Assetco Share Discussion Threads

[cliveas] 26/4/2012 10:53

10000 buy just gone through!!! Anyone any idea? Something seems to be brewing?

[the drewster] 26/4/2012 10:12

"DesWalker - 30 Sep'11 - 14:03 - 2162 of 2200

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. "


Des - what did you base your figures on?
Enterprise valued at sub £20m just now, so if you can provide some logic behind them being able to generate £20-£24m pa, then these are one of the bargains of the century, no?

[olison] 25/4/2012 17:21

Only once Uk ops are legally jettisoned and middlie eastern opportunities are more clearly defined will this become attractive from a longerterm point of view

[the drewster] 25/4/2012 14:39

Shares in issue is now 11,000,712 (or was immediately after the placing) so under £20m market cap.

[lufc5] 25/4/2012 14:05

It says mcap (above) 387. Is that pence or pounds???....lol

[lufc5] 25/4/2012 14:04

What's going on ere then???

[the drewster] 25/4/2012 14:02

Recoup losses from the 10p (now effectively £100/share) or from the subsequent £2/share fundraising?

Still so much uncertainty with regards to a plausible business model but interesting share movement.

[olison] 25/4/2012 13:34

nothing - volume small
mm s trying to generate some interest or trying to help institutional chums recoup losses

[the drewster] 25/4/2012 11:15

Whats leaking?

[the drewster] 18/4/2012 13:28

Exactly how much was raised since the craziness began? and how much was used to fill holes, and how much is available to the business to start to try to move forwards? There was £16m in March, potentially another £10m July (though not entirely sure the events mentioned in the RNS 25/7 ever materialised) and then the final £14m with the 1000-1 consolidation.

There still seems a fair amount of uncertainty, especially now they have lost Lincolnshire, and having followed the institutions in at a discount when they fell below 10p, I am loathe to throw good money after bad until there is some degree of clarity as to whether there is in fact a viable business left at all.

[warwick69] 17/4/2012 12:22

getting tempted to buy some at these levels? I must be mad

[caledoniaman1] 17/4/2012 12:09

Why don't they just pan us again - just for the fun of it ! - seems that way !!

[warwick69] 16/4/2012 16:58

the new capital raised was at 2.00 so this is now trading way down on the new money and there should be plenty off cash following capital raised?

guess need to wait for all the sells to flow through

[hosede] 16/4/2012 14:02

I think it's a brave man who re-enters here. Do we know the new management will be any better. I am inclined to sell my miserable holding and buy a decent bottle of a single malt to drown my sorrows - that's about all it's worth!

[dave whitby] 14/4/2012 13:59

Lincolnshire fire service AssetCo contract 'ended'

Lincolnshire fire service has insisted the ending of a contract with the firm which provided its fire engines will not affect its operation.

A spokesman confirmed the contract with AssetCo Lincoln had ended, but for legal reasons, could not give details.

The company, which has had financial problems, supplied, maintained and tested engines and equipment.

The fire service said long-standing contingency plans meant its emergency cover was unaffected.

'Business as usual'

In 2006, AssetCo Lincoln and fire bosses signed a 20-year contract and then announced the acquisition of 35 new engines and 22 refurbished ones.

But the parent company AssetCo Plc has struggled with financial problems and in September last year needed to raise £14m in a refinancing deal together with agreeing a write down of debt with banks.

A spokesman for Lincolnshire Fire and Rescue said: "Due to legal obligations, the service is unable to specify at the current time why the contract has ended.

"As good practice the service maintains and tests business continuity plans for all eventualities.

"Consequently the service is prepared to maintain business as usual in relation to providing fire engines and equipment to firefighters so that they are able to respond to 999 calls."

AssetCo, which also provides fire equipment for London, was unavailable for comment.

[warwick69] 13/4/2012 12:44

hosede yes i know that but may be an opportunity to get some cheap before they settle
I am down 95% on my £5k holding so perhaps clutching at straws???

been a painful experience trying to bottom fish in a share with a bunch of crooks on the board or complete incompitents? not sure which....

something clearly smelly with the whole affair for past few years....

but surely the underlying business should if propably established be profitable as we all need fire services and the associated hardware? and tax payers pay at the end of the day....

[hosede] 13/4/2012 11:48

Warwick
Even if it does, twice SFA is still SFA! It needs to be a hundred bagger for previous investors to get anywhere near parity

[davidosh] 11/4/2012 14:01

I understand the ex auditors are not sitting too comfortably either !

[caledoniaman1] 11/4/2012 13:42

ditto rrogans

[rrogans] 11/4/2012 13:33

Well I'm down a couple of thousand pounds so I've declared myself to ShareSoc. It feels like there would have to be some individual legal action against John Shannon himself if there is to be any money recouped, but I do feel that participating in any action should at least cause those scoundrels some palpitations!

[davidosh] 11/4/2012 12:56

ShareSoc are looking closely at this company in the light of todays announcement. Any shareholders past or present who have lost money here should contact ShareSoc as they are hoping to back an action group to obtain justice for investors. You can join the UK Individual Shareholder Society for free at www.sharesoc.org and comment privately on their network.

[jockblue] 11/4/2012 09:16

Well I assume Mr Shannon won't be allowed to be a director of a company for a good while. And presumably HMRC will be turning over his earnings to make sure he's paid his share.

As for us shareholders, then little consolation to be had....

[the drewster] 11/4/2012 08:14

Fundamentals would have looked ok, the trouble is, the figures were, it seems, nothing but figments of the management team's imagination. Unbelievable that this was allowed to happen, all audited and signed off, yet apparently nobody is accountable for it?

[molatovkid] 10/4/2012 22:01

I had this on my watch-list a long while ago based on what I thought to be strong fundamentals....shows you how wrong you can be