Green & Smart Share Discussion Threads

[charterhouse3] 12/4/2007 10:18

An announcement this morning:


GSH Group PLC
12 April 2007



TR-1(i): NOTIFICATION OF MAJOR INTERESTS IN SHARES


1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

GSH GROUP PLC


2. Reason for the notification (please state Yes/No): ( )


An acquisition or disposal of voting rights: ( )


An acquisition or disposal of financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached: ( )


An event changing the breakdown of voting rights: ( )


Other (please specify) : Transitional Provision 7 pursuant to which the
disclosure is being made X


3. Full name of person(s) subject to the notification obligation (iii):

The Goldman Sachs Group, Inc.


4. Full name of shareholder(s) (if different from 3.) (iv):

Goldman, Sachs & Co.


5. Date of the transaction (and date on which the threshold is crossed or
reached if different) (v):

20 MARCH 2007


6. Date on which issuer notified:

22 MARCH 2007


7. Threshold(s) that is/are crossed or reached:

88%


8. Notified details:



A: Voting rights attached to shares

Class/type of shares if possible using Situation previous to the Triggering
the ISIN CODE transaction (vi)
Number of Number of voting Rights
shares (viii)

GB00B03H8F86



Resulting situation after the triggering transaction (vii)

Class/type of shares if possible Number of Number of voting % of voting
using the ISIN CODE shares rights (ix) rights

Direct Direct Indirect (xi) Direct Indirect
(x)

17,503,800 88.98%


B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting rights that may % of
financial Date Conversion be acquired if the instrument is voting
instrument (xiii) Period/ Date exercised/ converted. rights
(xiv)







Total (A+B)
Number of voting rights % of voting rights

17,503,800 88.98%


9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable (xv):

The interest in 17,503,800 shares arose from an interest held by Goldman, Sachs
& Co., a wholly-owned direct subsidiary of GS Inc, acting as custodian for its
customers. These shares are, or will be, registered in the name of Goldman Sachs
Securities (Nominees), Limited.


Proxy Voting:


10. Name of the proxy holder:

N/A


11. Number of voting rights proxy holder will cease to hold:

N/A


12. Date on which proxy holder will cease to hold voting rights:

N/A


13. Additional information:

N/A


14. Contact name:

Joanne Wall


15. Contact telephone number:

020 7051 1704



This information is provided by RNS
The company news service from the London Stock Exchange

To me it looks like there is some downsizing of the Scarr-Hall holding.

We could be getting ready for blast off !!!

CH3

[charterhouse3] 11/4/2007 14:59

The interim dividend of 2.6p to be paid to all on the register at close of business on 13th April 2007.

CH3

[rastapastamasta] 11/4/2007 10:42

Hi Guys- I thought gsh went XD today, but there is no flag on my monitor. Does anyone know the details?
Thanks
RPM

[simon gordon] 10/4/2007 12:50

Here is the Perpetual website:



------

I think some of Neil Murray's language is a bit OTT:

"...extremely excited.."

"...tremendous opportunity.."

He is the guy who said:

"...GSH has the capacity to become a £1 billion company."

-------

'GSH Group Plc acquires Delta Environmental

Pace Equity was approached by the majority shareholder of Delta Environmental Services Ltd to assist in a review of the strategic options open to him. He had formed the company in the early 1990's and built it into an £8m turnover, profitable entity with a strong management team. He was considering either building the business to its next level of development with the possibility of acquisitions, or realising his investment in the company and pursuing a new career.

As part of this process Pace Equity undertook a detailed valuation of the business taking into account market conditions, similar transactions within Delta's sector, the company's own track record and its future prospects. At the conclusion of this review the majority shareholder decided to sell the company.

Pace Equity conducted a targeted and tightly controlled process, quickly generating interest from a number of trade buyers and private equity backed teams.

GSH Group plc, an Aim quoted facilities management company, successfully acquired the business following a competitive process. The price achieved was a premium to the original valuation. There is a strong strategic fit between the two companies.'

