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| Share Name | Share Symbol | Market | Stock Type |
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| Amey | AMY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 29/4/2003 13:37 by fothers I suspect time is running out for many disappointed AMY investors. There is not long left for competition to come forward and make a counter-bid. The question is should we hand over shares now to Ferrovial Servicios for 32p, and grin and bear it? |
Posted at 09/4/2003 10:24 by miamisteve With the future finances secured, the shares are a significantly safer investment now than when Sterling were buying at around the 30p mark.Debt was calculated at £159 and facilities were extended to £220m, so added the future receipts from Laing and PFI bidding costs etc., The 60m tubelines funds will be found. a strong scenario now is that the company turns itself round, added the tubelines earnings, next results should see profit of 40m upwards (current market cap. is around £55 million). expect a share price in the £1.00 region by then. Bids talks still seem preliminary. Amey is a complex company to account, although the board are supportive of these discussions. We could see a bid for the whole company materialise at around the 60p - 70p mark during the summer after the June tubelines deadline. Alternatively the various parts of the company could be auctioned off. Again this would seem more likely after tubelines and assurances on Croydon tramlink. i am currently nursing a 20% loss on this stock and have averaged down at 20.7p. While I had never expected the company to go bust, I was concerned over the possibility of a rights issue ( this will now not happen). I have no greater knowledge than the next investor on what will develop. from here I have a 6 month outlook on this stock and expect a tripling of current value. pumpkins - Tettamanti is a swiss investor, now 71 and based in the UK. He controls Sterling investments and is now ameys largest shareholder. He has made a name for himself as a gordon gecko style corporate raider, building up stakes in under valued companies and forcing break ups. He is worth between 600m-1bn swiss francs. Previously Sterling were a major shareholder in Jarvis, Ameys partner in tubelines. |
Posted at 28/2/2003 00:02 by quraishim Well breakup value in investors chronicle was put in as much as 60p.... I am in to the bitter end....That Swiss guy is no mug...he has been topping up this morning. |
Posted at 27/2/2003 10:22 by miamisteve Short - alot of speculative investors bought in at around 30p, so with the possibility takeover speculation over the weekend, I can see it finding little resistance up to these levels. Mind you, the financial press seems rarely favourable with Amey being the weapon of choice to give the governments pfi strategies a good beating. |
Posted at 28/1/2003 13:24 by miamisteve It hasn't affected the other big four pfi companies share price and isn't a revelation, but here's yesterdays times article.January 27, 2003 Hidden debts raise new fears on PFI contractors By Mark Court THE CAMPAIGN to force greater disclosure of secretive Private Finance Initiative contracts is stepped up today, as The Times reveals for the first time the amount of debt hidden in specially created companies by the industry's top players. The top five companies in the PFI sector have amassed an estimated £2 billion of debt in more than 75 so-called "special purpose vehicles". These are obscure accounting entities which allow companies to park debts off their group balance sheets. Hardened City analysts yesterday described the sum as "surprisingly large". They added that the revelation will fuel concerns about the Government's support for PFI. The £2 billion figure is calculated back from the interest payments which Amey, Amec, Balfour Beatty, Jarvis and Laing have paid to off-balance sheet vehicles. It probably underestimates the true scale of the debt supporting the PFI sector. This is because the contractors hold only a small stake in most contracts, with banks and other financial institutions holding the lion's share. The accounting treatment of PFI work by contractors has become highly contentious, contributing to a sharp derating of some company shares. Today's disclosure is likely to increase pressure on the Accounting Standards Board to provide more information on special purpose vehicles, as well as clear guidelines on how and when PFI companies should book profits from PFI work. Michael Parkinson, an analyst at the Newcastle office of Brewin Dolphin Securities, said: "The Accounting Standards Board will have to play a part in terms of clarifying the way in which profits from PFI projects are recognised, as it is clear that there are currently huge variances in the timing of revenue and profit recognition." Mr Parkinson added that the lack of information provided by PFI companies makes it difficult to analyse