IntelliAM AI Share Discussion Threads

[ladyfarmer] 28/5/2008 08:13

I do think we are at a turning point and that, unpalatable as it was, the right action has been taken. Let's get the bad news out in the open. There is still a good underlying portfolio of products and their business model is good - consolidating in a fragmented market. In fact the more I think about them the more positive I feel and have just had a little top up. At these prices the upside is so much more than the downside and would be a big mistake to sell now.

[dell314] 28/5/2008 08:13

Not really familiar with this company but a couple of points from today's results?

1) Was there any prior warning of the size of these "exceptionals"?

2) Working capital situation doesn't look good:

Current assets of £4654
Current liabilities £6611

Net working capital = (£1957)

i.e. practically £2mln net liabilities.

Rgds
dell

All IMHO, DYOR etc.

[pomp circumstance] 28/5/2008 08:11

Ladyfarmer - If you look at the CEOs CV, a sale might be possible!

---------------
Bill was formerly with the following major groups:
* Lease 360, Non-Executive Chairman, 2006 - present
* Gainsborough Building Society, Non-Executive Director, 1999-2001
* Centrica Plc - Group Executive Board, 1998-1999
* Pentos Plc - CEO, turnaround and sell off of businesses 1994-1995
* Spring Ram - turnaround 1994
* Wickes Group Plc, Deputy Chairman and CEO, 1986-1993
* Builders Mate, Founder and CEO, 1983-1986, sold to Wickes.
* Comet Plc, CEO, 1981-1983
* Asda Plc, Non-food Buying and Marketing Director, 1975-1981

Bill, aged 67, has over 30 years of industry experience and joined IMD in August
2007 as a consultant to oversee the integration of the operating divisions.
Immediately prior to this, Bill ran a consultancy business, Greenfield Services
Limited. Bill has many years experience in building and developing business,
both on sales and supply chain sides. He also has many years experience as a
turnaround specialist, in the UK, USA, Canada, and South Africa.

Bill was also executive Chairman of British Home Doors Limited between 1995 and
2001 which went into administration in 2002, 11 months following his resignation
due to his wife's ill health. Bill was brought in as a turnaround specialist
and appointed director of Pentos Plc between 1994 and 1995. The holding company
was placed into administration, following the successful sales of the operating
subsidiaries, which resulted in all the banks receiving all amounts owed in
full. Archer McGrath plc, where Bill was a Non-Executive Director, was
liquidated in 2004, with all creditors with the exception of the Directors,
having been paid in full.

[martincoops] 28/5/2008 08:10

Well assuming they now have positive cash flow maybe they dont need to raise any... Just a thought

[ged5] 28/5/2008 08:02

"IMD has made very positive progress during the last six months. Major changes to the operations of the business have been successfully completed, to ensure the business foundations are in place to take the Group forward on a stronger, more efficient, and integrated footing. Revenues for the second half of 2008 have commenced in line with expectations. I am confident of the future and I look forward to reporting the second half results reflecting the introduction of these developments."

Is this fellow living in dreamworld just like us or is he giving a realistic outlook? Things look ok going forward but where's the cash coming from?

With the market cap now below the tangible assets I suppose we stand some chance of recovery. It just depends on what they have lined up in terms of finding cash.

Didn't they say a broker's note was going to be issued at the same time as results? Perhaps we'll get an indication there of this cash issue.

[ladyfarmer] 28/5/2008 07:59

It may be that new management are taking the opportunity to chuck out all the dross so they look more like heroes when big improvement frome low(ered) base.
Also make some good underlying businesses look cheap - they're vulnerable to a takeover - in fact are a textbook example of what acquisitors are looking for.

