Airea Share Discussion Threads

[mesquida] 13/4/2023 16:18

Chief Exec purchase good sign.

[gdjs100] 05/4/2023 07:56

I think the 9x ex-cash multiple they are now on is probably about right given the size of the company.

[value hound] 05/4/2023 07:20

Worth closer to 60p IMO.

[irenekent] 02/3/2023 17:55

A bit of news would be good. Nothing wrong with their product so hopefully the route is upwards.

[tiswas] 02/3/2023 12:35

I have said previously that I like this because of the fundamentals but looking at the chart that is also starting to look promising.

Results early April.

[empoggio] 12/1/2023 11:41

Irene: we already getting a dividend

[mesquida] 11/1/2023 13:17

Yes,irenekent , I remember you from the Sirdar days , hopefully one day your patience ( and mine ) will pay dividends !

[irenekent] 11/1/2023 11:03

Been here for years-maybe we will get a dividend.

[value hound] 10/1/2023 17:03

Some of us are watching! But no real news?

[mesquida] 10/1/2023 16:47

Almost a 50% rise in 3 months and yet not a single post here . Clearly well off the radar at the moment !

[illiswilgig] 25/10/2022 15:23

1tx - thank you. Very clear and useful. I thought it would be something simple.

Mea Culpa. I failed to notice that the burmatex and airea accounts did not include the factory property and lazily assumed that the 'investment property' in the airea and Fope accounts would be the same. Schoolboy error.

cheers,

[1tx] 24/10/2022 10:18

A comment rather late on the confusion re various Airea companies.Airea plc is a non trading holding company with two trading operating companies Fope & Burmatex.Fope the property company also owns the Burmatex factory which is included in property valuation as well as the investment property and charges Burmatex rent.The profits of Airea is less than Fope + Burmatex as some costs are charged to the listed Airea holding company in particular Directors pay,plc listing costs & probably some audit,accounting & pension costs.There is also an intermediate non trading holding company Airea Floor Coverings if memory serves that owns Burmatex.This companys accounts are not consolidated & Burmatex is merely held as an investment at a nominal figure however Burmatex accounts are consolidaed with Airea plc at the correct figure as are Fope.There are I think a number of other dormant non trading companies in he group.

[bda3490] 27/9/2022 19:53

Rash !

What like get the price up ?

[andydaf] 26/8/2022 08:18

Cannot find out too much on the new ceo but it seems he is a sales guy first and foremost.Lets see how he does over the next twelve months,hopefully the chairman will prevent him doing anything too rash.GLA

[bda3490] 25/8/2022 18:45

Forget imperials
Airea are going mederic

[bda3490] 01/8/2022 19:19

Oh amd the subsidiaries investments at cost( with no write down to a fair mkt value ) are £ 31 million’s

Fope is on at £ nil. So much for transparency!!

[bda3490] 01/8/2022 19:15

Some of us were in at prices above £ 2 unlike penny share punters launching in £250 online and expecting to make £5 k !!

[bda3490] 01/8/2022 19:12

Yes Dave Newlands needs price to double to get half his money back !!

Just because he’s lost out and owns a big slice. What we need is an activist that puts a man on the board. New ceo due - bet he wants cash salary not options !!!

[tiswas] 29/7/2022 14:45

Looks like david newlands sees value here, I just wonder when and how it will be realised.

[bda3490] 28/7/2022 18:30

Fope!!!!!

I’ve got a guess. Perhaps Fope rents the property 2 ways

One to a 3rd party and part to another group company. So only the external part of the £7 m gets to the Plc accounts . Oddly Fope is directly owned and Burmatex with all the pension scheme liabilities doesn’t own Fope.

Don’t know if I’m encouraged by the Fope revelation or concerned . Certainly confused . If it’s worth £ 4 m ( or 7 ) flog it and return cash to shareholders ! The market cap is only ? £ 11 m

Spotted the further write down on the value of the shares we bought off the former CEO
Still upsets me that one

[garbetklb] 28/7/2022 16:55

That's all v intruiging. Look forward to hearing the company's response.

[partridge1948] 28/7/2022 15:59

Agreed. Well spotted Illiswilgig. How very curious.Fope Limited clearly stated as being wholly owned. The questions need to be asked - and answered!

[tiswas] 28/7/2022 15:35

Good work Illiswilgig, are you going to email the cfo with your questions? That will be a good test as to how shareholder friendly they are!

[illiswilgig] 28/7/2022 15:10

Investment Property.

Yes, this has intrigued me for quite a while - I've never got to the bottom of it. Today I've made more progress than before - but ended up with more questions than answers,

Like others I've assumed that the 140k (280k annually) represents income from the investment property but always felt I didn't understand it. It certainly didn't seem like gross rental income but there are lots of possible explanations. So I've tried another way round.

Looking at FY2021 Note 3 to the company accounts 'investments' I noticed Fope Ltd - property holding co.

Searching at Companies House I can see all of the filings for Fope Ltd which is indeed a wholly owned immediate subsitiary of Aeria plc. That's when things start to get a bit woolier.

Seems that Fope ltd owns what was Mossfield Mill in Bury and now seems to be a modern industrial estate on Google.

Fope Ltd revenue in 2021 was 915k and after 58k costs and revaluation gain of 370k and after tax of 96k it made a profit of £1311k. But none of these figures appear to reconcile to anything in the consolidated or company statements of account.

It appears that Fope ltd made a dividend payment to Aeria plc during the year of £850k from retained earnings as it did in FY20. So it appears that the dividend from Fope ltd is consolidated into the group accounts? Where it disappears without a trace. Another nice problem to have is that the wholly owned investment property owned by Fope ltd is valued at £7.5m not £4m. There is no debt shown on the balance sheet (there was a charge against it but it was released some years ago and the Aeria charge against it is shown as nil in the notes to the accounbts. Again I can't reconcile this. There is another subsidiary company which may be busy making a loss every year that offsets this - I've not had time to get my head around it. And leaves me with more questions than answers, though not necessarily bad - more through lack of understanding.

cheers