their shares. He said: "It is not easy at present for investors to put a value on a company's equity investments in PFI projects, a fact which many finance directors acknowledge. "Going forward, investors will require more than a simple directors' valuation of their own investments and will require more information on future cash flows and returns on capital." Laing, which recently sold its UK housing division to become a pure PFI company, is likely to take the lead in providing more information to shareholders. Adrian Ewer, Laing's finance director, said: "What analysts need is information that enables them to value our portfolio because we are now as much about value creation as we are about earnings." PFI projects usually have a lengthy construction phase during which value is created but before profits flow in. The increasing number of PFI projects that are now reaching the operational phase is fuelling the debate on whether the Government should include PFI debt in the public sector borrowing requirement (PSBR). This is because contractors are using an accounting treatment called finance debtor accounting once a PFI project is operational. This form of accounting, laid out in accounting standards, is used in low-risk situations and treats the PFI contract as a finance lease. This treatment undermines the Government's argument that PFI debt should be held off the PSBR because it involves substantial risk transfer to the private sector. Special vehicles could be storing trouble OFF-balance-sheet debt is the term for a company's borrowings that do not appear as part of group debt on the company's balance sheet. The off-balance sheet debt of a PFI contractor is non-recourse, so that if the special purpose vehicle (SPV) carrying out a PFI contract goes bust, then the contractor is not responsible for debts. Even so, if the SPV, which is usually highly geared and whose key asset is a cashflow from the Government, fails to perform in line with the contractor's hopes then it could have a serious knock-on effect. One analyst said: "SPVs have massive operating profits and massive interest payments so if an SPV is not generating the profits there could be big trouble." |
Posted at 17/1/2003 00:39 by ildamiano Crate,I think that when the shareholding reaches a certain percentage - possibly about 20% - they have to make a formal bid for the company. However,if Tito is in league with Meditor, then they could both buy up to 20% of the company and make it easier to takeover the company. It is very clear that this is what will happen - I'm amazed that private investors aren't taking their lead and buying in. Personally I would guess that the takeover price will be 40-45p, leaving the big boys to make a fortune from the break-up. |
Posted at 13/1/2003 13:15 by thedudie surprised no comment on the big buys pfi sell off is supposed to be mid jan with vectra sell off by end of jan also previous press said activist investors were not going to table their plans until pfi deal has been done ...... that looks like being quite soon!!! my guess is 75p breakup dyor TD |
Posted at 03/11/2002 12:47 by davefrancis Sunday TelegraphAmey investors say Staples must quit By Edward Simpkins (Filed: 03/11/2002) Institutional investors representing about a third of Amey's shareholders want Brian Staples, the chief executive of the embattled support services company, to step down within the next four months. Amey is part of Tubelines, which is about to sign the London Underground PPP deal Meanwhile, those close to the company admit that it has received several informal approaches from potential buyers. They say that European construction companies such as Vinci, Bouygues and Skanska are monitoring the situation closely with a view to bidding. Other potential suitors are venture capital firms. Substantial shareholders - who have spoken to The Telegraph - want Staples to remain in his post while a flurry of restructuring and big deals are finalised. But they argue that Staples should announce his resignation when the company reports its preliminary results for 2002 in March next year. "I wouldn't want a change just now that would jeopardise the current deals, but we've written to the chairman asking for a meeting to discuss management credibility issues," one substantial shareholder said. He added that he did not believe the management team had the credibility to lead the company out of its difficulties. Amey is part of the Tubelines consortium that is poised to sign a politically sensitive deal to run one third of the London tube network within the next few weeks. That deal will see an immediate payment of £20m to Amey to recoup its bid costs. Amey is also in the process of selling its equity stakes in 11 PFI projects, worth between £50m and £100m, and it is also selling its Technology Services business, valued at about £30m. Amey has appointed an interim finance director, a partner from Deloitte & Touche, who