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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mcb Fin Grp. | MCRB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 122.50 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 122.50 | 122.50 |
| Top Posts |
|---|
Posted at 14/12/2014 10:00 by xenawarriorprincess Did a google search a few days ago and nothing new came up - now all of this - I wonder which bondholder provisions they wish to waive and why?"MCB Finance Group plc – Invitation to Teleconference for Bond Investors 04 Dec MCB Finance Group plc and MCB Treasury AB (collectively “MCB”) invite the holders of the asset backed fixed rate notes with ISIN SE0004489672 and SE0004950350, and the holders of the subordinated fixed rate notes with ISIN SE0005100567 and ISIN SE0005100575 issued by MCB Treasury AB and MCB Finance Group plc respectively to a teleconference. MCB has via the agent CorpNordic Sweden AB on 27 November 2014 initiated written procedures and requested conditional waivers from the noteholders. The waiver relates to provisions in the terms and conditions for the notes relating to a potential change of control and de listing of MCB Finance Group plc, and is made following an a preliminary approach by International Personal Finance Plc (“IPF”) relating to a possible cash offer for MCB Finance Group plc. There can be no certainty of an offer being made for MCB Finance Group plc by IPF, nor as to the terms of any offer. On the conference call CFO Paul Aylieff will present the waiver request in detail and participants will be given an opportunity to ask questions. The teleconference will take place on Monday 8 December 2014 at 15.00 CET and the telephone number is: +46 850556480 PIN code: 87493789#" |
Posted at 14/12/2014 09:38 by xenawarriorprincess Press attention - whatever next?Okay the story is a week or so old, but some attention is better than no attention at all, Irish Times from 5th December 2014. I'd actually forgotten that Dermot Desmond has been gradually building his stake over the years, and from memory the relationship from Rietumu Banka has been largely (if not wholly) superseded by the bonds. "MCB Finance, an AIM-listed consumer finance company that is 26 per cent owned by Dermot Desmond, has received an acquisition approach from International Personal Finance (IPF). Founded in 2006, MCB offers flexible loans to consumers in Finland, Latvia, Lithuania and Australia under its Credit24 brand. Shares in MCB went from 50p to 80p on the news, valuing the company at £9.29 million (€11.7 million). The company notified shareholders of a cash offer to buy the business by IPF, a FTSE 250-listed home-credit business with a market capitalisation of £1.1 billion on November 18th. IPF, which has operations in eastern Europe and Mexico, said the proposed acquisition of MCB would “accelerate the development of IPF’s digital lending business”. Footprint “In addition, it would increase IPF’s geographical footprint with a proven business model in a manner that is consistent with IPF’s declared strategy,” IPF added. The board of MCB, which is chaired by veteran venture capitalist Dr Anton Mayr, said it was “engaged in preliminary discussions with IPF, and further announcements will be made as appropriate”. MCB said as the acquisition approach was only preliminary it planned to continue “refinancing discussions with principal shareholders, with bondholders and with potential new investors”. It said these discussions had begun before the approach as the company hoped to do a new equity fundraising and refinance its senior and subordinated debt facilities before they mature on March 7th next year. Mr Desmond has been a long-term investor in MCB via an investment company called IIU Nominees. Since 2008 IIU has increased its stake in the business from 10 per cent to some 26.29 per cent. Mr Desmond has a long history of successfully investing in financial services businesses, often with a technology edge. He founded National City Brokers in Dublin in 1981 and is also a large shareholder in Latvian bank Rietumu Banka. Credit facility MCB said in a stock exchange announcement in 2012 that Rietumu provided it with a €17 million revolving credit facility. “The relationship between the company and Rietumu is long-standing, the banking facility having been in place with Rietumu since September 2007,” MCB said" |
