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MCRB Mcb Fin Grp.

122.50
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mcb Fin Grp. LSE:MCRB London Ordinary Share GB00B1LD2G45 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 122.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

MCB Finance Share Discussion Threads

Showing 76 to 98 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
22/6/2013
19:13
Wow! The major shareholders are playing musical chairs again.

So the latest is that Mobile Credit Finland Oy 22.55% and Boxtel Oy 10.23% have sold out to Smec Ou 32.72%.

The transfer took place on 5th June, but the company was not notified until 19th/21st June, and it was RNS'd on 21st June.

MCF and Boxtel only acquired the shares on 19th February from the original holders MC Global, who at that time retained 441,389 shares or 2.5% of the company.

So it looks like the scenario was as follows:-

19th February - MCF and Boxtel acquire shares

7th May - AGM called

30th May - AGM - MCF and Boxtel vote against disallowing pre-emption rights and issue of more shares

5th June - MCF and Boxtel sell out to Smec Ou

14th June - Orient Equity sell out their 11.7% to IIU increasing their holding to 26.29%

18th June - OE/IIU RNS

21st June - MCF/Boxtel/Smec RNS

Current shareholdings are as follows/:-

Smec Oü 5,788,070 32.72%
IIU Nominees Limited 4,650,785 26.29%
H. Nilert * 1,228,222 6.95%
P. Lorange 844,021 4.78%
Philippe Duleyrie 803,961 4.55%
Europanel AB 740,000 4.19%
Conils Ltd 681,577 3.86%
Hansa Eastern European Equity Fund 533,333 3.02%

So what is going on?

Are all these transactions unrelated, or is more going on behind the scenes than us ordinary shareholders are aware?

Is Smec Ou just another vehicle for MCF and Boxtel (presumably it is, otherwise Smec would have to bid for the company), or entirely unrelated? MCF and Boxtel were clearly acting in concert re voting against the resolutions, and in the recent sale of shares. Have they fallen out with management, and decided to get out.

Is the IIU/Dermot Desmond purchase related to this or mere coincidence. Has there been a big bust up behind the scenes and/or is someone about to make a bid? Are the parties manoeuvering to create a position or spoil other shareholders positions?

Bearing in mind 86.36% of the shares are held by the top 8 3%+ holders (88.86% if MC Global still retains 2.5%) then room for acquiring more shares is fairly limited, unless one of the bigger holders sells up.

I'm not holding my breath when it comes to getting answers to any of these questions - but this is an interesting situation nontheless.

I for one do not want to be taken out when the underlying business seems to be doing so well.

The value in this company will become apparent in time one way or the other.

xenawarriorprincess
19/6/2013
18:38
It looks like Dermot Desmond is the man behind the stake building.

"31 January 2012

MCB Finance Group plc (AIM: MCRB.L) ("MCB" or the "Group") has a banking relationship with Rietumu Banka AS ("Rietumu") whereby Rietumu provides a €17 million revolving credit facility to MCB. The relationship between the Company and Rietumu is long standing, the banking facility having been in place with Rietumu since September 2007. The facility is renewable annually by agreement between MCB and Rietumu on 31 March each year and carries a coupon of 13 per cent. In addition Rietumu has an option to purchase 724,760 shares in the company at a strike price of 45p, expiring 31 March 2012.

Rietumu is a related party under the AIM Rules because IIU Nominees Limited ("IIU") has since February 2008 owned 1,856,521 ordinary shares in the Company, comprising 11.1 per cent of its issued share capital (9.5 per cent on a fully-diluted basis) and IIU is controlled by Mr. Dermot Desmond, who through Boswell (international) Consulting Limited also owns a 33.1 per cent. shareholding in Rietumu. Rietumu is not a related party under IFRS reporting rules and was not a related party when the banking facility was originally established.

The directors of MCB consider, having consulted with the Company's nominated adviser, Merchant Securities Limited, that the terms of the loan are fair and reasonable insofar as the shareholders in MCB are concerned."

RB acquired its shares via the option at 45p on 2nd May 2012 (after a time extension), IIU then acquired them in July 2012, price unknown - although the price spiked to 85p around that time.

IIU then pays 85p for the stake of Orient Equity a few days ago.

