Epe Special Opportunities Share Discussion Threads

[josels] 30/1/2010 18:18

https://web.streetauthority.com/terms/doji.asp

[hugepants] 19/1/2010 13:05

Invests in distressed equity often off the adminstrators as in the case of Whittards of Chelsea in December 2008

Discount ito NAV is 56%



There are 26.5M shares in issue

From interims:


NAV = 72p per share
Cash = 25p per share
Net working capital = 27.5p per share


The 2 main investments are retailers Past Times and Whittards of Chelsea. From the website:

Past Times
Retailer of historically themed goods with £47 million turnover and 96 stores in 2005. Acquired from Retail Variations plc, which at the time was experiencing difficulties due to cross-guarantees, onerous leases, excessive head office cost and loss-making sister companies. ESO plc invested £7.8 million in 2005 and effected a restructuring plan by reducing head office costs, closing loss-making international operations and reducing the store portfolio to its profitable core. The appointment of a new CEO (Mike Taylor, formerly of Budgens) and the implementation of a new strategy has built on the stable foundation of the restructuring to effect a £3.1 million turnaround in profitability: from a loss of £2.7million EBITDA in the year ending 30 April 2007 to profit of £0.4 million EBITDA in the year ending 30 April 2009. This has been driven by cost reduction and significant sales growth of 23% to £37 million in the year ending April 2009.

Whittard of Chelsea
Retailer of specialist teas, coffees and related homeware and gifts.Quintessentially British brand with no direct competition. 30% of tea and coffee custom is repeat business focused on specific product lines, with the residual custom largely gift-led and tourist targeted. The company was acquired in 2005 by Baugur in a transaction with an enterprise value of £21.5 million, 5.7x EBITDA of £3.7 million (£46.1 million sales). At the time of acquisition by ESO plc the business had 128 stores, turnover of £43 million and an EBITDA loss of £4 million which the insolvent Baugur and Landsbanki were unable to support. Losses were primarily due to over-expansion, loss-making stores and excessive head office cost. However, around 50% of the stores were profitable with some exceptionally profitable. EPE entered negotiations with Landsbanki and Baugur to acquire the business, ultimately acquiring it out of administration. The business was acquired for £0.6 million, with asset-backing provided by day-one stock of £4.7 million and running stock levels of £2.2 million. The restructuring plan involved the closure of 48 of 128 stores, the closure and re-location of the head office and rationalization of distribution channels. The restructured entity is expected to generate £29 million turnover in the year to 31 December 2009.

[josels] 14/1/2010 12:52

.thats ok no advice intended .An inside bar within the shadow of the previous days.I buy the break of the high of the inside bar next trading day (plus a couple of ticks) with a stop at break of the low of the inside bar.
It worked well on the 4/01/10 as i checked out at 1188.Wish i had sold the core holding as well now....lol.These declines are getting tedious but i hope that eventually it will prove its worth.
In the mean time waiting for a similar set up again for a trading batch
If it breaks the neckline of the H&S the core will go in the bin ,but i,m hoping its being painted as a bear trap.....imho
H&S link

[josels] 14/1/2010 12:39

P-G- Pie 14 Jan'10 - 11:51 - 9447 of 9452



Until i see an inside reversal bar like on 31/12/09 thats elected by the next trading day i won't be buying either.It was looking promising earlier that one may be forming but thats off the menu now.It doesn,t get you in at the very bottom but if they play out that doesn,t bother me..imho

[josels] 08/11/2009 22:54

high frequency trading

[josels] 09/6/2009 11:04

we have now the new shares, I can not trade them so far.

[josels] 05/5/2009 12:43

can someone introduce this company, thanks.

[hectorp] 01/5/2009 09:51

I must have sold these some time back... not holding ...
Im exposed to Uranium through EML and Polo...
H.

[josels] 01/5/2009 06:44

Question, is this worth more than the current price? seems very cheap. GOt some few. any thoughts. thanks/.

[energyi] 16/7/2007 16:43

nice upwards action at last,
with some buy volume coming in

[hectorp] 07/3/2007 20:59

Sorry not been around here, yes still in ESO, fallen back a bit...

[energyi] 03/1/2007 08:07

hope you are in, Hector
GEI friends are in from the pp at $0.60

How about this one for our latest pp:

[hectorp] 02/1/2007 18:55

ESO will soon retest old highs of 1.50 levels, and then we will see.
H.