Eleco Public Share Discussion Threads

[ansc] 01/2/2011 09:19

Only a part-time FD required now, is that telling us something!

'Eleco plc ("Eleco" or the "Company") - 31 January 2011

Appointment of Finance Director, Change of adviser

and Intended Date of Interim Announcement

On 27 January 2011 the Board appointed Matthew Turner as part-time Finance Director to the Board of Eleco.

Matthew Turner, formerly a partner of Grant Thornton LLP's financial advisory division, is currently a partner of Shore Mountain LLP and a director of Tingdene Homes Limited.

There are no other matters that require disclosure under paragraph (g) of Schedule 2 of the AIM Rules.

Additionally, the Company is pleased to announce the appointment of Cenkos Securities plc as nominated adviser and broker to the Company with immediate effect.

Finally, the Company intends to announce its Interim Results on 1 March 2011.'

[ansc] 26/11/2010 08:25

Eleco plc ("Eleco" or the "Company")

AGM Statement - 25 November 2010

John Ketteley, Executive Chairman of Eleco, made the following statement at the Company's Annual General Meeting today:

"Trading conditions remained challenging in the first four months of the current year and we believe that they will continue to be so for the foreseeable future.

Nevertheless, Eleco continued with the implementation of the comprehensive restructuring plan for its Building Systems interests, the trading performance of which has improved as anticipated in the first four months of the current year. As noted in my statement in the annual report, we continue to respond promptly and with vigour to changes in demand. For this reason we are further reducing costs in our pre cast concrete business.

I am pleased to say that Eleco's Software interests delivered an outstanding trading performance in the first four months of the current year thus maintaining the momentum generated during the previous year.

The Board is encouraged by the performance of the Group during recent months following the ongoing implementation of the restructuring plan in our Building Systems operations and the continued growth of our Software business".

[ansc] 04/11/2010 10:56

Some brave soul has bought 40k @ 19.0p this morning. Or another director purchase perhaps .....

[ansc] 27/10/2010 13:59

Eleco plc ("Eleco" or the "Company") - Director's Dealing (27 October, 2010)

Eleco announces that Mr R C A Slater, a Director of the Company, today purchased
20,000 ordinary shares of 10p each in the Company ("Ordinary Shares") at a price
of 18.7 pence per Ordinary Share. Following this purchase, Mr Slater is
interested in 50,000 Ordinary Shares representing 0.08% of the Company's total
voting rights.

[ansc] 20/10/2010 10:54

Just over 19.5k shares - 0.000034% of the issued share capital - sold this morning precipitates a 2.5p drop - 11.6% - in the share price! Who's kidding whom?

[ansc] 08/10/2010 17:40

I wondered when one of the newbie directors was going to put their 'share' toe in the water and was beginning to think that they might have been holding out, expecting the share price to plumb even lower depths. Thank goodness Mr Slater has today put my mind at rest!

[ansc] 30/9/2010 14:18

If the exceptionals are ignored, the figures, torrid as they are, are much as anticipated. It's certainly going to be a long haul back &{:-(}

But at least the two directors buying this morning gives a slight feeling of long term confidence. Away to the hills for a couple of years then!

[rathkum] 27/9/2010 15:42

Thought you had gone into hidding after all the hidding we have endured.

Yes I did pick up some @15.95p and @13.65p. Let's hope Kettley delivers some good news on Thursday.

[ansc] 27/9/2010 14:31

Just back from a couple of weeks on holiday so missed the chance to add at 15p(ish) ten days ago; good luck to those brave enough to take the opportunity, I'm sure I wouldn't have been able to resist.

With a forecast loss of c. £4.0m (Hardman) expected to be announced on Thursday, I'm hoping for a few green shouts of recovery to be included in the announcement. Would they have splashed out on that recent software acquisition if it was still all gloom and doom?

[spooky] 16/9/2010 11:51

Paul119 - I'm not a great fan of posts like 529,the implications are obviously negative but you don't give any reasons,would you care to elaborate or remove the post.

[paul119] 15/9/2010 22:58

rathkum

you need to look past the numbers or you are going to get burnt!!

[rathkum] 09/9/2010 15:41

Just skimmed through the final results from Alummasc Group. Though not too dissimilar in their respective line of business, I noted the following for comparison sake.

Revenue
Eleco-£61m forecast to June 2010
Alumasc-£93

PBT
Eleco-n/a
Alumasc-£3.4m

Debt
Eleco-£1.9
Alumasc-£9.3

Market Cap.
Eleco-£9.7
Alumasc-£40.3

Based on the above, I believe Eleco is a reasonable value play on a 12/18 month view

[rathkum] 03/9/2010 15:11

Compelling value now surely if only the spread would not be so huge

[ansc] 17/8/2010 09:21

Eleco plc ("Eleco" or "the Group") - 17 August 2010

Acquisition of Lubekonsult AB

The Board of Eleco, the specialist provider of Software and Building Systems to
the construction industry, announces the unconditional acquisition by Consultec
Byggprogram AB, its Swedish software subsidiary, of Lubekonsult AB
("Lubekonsult") to be effected on 1 September 2010. Lubekonsult was founded in
1984, is situated in Stockholm and provides cost estimation services and
software to the Swedish ventilation market.

