Addworth Share Discussion Threads

[lord santafe] 09/8/2005 07:37

Trading Statement

RNS Number:8742P
Addworth PLC
09 August 2005


Addworth Plc

9th August 2005
ADDWORTH PLC

TRADING UPDATE


During the trading period to end June 2005 the Company enjoyed significant
advances in value in its shareholdings of the Ofex-quoted Myhome International
Plc (6.18% of its equity), the UK's premier home cleaning franchise operator,
and AJ Leisure Holdings Plc (8.03%), a fast-growing hotel group. It also
successfully floated e-retail plc (15.25%), an e-commerce development
consultancy, on the AIM market, in the process advancing substantially the
capital value of its investment in that company.

The Company's short-term investment portfolio, including stocks such as Burren
Energy, Oakdene Homes, Avingtrans and Circle Oil, is performing well, whilst
still maintaining a healthy cash balance on deposit.

The Board is confidently looking forward to further advances in the second half
of the current year to end December 2005. Last week Yellowcake Plc (28.14%),
which was established to invest in uranium projects, was floated on the Ofex
market with an accompanying value uplift.

Another three Ofex floats are seen as 'work in progress' for the third quarter
of the year. Whilst Addworth is also working upon another AIM float, further
news of which will be announced in due course.

The Interim results are expected to be announced in late September.


For further information

Addworth Plc 020 7638 8750
Mark Watson-Mitchell, Executive Chairman www.addworth.co.uk
Robin Abeyesinhe, Finance Director


Notes to Editors

Addworth (ADW), which gained admission to AIM on 3rd February 2005, was formed
primarily to act as an 'active capital investor'. The focus is upon the growth
of capital value and the generation of fee income from: establishing and funding
newly quoted sector focused companies; acquiring and developing companies with
growth potential; and taking minority equity positions in undervalued smaller
listed companies.


This information is provided by RNS
The company news service from the London Stock Exchange
END

TSTEAXPPEAESEFE

[tom tit] 04/8/2005 10:35

I wish you every success

[davidblack] 31/7/2005 11:09

Still curious on the number and price at which warrants can be exercised?

Anyone got a prospectus?

[mad4it] 26/7/2005 12:45

The day the Dr Death knockers disappear is the day he retires.

[sealed] 26/7/2005 11:07

mastectomy?

[argy2] 09/7/2005 22:36

And they say crime doesn't pay!

[drbeat] 09/7/2005 15:46

published by winny

There are cash shells and there are spivvy mining stocks and then there are cash shells looking to be spivvy mining stocks and no matter what the sentiment in the market, the directors leading these teams, don't seem to get the message. Yellowcake is a perfect example of another overvalued 'OFEX listed Investment Vehicle' aiming to be a mining focussed business. The company opened its fundraising last week, hoping to bring in £500,000 from private investors and combined with its existing cash balances of £237,000 will be valued at nearly a 100% premium at £1.4 million. We have to admit, the business has all the makings of a company that we would avoid. A bunch of directors with little or no experience in mining for uranium, a board with 'active investors', and the branding of an 'investment vehicle'.

The company has set out on a brave mission to offer private investors a stake in the global uranium industry. Uranium is a relatively eco-friendly fuel as emissions from combustion of Uranium in a nuclear energy factory contain close to zero pollutants. The markets have impacted the price of the metal pushing it up by nearly 43% in 2004. Future indicators showed a 61% price increase and International Atomic Agency is forecasting a 47% increase in production rates by 2020. Yellowcake itself will invest in leading uranium miners, in companies holding proven reserves of Uranium and in Uranium exploration companies (OFEX listed Agricola a possibility, given that it might have signed a groundbreaking agreement?). The directors claim to have studied the sector fairly closely and reviewed a number of projects. Of course, their experience in accounting, financial management and acquisitions might help with evaluating prospective mining investments. But are they vastly experienced in the specialist world of running Uranium, or even mining, companies? Do they have the true depths of expertise and breadth of contacts of, say, Malcolm Burne at Golden Prospect? Er...no.

The team is led by an ex-journalist and a share tipster. Mark Watson Mitchell, better known for his involvement in Addworth and Myhomes on Ofex is to serve as non-exec Chairman. Robert Wallace has worked with the AIM and OFEX newsletter as journalist covering mining stocks and is looking to take on the position of Chief Executive. Finance Director, Robert Abeysinhe is on the board of Addworth as FD and has worked previously with Beaufort International Group. Albert Collins, non-exec Director has worked as a fund manager with Guardian Royal Exchange's Trustee Division.

A closer look at MWM's last intelligent venture, a cash shell investing in growth businesses on AIM, seems to have delivered more than a few others that slipped through the cash shells net. But having said that, the share price has collapsed from its placing price at 6.75p to just 3p (despite a poorly researched and utterly risible ramp piece today in the rag that is the Daily Mail). And even at just over £2 million, the shares are overvalued as Addworth's equity portfolio cannot be worth more than half its market cap. There is enough reason to believe that the fundraising will be marketed well to its share of supporters and it is more than likely that Yellowcake will pick up a stake in a couple of uranium juniors, but why we should pay a 100% premium for an amateurish play on the uranium price, we cannot understand. Golden Prospect on AIM provides a better exposure to the metal and it trades at a discount to NAV (if one strips out the value of its fee generating businesses). At 2p, the stock is not worth £1.4m by any stretch of the imagination. This is an awful investment promoted by gentlemen best described as opportunist. Avoid.


I saw winny has bought Bishopsgate PR and is ramping Henderson Morley on iii?

[argy2] 27/6/2005 15:23

sealed

They researched that well...missed plenty out though.
Did they get it from the Addworth prospectus?

[wiganer] 26/6/2005 10:13

I guess I can safely file this one under "avoid" then...

[tonyx] 23/6/2005 06:31

Cheers ARGY2-will check it out.

[argy2] 22/6/2005 20:07

tonyx

Suggest you do your maths on this one and see if you can back up that view.
If you need help, read UK-Analyst's views and their views of Mr Foster.Somebody must be paying him well.

[tonyx] 22/6/2005 19:20

mmmm...9m ELR @3.5p-now worth 5.5p .

Also MYH now @ 13.5p-last tranche ADW bought was at around 10p.

These must be worth more than current price?

[argy2] 22/6/2005 12:32

Which goes to show you can still 'buy' good publicity.

[drbeat] 22/6/2005 12:02

Yes mr fosta often tips Hoodless stocks also

[argy2] 22/6/2005 07:50

Looks like our Mr foster is earning his little brown envelopes in the Mail again today.

[argy2] 08/6/2005 21:39

purple...lol

[purple] 08/6/2005 09:35

Anybody know the full list of investments and current value.

Thanks

[tonyx] 04/6/2005 09:59

Also check out my new Myhome thread--research note issued yesterday with a 42p target from MYH. Price 11p to buy.

[purple] 03/6/2005 16:50

I think it is the overhand from the placing last year, there seems to be a lot of large buyers in the stock at the moment (it is not just Addworth adding).

The following link gives further information about significant holdings:



Mr Paul Simon and Mr Mary Simon have just purchased 700,000 (spending £70k+)

John Pither from JGP Investments Plc has just spent £25k on the shares.

Starvest Plc are also large holders.