Indigovision Share Discussion Threads

[dewtrader] 12/11/2013 11:50

12 November 2013

IndigoVision Group PLC ("IndigoVision" or the "Company")

AGM Statement

At IndigoVision's Annual General Meeting being held at 11.00am this morning, Hamish Grossart, Chairman, will make the following statement:

"IndigoVision has had a good start to the current financial year. In markets that continue to expand, group revenues for the first quarter were approximately 14 per cent higher than the corresponding period last year, driven by strong growth in the Asia Pacific region and in Latin America. Major new projects included city surveillance in Malaysia, Sao Paulo International Airport, and the overlay system for the FIFA 2014 World Cup.

As expected, the mix of sales continues to migrate from encoders to intelligent cameras with sales of intelligent cameras for the first three months increasing by over one-third compared to the corresponding quarter last year. New product releases planned shortly include a 20 megapixel camera, an explosion proof camera range designed for the oil and gas industry, and a much lower priced encoder.

Gross margins were similar to last year's average and, as planned, overheads rose following the increased sales and sales support headcount put in place in the second half of last year. Notwithstanding these cost increases, the combination of better sales and solid margins resulted in net operating performance for the first quarter being comfortably ahead of the corresponding period last year.

The board indicated at the time of the annual results that the benefit from last year's increase in sales resource was expected to be weighted towards the latter part of 2014 and that remains the case. However, the increased rate of sales growth in the first quarter is an encouraging start to the new financial year and gives the board confidence in delivering the progress we expect for the full reporting period."

For further information please contact:


IndigoVision Group plc
Marcus Kneen (CEO)
Holly McComb (CFO) [phone]

N+1 Singer - Nominated Advisor
Sandy Fraser [phone]

Notes to Editors






Cracking!!!

[exotic] 12/11/2013 11:45

"... and the overlay system for the FIFA 2014 World Cup"

Anyone know what the overlay system is?

[dewtrader] 12/11/2013 11:45

Here comes the daddy!

[dewtrader] 12/11/2013 11:37

IND exploding northwards!

[shanklin] 12/11/2013 11:21

So, according to sharelockholmes, broker forecasts show a revenue increase of circa 69% this year compared to last year and, in that context, IND describe a 14% increase in Q1 revenue as an encouraging start to the year.

Are we expected to take that comment seriously?

[exotic] 06/11/2013 21:22

I think that trade was Pistoia's, late reported from Monday, and the one which pushed them over the 19% threshold, since the RNS states Monday as the date of their transaction and also ADVFN have slotted it into Monday's trades at 15:21:57.

Not meaning to split hairs or anything, only I wouldn't expect another RNS from Pistoia just yet.

[iain123] 06/11/2013 20:15

There's another big 115k share trade today.

[crystball] 06/11/2013 08:51

It is very interesting that Pistoia are building up such a large holding in IND. In time it will become clear?

[iain123] 06/11/2013 08:30

If it wasn't for those pesky Pistoia peeps we'd have a share price around 2.50 which would allow some of us to buy stock sold after those last dreary results. Maybe the AGM statement next week will provide the means to get the price back down?

[exotic] 05/11/2013 15:38

RNS

New Pistoia Income Limited

Above 19%

[exotic] 05/11/2013 11:55

18 October 2013

The Eagle Has Landed. IndigoVision Unveils Major Control Center Release

Introducing IndigoVision's Control Center Eagle. With a revolutionary user interface, advanced Motion Search technology, real time alarm tracking and "client license-free" installation, Control Center Eagle is the future of video management software [...]

www.indigovision.com/the-eagle-has-landed-indigovision-unveils-control-center-eagle

[zho] 01/11/2013 13:08

They can make a bid at any time but a bid becomes mandatory once they reach 30%

[bsharman3] 01/11/2013 12:59

What level do they have to get to to make a bid? Is it 30%
?

[samenic] 30/10/2013 06:18

Guess they are moving towards board representation,didn't notice there had been that much trading going on......

[exotic] 30/10/2013 03:50

Pistoia now over 17%. I'm very surprised.

[aishah] 19/10/2013 11:57

IndigoVision celebrates successful ASIS 2013 by throwing an event at Buddy Guy's Legends in Chicago

[exotic] 10/10/2013 09:45

Meanwhile, RNS out... yesterday Pistoia picked up another 125,000 shares @ £2.90 ps (£362,500 worth)

[exotic] 10/10/2013 08:54

One thing I don't understand about IND is their strategy on decoders. We know demand for decoders is slowing and this year their intelligent cameras are expected to outsell encoders. So, why have they invested in developing a new generation of budget encoders with less features? Surely it would be more profitable to just continue selling the existing encoders but at a budget price, and not have the huge additional R&D expense? It just seems they could have had those engineers developing new products of the future, not the past.

[exotic] 10/10/2013 07:52

(Two months ago)

"Wednesday 7 August 2013

Chairman Hamish Grossart said of New Pistoia Income: "They are a long term investor. They like what Marcus is doing."

