Share Name Share Symbol Market Type Share ISIN Share Description
Iwp International LSE:IWP London Ordinary Share IE0004655241 ORD EUR0.115(WITH IWP(UK)HLDGS'A'ATTACH)
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 101.66p 0 06:42:18
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

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Date Time Title Posts
03/2/200621:02IWP far too cheap12
21/10/200413:36IWP Now Very Cheap28

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hypocrite: Moneybags in Phoenix Magazine. IWP shares look expensive even at 16 cent JIM MURPHY has now been running IWP – which lost a whopping €83m in the year to March 2003 – for just over a year and, in that time, he has driven several more nails into the coffin. Unfortunately, the two major achievements he boasts of – debt reorganisation and the withdrawal from Canada – both appear to have cost the company dearly and it now looks to be in very deep trouble. IWP INTERNATIONAL PLC It was always difficult to see what precise skills Murphy would bring to bear on IWP's problems given that his previous job was running a dairy co-op, almost the complete opposite of running a cosmetic fashion house. IWP's share price has accordingly been more than halved to the current 16 cent. CANADIAN OPERATION According to Murphy himself, "in the second half of the financial year a series of actions has been taken including the decision to close the loss-making Canadian business". This latter business was so small that it was never analysed separately from the UK and EU business. It was simply lumped in with the rest of world turnover which, of course, included more than Canada. In the year to March 2003, out of total group sales of €361m, only 4% (€13m) was accounted for by the rest of world. So inconsequential was the Canadian operation, that the chairman at the time, Frank Plunkett-Dillon, did not actually refer to it once in his annual review, nor indeed did the then ceo, Joe Moran, in his accompanying statement. Given also that the manufacturing plant had already been shut down in Canada, it simply beggars belief that Murphy's decision to exit Canada during the first six months of his reign could possibly have cost a further €8.4m. If this is meant to be effective management, the real danger for IWP shareholders is that any more closures could bankrupt the company. The other boast Murphy makes relates to "the successful completion of the revised funding arrangements with our existing lending institutions". In the previous year to March 2003, Joe Moran had sold Jeyes fluid and, in the process, made an early repayment of $30m on IWP's big, 1997, American loan note. Instead of being thanked for this, the US loan note holders charged him "an early repayment penalty of $3m", which nevertheless "will benefit future years in the form of reduced interest rates". With €100m outstanding on this loan note, Murphy's renegotiation resulted in him agreeing to additional charges and penalties amounting to €6m. Furthermore, the bulk of these loan charges were not provided for in the accounts in the year to March 2004 but are hanging over the group in the current year. Of course, if Murphy did fully provide for these loan costs, he would have almost eliminated the group's tiny, claimed, net asset base of €6m, pushing it down to a miserable €2m. Even this assumes that the €10m goodwill on the balance sheet actually stacks up. If this latter is deducted, the group is already insolvent to a degree of €4m and this net asset deficiency would have doubled to €8m if Murphy had fully provided for the fees and charges associated with his loan renegotiations. If these were dirt cheap loans, it might be conceivable that it was fair of Murphy to allow some break for the loan note holders. However, last year IWP's interest charges came to €9m, representing a 9% interest charge – nine times the US base rate. With the €30m Murphy got from selling off the irrelevant but profitable, Dutch Putzfeld/Skiffy plastics components business, he should have been able to play hard ball with the US loan note holders. Anyone holding loan notes in a company as vulnerable as IWP would certainly be worried but Murphy agreed to pay an ongoing extra interest penalty and a hefty €6m in fees and costs. In relation to the underlying, continuing business, Murphy boasts that "the operating profits increased by €1.5m to €4m, an increase of 60%". Unfortunately he fails to highlight that this is totally inadequate to pay the group's €9m interest charge or that all of this improvement resulted from loss elimination in the Dutch Royal Sanders business. This had been drastically restructured in the preceding year, with both the group's Dutch head office and one of its two manufacturing plants at Leiden closed down, leaving the focus on the one remaining plant at Vlijmen. This restructuring cost €14m in the preceding year and it is wrong for Jim Murphy to get any credit for the results of this. When Murphy ran Golden Vale from 1997 to 2002 there were three predators in the wings – Dairygold, Kerry and Glanbia – so there was always an easy exit. This is a very different scenario, however, and IWP simply cannot afford to indulge itself to the extent it has been doing. Even down at 16 cent, the shares could suffer more if, for example, Murphy