will present the interims. He is expected to make a statement saying there is no black hole in the accounts within the next few weeks. However, that will not satisfy shareholders who say they have lost 95 per cent of the value of their investment. "It will be incredibly hard for the management of the company to regain the trust of the City," another large shareholder said. "Even if the company can get a clean bill of health from this new finance guy, people will still find it difficult to trust the financial information coming out of the company. There will have to be changes." Another said: "The City has real concerns with the management. We would like to see the company sold, either whole or broken up." An Amey spokesman said: "They will run the company on the basis it is now until the prelims"." Amey's share price has slumped since it restated its accounts earlier this year. Recent months have seen the resignation of two finance directors and two other senior directors. |
Posted at 20/10/2002 17:05 by terry91 from the times. I do not hold but am watching.Share of the week: Amey INVESTORS in Amey, the support-services group, have had a torrid time. The share price has fallen from 417p to just 25p this year and has been hit by a series of profit warnings. Amey’s board is standing behind Brian Staples, the chief executive, but investors remain nervous about accounting issues and are concerned that bank covenants could be breached. To address these issues the group is to hire a senior Deloitte & Touche audit partner on a six-month secondment. The partner will prepare the figures for December’s trading statement and year-end results. If the accounts are signed off, it will restore confidence but this stock is not going to be re-rated quickly. Amey hunts for the perfect partner Mark McSherry THE managing director of Amey in Scotland has claimed the firm can still form a new joint venture or partnership with another company and increase its exposure to Private Finance Initiative (PFI) contracts. Amey, which manages large-scale state-school contracts in Edinburgh and Glasgow and maintains the motorways in the central belt, has seen its share price tumble from 413p to a mere 25p after accounting problems and the abrupt departures of two finance directors. Amey wants to sell off equity investments in its PFI portfolio to spread the cost and the risk. A number of firms, including construction group John Laing, are interested in the stakes. However analysts have claimed that ongoing accounting and boardroom uncertainties at Amey — some analysts claimed the position of chief executive Brian Staples was now untenable — could delay or thwart any joint venture deal. The chairman of Amey is Sir Ian Robinson, who is also chairman of Scottish Enterprise and a former chief executive of Scottish Power. With its market value currently at only £63m, Amey is also extremely vulnerable to a takeover. Analysts said that potential buyers may want to wait and scrutinise Amey’s next set of accounts in March before making any move. Charles McLeod, Amey’s managing director in Scotland, maintained: “We intend to set up a strategic partnership with a financial investor, to allow us to do more PFI projects. “We are currently trying to indentify a partner. People are bidding and it is a competitive process. We can’t say who they are. The intention would be that we end up with a new vehicle and continue with what we are doing. “We are totally committed to our existing projects in Scotland. They are our core business, our bread and butter. We are just trying to find a clever way of doing more.” Amey announced last week that its newly appointed group finance director Michael Kayser had resigned and would be replaced on an acting basis by an unnamed partner of Deloitte & Touche. Sir Ian Robinson said: “We are both surprised and disappointed that Michael has chosen to leave Amey so soon after joining us. “His departure is all the more disappointing since, following the recent changes resulting from the group’s strategic review, the board believes that a period of management stability is required as we implement our plans.” |
Posted at 20/10/2002 01:42 by raven October 20, 2002 Share of the week: Amey INVESTORS in Amey, the support-services group, have had a torrid time. The share price has fallen from 417p to just 25p this year and has been hit by a series of profit warnings. Amey's board is standing behind Brian Staples, the chief executive, but investors remain nervous about accounting issues and are concerned that bank covenants could be breached. To address these issues the group is to hire a senior Deloitte & Touche audit partner on a six-month secondment. The partner will prepare the figures for December's trading statement and year-end results. If the accounts are signed off, it will restore confidence but this stock is not going to be re-rated quickly. |
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