[charterhouse3] 10/4/2007 10:06

A new joint venture just announced:

GSH Group plc


Joint venture with Perpetual Energy



GSH Group plc (AIM: GSH) ('GSH' or 'the Group'), the international provider of
bespoke facilities management and energy management solutions, today announces
that it has entered into a joint venture with Perpetual Energy Ltd
('Perpetual'). GSH and Perpetual have formed a joint venture company called GSH
Perpetual Energy Ltd ('GSHPE') whose mission is to lead the business world into
a new era of responsible energy use. GSH Perpetual Energy has been established
to meet the growing market demand for cost-efficient, environmentally friendly
energy consumption.


GSHPE will operate as a separate legal entity. GSHPE's board of directors will
initially comprise of Neil Murray, Managing Director GSH UK, Dominic Chivers,
Finance Director GSH UK, David Tatton, Director Perpetual Energy and David
Coyne, Director Perpetual Energy.


Recognised as a market-leader in the application of technology to effectively
manage energy use for clients, GSH is ideally positioned to combine its
expertise with the self-generating energy solutions offered by Perpetual to
advise customers on how to use energy, which types of renewable energy sources
are most suitable for their needs and which can be channelled from a renewable
source.


GSHPE will work with clients to determine ways to reduce energy consumption and
replace conventional energy sources with alternatives such as combined heat and
power, photovoltaic (eg solar panels), wind turbine and biomass.


David Tatton, Director of Perpetual Energy Ltd, said: 'This is a highly
innovative move by both of our companies. There is a clear demand for dynamic
and realistic renewable energy sources and implementation solutions for
businesses. We are delighted to be teaming up with GSH Group.'


Neil Murray, Managing Director of GSH UK, commented: 'We are extremely excited
about this new venture. Together we have the expertise to deliver a total energy
management solution that is unrivalled in the marketplace. For a number of years
now, we have been able to help our clients reduce their energy consumption with
our energyplus product which provides savings in energy use rather than just
negotiating on tariff, but energy reduction is just the tip of the iceberg and
corporates are now seriously considering alternatives to gas and electricity.
This is a tremendous opportunity for our existing and new clients to really make
a difference to climate change.'

[milesy] 05/4/2007 12:13

Good on you Simon...and don't forget to check your flies beforehand just in case! ;~)

[simon gordon] 05/4/2007 11:23

Thanks for the input guys - keep it coming.

Here are the main topics I've come up with so far:

- Margin targets.
- Tax rate.
- Gearing: ratio to EBITDA.
- Dividend: ratio to EPS.
- AIM: move to Main Market one day.
- Placing for acquisitions.
- Issuing shares to vendors for acquisitions.

I will bring up the ISH factor and what plans he has for his 97%.

Milesy - I will aim for, open questions, congruence, empathy, mirroring, the whole kit and kaboodle.

[courant] 05/4/2007 11:23

Well, I don't think you can argue it's restricting the business - given the strong balance sheet, GSH don't appear to need to be able to raise further funds. And, certainly, there's no risk of a predator mopping up the shares on the cheap :-)

So I'd phrase a question along the lines of milesy's suggestion. Although, given the stated aim of expansion by acquisition, a further question could be "Are you looking at any acquisitions that will require extra financing, maybe by a further issue of equity?" A backdoor way of increasing the free float.

Courant

[milesy] 04/4/2007 22:58

If you use a closed question like that they could simply answer "no" if they wished to avoid the issue. Try using an open style of questioning..."What steps are being taken to improve liquidity....? How is the limited free float to be addressed? When will this happen? etc.

Just a simple interview technique to (hopefully) get more informative answers.

[charterhouse3] 04/4/2007 21:44

The way to phrase the question would be:
'Do you think the lack of liquidity resulting from the ISH holding is restricting GSH from expanding faster than it is currently doing ?'

The answer will provide some insight as to how the present management view things.

