Abacus Share Discussion Threads

[2delta] 12/7/2007 16:20

Rumours doing the rounds in the square mile of rescue rights!!!

[imprima2] 12/7/2007 16:10

2delta took cover the only way he knew how

[imprima2] 12/7/2007 16:05

what dividend!! lol

[bletherer] 12/7/2007 16:03

2delta - I feel for you if you're still sitting on the load of these you bought pre-results. I am kicking myself for getting back in at 113 "for the dividend" - if it hadn't been for that lure I might still have been watching from the sidelines. More thinking of adding than selling at current levels but then again my stake is relatively small so far.

[2delta] 12/7/2007 16:03

OOPs where's my investment, there she goes.

[2delta] 12/7/2007 16:01

LOL, who's panicking LOL.

[2delta] 12/7/2007 15:54

Eurodis Electron were very definitely a hound, debt swamped them as they got squeezed by the larger players and falling prices. ABU picked over the leftovers from the admin. That's a good omen, don't panic' don't panic.

[imprima2] 12/7/2007 15:50

hope this isnt another Eurodis

9 December 2005

The Financial Services Authority has today censured Eurodis Electron plc (Eurodis) for breaching the Listing Rules in November and December 2003.

The FSA found that Eurodis breached the Listing Rules by failing to notify the market of a change in the company's financial condition until 8 December 2003, despite being aware of a material deterioration in its working capital position since 12 November 2003.

On 18 August 2003 Eurodis issued a 'clean' working capital statement confirming that the company had sufficient working capital for at least the next 12 months. An interim trading statement issued by Eurodis on 24 October did not mention the company's deteriorating working capital position, merely saying that working capital remained a priority.

Eurodis engaged corporate recovery specialists on 29 October 2003 to review the company's financial situation, who reported on 12 November 2003 that Eurodis' financial position had deteriorated markedly. The Eurodis board did not view this as a material change in the company's financial condition.

Eurodis continued to work with the specialists to assess the company's financial condition and to determine whether it needed to undertake a new equity placing in the near future.

Eurodis received a further report from the specialists on 28 November 2003, after which its advisors, Dresdner Kleinwort Wasserstein (DrKW), urged Eurodis to consider whether there had been a material change in the financial position as announced on 24 October which would require updating the market. Eurodis, on 2 December 2003, informed its advisors that it considered that no such change had occurred and that no announcement was necessary.

Eurodis' advisors consulted the UKLA about the situation over the course of 4 and 5 December 2003. The UKLA advised, on 5 December 2003, that the company needed to make an announcement clarifying its financial position at the start of business on Monday 8 December 2003 or face having its shares suspended.

Eurodis released a trading update on 8 December 2003 announcing its intention to raise further finance, following which its share price fell by 36%.

The company has co-operated fully with the FSA's investigation. The FSA would have levied a substantial financial penalty but for Eurodis' lack of financial resources.

[2delta] 12/7/2007 15:43

Nice big salaries though and probably decent options, but no good at these levels. They should show they have confidence and send a good signal to the mkt and buy some shares or hoist the FOR SALE sign. I'm not panicking though, LOL because further out i will look back and say it was mkt turbulence.

[jimi2] 12/7/2007 15:34

2delta - the lack of directors buying is a disappointment. If they had any confidence they should be piling in at these levels.(Are they in a closed period?)

[2delta] 12/7/2007 15:27

Some decent director buy's might trigger a bounce and put a floor under this but don't hold your breath. I'm finding myself breathless as my gonads get a squeezing by this fall.

[2delta] 12/7/2007 15:08

Basically it's nervous selling (not alot, Daniels might say). Sometimes u have to be a contrarian and trust your judgement. At these levels u could make a killing further out. The recent statement said trading was as expected so it is a mystery to me but sentiment is driving this down at the mo.

[bletherer] 12/7/2007 15:00

This is the sort of level from which I would expect a bounce but difficult to be brave when you are looking at the charts in the header. Must admit this is a bit of a new experience for me - I've been in a fair few companies which have had catastrophic share price collapses, but usually there's been a real "bombshell" bit of news to spark the selloff, which is hard to point to in this case. And after the first day or two last March most of the fall has been on fairly low volume and just a steady drip-drip - it's an absence of buyers rather than a mass stampede for the exits which has been killing it.

[jimi2] 12/7/2007 15:00

Had a little nibble. Looks dirt cheap to me - mind you though I thought that at 120p 100p and 90p too!

[simon gordon] 12/7/2007 14:59

2d - I think we have hit 'deep value' territory.

Yield is juicy, business strategy is sound, just gotta let this tree shake work out.

[2delta] 12/7/2007 14:56

Definitely TAKEOVER TARGET at these levels. Enterprise value c. £125m, Cashflow c. 16p per share '07

[2delta] 12/7/2007 14:41

As far i'm aware broker forecasts WERE for slight reduction of debt.

[simon gordon] 12/7/2007 14:35

Getting pretty nasty now. 2Delta your 75p target is close.

Debt is now 68m - does anyone know what they expect it to be at the year end?