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Argo Group Share Discussion Threads
Showing 201 to 224 of 225 messages
|Yep it's kind of comical. They announce a substantial one-off profit from a disposal in H1. Then in H2 they decide to pay this profit to themselves as a bonus! These guys are good.|
|Yeah, I noticed that too. Basically all that hard work selling a significant asset in AREOF which allowed AREOF to pay the arrears of management fees (against which ARGO had provided).
EXERT FROM ACS
"In June 2016 the Argo funds further benefited from the sale by AREOF of one of its real estate assets in Romania. As well as contributing to the strong performance of TAF and ADCF, this provided much needed liquidity to the funds and allowed AREOF to repay US$2,776,000 (€2,500,000) of management fee arrears."
ARGO then paid pretty much all of it to staff as bonuses including $800k to the Rialas bros. The Rialas bros own 50% of the company so'd get 50% of the benefit anyway...clearly not enough. Good to know who they are all working for...|
|Net working capital is now 32.5p
There was a big loss in H2 mainly due to bonuses;
"Total operating costs, ignoring bad debt provisions, are US$6.4 million (2015: US$3.5 million). The increase in operating costs is mainly due to bonuses paid to reflect the excellent work undertaken by the team over a number of years leading to the sale of a significant asset and professional costs relating to our share buyback programme."
About $2.5M paid in bonuses to nearly double operating costs! I know it's only complete losers who work for a fixed salary nowadays but that's still some payout.|
|AREOF aren't paying anyway and we are fully providing against the receivable so it'll make no difference in the short term. Longer term hopefully it'll facilitate a restructuring which will finally allow payment of outstanding balances. £1m paid is better than £2m not I guess...|
|Well, that was kind of them, halving their fee?|
|https://alphavulture.com/2017/03/03/argo-group-publishes-2016-results/Pretty good summary. Still cheap...|
|I think this shower are in a closed period and therefore can't buy back shares until the results are out. Having said that they did not buy back many shares before the closed period either!|
|Audited results due at the end of next month, should give some clarity about the size of their assets and cash.|
|Gone quiet here, when are they going to do something?|
|I was thinking more like 30p but would probably take 25p...|
|The Rialas brothers need to make an offer of 25p +- and then maybe enough will accept so that they can take this thing private and liquidate it. It seems that the remaining holdout stockholders know exactly what they have and do not wish to sell out at the ridiculously low price of 15p.|
|Well, it's going to be difficult with us lurking on the bid... Still watching ALF as well...|
|Picked up a few last week. Very illiquid, and directors have 50%, but yes extremely cheap on an asset basis; valued at only 40% of net working capital.
From the previous buybacks it looks like they are not interested in buying back any unless they can get at least a 100K.|
|When are they going to get on with the buyback then? They've only spent a fraction of the £2m...|
|I didn't struggle to buy some?|
|Buyback finally on the go again!|
|Looks like they are struggling to find any shares to buy...|
|What's the nav in pence per share?|
|Am I too late to the party here? Any target prices?|
|Jeroen Bos is a great deep value fund manager protégée of Peter Cundhill.
I think he sold out at 10p but am not sure.
Let he who has never made a mistake in value investing throw the first stone.|
|"Sorry wrong thread...."
Hey, no worries. PMR looks cheap now. 1/2 book. Losses halted. New ceo seems to be turning the company around. But I hate brokers which is why PMR is a Deep value play...
Some so called value investors must be feeling poorly now that they have sold out of argo at 10p. It was hard to hold. Laziness helped me to hold....
My faith in value investing is being restored by Argo after accumulating a few value traps lately.
Did Joeron Bos from Church House sell his Argo at 10p? Shocking if true!....|
|Sorry wrong thread....|