Mbl Share Discussion Threads

[corbeta] 07/10/2010 20:10

.... "and consequently profits for the year to 31 March 2011 is expected to be materially behind market expectations." (sic)

How can they be so sure when the Christmas trading period is so important and
they have additional contracts with WH Smith and Best Buy?

[marben100] 07/10/2010 20:10

Yes CR - & thanks for helping management try to take this out on the cheap & shaft minority s/hs by constant deramping. I did have some respect for you at one time, but none now.

I suppose you think Graham Edwards is an idiot for spending around £1.5m buying shares in the last week?

[microscope] 07/10/2010 19:55

I think the 'cheap MBO' I suggested might happen is even more likely now.

Alun, do you still want to pay them more? ;)

[kimboy2] 07/10/2010 19:40

I wouldn't be disappointed if they were 39p tomorrow morning.

[jeffian] 07/10/2010 19:15

Oh dear. Maybe we're finding out why it's only been valued on a PER of 3x. One might hope the already-low rating might protect the share price from too great a fall tomorrow morning..........but I doubt it. When ETI was under the cosh last year its share price slipped to 39p despite eps of 30p! Brace yourselves.

I bet Mr. Graham Edwards is none too pleased with the timing of his 6.6% purchase!

(P.S. I wonder where that leaves the dividend?)

[langland] 07/10/2010 18:36

Absolute disgrace...to issue this 2 days after the last RNS and also to issue it at 17:56.

The AGM should certainly be lively.

[fmcalorum] 07/10/2010 18:35

Surely they will need to give more details next Monday! This all stinks!

[britgoneabroad2] 07/10/2010 18:24

And to think last month I thought this stock was boring... more interesting than an episode of the Archers !!!

What next..

[yump] 07/10/2010 18:21

That RNS absolutely smells only 9 weeks after a reasonably solid sounding finals statement. So I for one, only 20% believe it.

If its taken out with an offer before the interims, then presumably noone will be answerable if it suddenly shows a miraculous 'recovery', as that would be in the 'grey' area of 'errors of judgement'.

Doesn't issuing that after the review / offer statement put them somewhere into the authorities investigatory areas ?

[strollingmolby] 07/10/2010 18:01

A Dummies Guide to Launching a Successful MBO

Step 2 - Issue a dire trading update to force the price down so shareholders are then grateful for your lowball offer.

[chrisbrown71] 07/10/2010 17:22

I wonder if this is the site in Darwen. I can't find the building (maybe it didn't exist when the pictures were taken). But this business park is near the motorway and there are places up for sale/lease. There is also some empty land just to the east of the roundabout. Everywhere else in Darwen is very old fashioned.

[goonertone] 07/10/2010 16:42

How much of the price depreciation is down to uncertainty and how much is down to Trevor Allen's controlling stake.
Would Trevor make more money by diluting his stake to under 25%? Discuss.

GT

[fmcalorum] 07/10/2010 16:28

There is no doubt at all that MUBL is on the up!! and starting from a very healthy position!!

[davidosh] 07/10/2010 16:16

fmcalorum....Well spotted and that is the new purpose created fully automated unit that I really doubt we would commit to if there were any real worries about Morrisons or the general business of distribution disappearing overnight.

[fmcalorum] 07/10/2010 16:03

part of job add - Location: Leyland (Relocating to Darwen in 2011)

[goonertone] 07/10/2010 15:52

Still recruiting for new positions in this stagnating old world company.

GT

[goonertone] 07/10/2010 15:47

On the continuing subject of poor PR whilst searching around the net I stumbled on the website for Bishopgate communications who are quoted on all RNS's and are part of the PR team? They have MBL listed as one of their clients but cant even get the correct website for visitor to go and investigate the company.

Even if they did find their way there they would be bored as the last news item is dated December 09.

GT

[jeffian] 07/10/2010 15:12

There's the announcement of the major holding (click on link under 'News' in the header).

[goonertone] 07/10/2010 12:33

Although the chance of the AGM being a non event (eg hiding behind the closed period/in a review argument to any questions) has increased I feel more compelled to make the effort to trek up to Leyland than I did before all this came out.

GT

[aleman] 07/10/2010 12:09

I do not know what is going on behind closed doors but the windows and doors feel like they have been tight shut for the last nine months

(Remembering that I've only just bought a few after 2 years out and unfamiliar with recent shenanigans,) They seemed shut to me at the AGM in 2008. I find it funny that the last review result included plans for a single purpose distribution facility as this was planned for 2009. Acquisitions seemed a potential possibility then as well but they refused to discuss options. So to me it seems like they had a review which concluded what they had already decided in 2008 but I am unfamiliar with what has happened since.

Have those people upset by lack of communication been in touch with Peter Long? He's got some clout and he certainly didn't see eye to eye with the board at that AGM. He got the dividends he was after but one wonders what his views are on the current carry on. I presume he will be at the AGM. Will he be happy with the dividends he wanted or will he once again be suspicous of what the board are up to?

[marben100] 07/10/2010 12:08

Superb post, Davidosh. Thanks v much. Solid, profitable growth since 2004 really says it all. The market valuation of the business is ludicrous and IMO is where it is primarily due to awful investor communications and the market perception of inadequate non-executive oversight.

Mark

[shanklin] 07/10/2010 07:45

David

I have to agree that a 2nd Strategic Review is probably completely unnecessary.

However, if this is code for:
- we're going to lift the veil of secrecy on what's going on at MUBL
- the Directors making themselves more available to shareholders
- make serious efforts to get the share price up to a more sensible level, rather than (seemingly to me) focus PR efforts on minimising the SP
- aggressively seeking external bidders for the company

then that would be all to the good.

On the 2nd point above, and while PC did get back to me on the same day on the only occasion I tried to contact him... ...I have never been invested in a smallcap company where the FD is quite so inaccessible. Having left a number of answer phone messages for LC, on what I see as major issues e.g. the U-Explore acquisition, I have never even got a call back from someone else in the Finance Department, let alone LC herself.

This is not to say that I am unhappy with what's going on operationally, just that we have no explanation for why MUBL bought U-Explore and little guidance on what's going on in GMV and the other parts of the business.

Taken in isolation, given the EPS delivered in recent years, we should be looking at an share price of at least 6 to 8 x (the growing EPS) plus net cash, so getting on for £4 at the top-end. It would be good to see the SR deliver this in due course.

Cheers, Martin