Mr Kneen has met representatives of the low profile institutional investor."

www.heraldscotland.com/business/company-news/investor-in-cctv-company-raises-its-stake.21800831

I guess Pistoia are looking at IND's good track record of building up profits culminating in the huge 70p divi, and now under new management are expecting profits to be distributed more frequently. I doubt Pistoia have any other motive than that.

[gengulphus] 09/10/2013 22:14

Jaygino,

If for example one individual/institution already held say 20%, whilst another slowly built up their stake towards the 30% mark before declaring themselves in concert, who is to say when the collaboration began !!

Agreed, but it would stink to high heaven! If the Takeover Panel didn't declare that themselves and take appropriate action to say that it was clearly a fraud, that would be remedied by measures X, Y and Z, the Takeover Pavel would lose its reputation at a stroke...

And any potential offeror who had innocently built their stake up towards 30% and then suddenly became aware that they had a lot in common with a 20% holder and could usefully co-operate with them ought to be told by their advisors "No - however genuine that discovery is, you cannot get away with the story than it is a genuine new discovery in public. No matter how true it is, it won't be believed."

Gengulphus

[jaygino] 09/10/2013 21:54

You're wrong! The concert party rules are part of the Takeover Code, but like the 30% threshold for a mandatory bid, they're in effect all the time. I.e. shareholders acting in collaboration with each other have to keep track of their combined shareholdings and are obliged to make a mandatory offer if those combined shareholdings go over 30%, whether or not there is already a takeover bid for the company.


I bow to your knowledge here Gengulphus, however it does seem to me that outside of a Takeover bid, collaboration would be very difficult to prove. If for example one individual/institution already held say 20%, whilst another slowly built up their stake towards the 30% mark before declaring themselves in concert, who is to say when the collaboration began !! Not suggesting that this could be the case here of course, but generally, the 30% Concert party rule would be very difficult to govern.

[sharw] 09/10/2013 18:59

Remember that Pistoia is an income fund. At 290p the historic dividend of 11p gives a net yield of 3.8%. Interestingly N+1 Singer, who have better access to the company than you or I, have increased their forecast for the current year since the results were published including raising the forecast dividend from 13p to 14p giving a net yield of 4.8% at 290p.

I have seen this before when I held shares in retailer Jaques Vert. Pistoia built up a position in 2011 taking their time as other major holders sold:
May 4.6% Aug 5% Oct 6.5% Nov 7.6%. They were buying at around 14p at which the 0.67p dividend gave a net yield of 4.8%. Then in December came a bid at 21p but they were not party to the bid and it was only the directors who gave an undertaking to accept in the announcement. (Often large holders are approached before the announcement to give an undertaking to accept).

I suspect that Pistoia's attitude is simiilar to mine - one day either the price will go up or there will be a bid but in the meanwhile I will enjoy an income better than anything you could get by putting the same money into a building society, albeit without the same security of capital.

[gengulphus] 09/10/2013 18:26

I believe the Concert Party rules only come into play during a takeover bid. When 1 or more individuals acting in concert reach the 30% threshold, a mandatory offer for the company must be made. As IND is not currently not subject to a Takeover bid, no additional disclosure is needed.
No doubt someone will correct me if I am wrong.

You're wrong! The concert party rules are part of the Takeover Code, but like the 30% threshold for a mandatory bid, they're in effect all the time. I.e. shareholders acting in collaboration with each other have to keep track of their combined shareholdings and are obliged to make a mandatory offer if those combined shareholdings go over 30%, whether or not there is already a takeover bid for the company.

Otherwise it would be trivial for a group of 4 collaborating shareholders to take over the company while bypassing the Takeover Code, just by taking care that no individual shareholder goes over about 25%. Indeed, three shareholders could get full control of the company (more than 75%) and two could get operational control (more than 50%) before they ran into the 30% threshold if the concert party rules only applied when there was already a takeover bid.

Gengulphus

[courant] 09/10/2013 18:05

Folks, New Pistoia Income is almost certainly a trust company given the links to a Swiss private bank (Guyerzeller) focused on high net worth individuals. I speculated a while back about the links here:



Also see this regarding the takeover shenanigans and Fulton's removal as a NED:

hxxp://www.business7.co.uk/business-news/scottish-business-news/2011/12/15/indigovision-chairman-increases-shareholding-to-5-1-106408-23637766/

I still suspect he's somehow related to the source of capital here but it's very hard to find any more information out about this. Anyway, point being I'm almost certain that New Pistoia is not a regular "fund", nor is its investment in IND and Fulton's board membership unrelated (note that Fulton doesn't hold shares in his own name).

[jaygino] 09/10/2013 16:39

Hi Betman,
I believe the Concert Party rules only come into play during a takeover bid. When 1 or more individuals acting in concert reach the 30% threshold, a mandatory offer for the company must be made. As IND is not currently not subject to a Takeover bid, no additional disclosure is needed.
No doubt someone will correct me if I am wrong.

However, whether or not Pistoia are building a sizeable stake in a prelude to a takeover bid, it is still very interesting that they continue to increase their stake even after what can be at best described as lacklustre results.