closes down the small, remote, loss-making Polish operation. On the basis that his method of exiting Canada cost shareholders €8.4m and Canada was a tiny operation, exiting Poland could possibly cost even more. IWP now looks a hopeless case and the shares are only of any interest to those who think Jim Murphy can save the day. Moneybags rather doubts it. Jim Murphy IWP shares look expensive even at 16 cent JIM MURPHY has now been running IWP – which lost a whopping €83m in the year to March 2003 – for just over a year and, in that time, he has driven several more nails into the coffin. Unfortunately, the two major achievements he boasts of – debt reorganisation and the withdrawal from Canada – both appear to have cost the company dearly and it now looks to be in very deep trouble. IWP INTERNATIONAL PLC
limousine: Boss Moran will outline the way ahead for IWP After the rejection of the recent MBO, founder Joe Moran will introduce the new chief executive to shareholders next week Next week's annual general meeting will be an opportunity for IWP International chairman and founder Joe Moran to introduce the new chief executive Jim Murphy and outline his plans for the future of the group. Shareholders who were being offered 44c a share for their investment in the cosmetics and personal care group two weeks ago are now looking at a depressed share price of 30c and low levels of stock trading on the Dublin stock market. This follows the rejection by the 'independent directors' on the board of the 44c a share bid made by deputy chief executive and former finance director Bernard Byrne last week. The independent committee of the board was made up of chairman Frank Plunkett Dillon, Paddy Dowling and Joe Moran, and was advised by Goodbody Corporate Finance. "The independent committee of the board, having fully considered the proposed conditional offer and having taken appropriate independent advice, has decided that it does not reflect the inherent value of the group and, accordingly, discussions have now ended," the independent committee said. The IWP management buyout differed from the more recent buyouts of the past few years. This was not a case of the founder of the company (with a substantial stake) making a bid to take the company private again - as was the case with electronic payments company Alphyra. This MBO was a case of the founder and 13.6pc shareholder Joe Moran, who effectively controlled the group (through holding the titles of chairman and chief executive), forming part of a committee to accept or reject a bid from the deputy chief executive Mr Byrne, who does not have a substantial holding in the group. Mr Moran has increased his shareholding in IWP International over the past year by buying up shares at 30c a piece. In addition, the group's decision to spend money buying back shares and then cancelling them has reduced the number of shares in issue and, therefore, proportionately increased Mr Moran's percentage stake. Clearly IWP's attempt to mop up an overlap of shares in the market late last year has not made much impact on the share price. IWP spent €9m purchasing 7.5 million treasury shares which were cancelled. Among those who availed of the share-purchase scheme was former director Richard Hayes. Mr Moran said at the time that the instruction to buy the shares was made to their stockbrokers and some of the shares purchased belonged to Mr Hayes without Mr Moran's knowledge. "He must have good personal reasons for selling those shares," Mr Moran said last December. Bernard Byrne joined IWP International five years ago and served initially as finance director. He was centrally involved in the major restructuring and rationalisation which has taken place at the group where Mr Moran has been involved for over 18 years. Two years ago IWP agreed the sale of its household products division (with brands like Jeyes and Blue Loo) to a joint venture in which it holds a minority stake. This left the group with its personal care and cosmetics businesses in the UK, Holland, Poland and the US and significant bank borrowings. In an interview, Mr Byrne said the company was more interested in personal care - "a fairly fast-moving industry, trend-driven and fashion-led". "The consumer is always more interested in spending on themselves and their well being, and probably less well interested, we always felt, in spending on the areas such as household products, where the functional aspect of the product is more important." A former executive with ESB International, a deeply disappointed Mr Byrne has resigned from IWP with alacrity following the failure of his MBO approach. His resignation on September 23 coincided with the appointment of Jim Murphy as chief executive. The handover period was unusually brief.
lowpeg1: Anyone still looking at IWP. It's share price has been battered. Interims were not pretty but restructuring and debt reduction is ongoing. There are only 74million shares in issue with 25% of them owned by two of the directors who both topped up last December. Core businesses are profitable. At these levels I think any positive news could halt the decline. IMHO the bottom could not be far away. Bottom fishing as usual :-) lowpeg
Iwp share price data is direct from the London Stock Exchange
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