Apr Energy Share Discussion Threads

[effortless cool] 21/4/2015 21:25

The resilience of this share is extraordinary.

[m.t.glass] 21/4/2015 07:25

"..the security situation in Libya and Yemen has prevented our auditors from physically verifying certain assets in this jurisdiction. This, together with some assets not being found in their specified locations per the accounting records - driven in part by stresses on our systems to handle the influx of GE assets - has resulted in a qualified opinion from our auditors regarding fixed assets and Libyan inventory..."

From this morning's uncomfortable Results Statement at APR.

"..in August, Mike Fairey announced his decision to step down as Chairman. Under his leadership, Mike oversaw significant growth and our increasing maturity as a public company... ..In March 2015, we were informed of Baroness Denise Kingsmill's decision to step down from her role as Senior Independent Director, to attend to personal matters. Matthew Allen and Edward Hawkes also resigned from their roles as Non-Executive Directors..."

[m.t.glass] 14/4/2015 08:23

The 50,000 buy announced yesterday by Global Frontier is far outweighed by the UBS sell announced today which is at least 1,000,000 shares and could be much more.

EDIT: Anywhere between 0.93m and 3.75m.

[m.t.glass] 10/4/2015 08:45

Since perversely rising after the February announcement, from £3 to £4, the share price has had several attempts to push beyond that level but has failed to do so. Until now, a chartist might have argued that with progressively higher lows in between those attempts, a breakout above £4 remained a distinct possibility.

But the share price movement yesterday and today is more in line with it giving up on any further attempt and dropping away, with £4 having proved impossible to breach.

I have reopened my downbet.

If I'm right to do so, I make money. If I'm wrong, somebody with an opposite view makes money. I wish good luck to all players on this erratic stock ;o)

noon EDIT: I coulda timed that better :-o

[effortless cool] 09/4/2015 07:12

So today's "market update" makes no mention at all of the two main issues facing the company, but does introduce two new pieces of bad news, which cannot be at all helpful in the ongoing (and seemingly never-ending) discussions with the banks.

Since I seem to be talking to myself here, I assume that very few ADVFN punters are long APR. I'm amazed that it is not attracting any short interest, however.

[effortless cool] 31/3/2015 13:24

It's also interesting that APR had over 20% of their capacity deployed in Libya. Have they got all that kit out? Given the situation out there, my presumption would be no. Since recent contract announcements have overwhelmingly related to renewals and extensions, even if they have got it out, it seems unlikely to have been redeployed.

So notwithstanding the looming disaster in the 2014 results, what are the implications for 2015 from having another 20% of its capacity dormant and losing its highest margin contract?

[effortless cool] 31/3/2015 07:19

It's interesting that the "personal reasons" behind Baroness Kingsmill's resignation from the APR board don't seem to have impacted her continuing non-executive role at IAG.

[effortless cool] 25/3/2015 07:20

Meanwhile, we're still waiting:

"The Board is conducting an ongoing review of those reserves and will provide a further update to the market as soon as possible".

"the Company remains in discussions with its Banking Syndicate and these discussions are progressing well".

In my experience, no news is rarely good news in such circumstances, especially if you are shedding non-executives whilst you wait.

[effortless cool] 25/3/2015 07:12

There goes another one:



This time its the vice-chairman and SID. A least they got a quote out of her.

[effortless cool] 24/3/2015 16:10

I'm afraid the name, in practice, may be more aspirational than actual.

[gleach23] 24/3/2015 15:57

Effortless Cool....speculating on this share does not befit your name :-p

[effortless cool] 24/3/2015 13:33

Or perhaps not.

[effortless cool] 20/3/2015 16:31

Judging by the price action this afternoon, someone knows there is good news due on Monday.

[effortless cool] 20/3/2015 07:11

"The Board is conducting an ongoing review of those reserves and will provide a further update to the market as soon as possible".

Two weeks later, we're still waiting. "As soon as possible" is proving to be a rather long time.

"... the Company remains in discussions with its Banking Syndicate and these discussions are progressing well".

They are going so well that the bank apparently don't want them to end.

Final results last year were published on 26 March. Will we see them next week, this year?

Tick, tock ...

[younasm] 11/3/2015 10:29

Good news from last 4 weeks will help to soften the damage from any bad news later when results are announced.

[wisteria2] 11/3/2015 09:42

Not much happening !! could go either way from here depending on any related news.....YYYYYAAAAAAAWWWWWWWWWWWWWWWWWWWNNNNNNNNNNNNN. gla holders

[effortless cool] 07/3/2015 21:25

Tomkin,

Congratulations on your profit. Given the uncertainty here, I think that realising it is a wise move.

For reference, the figures under question are (based on the interims):
- $144.3m of trade and other receivables
- $622.6m of goodwill
- $53.1m of intangible assets
If, say, 10% was written off, that would come to $82m.

Given this latest news it is interesting to look back at the RNSs over the last year.

27/08/14: Michael Fairey, Non-Executive Chairman, steps down without explanation. There is no quote from Mr Fairey in the announcement. Rather unusually, and in direct contravention of good corporate governance standards, John Campion, Chief Executive, takes over as Executive Chairman. In the same announcement, Laurence Anderson, previously employed as President of APR Energy and a long-standing colleague of Mr Campion, takes over as Chief Executive.

05/06/14: Andrew Martinez, CFO, resigns, despite having been in the role for less than two years. There is no quote from Mr Martinez in the announcement. He is replaced (on an interim basis initially) by Lee Munro, previously employed as SVP of APR Energy, and a long-standing colleague of Mr Campion.

[tomkin] 07/3/2015 20:28

"Rather closer than your view that the news was already "well factored in", however." Err... rather volatile at the moment... perhaps you failed to notice the 20% rise the previous day :-)

I think the problems from Libya ops are well factored in by the market. Coming clean on the balance sheet at time that the banks are taking a closer look is rather ominous.

for the record - I sold out yesterday for a decent profit bagged in a very short time

still well off the recent 400p though

[effortless cool] 06/3/2015 16:43

Tomkin,

Down 16%, so I was over-pessimistic in my "over 20%" prediction. Rather closer than your view that the news was already "well factored in", however.

It will be interesting to see whch way it moves next week.

[younasm] 06/3/2015 09:13

Looks expensive whilst things are not clear on Libya. Also need to know the full extent of asset writedowns.Speculative buy, but good for day trading - where else can you find regular 10% moves.

[liam1om] 06/3/2015 08:21

APR is a beast at the moment, just buy it, its going up.

[pre] 06/3/2015 08:20

libya news already know?.....

[bustedflush2] 06/3/2015 07:58

BUST soon.

[addison17] 06/3/2015 07:35

What a basket case, going into my bad buy pile to be forgotten about,or is it going bust.

[tomkin] 06/3/2015 07:29

"What is implied by this announcement, however, is that breaches of financial covenants are now certain and that the future of this company is now in the hands of its bankers."

Nothing more than what was implied in the first announcement, what's worrying is that discussions are still "going well" but not yet concluded.

"(the "Group") today announces that it will likely take a number of reserves for receivables, due primarily to the previously announced situation in Libya, and therefore expects 2014 Full Year Net Income to be significantly below current market expectations"

I suspect the hit for Libya is well factored in (old news).