Turnover of LubeKonsult in 2009 was approximately GBP550,000 and EBIT for the
same period approximately GBP90,000.

The consideration, which will be payable in cash, is a minimum of approximately
SeK1,800,000 (approximately GBP160,000Note)paid on completion, with a deferred
element of up to a maximum of SeK2,500,000 (approximately GBP220,000Note)
depending on profit performance over each of the next two years.

Consultec Byggprogram, Eleco's principal Swedish software operation, provides
cost estimation software and services to the construction, plumbing and
electrical contractor markets in Sweden. The acquisition of Lubekonsult extends
Consultec Byggprogram's offering into the ventilation market and will enable it
to address the needs of large multi-disciplinary customers who prefer a single
solution to meet their cost estimation needs.

Note: exchange rate of SeK11.34/GBP

John Ketteley, Executive Chairman of Eleco, commented:-"Lubekonsult has an
experienced and highly respected team in the Swedish ventilation market and its
acquisition is a strategic move which will enable Consultec Byggprogram to
accelerate its entry into the Swedish ventilation cost estimation market."

[yespmedc] 02/8/2010 14:42

Hardman update -

[rathkum] 28/7/2010 09:57

Good grief, not much to cheer about. Talk about catching a falling knife. Well I am done with buying any more even at this level. Will just have to sit on this one on a 12/18 month time frame. On the other hand this could be too cheap for someone not to lay their hands on. Surprised Almunasc has held up pretty well

[ansc] 28/7/2010 09:15

Ouch! Not the trading statement I wanted to read. Their building systems companies are still clearly very much under the cosh which, judging by the amount of new build going up around here, comes as somewhat of a disappointment; perhaps the 'sales' personnel mentioned should have been sought twelve months ago!

To buy or not to buy, that is the question ...

[ansc] 01/7/2010 16:05

Not quite the outcome of the legal case I was expecting:

'Eleco plc ("Eleco" or "the Group") - 1 July 2010

Disposal of Eleco Bauprodukte GmbH

Eleco announces the sale of the entire issued share capital of Eleco Bauprodukte GmbH ("EBP"), its wholly-owned German connector plate business, to MiTek Industries GmbH ("MiTek"), a subsidiary of MiTek Holdings, Inc., a Delaware U.S. corporation, for a total consideration of GBP3.9 million on 30 June 2010.

The consideration has been satisfied by the issue of GBP3.9m of Loan Notes of
MiTek, redeemable in full on 30 June 2010. There are no conditions attaching to
the redemption thereof.

The agreed consideration reflects what both parties consider to be the
maintainable profits of EBP in normal market conditions together with the
potential to be realised from the integration of EBP's business into the MiTek
group. As a consequence of difficult trading conditions and other issues in the year to 30 June 2010, EBP is expected to make a loss before tax of GBP369,000; however, its average contribution profit before interest and tax to Eleco in the three years ended 30 June 2009 was GBP1,003,000.

EBP's assets were depleted during the year by losses and exceptional costs, as a result of which it will have net assets of approx GBP112,000 at completion of
the disposal. In addition to the net assets of EBP as reflected in its books and records, MiTek will receive significant intellectual property assets as part of the transaction. During the current financial year, EBP purchased connector plates valued at GBP317,000 from GangNail Systems a fellow Eleco subsidiary; such purchases will cease following completion.

Eleco also announces the cessation of the EBP-related legal dispute noted in the interim results for the Group as announced on 5 March 2010. Legal costs related to the resolution of this dispute amounted to GBP554,000 at 31 December 2009. Since then additional legal costs of GBP417,000 have been incurred, resulting in total legal costs incurred and expensed in the year of GBP971,000.

The proceeds of the sale of EBP will strengthen the Group's balance sheet and
the cessation of the EBP related legal dispute will result in the cessation of
the significant legal costs incurred in connection with the dispute. Therefore,
as a consequence, Eleco will be much better placed to implement its recovery
strategy.'

Still no sign of any trading statement sadly.

[rathkum] 24/6/2010 16:05

Well ansc-what do we do now? Pump more funds? The market is on the slide so it takes everything with it. Markets have woken up to the fact that all is not well and the second double dip is just round the corner, not a matter of if but when.

[rathkum] 18/6/2010 13:02

Quoting 22.9p, try next week

[rathkum] 18/6/2010 09:59

A trading update is due any day now and I am debating whether to add more now or wait for it. Tough one but I like your buy @21.9p.

I just added some more Interbulk (please don't take it as a recommendation)so will monitor the situation closely.

[rathkum] 18/6/2010 08:03

Another missed opportunity ansc. Was out all day, noticed a juicy 25,000 buy at 22p.

[ansc] 17/6/2010 14:58

Your wish has been granted, rathkum, so I hope you seized the opportunity. I've just added a few more myself (@ 21.9p) so please don't ask for it to drop any further!

[rathkum] 15/6/2010 13:11

Yes, paid over 24p. still looking to add if it drops further.

I bought my first lot in 1993? just after Kettley took over, been in and out but this company has served me very well. Kettley is no fly by night CEO and therefore back him to turn this around on a 18/24 month view. The man is a true gentleman having met him personally.