Fulcrum Utility Services... Share Discussion Threads

[value viper] 24/5/2022 14:19

£28k worth sold at 5.7 !!Hhmm - maybe not games Wonder who that is

[value viper] 24/5/2022 14:06

I agree - games

[phillyaboots] 24/5/2022 14:06

Just tried for a topup and won't let me buy any! Games being played

[phillyaboots] 24/5/2022 11:14

I think so also. £36m assets plus circa £21m fund raise minus some debt. Good market area to be in over the coming years, but can they turn it around or will it be taken out and broken up to release value

[value viper] 24/5/2022 10:50

Gonna stick my neck out - this has to be a silly price in view of asset valuation and cash in bank - even if operationally there remains much to fix.

[p1nkfish] 24/5/2022 10:25

Like a few shares currently, price dropping on low volume as if sellers exhausted??
FCRM has its share of problems, as usual down to management as much as anything else.

[phillyaboots] 24/5/2022 09:57

Certainly an oh dear oh dear! Market cap is approaching the value of the recent fund raise!Would anyone buy the GBP36m of assets they have?

[solarno lopez] 24/5/2022 09:43

what about 'Oh dear' phillyaboots

[phillyaboots] 24/5/2022 09:40

SALE - 50 percent off! (Of the recent fund raise at least). Wonder what the two major shareholders are thinking!

[phillyaboots] 18/5/2022 18:26

Recent fundraise of circa £21m net and at the interim results net debt was £3.3m which gives net cash of £17.7m. Let's assume some of that cash has been used and we have a net cash position of £15m.At the 31st March we also have £36 million of utility assets, giving a total of £51m which equates to 12.75p per share - very close to the recent fund raise

[p1nkfish] 17/5/2022 21:45

I think you're closer to it, yes.

[phillyaboots] 17/5/2022 21:32

I was reading it as £36 million of utility assets as at 31 March 2022. Of this 22.6m is i&c assets with the difference being the domestic assets which are being sold.So we would eventually end up with 22.6m i&c assets and 20m gross from the domestic asset sale, fulcrum need to fund and build the domestic assets before transferring, so perhaps the net to fulcrum is 13.4m. (36 - 22.6)Either way it's still more than the current market cap and that's excluding the recent 21m fund raise....

[p1nkfish] 17/5/2022 21:24

philya, From the latest TU - "utility assets, valued in excess of £36 million as at 31 March 2022 but from 30th Nov 2021 - "The total gross consideration receivable by Fulcrum is expected to be c.£49 million. £28.6 million has been received to-date, leaving c.£20 million to be received."

If the £20M yet to be received is subtracted it suggests £16M of utility assets will remain with FCRM and the rest be cash converted over time. Given inflation have to wonder if FCRM would be better off keeping the £20M of domestic gas.

[p1nkfish] 17/5/2022 21:07

Well they purged to Execs and Mills has the largest stake.

Turn arounds rarely occur unless the drivers of the bus are invited off and replaced, it is happening here.

Would prefer Bayford to be gone though.

All change at mill.

[jl5006] 17/5/2022 20:46

Just guessing - as an investor 6 yrs ago

This was a spin off from N grid.

Should have been any easy winner.

All started when blackrock dumped their holding.

Turner took up the stake and a money grabber went with him.

When Harris walked away the writing was there.

Nothing to cover large salaries.

Sad

[phillyaboots] 17/5/2022 19:40

Either that or the next update will be Harwood and Bayford looking to acquire the remaining share capital to protect their recent investment

[phillyaboots] 17/5/2022 19:37

The difference must be the domestic assets. Perhaps there will be an update on the asset sale soon as the last one is approaching 6 months ago

[phillyaboots] 17/5/2022 19:34

From the GBP36m of utility assets they currently own, it looks like GBP22.6m of this is related to industrial and commercial assets. From the recent placing document: I&C work continues to form a meaningful part of the Group's asset ownership strategy and the Group has a portfolio of I&C connection assets with a market value of GBP22.6 million, which generated approximately GBP2.5 million of revenue and GBP0.7 million of EBITDA in the year ended 31 March 2021.

[p1nkfish] 16/5/2022 12:14

The asset figure given will no doubt decay if not replenished as: "Proceeds of c.£23.2 million still to be received from the future tranche sales"........these are gas asset sales to ESP.

Strip that out to see what they will have left if all remains as is. Predominantly electric from what I can fathom.

[p1nkfish] 16/5/2022 12:01

All I've seen are investor presentation materials. Will have a look again when have time later.

[spectoacc] 16/5/2022 11:15

I've seen a breakdown in the share price :(

[phillyaboots] 16/5/2022 11:13

Has anyone seen a breakdown or further details of the utility assets Fulcrum own?

[p1nkfish] 13/5/2022 18:18

Around 185.5M shares (45.5%) are outside the hands of Harwood and Bayford.
The other main holders do not show up as 3%+ so there must be many, small.

About 2.24M changed hands today for about a 22% fall in price.
This is about 1.2% of the available 185.5M shares, about 0.56% of the total 399M shares.

All this has occurred after the end of the 2021-2 tax year when many losses should have been booked. How much more selling likely after today?

Probably substantial overhang as small holders exit on any price rise. On the positive side, when this turns around some of the more adventurous institutions could well join at 3%+.

News due on acquisition that might be at an attractive price in this environment for a cash buyer.

[phillyaboots] 13/5/2022 17:12

The trimming have also already started with exiting the loss making contracts. Revenue will be lower without them, but should see a margin improvement if they were loss making.It will be interesting to see if there are any new investors at this level or if the existing investors increase. However, looking into this further, any ideas where the cash from the gas assets sales is? Has it all been received and if so how much is left / where has it been used. I guess the question we don't know is what is the net cash position.

[p1nkfish] 13/5/2022 16:01

The investors coughing up in the offering are still here and can't be happy with this and will be agitating for performance. Start was swapping out the upper management - done - CEO, COO, CFO all fresh blood. Next is trimming any bloat along with acquisition(s) etc.

Always risk but some decent upside potential here.