Posted at 13/12/2014 10:56 by xenawarriorprincess These are the holdings declared to dateSmec Ou.................. H Nilert.............. P Duleyrie............ Europanel A B (Jan Lindblad)..........7 Altius Finance (D Malamatinas)........ M C Global.............. Concept T'ees (Padium Kapital)........482, Swedbank Eastern Europe Equity........298,33 H C Allen............... R Ryhanen............. W Nilert.............. IPF................. Total............... Only the Swedbank RNS of 12th December actually appears on the company website. Still missing are "The Three Amigos!" - IIU Nominees Limited 26.29% (Dermot Desmond), P Lorange 4.77%, and Hansa Eastern European Equity 3.01% - their total is 34.07%, meaning that with them 94.94% of the shares should be accounted for. Details of the three absentees are as follows:- IIU Nominees Limited, principal vehicle for Dermot Desmond - Irish billionaire, with numerous business interests, known as "The Kaiser", also owns 33% of Latvian Rietumu Banka, dealing with high end clients in the Baltics and Eastern Europe, on 14th June 2013 increased his shareholding in MCRB from 14.59% to 26.29% paying about 85p per share; I'm pretty sure he would know the rules under the Takeover Code backwards, forwards, sideways etc... Peter Lorange - former President of the International Institute for Management Development Zurich, where he was Professor of Strategy and was the Kristian Gerhard Jebsen Chair of International Shipping. He was also The William H. Wurster Professor of Multinational Management. Owns his own shipping company, and sits on the boards of several international shipping companies. A CV far too long to repeat. 4.77% shareholder, I'm pretty sure he will have leafed through the Takeover Code once or twice during his business career. Hansa Eastern European Equity Fund - 3.01% - Part of Hansa Life Insurance, Lithuanias largest life insurance entity, and which in turn is owned by Hansa Bank. Swedbank is a strategic investor in Hansa Bank so we may get an RNS from them soon - or maybe not. Quite why "The Three Amigos!" are so shy about disclosing their current interests I'm not sure. One could speculate. Anyway ticked up 3.5p last week to 83.5p, lets see what happens by 5.00pm on 16th December. |
Posted at 29/11/2014 12:48 by xenawarriorprincess MCRB's finance costs for the first 9 months of the year were €5.196M. for a full year this equates to €6.928M or £5.542M.As net borrowings are €42.781M this is equivalent to a net borrowing cost of 16.19%, close to the 18% they pay on the bonds. IPF have borrowed on their bonds at 5.75%. If MCRB could borrow at the same rates then they could save roughly €4.469M per year in interest charges or £3.57M. If all this money simply fell to the bottom line then PBT would increase from €2.367M to €6.836M or £5.468M. Net income attributable to shareholders for the 9 months was €1.545M or 8.7c per share. I guess what I'm trying to say is that if they could refinance the bonds at around 6% then this would be a ridiculously profitable company. They would pay more tax but income attributable to shareholders would increase to something like €5M or £4M, putting them on a p/e of 3. MCRB, of course, are considering a more complicated arrangement for financing the bonds, involving debt, new investors and equity from existing shareholders. Obviously as yet no agreement has been reached between the big players. At 481p IPF is on a p/e of 13.5. Brokers are generally favourable with price targets between 530p to 640p, although PG and Liberum are negative. MCRB, if it were able to borrow at the same rates as IPF were to be valued on the same basis as IPF then the share price would be 308p, or thereabouts. Of course IPF is sitting on £80m cash, equivalent to 8% of the share price, and is a much bigger company, valued at £1Bn. But MCRB has the technology, making its operations super efficient, and cutting out some of the agencies and door to door collectors would in time make IPF more profitable, and enable them to graduate to a more "sophisticated" type operation. I'm not sure IPF would go as high as 300p, although it could be worth more to IPF as IPF not only get their hands on proven technology, but also new markets, an operation with much lower delinquencies and see off a potentially much more efficient operator. IPF would want to get in as cheap as possible, I'd be disappointed if it was anything less than 150p (notwithstanding the shares are only 80p now and 53p when the potential bid was announced). But they have to balance the possibility of MCRB having difficulty refinancing, thereby getting the company cheaply, with the problems it could cause if MCRB did refinance and they then have a super profitable, well financed, high tech competitor in their main markets, and being a number of years away from rolling out an efficient and sophisticated internet based system themselves. Only MCRB management and possibly major shareholders know how the debt negotiations are going. No doubt IPF are trying to find out prior to pitching their formal offer, if indeed it comes, and are probably in direct negotiations with major shareholders in any event. Dermot Desmond a major (28%) holder can drive a mean bargain - he bought City of London Airport for £23M around 1995 and sold it 10 years later for a rumoured £750M! So I think we are probably in safe hands so far as any negotiations are concerned. The potential bid, and actual bid itself, if it comes, may in itself jazz things up quite a bit, so if debt negotiations had stalled the parties may now suddenly see matters in a different light. Looking forward to the next couple of weeks. |
