Kingspan Share Discussion Threads

[dubmark74] 30/7/2009 19:51

Whats the story here today? Is this NAMA related?

[lbo] 29/7/2009 17:11

Your comments just confirm you don't do your homework! And yes indeed what would Brendan Murtaghs Howard holdings have to do with Brendan Murtaghs Kingspan holding! LOL



Brendan Murtagh pledged his entire shareholding against bank loans. Those shares are now worth almost €12m, having been valued at up to €113m at the peak

[djderry] 28/7/2009 18:58

So how come you don't detail,for instance,every British or French or Swaziland business failure under the threads of all the British,French or Swaziland headquartered companies in the world? Let's give the page a title: Strange,tenuous links which have almost nothing with which to link them.Catchy,ain't it?

[lbo] 27/7/2009 08:35

The UK arm of Irish property development firm Howard Holdings PLC was wound up in the High Court on Wednesday.

[lbo] 27/7/2009 08:31

With no buyer in sights yet, Brendan Murtagh's alternative telecoms provider Smart Telecom is in trouble with the holders of its bonds.

[mveseyx] 10/7/2009 17:08

Whats the concensus here? 4 euro the new resistance? Heading towards 3?

[lbo] 10/7/2009 11:45

Kingspan forecasts incorporate a very challenging trading environment
for 2009 and 2010 with our EPS estimates of 19c and 17c below market concensus forboth years. Trading on 17x our below consensus 2009 EPS estimate

[lbo] 06/7/2009 23:09

Accounting body queried 11 large plcs



The Irish Auditing and Accounting Supervisory Authority (IAASA) reviewed the accounts of 13 leading Irish publicly quoted companies last year.

Of the 13 companies reviewed, the authority raised issues with the directors of 11 companies. The 11 companies with which the authority corresponded were Bank of Ireland, Ryanair, C&C, DCC, Oglesby and Butler, AIB, Anglo Irish Bank, CRH, IAWS, Kingspan And Waterford Wedgwood.

C&C Group and DCC were the subject of both a full review and a follow-up by the authority.

[benny62] 06/7/2009 22:58

If Metecno in US is another astute investment !!!!!!then another can of worms will open up....Metecno historically has been a cat with at least 9 lives..

[lbo] 06/7/2009 10:31

Murtagh in talks over €200m Polish land lawsuit

[lbo] 29/6/2009 07:56

Businesswoman Eileen Monahan is taking a multimillion euro legal action against Kingspan founder Brendan Murtagh and two other shareholders in property firm Howard Holdings.

[lbo] 26/6/2009 11:17

Planning permissions fall 24pc in Q1


The number of planning permissions granted for new homes fell by 23.7pc in the first three months of this year compared to the same period in 2008, the latest figures from the CSO reveal.

[lbo] 24/6/2009 12:47

Davys today slashed its earnings per share forecast for insulation materials and wooden framed housing firm, Kingspan. It has forecast a peak-to-trough decline in Kingspan's earnings of around 80pc. "As pointed out previously, Kingspan has an above-average exposure to new build, particularly new build non-residential. The adjustment to our Kingspan forecasts follows fresh evidence that construction activity remains depressed across the continent. Euroconstruct is now forecasting that 2009 will result in the biggest yearly decline on record (7.5pc) in European construction activity. Closer to home and from a Kingspan perspective, SIG's recent profit warning was clearly of some relevance." Shares in the firm fell by 4c to E4.00.

[lbo] 23/6/2009 13:11

KINGSPAN GROUP plc founder Eugene Murtagh is suing a leading international bank claiming it failed to disclose the "utterly unsuitable" nature of a €24.8 million investment which resulted in a loss of €3.8 million for him.

Mr Murtagh, Kingscourt, Cavan, has brought his proceedings against Merrill Lynch International Bank Ltd, Treasury Buildings, Lower Grand Street, Dublin, claiming breaches of various regulatory duties imposed on the bank under investment legislation.

[lbo] 22/6/2009 11:54

Murtagh's misery



These are tough times for Kingspan co-founder Brendan Murtagh. The Cavan businessman has seen a few investments head south. He is not alone, but he was fortunate to have a very valuable stake in Kingspan to enhance his investment war chest over the years.

But, having pumped somewhere close to €20 million into Smart Telecom, the company is in big trouble. Murtagh and his sons invested around €12 million in the venture in its original guise.

