Bartercard Share Discussion Threads

[yump] 13/11/2006 09:11

I'm afraid I've become a bit of a sceptic here. They can stand up and take the applause for the increases in volumes and presumably turnover, but so could a company that I worked for in the 80's. Turnover went up and up, profits never appeared. Completely sales driven - went bust.

BRTR have issued a lot of RNS's like this one and then followed them with results which disappointed because of drastically increased costs.

What I would like is some sort of forward looking statement about profitability. That is the big issue. We all know the business is growing. Bully for them.

[aporterman] 13/11/2006 08:18

Bartercard UK records 42 pct yr-on-yr trade increase in Oct to 5.2 mln stg

LONDON (AFX) - Bartercard PLC said October was another record month for the
main subsidiaries in the Bartercard group, with Bartercard UK achieving a 42 pct
year-on-year increase with trade volumes of 5.2 mln stg.
The company said is the second highest-ever volume of transactions achieved
by Bartercard UK in a single month, with the record being in August this year
Bartercard Australia achieved a 21 pct year-on-year increase in trade
volumes in October, of just under 50 mln aud, a record for the company.
[e-mail]



Well, that's good news - if they can sell more franchises in Uk, it could become a very strong marketplace ... I think there is a franchise exhibition due in UK soon, if it has not already happened - the new MD Geoff Searle seems to be on the ball.

Allowing for the new countries, some of whom are still trainiing and have not started trading yet, and new country licenses under negotiation, the new web portal to be launched by the new year ... we may be ready to move significantly upwards ,,, in my opinion!

[ngen yap] 10/11/2006 21:57

Thanks DL. Might put a call in myself, to get a sense of matters and provide my own input on it, for all it's worth. Looking forward to return from suspension, I think we could be headed north.

[morr21] 10/11/2006 10:50

We shall have to wait and see, thanks again DL.

[davidlloyd] 10/11/2006 09:44

Morr21
As positive as could be in the circumstances. I was informed that they doing everything they can to ensure they have another NOMAD in place asap and the positives already published were emphasised (re: successful sale and leaseback of building and continuing business improvements etc. etc.) Personally I was reassured and would be confident that we will see a relisting and upward movement in share price Please DYOR though, as we all, no doubt, have had sand kicked in our faces before with AIM shares and it can always happen again!!

DL

[morr21] 09/11/2006 16:41

Thanks DL, but was the response positive or???

[davidlloyd] 09/11/2006 12:55

Fair play - the man called me up today in reponse to my email. Can't say much more but impressed with the personal response.

DL

[davidlloyd] 08/11/2006 09:34

Emailed Lee Lochab yesterday to see if there was any reassurance that could be given wrt NOMAD appointment - he is on vacation until tomorrow it would seem. That would imply things are either not too serious or could it be a head in the sand situation. Dont think so.Hope not so. Time will tell.

DL

[ngen yap] 06/11/2006 16:57

Expect us back by and before 30 November. Per clause 34 of AIM Rules:

If within one month of that suspension the AIM company has failed to appoint a replacement nominated adviser the admission of its AIM securities will be cancelled.

So, it won't be long before we're back unless there's something sinister behind the scenes.

[yump] 01/11/2006 13:21

I don't want a bloody dividend from the asset sale - its supposed to be a growth company for goodness sake.

What would happen - load of peeps buy in and out for a quick divi. Still left with it sitting at 5p when I wanted it to go up from 20p.

A step in the right direction would be a proper growth statement of (a) licence sales (b) ongoing revenue trend. Figures, not just the trend.

[morr21] 01/11/2006 13:20

I have to admit, there are so many mixed signals on recent posts, all are informative. The key question for me is, how long until a new broker and suspension of shares lifted.

Is this a how long is a piece of string question, or are moves being made this week or...?

Anybody with any knowledge would grateful.

[wiganer] 01/11/2006 12:28

That's a very good appointment in my view. Looks like Wayne is going to take all necessary steps to repair BRTR's image. Might take a while though.

[knowing] 01/11/2006 12:26

Appointment of FD

RNS Number:3713L
Bartercard plc
01 November 2006

Bartercard PLC

Appointment of Finance Director

The Board of Bartercard is pleased to announce the appointment of Lee Lochab as
Finance Director. Lee has been the Group Financial Controller for Bartercard
since June 2006.

Previously he was Chief Financial Officer at Duchy Originals Ltd, the company
owned by the Prince of Wales, for four years. He was a Finance Controller at
Carlton Communications Plc between June 1998 and June 2002. His career has also
included time at Ernst & Young and PriceWaterhouse.

There are no further items to be disclosed under Schedule 2(g) of the AIM rules.

Commenting on the appointment, Wayne Sharpe, Chairman, said: "I would like to
welcome Lee to Bartercard's board. He has a wealth of experience and an
impeccable reputation and I believe he will make a major contribution to the
Company's future development."

