Begbies Traynor Share Discussion Threads

[aleman] 17/9/2019 12:59

I'll laugh if he's bought into the dip and then starts banging on about how well they could do in a recession.

[topvest] 17/9/2019 12:55

You might not like TW, as he is often not a very pleasant individual, but when he gets his teeth into a company for the wrong reasons then he is definitely worth listening to in my view.

[aleman] 17/9/2019 09:51

Well if you throw accusations at everyone, you will get some right. There just does not seem to be a problem here. It probably cost the company more to issue the RNS than the £13k related party rent they paid last year - and a lot more than the £0 they'll pay this year!

[topvest] 17/9/2019 08:26

No, they are correct to respond. You don't want to attract the attention of TW at your AGM. Be interesting to see what TW says later and whether he is minded to still attend the AGM. TW is worth listening to, but he's much better on calling out problems than tipping anything good.

[aleman] 17/9/2019 08:06

I'm surprised the company wasted its time responding. They could have just ignored it and gone with a note in the next accounts that related party rent was now zero.

[topvest] 17/9/2019 07:42

A very comprehensive RNS today on property leases. Not an issue in my view and the board have been transparent on them historically as well as maybe giving a few more details today. Impact going forward is nothing as the leases are no longer related party and amounts involved were negotiated downwards anyway.

[cravencottage] 16/9/2019 20:55

I'm inclined to go with the latter suggestion Aleman..

Getting prepared for more opportunities in London etc and getting things ready to take full advantage of declining backdrop.

Not long to wait now for AGM and what I hope is a positive TS given we're almost 5 months into their new trading period.

All the best

CC

[aleman] 16/9/2019 08:15

Does the RNSing of the new partners express frustration at the share price drop or does it actually suggest it will bring significant revenue increases? A question for the AGM maybe.

[cravencottage] 13/9/2019 22:43

Thinking aloud now - Institutions have stumped up 8mill and bought shares at 75p so therefore I reckon 75p is the new building block/threshold to build upon and once we get updated next week there's no reason to think the institutions wont have a further nibble.

Certainly where I am, house prices are off and with Germany/Europe heading for recession we can't be far behind which sadly bodes very well for BEG.

Just checking the previous highs and Beg almost made £2 in the last recession...……..Could history repeat itself?

All the best

CC

[cravencottage] 13/9/2019 16:25

Thanks for the heads up Aleman

[aleman] 13/9/2019 14:01

As posted previously, mostly O trades in this stock normally and we got a lot of unusual AT sells as these fell over the last couple of days. Now they've dried up and we have a few AT buys, so I'd hazard the guess a few shorters are closing out. Could be wrong but I've seen similar before.

[aleman] 12/9/2019 20:19

LOL. 15% off market cap because somebody thinks (a declared) £13k is a problem? Surely there must be something else.

[topvest] 12/9/2019 19:57

Its the deemed remuneration (earn-out's) that I always look at closely, but they are well disclosed and often offset by negative goodwill. This caught my attention, as it certainly needs watching, but at the end of the day the group is highly profitable, generates good cash flow, has minimal debt and has always paid good dividends. Think TW is barking up the wrong tree on rented properties, and I suspect someone has a gripe on the matter as he wouldn't have picked this up himself.

[topvest] 12/9/2019 19:53

Yes, I think its a tad harsh to be honest. TW normally has better targets than this company. So, what if they are renting a few properties to Begbies? The amounts involved are not really that material.

[cravencottage] 12/9/2019 18:45

Thanks Magic

That's quite a relief tbh.

Storm in a tea cup is an understatement.

Bring on the AGM and once again we can be onwards and upwards + a nice healthy divi to boot.

CC

[magic] 12/9/2019 18:37

ShareProphets

" ....Various commercial properties used by members of the group during the year are owned or part owned by Ric Traynor or his personal pension fund. Rent and service charges paid on those properties by entities within the group in the year totalled £13,458 (2018: £155,500). At 30 April 2019 £nil (2018: £nil) was payable in respect of these transactions.” Page 61 Annual report and accounts 2019 Begbies Traynor Group plc"

"It appears that in FY 2018 and 2019 many of the properties were disposed of by the chairman’s pension fund. Consequently, in each case I request that the new terms and annual rent of the new lease be disclosed, where the tenant is a Begbies Traynor Group entity including any pre-agreed rental increases and the dates thereof.

In the spirit of “high standards of corporate governance”, open and transparent disclosure I would ask you to populate the below table and send a copy to me by 18 september. Should you not do so I shall attend your company’s AGM - where I have been nominated as a proxy - on 19 September to raise these matters in front of other shareholders."

[aleman] 12/9/2019 12:10

Steady growth rate? They had 44 offices in Feb 2017. They have 75 now. Some of that growth had been acquisitive but most has been organic. I suppose some might say it's been steady growth but it looks like they are gearing up for more.

The shares broke through 75p on Alex Newman's tip. I'll bet he tips it again after this shorting attack.

[monty9] 12/9/2019 11:19

Looks like a bit of a storm in a teacup frankly. It would be nice to know what the annual rent is (which, up to 2017, was £720K) after the disposal of referred properties to non-connected parties. I doubt it is materially different though.

Other than that
1. the price had risen from 60p to 80p+ since May 19, a lot for a company with a fairly steady growth rate. Susceptible to reversion.
2. the market is generally jumpy at the moment.
3. the success of recent short plays have meant many sell immediately on hearing the news. I would have too had I been awake yesterday!

Now I hold. Its a solid company with a reasonable yield. Also contra cyclical - if interest rates rise the corporate recovery business will fly. It would be satisfying if recent price action was the result of a bidder accumulating...

[lefrene] 12/9/2019 10:31

BEG would make a nice bolt-on for a Bank, so is this the pre-amble to a bid? All the hard work has been done, growing nicely and a recession looming, it would be a timely acquisition.

[hpcg] 12/9/2019 10:10

I've just sold out. Not a large amount; happy to take the 10% hit when I have absolutely no idea what is going on. This price action just isn't normal.