In late 2006, it emerged that Murtagh had been writing cheques to keep the company alive for over two months at an estimated cost of around €6 million. He lent Smart €2.4 million, and guaranteed a further €23 million in loans for the company. In recent weeks, the new Smart has breached its banking covenants, and the future does not look very bright.

Howard Holdings, the investment and property development group he backed, has also had some banana skins in recent months. It bought 80 per cent of Coventry Airport for around €14 million in 2006. It invested a further €6 million in the business. Coventry lost the two low-fares airlines that had been using the facility and has turned into a freight-only airport. Its owners put it up for sale a few weeks ago, but a buyer has yet to be found.

The airport was a relatively small venture for Howard Holdings, which says on its website that it has €4 billion worth of projects and investments under development. Unfortunately, it is not possible to get up-to-date accounts from the Companies Office, so it is not clear just how things have been going.

The most recent accounts for Rushbrook Property plc, formerly Howard Property, cover the period to April 2006 and were filed with the Northern Ireland Companies Office in May 2008.The company is on a strike-off list.

The 2006 accounts show that it made a loss of £1million on a turnover of £22 million in the year to April 2006. It had total assets of £47 million and net current assets of £4.5 million. Creditors falling due within one year amounted to £42 million.

Howard Holdings plc's latest accounts cover the period to April 2007 and show that turnover fell from £22m in 2006 to £6.4m in 2007. Loss before tax was £1.4m, net cash outflow was £1.8m compared to a positive cashflow of £15m in 2006. Development assets amounted to £47.2m.

The group has been involved in a number of major international projects in Ireland, Britain, Poland and Spain. In Britain, it bought the Whitgift Shopping Centre in Croydon along with Anglo Irish Bank back in 2006, for an estimated £250 million. It completed the Lapps Quay €130 million development in Cork in 2005.

The 2006 accounts say that the company, at that time, was doing business with eight banks, including Anglo Irish Bank, Ulster Bank, AIB, and Irish Intercontinental Bank.

Murtagh has around 6.6 million shares out of Rushbrook's 26.2 million shares, giving him around a 25 per cent stake. Meanwhile, his shareholding in Kingspan, once valued at €130 million, has now fallen to around €20 million.

[lbo] 18/6/2009 11:19

Yeah Benny. A 34 per cent reduction in sales during the first four months of 2009 is not looking good!

Rats deserting a sinking ship?

Kingspan Group reveals executive changes





FEWER than 2,000 new houses were registered in the first five months of this year compared with almost 8,000 in the same period last year, figures from the Construction Industry Federation (CIF) have shown

CIF: Build slump is worse than we though

[benny62] 17/6/2009 15:10

LBO There could be a fire sale here very soon.....Smart wont be only company breaching covenants when this years turnover is disclosed......this company could be picked up very cheap shortly !!!!!!!!!!!

[lbo] 17/6/2009 14:13

THE PARENT company of Smart Telecom has breached financial covenants with lenders and is currently relying on extra funding provided by bondholders to remain in business, according to accounts just filed.

[lbo] 14/6/2009 21:16

Smart engaged with backers over its future



Smart Telecom is backed by Cavan businessman Brendan Murtagh

[lbo] 11/6/2009 13:06

Kingspan co-founder sells half-a-million shares to raise €2.4m

[djderry] 10/6/2009 18:42

I know that LBO's incessently pessimistic posts can be quite grating but I would defend his right to put forward his views.It serves as a sounding board for other's views.(That's not to suggest that I agree with him.However,had I listened to him a bit more,or perhaps should I say,if I had delved a bit into his diatribes regarding Anglo,I might have saved myself many tens of thousands of euro.......)

[lbo] 08/6/2009 10:23

Construction sector continues decline

[lbo] 03/6/2009 21:52

Irish construction 'depressed' - Wolseley



It described the Irish construction market as "severely depressed" with activity levels over 70 per cent lower than at the same period a year ago.


ODCE 'concerned' over directors' loans



The Director of Corporate Enforcement, Paul Appleby, has expressed concern about a four-fold increase, to €134 million, in illegal loans taken out by directors of Irish companies.

He said the rise in excessive directors' loans, many of them in the construction sector, was extremely worrying and he wanted them repaid as quickly as possible.

[lochgarman] 03/6/2009 19:30

mveseyx....well said! well said!!

i couldnt have put it better myself!!!