Manx Financial Share Discussion Threads

[castleford tiger] 08/4/2014 08:50

AGM day.

Tiger

[dleftpalt4] 27/3/2014 22:52

Further evidence of the favourable trading conditions for MFX is demonstrated by the recent results from S & U. Highlights set out below:

S&U, Britain's foremost niche home credit and motor finance provider, today announces its preliminary results for the year ended 31 January 2014:



Key Financials:

· Profit before taxation up 21% at £17.3m (2013: £14.2m)
· Earnings per share up 22% at 113.2p (2013: 92.6p)
· Revenues up 11% at £60.8m (2013: £55.0m)
· Proposed final dividend of 24p (2013: 20p); total dividend in respect of the year increased to 54p (2013: 46p) up 17%
· Strong balance sheet:
o Net assets increased by 14% to £69.4m (2013: £61.1m)
o £15.0m additional medium term borrowing facilities arranged during year
o Borrowings increased to £32.4m (2013: £20.6m); group gearing still conservative at 46.6% (2013: 33.7%)
· Divisional highlights:
o Motor Finance profit before taxation up 42% to £11.5m (2013: £8.1m); driven by 26% revenue growth and record collections quality
o Home Credit profit before taxation slightly down at £5.8m (2013: £6.1m); improved performance since H1


Operational Highlights:
· Group annual collections up over £10.0m on prior year; Home Credit stable and Motor Finance up 26%
· Further 47% increase in Motor Finance advances this year with continuing good trends in collection quality
· Home Credit; fourth quarter loan advances up 8% on last year and 2 new branches opened in the year
· Motor Finance; growth of £20.0m in net receivables and further expansion planned for 2014/15

[dleftpalt4] 27/3/2014 22:47

Hopefully we have hit the bottom & a recovery is underway. see below buy recommendation on BritishBulls website:

MANX FINANCIAL GROUP
BUY
Last Pattern:BULLISH HARAMI
Last Close:14.0000 Change:+0.3750 Percent change+2.75% 6 mo.Rating4★£100⇨173.8012 mo.Rating3★£100⇨209.4024 mo.Rating2★£100⇨260.83Signal Update Our system's recommendation today is to BUY. The BULLISH HARAMI pattern finally received a confirmation because the prices crossed the confirmation level which was at 13.6875, and our valid average buying price stands now at 13.7125. The previous SELL recommendation was issued on 2/27/2014, 28 days ago, when the stock price was 18.2300. Since then MFX.L has fallen by -24.78%.Market Outlook Let's jump on our white horses and go for a bullish ride. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. Most probably, it is the right time to participate in bullish fervor. The market is telling you about a new profit. Do not miss this bullish opportunity.

[trav5] 18/3/2014 18:59

I cannot attend the AGM and would appreciate anyone that can bringing up this sub ject however I will also write to the Company.

[gears] 17/3/2014 23:00

Thanks Trav5 I just checked too. Thats a lot of warrants on top of the interest.

[castleford tiger] 17/3/2014 19:52

Maybe the question can be asked at the AGM.

There are limits to what % can be held and how many shares can be issued in a financial year.

anyone going to the AGM who can sort this out and then we can discuss how cheap the shares are if they make 2 million this year.
I have a target of 1 million at half way point giving EPS of 1p after 6 months.

Tiger

[trav5] 16/3/2014 19:29

Tiger, Could you expand there are 36.6 million warrants exercisable at 6p ie it gives the Directors the right to purchase shares at this price at anytime during the course of the loan and the company will have to create these shares hence the dilution. You then have the convertable loans which total approx 3.4 million. 1.7 million convertable at 4p and the remaining 1.71 million at 9p. The company again will have to create these shares. You want a board that jeasoulsy guards the companies equity for the benefit of shareholders. Not a board diluting shareholders for their own benefit!

[gears] 14/3/2014 14:08

This needs sorting & could be holding back buyers?

[m1keg] 14/3/2014 12:18

Tiger,

If the bank pays back the loans, first one due in 2015 I think, do the conversion rights die at that moment. Is this the same for the warrants or are they given as a gift of the loan in the first place?


Cheers
Mike

[castleford tiger] 14/3/2014 12:07

I have. They cannot be converted as the company can only increase its share capital by 10% a year.

.

Tiger

[loobrush] 12/3/2014 20:49

I agree that the conversion rights are overly generous and if you look at Plethora he has some there too, probably has in all his outfits. I sold out at the recent high as I was worried about these being converted. Someone needs to ask the question !

