Cake Box Share Discussion Threads

[theband] 08/2/2007 09:16

Cashbox is facing a claim for at least £2m in damages from Hanco, the cash machine business owned by Royal Bank of Scotland.

The prospectus shows that the company has an indemnity against any claim from Hanco. However the indemnity is capped at £1.5m.

[ron manager] 08/2/2007 08:04

who in their right mind would bid for this company...the whole thing stinks.

Cashbox faces claim of £2m
By David Blackwell

Published: February 8 2007 02:00 | Last updated: February 8 2007 02:00

Cashbox is facing a claim for at least £2m in damages from Hanco, the cash machine business owned by Royal Bank of Scotland.

This would be equivalent to two-thirds of the group's turnover for the year to June 30, when it reported a pre-tax loss of £3.6m on sales of £3.2m.

Hanco, which is also claiming costs understood to be more than £1m, launched proceedings more than three years ago against Cashbox and Carl Thomas, its founder and chief executive.

Cashbox last week announced it was in talks on possible offers, understood to be from US hedge funds. Advised by Seymour Pierce, the company floated on Aim in March last year, raising £3.5m at 20p a share.

Its prospectus warned of significant claims from Hanco, "including an allegation that Carl Thomas diverted a business opportunity from Hanco to Cashbox, namely a contract for the installation of ATMs with Thresher Group."

Hanco's case will be heard in the High Court on February 21. That follows a summary judgment in Hanco's favour, handed down by the Masters' Chancery Division last November. Among its conclusions is that Hanco is entitled to summary judgment on liability against Mr Thomas - a former Hanco sales director - in respect of breach of contract and breach of fiduciary duty. Hanco is also entitled to judgment on liability against Cashbox "in respect of Cashbox's dishonest assistance of Mr Thomas in bidding" for a contract to supply cash machines to Threshers, the off-licence chain. Mr Thomas said he and the company would be appealing against the judgment. "This is a summary judgment in a very small part of an employment litigation dispute from three years ago. This case isborn out of sour grapes and bullying."

Hanco, UK market leader in cash machines, is seeking an interim award of £2m damages. Further court hearings are expected to decide the final amount of damages and costs to be paid by Cashbox and Mr Thomas.

The prospectus shows that the company has an indemnity against any claim from Hanco from Mr Thomas and Anthony Sharp, the non-executive chairman who is the biggest shareholder with a 36 per cent stake. However the indemnity is capped at £1.5m. Shares in Cashbox fell yesterday 1½p to 28½p.

[badlad21] 06/2/2007 21:01

Contract win - what a big deal!

How come the big boys have not already signed these sites up??? Have you ever heard of Motor Fuel Group - not quite Esso or Shell.

I heard on the ATM independent deployer gossip round that if they are not bought in 3-6 months there will be no Cashbox anyway. This is on good authority.

[theband] 05/2/2007 07:50

Yet another contract win

[hillbrown] 04/2/2007 14:12

The only KP I know is a bit of a nut..........

[theband] 03/2/2007 20:46

hillbrown....Do you know Katy Price, if we could get her to post here, this would rocket. I think he ( its a transvestite) can be found on SOLA, but i cant go there, its too rough

[hillbrown] 02/2/2007 16:36

I heard mention of a quid a share but surely that is a bit over the top.
I'll settle for 45p no sweat!

[theband] 02/2/2007 15:14

La dee da. 20% plus in a couple of days. Whistle while you work.

[theband] 25/1/2007 07:51

Hoping to get in @ 8am today. Fools rush in etc etc

[capt bligh] 24/1/2007 14:44

good bounce

[capt bligh] 11/1/2007 13:49

Seem to be doing rather well at the moment.

[the atm kid] 30/12/2006 00:34

Bookers contract win. That'll be the one all the sensible ISOs turned down. There'll be going down the road of signing up the worst sites in the business next - pubs & clubs, or have they done that already !!!

Can't see the money lasting must longer - presumably we'll all get a share of the CEOs new Aston Martin when it goes belly up.

All IMHO & DYOR for sure.

The Kid

[asl1978] 18/12/2006 09:22

If you are buying these shares then you are buying the potential of the management team and on the basis that the placement model can provide sufficient revenue to justify the purchase of the machines themselves. Ongoing costs are minimal once in place but cashbox effectively owns the machines themselves.
Will be interesting to see their maiden results to see what ROI they are getting
A share to watch though

[soul traders] 15/12/2006 13:27

Got in today for a small amount - if they keep winning contracts this could drive the share price further, IMO.

a good rise so far today, in any case: CBOX Bid: 22p Offer: 23p Change: 1.75

[currypasty] 13/12/2006 08:46

Cashbox chosen to supply ATMs to Booker's UK estate


LONDON (AFX) - Cashbox PLC, an independent ATM deployer and operator, said
that following a competitive selection process, it has been chosen as the
recommended supplier of ATMs to independent retailers of Booker operated symbol
group Premier and Booker's Retail Club members .
The ATMs will be placed using Cashbox's placement model, whereby a
convenience-fee ATM is placed with a retailer free of charge and replenished by
them, eliminating the need for third party cash-handling costs.
Carl Thomas, chief executive of Cashbox said: "Cashbox's growing experience
of supplying ATMs to nationwide corporate businesses is critical in working with
organisations like Booker.
"We believe our free placement of ATMs not only delivers increased footfall
but that they increase customer retention and cash spend in their locations. We
are also pleased that we are continuing to sign exclusive contracts due to a
strengthened sales force as the company accelerates towards profitability.
No financial details were disclosed.

[lomaximus] 13/12/2006 08:31

ah theres the news

[lomaximus] 12/12/2006 12:18

any new news on this?

[capt bligh] 03/10/2006 09:48

Looks like a forced seller of 135K knocked the price.

[compacta] 03/10/2006 08:15

they have only just raised 4.5M, they cant need more already? this is looking a little like Felix, the way they burn their cash

[papalpower] 02/10/2006 19:38

Would guess they are after some money, perhaps a placing is on the cards ? at what looks like the 15p level ??

[dvda] 02/10/2006 19:16

Yes it was a bit odd. Presume it is a delayed reaction to fairly uninspiring results, though 30%+ decline does seem a little excessive.

[compacta] 02/10/2006 18:56

and what the hell happened today?