IIU is the primary investment vehicle of Dermot Desmond, Irelands 7th richest man, net worth $1.85Bn. Another 3.7% and he will have to bid.

xenawarriorprincess
18/6/2013
17:35
Current shareholdings as follows:

IIU Nominees Limited 4,650,785 26.29%
Mobile Credit Finland Oy 3,982,096 22.55%
Boxtel Oy 1,805,974 10.23%
H. Nilert * 1,228,222 6.95%
P. Lorange 844,021 4.78%
Philippe Duleyrie 803,961 4.55%
Europanel AB 740,000 4.19%
Conils Ltd 681,577 3.86%
Hansa Eastern European Equity Fund 533,333 3.02%


IIU snaffled the whole of Orients 12% holding - 2,069,504 shares.

In July last year they acquired the whole of RB Investments holding, 724,760 shares.

So in less than a year they've gone from 1,856,521 shares to 4,650,785 shares.

Interesting.

Xena

xenawarriorprincess
15/6/2013
09:55
It could be, of course, that the recent decline in the share price was caused by news of Orient Equity wanting to offload their stake.

The buy (sale) went through at 12.33, but the small upwards reaction in the share price didn't occur until 12.58.

If there was an overhang, and as the stake was bought at a premium, maybe the long term uptrend will now resume.

xenawarriorprincess
14/6/2013
17:37
Not me unfortunately!

As it is around 12% of the company there should be an RNS next week.

And they paid a premium - 85p, when the price was 72/82 77 mid, the trade sending the price to 75/82 78.5 mid.

As the trade was 2,069,504, I'd wager it was Orient Equity who sold, their holding was 2,129,504 - although there are 60K shares adrift somewhere.

(Edit) Brief research indicates that they became holders several years ago, steadily increasing to 12% around July last year. I wonder why they sold?

As to our new holder, no doubt all will be revealed shortly.

As for the dividend in 2012, which was quite juicy at around 4%, I'm not quite sure why they did that. Pressure for some return from a major shareholder perhaps? A bit odd when they were raising funds for expansion and haven't followed through this year.

There are probably a couple of months to go before the next quarterly report, but providing the underlying business is doing well I don't have too much of a problem with these big transfers of shares between holders.

Intriguing though.

Xena

xenawarriorprincess
14/6/2013
14:11
OK, own up... who's bought 2m shares then..?
snadgey
02/6/2013
19:01
Thanks for that Xena.

The Mobile Credit Finland Oy and Boxtel Oy voting does make sense when thinking back to the failed de-listing debacle.

Am equally holding for the long term (unless events dictate otherwise). The cost of borrowing via the Bond route is clearly more expensive to the company than the previous Bank loans. Should (as we expect) the company grow suitably in scale, then lending should become cheaper and hopefully cheaper alternatives will become available.

I don't really understand why the company paid out the dividend it did last year.... any ideas?? Haven't found any explanation (unless they are planning to pay one this year of course - but like you suspect not as nothing was mentioned in the Q1 announcement).

snadgey
01/6/2013
10:13
The 4 resolutions passed were voted 9444279 to 0.

The two not passed were 5788070 against, 3656209 for.

5788070 just happens to be the combined votes for Mobile Credit Finland Oy and Boxtel Oy.

These I believe were the original owners of the Credit24 brand, and they split the shareholding earlier this year. They seem, on this issue, to vote as a block. At the end of 2011 they owned around 45%. The original owners continue to receive a hefty licencing fee (something like £200K pa) covering the brand throughout most of Europe - presumably the ultimate objective is for Credit24 to cover all of Europe.

So the original owners do not want to be diluted, or presumably out voted on the issue of new shares. Presumably it was they who also indicated that they would vote against the company delisting a couple of years ago. Unless they change their minds minority shareholders should be protected from that eventuality.

But there does seem to be evidence of some discord between the original owners and present management.

The shares dropped 3p following the news (now 72/82, mid 77), but on just two minor sells.

As the company said earlier it would raise new funds by equity, bonds and borrowing presumably a siginficant equity fundraising is now off the agenda. Maybe that will limit expansion in the short term, and that could be a reason for the slight fall.

Having said that they have raised a not inconsiderable £25M via bonds in the last year or so. Maybe the original owners were concerned the company could expand too quickly.

Anyway trades in May amounted to 11, mostly sells, and the price fell from 77/85 mid 81 to 72/82 mid 77.

I'm not too bothered, as business still seems to be growing strongly. I'm quite happy to be in a company with only 17M shares. Dividends appear to be out for a few years, as this money will be required for investment. Quite happy to sit here and wait for the eventual rewards. Will top up as and when.

