Bartercard Share Discussion Threads

[quotes_4_u] 30/10/2006 11:21

Roller coaster day for BRTR.

Wonder how it return from suspension and when ?

[rjc3] 30/10/2006 11:17

Bartercard has today reached agreement
for the sale and leaseback of its
Australian headquarters building for a
consideration of A$13,500,000, ahead of
original expectations. The proceeds
will be used to repay all long term
debt in the group, with the balance to
finance Bartercard's further expansion
in Bartercard UK and the UAE and for
working capital for Bartercard
International.
The building has a "net book value" in
the company's accounts of A$3,519,221
and this sale represents a substantial
profit for the group, and also saves
approximately A$1m per year in capital
loan repayments. Bartercard's total
borrowings are just under A$5.2m
The Company is also pleased the result
of the review announced on Sep. 1 of
its working capital position, future
capital raising and its reporting
systems and international financial
controls. Grant Thornton has completed
its audit and review and given an
unqualified opinion on the financial
statements for the year ended Mar. 31,
2006. The directors are of the opinion
that the review is a positive one that
removes any concern over any of the
matters reviewed, particularly
considering the sale of the building.

[knowing] 30/10/2006 11:07

Would agree W. Certainly seems as though this will resurrect itself when a new NOMAD is appointed.

[wiganer] 30/10/2006 11:05

Well, maybe it's not the end after all.

Even for a "glass half full" guy like Sharp, it would be odd to come out with a statement like that on a day like this, if all hope was gone.

[martincoops] 30/10/2006 10:51

Result of AGM

RNS Number:2077L
Bartercard plc
30 October 2006


Bartercard PLC

Results of AGM


At the company's Annual General Meeting on Friday, Chaired by Simon Barker, the
final accounts were accepted, and Grant Thornton were appointed as auditor to
the company. The construction of the board was changed to be:

Wayne Sharpe, Executive Chairman

Andrew Federowsky, CEO

Murray D'Almeida, non exec

Simon Barker, non exec


Wayne Sharpe, Chairman, made the following comments: "The last year has been one
of intense turmoil; with an attempted hostile "takeover" of the board at last
year's AGM, and considerable changes to the board of directors (largely as a
direct result of that AGM dispute.)


The company has had to close down and write off all the redundant Universal
businesses we inherited from our Reverse Takeover, and in the meantime has had
to restructure many parts of the Bartercard group to overcome declining or flat
performance. This has included substantial retrenchments, some office closures
and some heavy rethink on expenses.


But most important was we focused on employing and motivating the income
producing people in the group to strive for different and better results.


Bartercard Australia is growing again, and continues to be profitable.
Bartercard UK has become profitable and has broken multiple records in the first
6 months of the year and Bartercard UAE has hit its growth curve for break even
then profit.


International licence sales by Bartercard International are at record levels
with multiple potential deals in the pipeline."

[wiganer] 30/10/2006 09:47

If this is curtains then Sharp has lost a paper fortune in the space of a few months. His motivation to prevent that is probably the only hope. But maybe it's beyond salvation.

Funnily enough, BRTR is one of two Aussie companies I own. The other is EPY, which is up 15% today, so overall even if I write my BRTR down to £0, I'm up on Aussies for the day! Funny old game...

[yump] 30/10/2006 09:46

powwow
imo nobody really knows. We were expecting some transparency with the last results which didn't happen. Hoping to be able to project some movement into profit because were hoping to see underlying growth in 2nd. half, whereas 1st half had one-off exceptionals. Unfortunately all became cloudy with more exceptionals and overheads, so basically I for one am completely lost. Also there is what you might call an 'eventful' history, possible buy out last year which folded, odd goings on with investigations into that event, director involved leaving but then bought a licence...

[morr21] 30/10/2006 09:43

Good post powwow, I guess will have to wait an see, the company seemed to be moving forward in terms of revenue, however there were losses. Its difficult to know the full extent.

I suspect if the broker did not want to be paid in trade pounds.

FYI, my local broker is still working today!!