[davidlloyd] 01/11/2006 10:06

Extraordinary! A dividend of between 12.5 and 25% is not to be sniffed at...hope it is not just wild ramblings....

[aporterman] 01/11/2006 06:43

Yep - it's a roller coaster -

Here is what Wayne Sharpe told me, in response to an email, he said at the AGM:

" The dividend I hope to declare just from the building sale will be between .5 and 1 p per share – at today's prices that's a 12.5 to 25% dividend.

And there is a lot more to come. A lot ! "

... so make of that what you will.

[egoi] 31/10/2006 14:36

Must be more than a falling out or a culture clash imho. Too many resignations; too many coincidences. Doesn't smell too good on reflection.
Grant Thornton are also specialists in administration.

[flyinghog] 31/10/2006 11:31

The resignation of a broker is a major warning sign - the resignation of the NOMAD worse. No Board would want either without a fall back position and announcement of "new improved" brokers/Nomad etc. Anyone taking the job(s) will want a full "drains up" due diligence first and possibly a major change of Board management.

Some time will be spent "suspended" I guess.

[ngen yap] 30/10/2006 23:24

I am speculating here but do think the resignation of Nabarro Wells signifies the end of the "turmoil" of last year. NW was apppointed just before/at the time when the MBO was rife, sometime in November 2005. They subsequently got replaced as corporate brokers, replaced by Hitchen, Harrison and Co. NW continued in their capacity as nominated advisors.

The resignation of Hitchen, Harrison and Co and now NW, would indicate they fell out with management or management unhappy with their support during "turmoil" period. It could of course be the other way round!!

Grant Thornton giving an "all clear" report is very reassuring and the property sale at A$13,5m is way beyond expectations.

I hope the new corporate broker + advisor are well known ones and do a good job cos BRTR could be the next big thing.

PS: Close Brothers assisted in their flotation in Germany this year. Don't think that's bad....

[yump] 30/10/2006 22:52

...or those of a nervous disposition...

I do wonder if the idea of making a profit has been lost somewhere with the company philosophy overwhelmingly involved in the idea of bartering.

If any senior people in the company are watching - no I do not want to barter my shares for their current value - I want to cash them in for a profit at some point in the future.

[aporterman] 30/10/2006 21:29

Yes it sells franchises - in 15 countries.

It looks like there is nothing to stop BRTR advancing now (appointing broker and nomad aside) ... ( I am talking about the business - not the share price ... I do not understand that )

Obviously there is a 'culture clash' between management and advisers etc. ... it will have to be sorted out.

... the trading has been exceptional ... international expansion is potentially huge ...

even though previous broker resigned - their conservative projections valued this at a multiple of last traded price ...

I believe that BRTR is poised to become a true global business ... but I stress that this is my opinion only ... and going against the grain, at that ...

Investing in BRTR would not be advised for people with any type of heart complaint.

[pictureframe] 30/10/2006 16:11

does the company sell franchise's ??

[yump] 30/10/2006 15:58

Well 'the directors may be of the opinion that the review is a positive one', is a bit different from shareholders being able to read the auditors report.

As a director of my company I am of the opinion that we will be sold to Google for £10mln, but I guess not everyone would buy shares in us on the basis of my opinion ;-)

[egoi] 30/10/2006 13:49

Back of envelope and 2 minutes, so apologies for mess ups. 230 million shares market cap at 4.5p 10.4 million (I don't know about dilution guess likely to be a chunk).
In sterling (at A$2.5 = quid) property sold for about 5.5 million, about 2 million of which spent in settlement of long term debt; about 500k other tangibles on balance sheet (I don't rate intangibles, there are not many anyway).
Long term debt paid, current liabilities about 3.7 million. Assets of cash from sale about 3.5 million plus 500k ' other' and loss making as of most recent results.

Have to ask why the accounts weren't signed as they could have given 'going concern conditional on property being sold'; hope there was nothing else untoward.

Probably fully valued on the basis of that (some might say overvalued) but I could be way out.
A trading share only imho given uncertainties and great difficulties forecasting future earnings on return, but might be fun despite the spread.
DYOR more than ever applies!

[wiganer] 30/10/2006 11:52

Assuming it returns from supension at some point, the price could be anything once trading resumes- 1p to 10p. Bizarre, but fun.

[davidlloyd] 30/10/2006 11:27

THis is one bizarre story unfolding. With such info the shares should be flying IMO - yet they are suspended. What will happen once relisted - Its going to be a white knuckle ride whatever happens....

DL


PS I think 'the clash' with NW may be hidden in the statement

'The directors are of the opinion
that the review is a positive one that
removes any concern over any of the
matters reviewed'

NW may not have been quite so catagorical?