For completeness as at 21 February 2013, shareholders holding more than 3% of the share capital of MCB Finance Group were:

Shareholder Number of shares %

Mobile Credit Finland Oy 3,982,096 22.55%
IIU Nominees Limited 2,581,281 14.62%
Orient Equity Partners 2,129,504 12.06%
Boxtel Oy 1,805,974 10.23%
H. Nilert * 1,228,222 6.95%
P. Lorange 844,021 4.78%
Philippe Duleyrie 803,961 4.55%
Europanel AB 740,000 4.19%
Conils Ltd 681,577 3.86%
Hansa Eastern European Equity Fund 533,333 3.02%

xenawarriorprincess
31/5/2013
07:09
Yes, interesting the share buy-back. Personally would prefer they used the money for growth and then dividend - prefer the cash in my pocket if they don't know what to do with it!

Also a little ? over the failed resolutions they attempted to pass.

Sving does look interesting - be keen to see how this pans out...

snadgey
30/5/2013
16:19
A little bit of interesting news at the AGM today. All the standard stuff was passed including a special resolution power to buy back shares.

The special resolutions to issue new shares and disapply pre emption rights were not passed. It looks like some shareholders do not want their interests to be diluted. By putting the resolution presumably the directors thought they could get it passed.

Bearing in mind the vast majority of shares (something like 90%) are held by the top 10 holders, all with more than 3%, it looks like the directors misjudged the mood of some shareholders, a little similar to the debacle a few years ago when they were threatening to delist, which prompted a revolt.

I'll probably post a little more once we get the figures and try to work out who voted for what. Interesting nontheless.

Agree Snadgey, Australia looks like it is going places.

Sving also seems to be gathering a decent following in Latvia.

"30 May 2013

MCB Finance Group Plc (AIM: MCRB.L) held its Annual General Meeting today.

The following resolutions were duly passed:

1. Ordinary resolution to receive and adopt the directors' report and audited accounts for the financial year ended 31 December 2012.

2. Ordinary resolution to re-appoint Mazars LLP as auditors of the Company and to authorise the directors of the Company to fix the remuneration of the auditors.

3. Ordinary resolution to re-elect Paul Aylieff as a director of the Company.

6. Special resolution to authorise the Company to make market purchases of its own shares.

The following resolutions were not approved by the requisite majority of shares voting and were therefore not passed:

4. Ordinary resolution to authorise the directors of the Company to allot shares up to an aggregate nominal amount of £589,667.

5. Special resolution to disapply shareholders' pre emption rights on the allotment of the Company's shares up to an aggregate nominal amount of £265,350.

The total number of proxy votes exercisable by proxies validly appointed was 9,444,279. The proxy votes received on each resolution put to shareholders are published on the Company's website at www.mcbfinance.com."

I can't find the proxy vote numbers on the website, but no doubt they will appear in due course.

xenawarriorprincess
25/5/2013
16:33
Nice write up Xena.

They seem to be gaining confidence in Aus -

Credit24 offers Australians small personal loans up to $1,000 with repayment terms up to 6 months.

This has now moved onto:-

Credit24 will now offer Australians personal loans up to $5,000 with repayment terms from 6 to 24 months.

Terms seem quite competitive.

Looking forward to further company updates....

snadgey
01/5/2013
18:19
Edison have a research update out today (01/05/13):
dendria
14/4/2013
15:16
And whilst I'm on MCRB, the shareholder register is interesting.

86.81% of shares are held by the top 10 holders, all with more than 3%. Suggests these are very tightly held, and the free float is probably minimal.

Of course this can work both ways, but any real interest could have a dramatic impact on the shares.

There were some interesting transfers of shares in mid February, between some MC holding companies (not sure what that was about), but in early February one Peter Lorange increased his shareholding from 656K (3.72%) to 844K (4.78%) @ 78.5p making him now the 6th largest shareholder.

He appears to be an interesting chappie -

"Peter Lorange has had one of the most illustrious careers in academia. Having begun his career teaching at MIT Sloan School of Management and Wharton, he then went on to become President of BI, Oslo and then IMD, Lausanne. He retired from this last position in 2009 but instead of dedicating his time to golf he bought the GSBA, Zurich and renamed it the Lorange Institute of Business. You might conclude that he has quite a bit to say on leadership and you would be right. This is an excellent book."



"Peter Lorange


He is the owner and the president of the Lorange Institute of Business and one of the world's foremost business school academics. For 15 years, he was the President of IMD, Lausanne, one of Europe's leading business schools. Mr. Lorange is Professor of Strategy at IMD and holds the Kristian Gerhard Jebsen Chair of International Shipping. In addition to his academic background, Mr. Lorange has gained extensive shipping know-how as director on several shipping company boards. Moreover, he has written or edited twenty books and some 120 article. His area of special interest is global strategic management, strategic planning and entrepreneurship for growth."






