Ensor Share Discussion Threads

[simso] 30/3/2017 14:31

If the July 16 Balance Sheet had £17.5m of Net Assets, then Ellard and Woods were sold for £9.5m (a premium of £3.5m to NBV), then that should be Net Assets of £21m. The businesses were profitable, so where on earth has £3m disapeared to?

[cockerhoop] 30/3/2017 14:03

To be fair EezyMunny when you said 65p it wasn't clear that it couldn't be sold as a complete company (which should have raised a higher price imo) and also then spending £6m on the pension annuity which would not have been required for clean sale.

A £36m rev business with an operating margin of 9%, no debt and a £2m pension deficit should make a bit more than £18m imo.

The directors (whom I have met) have botched the sale here on a number of levels which has led to a poorish though profitable outcome.

Agree regards VLE - is currently cheap but when hasn't it been? I hold a decent amount.

[eezymunny] 30/3/2017 13:07

Told you so. Even my 65p target was over optimistic.

uk.advfn.com/cmn/fbb/thread.php3?id=17726495&from=466

If you want another try at a sum of the parts valuation try VLE, which looks to me to be as terribly undervalued as ESR was overvalued. Time will tell.

[strathroyal] 30/3/2017 12:13

Hi Tiswas,

If you log in here


that will take you to the Filing History for ESR and the fourth item down (Declaration of solvency) includes a balance sheet submitted by the liquidators.

[tiswas] 30/3/2017 11:38

Good work Strathroyal but disappointing result if you are correct.

What did you look at exactly, is all the cash now with one company or did you have to add up the subs?

[strathroyal] 30/3/2017 11:01

Figures are now on Companies House. The surplus is £18,135,292 which I calculate to be just over 60p per share, a 10% loss for me!

[tiswas] 28/3/2017 16:39

Anyone spoken to the liquidators to see where they are with things? Do we know if they have received the cash from the company yet?

[strathroyal] 28/3/2017 15:57

A number of documents relating to the winding up are in the process of being made available on the Companies House website and will be viewable in 5 days. I cannot see that this information is available on Ensor's website at the moment.

[cockerhoop] 22/2/2017 11:45

I think that's unclear simso, earlier sales did include an element of excess cash being removed from the business's (Technocover & OSA).

We do know that assets of £4.2m have been transferred with Ellards and £460k with Woods.

At 30th Sept

NAV 17.0m -

Cash 10.4m
Land 0.5m
Tax A 0.4m
Ass Tr 4.7m

Leaves approx £1m(or £1.5m if Tax Asset transferred with company sale) of potential working capital that could have been removed?

[simso] 22/2/2017 11:29

I would think the receivables less payables would transfer with the businesses when sold

[pavey ark] 21/2/2017 19:02

Cash + sales + retained profit, say £20m

Tax rebate £400k

Land £700k

Receivables Less payables c£1.8m

I get in the region of £23m or between 70p and 80p probably close to 75p after expenses but should certainly be above 70p or I think questions would be asked.

There's actually more value than this in the accounts.

[simso] 21/2/2017 15:42

On first reading, the conditions around the £7.3m and the £2.1m do not look onerous, so would assume we will get both in full. I am away and without access to my models on this, but crudely and from memory my sums would be £10.3m of cash at last bs date, £9.5m from these two sales, c 0.7m for the land, and perhaps 0.5 cash from trading profits since sept bs date. That is c£21m to give to 30m shares, so c70p a share. Anybody with a more accurate assessment?

[cockerhoop] 21/2/2017 12:31

I think the range of outcomes is between 68p and 75p assuming earnout at Ellard. Decent price obtained for Ellard but Christine has done well to get over £600,000 of op profit for £2.125m at Woods!

[strathroyal] 21/2/2017 12:06

The letters referred to by daviddosh are now on the Ensor website. No details of what we can expect to receive although the Woods sale suggests minimum of 44p, hopefully considerably more.

[cockerhoop] 20/2/2017 15:31

Thanks David

[davidosh] 20/2/2017 15:25

The directors expect to be able to wrap everything up into one letter to shareholders plus same info on the website this week.

[tiswas] 20/2/2017 14:50

Anyone spoken to the company? Perhaps thy are in no rush to advise shareholders until remaining company sold to the family and they can cover both in one letter with update re liquidation.

I miss RNSs!

[simso] 14/2/2017 14:31

Good spot strathroyal. No details I can find about how much they paid for it, but am sure we will find out in due course.