Just Car Clinics Share Discussion Threads

[harrogate] 07/11/2011 15:22

Off we go into the void !!!! Good luck everyone!

[aleman] 07/11/2011 12:18

Spread blown out now. Looks like the market makers don't want any more business.

[spaceparallax] 07/11/2011 12:14

Only hours left to trade - my decision is to hang in there and hope for honourable treatment by BW & Co. He's established a pretty straight record.

[aleman] 03/11/2011 16:50

Up again. Must be a big buy in the background.

[aleman] 03/11/2011 15:02

Price edging up? I thought it would go the other way as final sellers dumped. Who are potential buyers? Directors? Hodgsons? Staff? Liarspoker?

There's a 16k buy on PLUS as well as those on the LSE but it seems small beer unless there is a buy in being worked. I wonder if trades are effectively matched bargains now, with small orders resulting in price moves to see if they can be matched, or perhaps market makers have a small buy-back agreement in place with the company. Anybody got level 2 and can see more clearly?

[davidosh] 31/10/2011 16:33

The problem is that there will not be a market for the shares afterwards as 80% of these companies that delist simply do not have a single share traded in the year that follows. Most of these situations you have to hope that the directors will stay honest if they were in the first place and keep up the reporting and communications to shareholders. The end result is usually that one hears very little and just hopes the cost savings can work through to shareholders and an exit via trade sale be gained at some point.

[microscope] 31/10/2011 16:17

Hopefully some of you will be able to keep this thread updated. All the examples I know of, of companies that have gone down this route, have been unhappy ones.
If any company is equipped to make a successful go of it, I think it is JCR.

I would still have voted against, and it's easy to be cynical that employees are keen to protect their jobs and if saving money on the AIM delisting contributes to that I'd vote for it too, rather than be a turkey voting for Christmas.

I hope it works out, and the real test will be when people want to sell, and whether they can, also at what level. The shares are 30% or so below the pre-delisting RNS and it will be interesting to see if this new lower valuation holds off-market, and how results pan out.

Sincere good luck to you guys, who like me have been fans of this company for many years.

[aleman] 31/10/2011 16:05

I feel a little less uncomfortable after today's meeting. The sight of employees supporting the delisting is reassuring. Upsetting small shareholders would mean upsetting employees, which could harm the business. I still have reservations but the vote in favour was pretty overwhelming at 97.2% of proxies received. Clearly a lot of shareholders believe what they are being told, including some close to, and working for, the company.

[spaceparallax] 31/10/2011 15:31

I do see JCR as one of the straighter well-run outfits

[bookbroker] 31/10/2011 15:29

What's the point when it is about to de-list?

[harrogate] 31/10/2011 15:18

I don't think that is a fair statement ..if you went to the meeting today and saw the employee shareholders who voted in favour ( between 5% and 10% employee share ownership) and asked questions and heard what they had to say I think you would feel differently. Looking at the buying plenty think there is more in this.

[spaceparallax] 31/10/2011 15:09

So another week or so trading then we're locked in.

[rmillaree] 27/10/2011 12:42

Full details re above story available here

[rmillaree] 27/10/2011 11:49

From the abp website
"The UKs second largest independent company of collision repair centres has chosen its Hull branch to launch the roll-out of a brand new retail concept and customer experience."

[liarspoker] 26/10/2011 16:30

If anyone has a large block for sale and wants to sell just contact me at [e-mail]

Can't promise I'll make the best offer but we can talk at least.

[spaceparallax] 26/10/2011 14:49

up we go again

[liarspoker] 26/10/2011 13:25

In profit already. :O)

I love this value investing lark. Still massively undervalued imo and am happy to carry my stake into the delisting for the rather large divi. :O)

[spaceparallax] 25/10/2011 13:29

interesting recovery in share price - majors trying to mop up free float

[liarspoker] 20/10/2011 11:50

I've been doing a fair bit of research on JCR. I think the rumours that the company needs cash could be quite unfounded as Owners Earnings have increased year on year as follows:

2007: GBP 807K
2008: GBP 910K
2009: GBP 934K
2010: GBP 1,205K

H1 2011: GBP 280K

True net operating cashflow less capex tells a different story:

2007: GBP 573K
2008: GBP 488K
2009: GBP 948K
2010: GBP (463K)

The usual caveats apply to these figures of course.

I see the problems of the company being temporary though they might last a while. In the meantime the company grows organic market share as competitors cease trading and JCR can pick up assets on the cheap ( from those companies gone bust ).

Edit: I find these shares incredibly cheap and have fair value of around 48 - 64p on them. No way a private company, in this condition, would trade this cheap imo.

[yorkshiret] 17/10/2011 13:33

Noticed today's RNS stating that the Hodgsons have now passed 12%, which prompted me to do yet another internet search in the vain hope of finding something.

I found that they have also been recently acquiring shares in a company called Cheerful Scout Plc, which appears to be a digital media company with a £2m turnover:

[davydoo] 12/10/2011 12:54

Davidosh, I am awaiting a call back from my SIPP providers technical team re holding non quoted holdings in my SIPP, as I am tempted to buy here, and just how dividends and eventual sales proceeds may be processed, I will share with the board when I know. (this is only because I'm a long way from retirement and can take a long term punt wih all the uncertainty that would come with buying JCR now)

ISA's are not an issue as you can't hold AIM shares in ISA's anyway, although I encourage anyone to sign this epetition to allow AIM shares within ISAs;



Perhaps if that had been allowed previously JCR would have been more liquid would have had a wider shareholder base and would not have been able to delist.

[spaceparallax] 12/10/2011 12:48

Harr,

I agree with your view on sitting tight.

[harrogate] 12/10/2011 12:39

I can understand the perspective from everyone here and no one was more shocked than me at the delisting. However whilst I could campaign vocally against directors and the motives for their actions my only aim now is to maximise the eventual return from my investment.
I have taken the view that this is best done by not selling at the current price and having faith that the downside risk of what can happen as a private shreholder is worth taking given the current market cap. If this business was sold I am sure it would be at a multiple of the current market cap

In fact I intend (I think) to vote for the delisting now since if it didn't go through it would be detrimental to the reputation of the management as far as the key customers are concerned( I appreciate that the reputation amongst PIs has already been destroyed) and therefore the best chance of maximising value is to get this over with and get down to business. I understand that industry blogs and chatrooms are already full of stuff about what it might mean and if the company is in trouble etc

Looking at the sell yesterday at 8p it would seem to me that if they had wanted to the directors could have had many more than the 90,000 that the MD picked up and so I think that purchase was a sign to outsiders from the MD.

I also think that the posters who are stating categorically that the delisting will be the start of a terminal decline in value for small shareholders and scaring them into selling could be doing them a disservice ...surely selling at 8p - 10p can't be worth it. I would recommend that anyone who wants to find out more should call the board and hear what they have to say. I did and that has helped me form my view.

[spaceparallax] 12/10/2011 12:21

Fair enough Davi - I was thinking more as a PI