[gears] 12/3/2014 20:38

Trav5 on the website the date of AGM is 08/04/14. Mr Mellon usually takes questions from shareholders. Not sure if Smithie is a holder but you would be eligible. Be aware though that anybody could have bought shares at the conversion price at that time in the open market.

[trav5] 12/3/2014 19:47

Further to my above post I may write to Mr Mellon and ask for a breakdown of what the true cost of these loans will be for shareholders and why the board considered this to be in shareholders interests. IMO they received a fair interest rate for taking little risk bearing in mind their knowledge of company. The added extras appear unnecessarily generous. What is the opinion of other investors? Smithie I am already aware of your opinion although you do not appear to be invested.

[trav5] 12/3/2014 19:20

I am investor here and the directors made loans to the company and received in their words the market rates of interest of mainly between 7% & 9%. However, they also attached to them IMO some extremely generous conversion terms and a large number of warrants see page 42 of the annual report. When these are exercised it is going to lead to some significant dilution. I might add I was not aware of these when I invested my own fault for not reading the small print buried on Page 23 of interim report when I invested. You do have to question the boards attitude towards their shareholders and the term "greedy bankers" comes to mind!

[gears] 12/3/2014 16:03

Still would like to see any Director buying. This would build confidence again.

[castleford tiger] 12/3/2014 09:54

SMITHIE.

At the time the share price was 4 to 6p.
You are also aware that he cannot buy those shares.

You should also be aware that if he or any director is selling then they will /must notify the market.
I have not seen a RNS have you?

Furthermore why sell at 15 when the market was 18.5 to sell a few days ago.
There is clearly a seller out there at the moment and I am surprised the share price has broken the support.
That said taking a balanced view there will e those looking for a quick profit after a very strong run up.
I see the company making close to 2.00 million this year and giving an EPS of 2p so at 14/15p the shares are too cheap.
However the price pressure may continue but will no doubt lead to an amazing buying opportunity going forward.
If they can add further business to the group I think we can get to between 3 and 5 million profit per annum.
I think further rapid expansion cannot be ruled out and as such I remain a holder and a buyer.

Tigr

[smithie6] 11/3/2014 12:07

Share price collapsing today...

maybe your exec. chairman Jim Mellon selling shares like no tomorrow....

to then convert loan notes to shares at ...


4p !!


Wharghhhh !!

Sell at 15p and buy at 4p !!!

Easy money !!



----

MFX shareholders....

Muppets !!!

Keep those trousers around your ankles.....your shafting may last for a number of days or weeks ! Ouch !

[smithie6] 11/3/2014 12:05

Jim Mellon
exec. chairman
from prelim annual accounts

"Our share price opened the 2013 year at 6 pence. This reflected a market capitalisation of approximately GBP6 million, and a discount to our net asset value of 26%. "


'so I filled my boots with the company shares....via conv. loan notes

and the shareholders let me !! wharghhhh !!

I'm larfing all the way to the bank !!

shame for the shareholders, ah well. '

[castleford tiger] 07/3/2014 15:33

No I disagree. Its on support no less than 16p to sell and them BOOM.............

Tiger

DYOR

[gears] 05/3/2014 12:09

A bit of Director buying should steady the ship.

[loobrush] 05/3/2014 08:55

I think it will struggle for a while as had a good run and I expect it to drop back quite a bit from here until next results are forthcoming. I'm out for now.

[castleford tiger] 05/3/2014 08:50

A pause before the next leg up?

Still looks a great buy to me and I am sitting tight till I see the 20p for starters.

tiger

[gears] 27/2/2014 08:28

The outlooks positive so lets wait for more news. 2p would be about right but who knows we may beat it.

[castleford tiger] 27/2/2014 07:16

Yesterday was dragged down by a few sellers on the back of a strong run.
I agree the price should now move on.
Looking at profit in 2nd half x 2 gets us well on the way to 2 million.
Growth in other divisions should also help.

It also looks as if we will try and bolt on good fitting companies now we have a more realistic share price.

this certainly has turned round very well and tax losses again to come this year mean that EPS may well be 2p.

I agree it remains very good value but that said we are not going to have the % growth 4 to 18p but 30p by the end of the year looks possible.
Those in early looking to exit now may hold us back until new investors see the growth potential here.

Tiger