Posted at 23/11/2014 10:02 by xenawarriorprincess Certainly overlooked - but in recent years MCRB has acted almost as if it was a private company - with RNS's few and far between, and has not courted publicity.Indeed in 2014, until the latest set of announcements there had only been 7 RNS's all year - all dealing with such "dry" matters as accounts, the AGM and annual report. I know that RNS's cost money, and that some companies seem to issue them for almost no reason (and they're not necessarily the best companies), but MCRB do seem almost to avoid publicity. For example they launched a mobile app in Finland in June 2014, and Creditline was launched in Latvia in October 2014. Creditline has proved to be a money spinner in Finland and has outperformed expectations, but you wouldn't know it had launched in Latvia unless you trawled through the latest quarterly update. And to find out about the mobile app you would have to translate the Finnish website. Mobile apps seem to be a bit of a buzzword at the moment - but MCRB seem to want to keep their progress in this area fairly quiet. The latest investor presentation detailed exciting expansion plans - for mobile apps, the extension of Creditline and Sving into new markets, plans for deposits etc. Those plans may have been somewhat delayed due to funding issues, but there has been no update to the presentation in over a year. So they've been acting a bit shy. Which hasn't done much for the share price. Anyway - enough of that. It would certainly make sense from an IPF point of view for IPF to take them over, I guess it is all a question of what Smec and Dermot are prepared to accept, and whether they can all agree a deal. I've always had the impression that there is some rivalry and disagreement between Smec and Dermot, and that neither of them are too happy with the Board, but that maybe neither can agree on replacements for the Board either - so they've ended up continuing with the same management team. So maybe now IPF have come in, even if they don't end up taking MCRB over, the end result could be that things will get stirred up quite a bit, and that sleepy MCRB will never be quite the same again. In fact if IPF do make an offer I wouldn't be at all surprised to see at least one further offeror entering as well, once it becomes known that MCRB is in play. Certainly there must be sizable local financial institutions would want to get access to the products and technology which MCRB have developed over the last few years. So I await the next few weeks with interest - as you say its almost Xmas! |
Posted at 22/11/2014 21:08 by geraldton1 Xena- this one has definitely been an overlooked/neglected share over the last few years. The last set of results actually looked pretty good. As you say they do need to refinance but they've developed a robust online product which surely has to be the future compared to old school knocks on the door for payment. I doubt Sanlam have put any numbers out for mcrb for ages and the last Edison note is pretty dated. If I was a betting man (which I guess we all are!) I'd say a bid looks pretty likely as it does suit both parties. Ipf want bolt on growth and mcrb is sub scale in plc terms so has little following from private investors/institutio |
Posted at 08/4/2013 18:48 by xenawarriorprincess Is this share about to wake up?We're at 86.5p now, and trading activity (most unusually) seems to be picking up. Between September 2012 and February 2013, there were between 4 and 6 trades each month. March 2013 there were 9 trades, this month, so far, 7 trades, almost averaging one each day! The nature of the trades is also interesting. In March we had roughly 25K sells and 14K buys. The price rose from 75/85 to 80/87. In April, thus far, we have had 36K sells and 6K buys. The price has risen from 80/87 to 83/90. Indeed todays sells were achieving 85p, whereas the small amonut of buying was at 89p. I've got the distinct impression that the MM's are happy to buy up fairly substantial sells, 10K/15K, without dropping the price, whereas a fairly small buy tends to get the price going up, not always, but often. The sells also tend to be for a nice round sum 2K, 3K, 5K, 7K, 10K, 15K, whereas the buys tend to be for odd amounts. That would fit a pattern of someone gradually off loading a fairly decent holding, and smaller private investors buying in smaller trades, with MM's mopping up the difference. For the time being the MM's seem happy to hold ever larger numbers of shares, (albeit a fairly modest amount) so maybe they are waiting for something. Annual Report, with no surprises, due soon, first quarter figures, due around 10th May. If past results are anything to go by then they should be good - in fact not just good but excellent. Hints were given in a recent RNS of expansion to a 6th country. This is possibly the best, most overlooked share on the market. All IMHO, DYOR etc Xena |
Posted at 28/2/2013 16:24 by snadgey Results announced on MCRB Website: |
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