African Battery Metals Share Discussion Threads

[quepassa] 28/11/2013 16:01

Extract from the recent 7th. November News Release from EZCorp relating to their fiscal year ending 30th. September 2013:-


Other International
•At fiscal year end, after reviewing the valuation of our holdings in Albemarle & Bond Holdings PLC, we recognized an impairment charge of $43 million ($29 million net of tax).


Link to full Press Release:-




This same link also gives access to a page of EZCorp's SEC filings.

Yesterday, 27th. November, EZCorp filed their annual 10-K with the SEC.
This includes some references to ABM.


It is interesting to note that EZcorp have recorded this impairment charge.

If I have read the 10-K correctly, as at end September 2013, EZCorp appear to have been valuing their holding in ABM at under $10m.


ALL IMO. DYOR.

QP

[niggle] 28/11/2013 15:29

I think this share is fu*ked

[grahamite2] 28/11/2013 14:25

langster, you needn't feel too sorry for LTHs. Dividends have covered my acquisition cost about twice over.

Still feeling a bit sick at not cashing out, but it's far from one of my worst disasters. Not even thinking of selling now, of course.

[simon templar qc] 28/11/2013 14:19

According to FT they have smelted approximately £4 million of their gold jewellery down. Now if that is how they are preventing a rise in borrowings then its not a good outlook. That can only go on for so long.

[quepassa] 28/11/2013 13:04

Market cap of ABM now less than £10m.

£9.8m as per ADVFN analytics.

How the mighty have fallen.

Building a large retail estate based on an ephemeral gold-buying boom was always going to be a recipe for disaster.

Heard of selling the family silver. In the case of ABM, melting down their stock of gold is a sign of desperation.

The mood music in yesterday's RNS was distinctly more downbeat compared to other recent RNS announcements in my view.

ALL IMO> DYOR.

QP

[still waiting] 27/11/2013 19:04

counting their gold?, praying for the price of gold to go up?..

doh..

[nigelwestm] 27/11/2013 18:59

It beggars belief that a pawnbroker could get itself into such a financial mess in this struggling economy. What on earth was the management playing at?

[alphahunter] 27/11/2013 09:28

10% of biz I believe. Will clean up the streets from loan sharks.
Prudential Financial muscling in is more the risk there I think.

Holder in HAT.

[simon templar qc] 27/11/2013 09:05

What won't help is the government to make a cap on pay day loans its going to get tougher out there.

[abcd1234] 27/11/2013 08:42

he advised Mouchel, and mouchel shareholders , to reject a takeover bid/offer,(that was at a premium),,,,, it went into administration a year later
...

[abcd1234] 27/11/2013 08:40

dear old andy brough at schroders.....


.........................................................
Ask Andy: Bad times are good for Albemarle & Bond
Andy Brough, Financial Mail
12 July 2009

Each week, Andy Brough, star fund manager at Schroders, gives stock tips as part of the Midas share-tipping column in the Mail on Sunday under the Ask Andy banner.

Renaissance: Andy Brough recommends investing in pawnbrokers in the current climate

"Amid the economic gloom, one sector enjoying a renaissance is pawnbroking.......... "



"The shares at 211p are trading on a price-to-earnings ratio of just over ten with a yield of 3.8% to June 2010 and I would look to buy them below 200p."

................................................



he has a wonderful record, ...not

[simon templar qc] 27/11/2013 08:39

If they could have remained profitable they may have had a chance but to continue to lose money and trading getting worse debt can only get worse. This is far worse than I anticipated. Seems someone was in the know yesterday a large trade saw the share price fall 8% the FCA needs to be investigating this.

[still waiting] 27/11/2013 08:33

HMV/GAME mark II

different product, same leases and wages costs..

[philfromfrance] 27/11/2013 08:32

Well, from 15% up to being stopped out for a loss of £10k in all, less previous profits here of just over £2.5k means that it was a £7.5k lesson learnt!!
Good luck any who remain!!!!!!!!!!!!!!!!!

[2seansflag] 27/11/2013 08:32

More buys than sells now, seems the gamblers are here

[quepassa] 27/11/2013 08:29

Fascinating.

I expect stock to trade down to sub 10p in due course.

ALL IMO. DYOR.

QP

[c1d] 27/11/2013 08:18

I'll hold my hand up and admit the situation here is worse than I thought. An EBITDA loss is not good and much worse than I expected given the rates at which pawnbrokers lend. Oh well - you can't win them all.

[simon templar qc] 27/11/2013 08:15

Bad news I cannot see this surviving now.

[alphahunter] 27/11/2013 08:14

"I don't think the market has fully pencilled in the confidence the banks have in management in extending the covenant tests. "

I bet the market hasn't. Banks trying to come to terms with the fan and the hit.


Sadly, it's taking down HAT today.

[bookbroker] 27/11/2013 08:11

You still in Enfranglais!