Assetco Share Discussion Threads

[the drewster] 10/4/2012 09:11

Also brings into question the laws of the land if people can run a busiuness in such a manner and get away with it.
Surely there are wrong-doings apparent to which the ex-management team should be accountable?

[molatovkid] 10/4/2012 07:27

RNS out - what a mess! Beggars belief a plc can be run so badly....

[warwick69] 10/4/2012 07:13

when will the suspension be lifted now Audit of accounts is complete?

[the drewster] 05/4/2012 17:24

Given how on the ball they are, perhaps they forgot it was a bank holiday tomorrow.

[caledoniaman1] 05/4/2012 13:33

RNS Number : 1859A
Assetco PLC
27 March 2012
AssetCo plc ("AssetCo" or "the Company")
Publication of Accounts
The Company announced on 9(th) September 2011 that trading on the AIM Market in the Company's shares had been temporarily suspended until the audited accounts for the period ended 30(th) September 2011 for the AssetCo group of companies have been published. It is currently anticipated that these accounts will be published by the week ending 6 April 2012.

Anticipation seems to have been an ongoing problem for this mob !!

[nico9] 05/4/2012 12:53

they probably caught lite!

[the drewster] 05/4/2012 08:25

and the accounts are .... ? Hmmm, nowhere to be seen.

[the drewster] 27/3/2012 14:54

I guess that would be an automatic £750 fine for late submission.

[deswalker] 27/3/2012 13:56

RNS. Accounts to be published by the end of next week.

[the drewster] 19/3/2012 10:22

Re-list pending on the production of audited accounts, which are required to be posted by 31st March I believe.
Something approaching 0.2p in the old price scheme after consolidation.

[tom.muir] 19/3/2012 09:42

The new code is BUST

[baldeagle5] 18/3/2012 10:11

What happened to these? Werent they re-financed? What's the new code?

[the drewster] 09/3/2012 08:17

They have until 31 March to publish the accounts.
Wonder what new holes they have managed to uncover during the last 5 months.

[deswalker] 30/9/2011 14:16

North Atlantic Value made a poor investment when they entered into the Pref share + Warrant agreement. In reply perhaps they would argue that the terms of that deal were misleading due to them thinking the Abu Dhabi subsid was ring-fenced in some way.

But based on the numbers in my post #2162 it would seem they have managed to negotiate themselves to approximately breakeven at the lower end of my range and comfortably in profit at the upper end whilst gaining effective control of the company to boot. A nice result IMO assuming my net debt guess is about right and the contracts are able to deliver over £20 mill EBITDA per year.

[deswalker] 30/9/2011 14:03

Based on recent results one might speculate that approx £20-24mill per annum of EBITDA is the right ballpark. An EV / EBITDA of 4-5 is appropriate based on the troubled past and opacity of contracts so we're looking at an EV range somewhere between £80 and £120 mill.

I have no idea what the net debt will look like at the next Balance Sheet date but I can't see how it can be more than say £30 mill. Consequently we're looking at a range of market caps between £50mill and £90mill. With 11 mill shares in issue that gives a range for the share price of 450p - 820p or 0.45p - 0.82p in old money.

All done with a finger in the air but it gives me some idea of how this looks. Even I didn't think the dilution would be quite this bad and thought 1.5p - 2p in old money would be about right. Clearly not.

Des (no position)

[the drewster] 30/9/2011 13:38

And poor Mr Shannon ... doesn't he hold just shy of 30m shares, which were valued at approx £18m a few short months ago, and now they are barely worth £50k (well, based on my assumed re-list price)

Is this a case of rewards matching achievements?

[shareho1der] 30/9/2011 12:52

I feel sorry for people invested in this dog. It's scary to think I was only a click away from buying this at 15p six months back.

[deswalker] 30/9/2011 07:44

oops - sorry

[deswalker] 30/9/2011 07:42

Re-admission today

[deswalker] 22/9/2011 12:31

Well the Creditors have agreed the Scheme so it looks like it's all going to go through.

[warwick69] 22/9/2011 12:30

first step to massive dilution carried

[effortless cool] 16/9/2011 09:54

Huge questions for previous management, auditors and current management to answer, in my view.

Unfortunately, I don't think that anybody is going to ask them.