The Fulham Shore Share Discussion Threads

[mountain man] 29/4/2010 18:46

ansc
Weird, 100k sell a day before offer - they do not need £3k. Any ideas?

[ansc] 29/4/2010 16:51

Bluehone Investors' 25 mil holding was first mentioned in the 2007 Annual Report and I've always imagined, being an LLP, that they were a Discretionary Trust. Weird that they should choose to dispose of c. 100k the day before the bid was announced - obviously not as lucky as W de B!

edit: I've just had a quick squint at Bluehone's website - 'Bluehone was established in 2005 by its partners, Bill Brown, Robert Mitchell and Stuart Rollason. The partners all worked together at F&C Asset Management and F&C is also a partner in the business. Bluehone specialises in managing small company focused funds. We believe a boutique is the best environment for investing in small companies as we have more empathy for the issues facing these businesses.

The Bluehone name derives from the granite quarried from the Ailsa Craig in the Firth of Clyde which is used to make curling stones. We are Bluehone Investors because we are committed to making money for our clients by gaining an understanding of the businesses in which we invest and giving them the benefit of our experience and expertise in the field of smaller companies - a world away from index tracking.'

They apparently reversed into PLUS markets in October 2009.

[mountain man] 29/4/2010 16:09

Anyone any idea who Bluehone Investors are as per announcement?

[squaddie] 29/4/2010 16:06

Ameer. Your right almost 10 million shares bought days before the offer. At least the question should be asked. But like ansc has said the FSA are all one of the same "boys club", no doubt drinking to each others good fortune !. ansc like you I bought these about five years ago @5.25, so a profit. Price going up ?, other intrested parties ?.

[wikroberts] 29/4/2010 16:04

The bid now through barclays is 5.8p...it is a bit strange to have it that close to the offer price. Fingers crossed :)

[ansc] 29/4/2010 12:46

Wigger - If I was in your situation, I wouldn't be holding my breath in anticipation of any improvement unfortunately (imho).

Thanks Ameer. I've learnt one or two painful lessons along the way but, for once, it would appear that that saying 'It always comes to those who wait' might actually ring true!

[velvetide] 29/4/2010 12:43

yesterday I thought 5% chance of a c/bid, today noting the unsightly haste in posting the offer document, that chance in my mind goes up to at least 30%

[ameer] 29/4/2010 12:19

I am glad to learn that you haven't sold ansc. You truly deserve a good return on this share.

[wigger] 29/4/2010 12:16

I bought at 14p is there any chance of it getting there was waiting for recovery lost over half my stake

[ansc] 29/4/2010 10:31

Ameer's post [590] makes a worthwhile observation; Williams de Broe's purchase of 9,998,732 @ 3.25p five days before the bid announcement looks particularly opportune to say the least. Whereas it's taken me 15 purchases during the past six years - I can't believe it's been that long! - to just about double my money, they've achieved an 80% gain in less than a week. Fortuitous timing or what? Will the FSA bother to take a look into this small-fry set-up? I doubt it, after all, when was their last successful 'insider trading' prosecution?

Whilst I agree with mountain man that the purchaser appears to be getting a real bargain - I'd been hoping for a price north of 6p - I'll be signing the 'acceptance' section pdq when the formal t/o documents arrive having had more than my fill of FUL's (excuse the pun!) management.

It's never struck me before but did such a minuscule company really need EIGHT directors to make it tick!?

[mountain man] 29/4/2010 09:41

Having made us wait nearly 6 months it seems they now can't get the deal done quick enough - I wonder why that is?

Do they sense a counter offer - it wouldn't surprise me. The numbers looked good to me and my feeling is that FUL are being bought very cheaply (yes I understand the state of the markets etc)but we are told quite clearly that the offer is in our short term interest - not difficult to that one out.

I had expected an offer starting with 7p at least and if not I would rather stick with it for the medium/longer term.

Purchaser is getting a real bargain IMHO.

DYOR

[boadicea] 29/4/2010 08:50

Whereas it's pleasing to see an optimistic tone on this board, I am very much a stale bull in this share and have therefore embraced the opportunity to cash in my chips at a lesser loss than looked likely a while back.
There are stocks in parts of the resources sector having a good run and likely to continue (imho) against the background of Euro (sterling next?) currency problems where I want to add further..... a bird in the hand and all that...

Good luck to those remaining to the end andhere's hoping that you see a counterbid to put more icing on your cake.

[bbd2] 29/4/2010 08:15

They also have £3.1 M in the bank !

[bbd2] 29/4/2010 08:14

That would be nice and the numbers don't look too bad either:

Business Financial Newswire - Fulcrum Pharma's gross profits rose by 7% to £3.7m in the six months to the end of February.

Revenues were essentially unchanged at £8.1m (compared to H1 2009 of £8.2m) despite the closure of business segments in 2009.

Operating profit before exceptional items increased by 237% to £411,000 and operating profit increased by 170% to £330,000 (compared to H1 2009 of £122,000).

EBITDA before exceptional items increased by 92% to £594,000 (compared to H1 2009 of £310,000).

The firm's cash balances increased by 54% to £3.1m (compared to the year end balance in August 2009 of £2.0m and by 13% compared to the H1 2009 balance of £2.7m).

It said the EU business restructuring programme implemented in H2 2009 has significantly increased operational efficiency.

[velvetide] 29/4/2010 07:11

oops, that's a bit quick on the offer document, maybe there are other eyes

[ameer] 28/4/2010 12:43

Fulcrum worth 1.75p/share on cash basis only. I don't think 5.85p is fair value as management seems to suggest.
Some large buys went through recently suggest someone must have known something; Hello FSA!

[masrscb9] 28/4/2010 12:09

Hope you stayed in, ansc. Thanks for your input on this thread.

[squaddie] 28/4/2010 09:43

ansc. Any reasonable offer !!!.

[monis] 28/4/2010 09:05

Looks like they think a higher bid will come in from someone else.

[monis] 28/4/2010 08:42

buys going through on plus at 6p - what's going on??

[stephanie_m] 28/4/2010 08:30

A buy of 100k @3.25p 4.25pm on 26th April. How convenient!

[monis] 28/4/2010 07:56

Worth more though imo but not complaining personally.

[andrbea] 28/4/2010 07:52

well done holders!

a get-out at a 70% premium, that's OK in this market