Somewhat comforting to have him on the shareholder register and buying more.

xenawarriorprincess
14/4/2013
09:24
This is taken from the MCB website -

"MCB is currently active in five markets with a total population of approximately 35 million people. MCB will be expanding into additional markets in due course.

Finland

MCB Finance established October 2006
- Population: 5.4 million (2010)
- GDP: 178.5bn euros (2010 est.)
- GDP per capita: 32,100 euros (2009)

Estonia

MCB Finance established August 2006
- Population: 1.3 million (2010)
- GDP: 14.2bn euros (2010 est.)
- GDP per capita: 10,300 euros (2009)

Latvia

MCB Finance established September 2007
- Population: 2.2 million (2010)
- GDP: 17.8bn euros (2010 est.)
- GDP per capita: 8,200 euros (2009)

Lithuania

MCB Finance established January 2007
- Population: 3.3 million (2010)
- GDP: 26.9bn euros (2010 est.)
- GDP per capita: 7,900 euros (2009)

Australia

MCB Finance established September 2012
- Population: 22.6 million (2011)
- GDP: 13,700bn USD (2011)
- GDP per capita: 60,979 USD (2011)
Source: Eurostat, World Bank"

Clearly the expansion into Australia is a big deal, accounting for 60% of potential customers and a GDP per capita almost 10 times that of some of the other markets.

The MCB entered two markets in 2006, two in 2007 and one in 2012. Quite possibly the financial crisis of 2008 halted any then planned expansion further into Europe. The latest RNS hinted at further expansion into new markets (although it may be argued that Australia may count as a "new market").

Where is further expansion likely to occur?

Australia was an interesting choice. You couldn't get further away from the original 4 markets! Whilst it is larger than the original 4 combined, expansion to there made sense as it has a large wealthy population, with increasing GDP, and has been relatively immune from the world recession.

But expansion to the other side of the world only really makes sense if it is to be used as a springboard into new markets, rather than remaining an island market.

New Zealand (similar in populaton and GDP to Finland) would be an obvious choice, given the language similarities with Australia. Singapore, Hong Kong, South Korea, Japan, Tiawan all have decently large populations with significant GDP, well developed financial systems, and are "local" to the region. Of course the real prize would be China, if they were able to get a foothold there.

Does this herald a long term expansion into South East Asia, one of the engines of the world economy, and probably the fastest growing area in the world?

Only time will tell - but it is interesting that, at least for the time being, they appear to have rejected further expansion into crisis riddled Europe.

Looking forward to the update in May.

Xena

xenawarriorprincess
08/4/2013
22:04
Quite agree Xena. Have been nibbling at this one and noticed even my small buys have moved the price upwards.

We should start to see their investment in Australia paying off towards the end of this year/early next. Am keen to see how this is progressing as this market could be significant.

Results have a habit of surprising on the upside....

snadgey
08/4/2013
18:48
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

xenawarriorprincess
04/3/2013
17:24
Struggling to get above 80p.

Edison reports eps (prior to exceptionals) of 9p in 2012, and 16.9p in 2013, rising to 32.7p in 2014.

Australia break even is expected by end 2013, followed by strong profitability thereafter.

Will continue to top up as and when.

xenawarriorprincess
02/3/2013
17:02
Edison have released an update note (01/03/13).
dendria
28/2/2013
16:24
Results announced on MCRB Website:
snadgey
12/1/2013
12:41
The lack of a pre close statement at the back end of the year is a little unsettling, as we've had one for the last couple of years.

However since the recent issue of bonds they seem to have moved to quarterly reporting, so possibly rendering the pre close statement superfluous.

The 3rd quarter report of 12th November appeared to indicate that they were still firing on all cylinders.

Anyway I'm holding tight here.

Finals were around 7th February last year (nice and early!), although mid March the previous year, so not too long to wait til then.

Barring euro shocks etc should continue to do well.

xenawarriorprincess
11/1/2013
20:35
...perhaps not then!

Gradual rise keeping the chart intact though. Still greatly undervalued and unloved.

snadgey
24/12/2012
16:41
Pre-Close Statement due back end of this week...?
snadgey
12/11/2012
19:29
Edison have put an update note out today (Mon 12/11/12):



I don't hold as funds committed elsewhere for now but will look for a buying opportunity if I get one.

dendria
Chat Pages: 6  5  4  3  2  1

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