CH3

[courant] 04/4/2007 17:02

Cisk & Alter Ego - I'll second (or third?!) that! Given there was an explicit commitment to increase the free float in the last annual report, no mention was made about any progress on this front in the interims.

Courant

[cisk] 04/4/2007 14:06

Simon

I'll add to the request to ask when ISH is going to divest some of his holding. There is no point of this company being public with a free float of 3%, it's crazy. No institution will touch it, private investors will be put off by a massive spread. This is damaging the company's prospects, not helping them. I bought pre-interims and the stock has performed badly since then, even after a sensible acquisition and good results. Even if he sold off 15% of his holding, the shares would probably soon be re-rated to leave the value of his remaining holding the same as before the sale.

I look forward to attending the AGM when I can ask him the questions myself.

Sorry to rant guys but I cannot see the logic in the delays in reducing his holding. His finances are his own business but his stubborness / slowness in reducing hid holding (as he said he would do at the time of floatation) is doing other shareholders no favours.

Cisk

[alter ego] 04/4/2007 13:26

Simon, I expect most people would be keen to know when Ian Scarr Hall is going to reduce his shareholding but somehow I cannot see them telling us beforehand. Might just be worth asking though. Thanks for the offer.

[simon gordon] 04/4/2007 13:00

I am visiting GSH on the 11th April, if you have any questions that you would like answered, post here and I will put your questions forward.

I will report back on my visit by the 16th April.

[simon gordon] 29/3/2007 12:29

Hi Th

Looks like the beta site has been taken down.

The latest issue of FM World has a one page profile of Jamie Reynolds, as he is giving an important speech at the BIFM conference. FM World certainly like and rate him.

The IC should hopefully have a Buy on GSH tomorrow.

[theophilus] 29/3/2007 10:50

Done

NB. The other GSH website ...



does not appear to be functioning.

It did work well initially

Cheers

Th

[simon gordon] 28/3/2007 18:17

Hi Theophilus

Could you add Delta's website to the header:



Thank you

[charterhouse3] 23/3/2007 15:50

It is indeed the lack of free float that prevents the share price from being much higher - the spread is a result of the illiquidity.

However the Company have previously stated that there will need to be increased liquidity to facilitate increased institutional interest which in turn will help the Company's expansion plans.

So, as far as patient small investors are concerned, the sensible thing to do is to stash some shares away and wait.

As soon as there is any hint of increased liquidity (whether by way of a Scarr-Hall placing or otherwise) I suspect the share price will be moving ahead rather rapidly - indeed do not be surprised to see the share price move several days ahead of any announcement as the big boys get in as is their way in these matters !!!

CH3

[milesy] 23/3/2007 15:41

The spread and lack (currently) of free float probably keeps many away - I only came across them during a momentum filter.

Neverthless GSH look to be a quality outfit, particularly for an AIM stock.

As Courant noted earlier, once the expected unwinding of the family holding gets underway, the increased liquidity may well attract some fundie interest. I guess a direct placing of stock with a few institutions would be one way of meeting both objectives.

[theophilus] 23/3/2007 13:42

So many positive aspects to the statement.

As mentioned above...

A further #53 million of contract wins since period end ie since 31 Jan. [so in less than 2 months]. The turnover for the whole six months was £70m. so the orders are coming in. This should mean that the company can afford to be particular about the margins it tenders at for new work.

The same message comes across with the comment about total order book.

Strong order book at period end of #521 million (2006: #430 million).

It may well be that Simon's PEs for the current year turn out to be somewhat conservative which is a sensible way of looking at things.

I am pleased that so far this thread has not attracted too much attention as most of the comments are sensible and constructive without anyone posting ridiculous extremes one way or another.

I'll give it a few days and then post the results in the header.

Cheers and best wishes to all for continual prosperity with this investment.

Th.

[simon gordon] 23/3/2007 13:13

Speculating on H2:

T/O - 80m
Margin - 6% (2006 - 6.2%)
PBT - 4.8m
EPS - 16.8

FY EPS = 28.6

P/E @ £4.50 = 15.7

*With the Delta deal EPS could be closer to 30p.

