exit route that could be offered to independent shareholders, whereby the company is not forced to pay the dividend if it does not have the funds, but is incentivised to redeem the preference stock when it can. The dividend payment would anyway be very small in relation to the company's turnover.
My request is that the EGM is postponed until most of the shareholders have received their notification and can make considered decisions on how to vote.
|gelp: rough figs.
does no one else see a link between PG, mdy, rnsm. pg has just under 30% of mdy recently put in 150k for share issue. another 600k recently raised so 750k in war chest. mdy invests in private and public health related ops.with 30% of MDY why would pg/mdy not make his own bid (s). There is a link with T William as well.
Restructure of RNSM is not a bad thing in itself in split into main ops and perhaps drop the poor ones. - the main thing is is being taken off market to do so. There are also high costs to all this. Today rnsm is a public company and should be run as one. small holders rely on larger ones like Aviva to monitor the corporate governance etc.
Still time for a bid . F has shown his hand now down to others.
With weak share price xmas eve looks like interesting run up to the meeting.
BB posters on MDY are XXXX!|
|boll: Given the announcement I am surprised there hasn't been a bigger drop in the share price and also the announcement seems to be unexpected by the market- Would PG have bought GG's shares if there was an inkling of this happening?|
|gelp: I am making assumptions form information in public domain.
MDY up today on PG increase stake to about 30% with new share issue - only £150k raised though.
There is actually nothing material to have caused drop in RNSM price over last few months. Few insignificant sales probably caused gradual tick down by odd small shareholders.
RNSM is well funded and responsible, experienced stakeholder at helm.
MDY has JV with Trust W with RNSM. MDY taking MOST of loss to date as holds most of shares. Though RMSM supplieer.
Don't believe in coincidences. PG interested and taking advantage of low prices with both concerns. Improves influence.
The private interests of CEO are a red herring. We all know the history.
Looks like main players a singing from same hymm sheet - how to improve the shareholder value.
There is probably enough goodies within the mixed MDY bag to make a deal one way or other sensible as a consolidator and to extract value.
Is PG passive and waiting for others to make a move or pro active. I guess is proactive!
Any low ball bid for RNSM putting it into play will surely bring others in from health sector.
At 4p surely RNSM is sitting duck - hard to value MDY - but I guess PG has done so!! The certainty and value of the funding lines seem to be underestimated.
Any way is RNSM cheap or very cheap?|
|jaykaytee: Dropped again today. It's a positive that P Gylenhammer is building a stake in the company, but it's a little disconcerting that Green Giant is selling off his holding.
GG - i follow the TND BB and over there you had a positive effect on the share price. At one time it seemed that you were also going to work your "magic" on this co. Now that you've sold some / all of your holding it makes me wonder whether you have some serious doubts about where the co. is heading under this board of directors. I'd be interested in your thoughts.
|gelp: Fred does not need to be told what to do and a minority shareholder of 3% plus is unable to do that any way.
I expect Fred knows what to do. PG may be catalyst to a & m activity and as an investor expect to gain value from these levels.
Most losses of the TW site are of MDY (80%) and I doubt that Ransom will rush to take 100% of losses!
As I read it the refinancing of Ransom is very solid.
The share price has dipped over the months as due to relatively small share sales There may be some value in MDY - that is harder for me to spot than in RNSM.
Looks like some opportunities generally for consolidation in the health sector and Fred should be in nice place to do that with RNSM.
I guess he would prefer his share price to be higher to take full advantage or the hunter could be the hunted. He seems to be acting properly given the circumstances to date. His own holding had been decimated by others. Good luck to him.|
|marketeye3: General consensus seems to positive, so where now the share price?
If taken private what price would be paid?
William Ransom share price data is direct from the London Stock Exchange