[martincoops] 28/5/2008 07:59

LONDON (Thomson Financial) - International Medical Devices Plc swung to a
first-half pretax loss of 977,000 pounds compared with a profit of 302,000
pounds last time on exceptional charges, but increased turnover by 22 percent
and pre-ex operating profit by 21 percent.
The company, a specialist in the acute care and elderly care segments,
reported sales of 6.2 million pounds compared with 5.1 million last time and
operating profit before exceptionals of 505,000 pounds compared with 416,000
last time.
The company, which operates a "buy and build" strategy, explained that it
booked an exceptional charge of 1.3 million pounds during the period, relating
to restructuring of the board, relocation of a unit, and abortive acquisition
costs.
Lindsay Sanford, executive chairman, said: "I believe the actions taken to
remove negative cost from the Group in integrating the principal trading
companies in one location will facilitate operating and marketing scale
efficiencies and economies which we would not otherwise be able to achieve."

[pomp circumstance] 28/5/2008 07:33

thats whats being banked on!

[cyberpost] 28/5/2008 07:30

The biggest relief for the market will be that the business is doing fine.

[martincoops] 28/5/2008 07:20

Well looks as if we may have to wait for that surge in price. However £500,000 profit before one off charges sounds good to me along with reduced overheads. Inogen not going too well so looks as if that may be ditched.

A few positives in the report so it s going to be a wait and see.

[ged5] 27/5/2008 22:31

Hope you're right Martin. It's about time we had a change in fortune here.

[martincoops] 27/5/2008 20:21

Just my thoughts on what to expect tomorrow.

Turnover of around $6.5 million

A new product launch called Integrity a range of cardiology consumables that will include defibrillator pads, cuffs, lead wires, gels and pulse oximetry probes.

Positive update on Surety needle with possible launch in other EU countries

Further cost cutting savings coming through to bottom line increasing gross profit.

Possible dividend payment. I know Ged disputed this last time I posted but they are looking at in this financial year so it could be here tomorrow.

No sure if we will get any news on acquisition but they are always looking to add value so fingers crossed on that one.

Oh and of course the latest brokers note.

Well thats it, only a few hours to go before we find out.

[james t kirk] 27/5/2008 17:49

Hope you chaps are all correct and thanks cyberpost for info on T trades, I didnt realise they no longer existed.

[pomp circumstance] 27/5/2008 16:48

oh look the distressed seller again!!

He really is desperate!

Easy days making markets when desperate sellers unconnected with the company turn up. Bargins to be had for those in the know! Directors will be kicking themsleves they cant trade now..... but 'unconnected' friends CAN ;)

[martincoops] 27/5/2008 16:45

James I am not too worried over this set of results as we had the new Director taking shares in part payment of his wages at 4p and 5p only in December

Bill McGrath joined the company as Chief Operating Officer on 2 November 2007,
and became the Company's Chief Executive Officer on 3 December 2007. He has
agreed to convert, in aggregate £70,000 of his remuneration into Ordinary
Shares, at a price higher than today's market price, being 1,125,000 Ordinary
Shares at 4p and 500,000 Ordinary Shares at 5p, being a total of 1,625,000
Ordinary Shares.

Its the forward looking statement I want to see then we will have a good idea as too how the company is heading forward

[cyberpost] 27/5/2008 16:39

You approach your broker, ask him to sell 250k. Your broker approaches the market maker and the market maker says he will give you significant discount OR you tell the market maker to work the stock through out the day at a certain price. Market makers then try to short sell stock, and if enough stock is sold, they can then fill your 250k sell...(or as much as they can and the rest they can work again the next day).... the filled amount is reported after market hours.

Its a bit like the old 'T' protected trades. Which no longer exist (due to the new EU directive).

[cyberpost] 27/5/2008 16:36

james

it looks like it was a worked (sell) trade. It was filled and reported after market close.

[james t kirk] 27/5/2008 16:34

How was someone abe to sell 250k shares after market closes when online sell limit has been 15k shares all day??

[james t kirk] 27/5/2008 16:12

This is some shake ahead of results or do the market know something we don't? Cant say it fills me with confidence for tomorrow and am starting to get concerned the move of the results was because results may be worse than expected. I'm out all day tomorrow so wont know the score until close of play.

[martincoops] 24/5/2008 10:19

I see they have now changed the date to Wed 28th May for the interims.

[cyberpost] 23/5/2008 10:22

two on the bid now. 3 on the offer.

[pomp circumstance] 23/5/2008 10:13

and 50k for me to round off an odd anmount! makes the sums easier!