------

Speculating on 2008:

T/O - 170m
Margin - 6%
PBT - 10.2m
EPS - 36.9

-------

There is still potential to ramp up the balance sheet by at least 20m.

If GSH do more earnings enhancing acquisitions this could up the EPS further.

[charterhouse3] 23/3/2007 11:39

GSH Group PLC
23 March 2007



23 March 2007


GSH Group plc


Acquisition Secures Air Conditioning Strength for GSH Group


GSH Group plc (AIM: GSH), ('GSH' or 'the Group'), the international provider of
bespoke facilities management and energy management solutions, today announces
the acquisition of Delta Environmental Services Ltd ('Delta') for a total cash
consideration of £4.8m in a deal which will further strengthen the Group's
existing specialist air conditioning offering in the marketplace.


In the year ended 31 October 2006 Delta had a turnover of £8.2m, pre-tax profits
of £0.8m and net assets of £1.7m. The Board believes that the acquisition will
be earnings enhancing in the first full year following acquisition and provide
the opportunity to add further synergies through incremental growth and
integration with the existing GSH businesses.


GSH Group Chief Executive Colin Tennent said: 'This is an exciting move for our
business and it will strengthen our position as a leading provider of all
technical facilities management services. GSH is pursuing an aggressive strategy
of growth and this acquisition will provide an additional platform to increase
our self-delivered product offering.'


Founded in 1984, Delta is a UK business that designs, procures, installs,
commissions and maintains air conditioning, heating, ventilation and
refrigeration systems. Its maintenance service teams operate across the UK,
providing national coverage. Delta employs approximately 50 staff, including
well-trained engineers providing a wide range of capabilities. It is well
regarded for its technical capabilities and has a strong reputation for customer
services with long-term clients. Customers include major UK retailers such as
Starbucks, Boots, Clarks and Karen Millen. A growing maintenance base provides
recurring revenues and new installation work.


Colin Tennent added: 'This purchase is an ideal fit with our business, not only
in terms of business proposition but also in terms of our culture of excellent
service, delivered by skilled and committed engineers. Delta is a well-organised
company which will benefit from the large infrastructure that GSH can offer.'

[simon gordon] 23/3/2007 11:34

Looks like another quality buy at a very sensible price:

[charterhouse3] 23/3/2007 11:29

The results are out and are EXCELLENT:

GSH Group PLC
23 March 2007


23 March 2007

GSH Group plc


Interim Results for the six months ended 31 January 2007


Introduction


GSH Group plc (AIM: GSH) ('GSH' or 'the Group'), the international provider of
bespoke facilities management and energy management solutions, announces interim
results for the six months ended 31 January 2007.


Financial Highlights:


Turnover increased 11% to £70.2 million (2006: £63.0 million)

Profit before tax up 59% to £3.5 million (2006: £2.2 million)

Operating margin increased by 1.5 percentage points to 5.0% (2006: 3.5%)

Basic earnings per share were 11.8 pence, an increase of 62% (2006: 7.3 pence)

Cash reserves at the end of the period of £5.4 million (2006: £2.9 million)

The board has approved an interim dividend of 2.6 pence per share (2006: 2.2
pence)


Operational Highlights:


Strong order book at period end of £521 million (2006: £430 million)

A further £53 million of contract wins since period end

Announced today acquisition of Delta Environmental Services Limited for a total
cash consideration of £4.8 million


Bob Gilbert, Chairman of GSH said: 'These results reflect another record
performance and continue to demonstrate our ability to deliver profitable growth
in both turnover and operating margin. We look forward to the future with
confidence and further good progress in the second half of the year.'

[cisk] 23/3/2007 11:20

Guys, still nothing, anyone any news? I'm a bit concerned that they are late given the previous punctuality of announcements. Hopefully delay due to getting institutions to sign up for any shares (97%!) being sold dy retired CEO... we can always hope

Cisk