[powwow] 30/10/2006 09:35

Guys normally an advisor resigns as N wells has done because they disagree with the companies actions moving forward, or they've not been paid, or they are going bust, or errmm.. anything else like something is seriously wrong.

NW are like the rest of the advisors really, advise and want to get paid.

Does this company have financial problems ? Sorry not in it just noticed today so just asking.

[yump] 30/10/2006 09:29

Yuk, there goes my little starter stake ! Still, nothing ventured as they say, but still one of the most disappointing shares I've held purely because you would think they could make something of all that turnover in terms of profit. Unless of course shareholders were always going to be dumped on; with optimistic RNS's about every licence sale while the whole thing was actually going pear-shaped. Who knows...

[morr21] 30/10/2006 09:22

Share are suspended, pending a new advisor?

It does not sound good, but I guess we will have to wait. What are the chances of getting a new advisor?

[terry91] 30/10/2006 08:18

Sorry to see the above. Always was high risk good luck.

[wiganer] 30/10/2006 08:10

Glad I dumped 85% of my holding last month. Have mentally written off the rest now. Commiserations to anyone with substantial holdings.

[dusseldorf] 30/10/2006 07:44

AIM Rule 34 relates to the fact the company no longer has a nominated advisor, so I don't believe this has anything to do with immediate funding

more likely a longer term cooking of the books, so advisor trying to distance themselves before it hits the fan

[dusseldorf] 30/10/2006 07:12

looks like something dodgey has been going on, advisor resigns and company suspended

[wiganer] 27/10/2006 21:17

My biggest current punt is LTHM.

A really dull company that will never be a BB fave, but looks great value.

My best recent punt was CLN in the 30s. Might be worth a look still. Some would argue the case for a return to £1.

Also, one of my biggest dogs, CLM looks interesting again at long last.

EPY and TSG might be worth keeping half an eye on too.

PRI is an intersting one- will take another look.

[knowing] 27/10/2006 21:12

Hello W doing quite well thanks although little time for the markets as work very busy. Anything interesting out there ? Have been looking at PRI myself.

[wiganer] 27/10/2006 21:11

Busy clawing back my BRTR losses elsewhere K- hope you're well dude.

[knowing] 27/10/2006 21:09

Very quiet now on here.

[davidlloyd] 27/10/2006 11:16

Good summary Yap.

DL

[cbrown] 25/10/2006 01:35

Here is what some of their marketing budget is going on!

[ngen yap] 24/10/2006 00:36

Given above, say UK Trading £60m @ 5.5% = £3.3m or circa A$8m.
Australia trading A$550m @ 5.5% = A$30m
Plus NZ - we could be looking at A$40m in transaction fees alone, which will bring Bartercard into profit by A$4m.

License sales expected - Spain, Netherlands, Germany.

Property sale - $5-6m.

I think we may be due a serious rerating when these get reported in interims, due out before end of year.

[ngen yap] 24/10/2006 00:32

Let's recap...

21/09/2006

Bartercard PLC



Trading Update



Bartercard PLC will be announcing its results for the year ended 30 June 2006 on 29 September.



Trading since the year end had been strong. Bartercard UK (BCUK) had trade volume of T£5,171,677 in July, the first time it has exceeded T£5million. This was exceeded again in August with trade volume of T£5,487,051, up 66% on August 2005. August is traditionally a quiet month.



In Bartercard Australia (BCA)), the trading result at A$46.3m in August was the second best ever and just A$1.8m short of an all time August record. By August, almost 10% of all transactions in BCA were being done via EFTPOS terminals (launched with four major banks earlier this year), which now total over 1,680 and is resulting in substantial savings in administration costs. Australian new member sales are also up almost 10% on last year for the same period.



Bartercard charges a 5.5% cash fee on every trade transaction to the buyer and seller.



License sales in Bartercard International (BCI) have exceeded all previous years, and results from the new Bartercard Real Estate (BCRE) company in the UK are ahead of original expectations. Bartercard Plc owns 100% of BCA, BCUK, BCRE and BCI





"For the first time in our history every operational business unit is performing above, at or close to its peak"



Executive Chairman, Wayne Sharpe, commented.