Armour Group Share Discussion Threads

[electronica] 07/9/2010 17:17

cullumross

I ain't got a fax machine - I had to go to my next door to use my neighboour's ancient kit.

Neverless I did get am email reply at 4.00 p.m. from the AMR Financial Controller to tell me that my outline arguements had been forwarded to Messrs Dexter & Harris & that the info@ & IR email addresses have been reactivated,

Now to hit these guys with a closely argued document demanding answers for their poor exposition yesterday, their poor guidance in the past, & their lack of depth and urgency in getting a fix to their obvious problems.

Let's see whar response I get to that.

[electronica] 07/9/2010 17:17

cullumross

I ain't got a fax machine - I had to go to my next door to use my neighboour's ancient kit.

Neverless I did get am email reply at 4.00 p.m. from the AMR Financial Controller to tell me that my outline arguements had been forwarded to Messrs Dexter & Harris & that the info@ & IR email addresses have been reactivated,

Now to hit these guys with a closely argued document demanding answers for their poor exposition yesterday, their poor guidance in the past, & their lack of depth and urgency in getting a fix to their obvious problems.

Let's see whar response I get to that.

[callumross] 07/9/2010 16:53

Still waiting at that fax Electronica? Look, go and put your supper on. I'm sure it will come through later.

[envirovision] 07/9/2010 14:51

This is going to break 2009 all time lows imo.

[callumross] 07/9/2010 14:30

Don't stand by that fax machine, Electronica! Another 126k sell at 8.25p sneakily put through on Plus a litle while ago.

[electronica] 07/9/2010 12:15

Everyone

Further to that last post of mine.

It might be a good idea if the management saw notes from all us less than gruntled holders.

[electronica] 07/9/2010 12:14

callumross

Having failed to get through on the info@ & IR contact email addresses last night I phoned this morning - but not one of the 3 key directors was "available" & it is not "company policy" to divulge email addresses.

So I sent a fax (remember those) to John Harris (FD) at 10 a.m. this morning exactly covering the 3 points that you raised (their divergent view of the market, the "delayed" profits warning, & cash flow). I asked for a reply by return. Let's see what happens.

Watch this space!

[callumross] 07/9/2010 10:52

Very disappointed with AMR's management to be honest. The TS is basically saying 1.1p EPS for the year so they must have only broken even in the second half, and that in a year with everyone buying TV accessories for the World Cup. Broker forecasts were for 2p. They have missed these by a mile and must have known they would for weeks or months so why did they not update the market? They blame consumer confidence but retail sales are up year on year and other retail facing businesses seem to be doing OK!!!!!!!!

If they only broke even during the 2nd half then that raises questions about cashflow too. What is the current situation. Why no mention of this in the TS?

Seriously unimpressed with management. They are making less profit now than they did years ago!!!! Rant over.

[loverat] 07/9/2010 06:30

eurovision

Just updated it as the stuff there was well out of date. Not that I think anyone would have bought here without research and probably some bought in anticipatation that the statement would have been much better. That is the risk with all these companies, although I did had a higher regard for the management here. Anyway, update the thread with the response to any complaints etc. Perhaps it is about time this company too came under the spotlight for underperformance.

[empirestate] 06/9/2010 22:36

essential, i know what you mean, i dropped 20k on pressac a good few years back, it certainly has helped in not panicing too much on the odd warning

[electronica] 06/9/2010 19:11

envirovision

Good idea!

I've just sent a stroppy email about the misinformation in today's statement to the IR Department & got an "auto reply" back saying that they were closed until 13th September. How very convenient & how very like AMR.

So its on the phone to them tomorrow.

[envirovision] 06/9/2010 18:54

Could you update the header per chance loverat, to warn others of the current dire state of the company, its failure to answer posters emails and a general warning about the risks here. It would be unpleasant to have to watch someone come along and spend 31K on the shares like on the ii blog.

[loverat] 06/9/2010 18:35

Well, someone on here was right and I was wrong.

Alot of the statements made by AIM seem a bit mixed at present. No doubt this is a good company but how much longer is this news going to depress the SP?

[callumross] 06/9/2010 16:18

Well, today is a perfect example of the ups and down of share trading for us PI's. At 2pm my 90k holding in AMR drops 20% on the TS and 3:15pm my 400k holding in SLN soars 50% on a bid approach!

[maltatrader] 06/9/2010 15:21

I hope that they keep the divi at least......almost had a heart attack reading the RNS

[envirovision] 06/9/2010 14:46

No hint about the recall costs yet. That could be a bomb shell being saved up for the 2011 results imo. Probably doing everything not to include any trace of it in 2010 so as to avoid reporting a loss per share!

edit the 185,000 sale on Friday, Spectacular timing !

Thought it was you EI highlighting the weather/cashflow oddity.

[electronica] 06/9/2010 14:42

essentialInvestor

Well ................... it was a good day until 2.00 p.m.! A couple of my larger recent punts are well up (MCB now up 30% in the month since purchase) - but these guys have ruined my mood. I just did not expect this level of management incompetence - it's a very simple business for goodness sake.

The only saving grace is that I managed to miss doing a top-up as today's IMS came 4 days early.

What to do now? There's no need to panic sell, but there is a need to get the current management motivated (probably by sacking the CEO). Time to talk to the Knott family, who I have access to via a friendly 3rd party.

No probs with that wager mate - keep in touch.

[essentialinvestor] 06/9/2010 14:22

Was the early warning in the last casflow statement?, perhaps imv.
Someone highlighted that on this thread at the time.

[envirovision] 06/9/2010 14:19

:-) At this rate they are going to be lucky to do 1p eps and on a falling economic outlook for 2011, to boot, therefore an PE ratio of 7 is going to be over generous.

That puts fair value of 7p per share at the very most imo.

Moreover, given debt and depreciating assets and depreciating overstock, any slip up in 2011 and they could be bust by 2012.

Lets not hope for a bad winter with which to bury the accounts in snow er drift etc Freudian.

I will let you know the charity in December Electronica, I've 2 in mind.

[empirestate] 06/9/2010 14:18

Ouch,looks like the management are as poor as so many around, never mind, will stick with it

[essentialinvestor] 06/9/2010 14:10

Quick off the mark enviro!

Always one to watch and wait imv,
the weather related issue put me off.

Plenty of UK consumer stocks reporting strong recent trading,
no longer on my list of stocks to keep an eye on.

[envirovision] 06/9/2010 14:04

OK Electronica, your on!

[electronica] 05/9/2010 17:58

envirovision

Well, we've set out our positions & we'll get a result soon.

IMS is within 2 weeks & Finals are late-November.

Fancy a wager on the share price on 2nd week December - let's say Wednesday 15th close of business. I'll put £50 (to a charity of your choice) on 16p+. Can you take 16p- on the same basis?

[envirovision] 05/9/2010 12:42

Thanks, well yes optimistic is the word. I would have been inclined to go with the 1.9p eps FY broker forecast. However even that has been tempered firstly by the recall asnd secondly by depressed consumer spending. The constant selling of the stock over the 5 months simply compounds this, and the 185,000 sale sub 11p should really be ringing alarm bells.

Due to the nature of the business AMR are in, its not going to be hard for those close to the business both inside and outside to get a handle on what kind of a year they have had and therefore the share performance is really telling you everything you need to know.

The guy who got mugged over at 13p is going to need something of a miracle to be selling them at a profit in the short term imo.