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MCRB Mcb Fin Grp.

122.50
0.00 (0.00%)
Last Updated: 00:00:00
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 101 to 118 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
22/11/2014
21:08
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/institutions. I hope they can thrash a meaningful price out. Good luck xena...after all these years of loyalty you deserve a good outcome..oh and it's almost Xmas :)
geraldton1
20/11/2014
15:35
Yes, I certainly agree that MCRB has, overall been a disappointment.

And I also agree that I would expect it to go for somewhere north of 100p.

The actual potential figure, I not sure about.

I think to IPF MCRB is worth well north of 100p, possibly up to 300p with the profit potential, new markets, access to working proven technology, and Sving. IPF appear to do most of its business through agencies and door to door, so the cost saving to be achieved by moving some business to an internet type operation would be very considerable indeed.

However MCRB are under pressure finance wise, and need to repay the bonds by early March, or refinance in some way.

So what they actually get is a different matter. Maybe I should be happy with 150p or thereabouts.

Obviously at the IPO Smec sold a large part of their holding at 130pish (can't remember the exact figure), and Dermot bought about half of his holding at 85p or thereabouts. So 85p I'd certainly say would be a floor, and maybe even 130p.

The "going concern" bit of the last set of accounts was actually qualified, with the accountants saying, if they couldn't refinance, they would be bust, so there is certainly some pressure on MCRB to agree a deal, and maybe for less than they think it might otherwise be worth.

Maybe I am being a bit sentimental, as I've been in MCRB something like 3+ years, and have built up (for me) a fairly substantial holding. A sale would give me an exit, at quite likely a decent price, whereas selling my holding in the market, given the lack of trading in the shares would probably be difficult, unless I took a big hit pricewise, or the volume of trades picked up markedly.

The business now appears very well run, but over the years the share price has been hit by the 2008 crash, the attempt to delist in 2010 (which the major shareholder blocked - something of a breakdown in communication there), and the expensive and fairly disastrous foray into Australia in 2012, which still hits the profits today, and what appear to be the overpriced bonds, which suck up much of the spare cash generated by the well run day to day business.

Anyway with Smec holding 32% and Dermot 28%, as you say, it is really up to them. And something like 90% of the shares are held by the other 3%+ holders.

So the remaining shareholders are small beer, but I await further developments with interest.

Xena

All IMHO, DYOR.

PS. Pleased to be no longer alone over here.

xenawarriorprincess
20/11/2014
07:10
XenaWP - Very good posts, you clearly know this business very well. I agree with all your points but the one thing I don't quite understand is why don't you want IPF to take it over? I can see why they can get better borrowing rates (so increasing the MCRB profits) but as you say the big shareholders hold the power. Its been a disappointment on AIM (floated at 150p) and it actually tried to delist a couple of years back or so. I can see a deal being agreed at north of 100p (pocket change for IPF but it gets them a good little business in new markets etc) - what are your thoughts? It makes perfect sense for both parties? But keen to hear what you think?
geraldton1
19/11/2014
20:22
Bit of rare publicity yesterday -

"StockMarketWire.com

MCB Finance Group has received a preliminary approach relating to a possible cash offer for the Company by International Personal Finance (IPF).

Its board was engaged in preliminary talks with IPF and further announcements would be made as appropriate. IPF has until 5pm on Dec. 16 to either to announce a firm intention to make an offer, or that it does not intend to.

Separately, MCB Finance reported a nine-month pretax profit of 2.4m euros, from a loss of 2.1m euros a year ago. Revenue was 26.7m euros, from 24.9m euros"

and

"MCB Finance Group (MCRB) has received a preliminary approach relating to a possible cash offer from International Personal Finance (IPF). IPF has till Dec. 16 to confirm an intention to make an offer, or not. MCRB also booked a nine-month pretax profit of 2.4m euros, from a loss of 2.1m euros a year ago. Its shares soared 22.86% to 64.5p"

Number 10 in the 52 week breakout list today.

Up 6% today on what appear to be 20K of sells, can't believe that the MM's would normally hold more than a few K of this very rarely traded stock.

xenawarriorprincess
18/11/2014
19:28
In fact looking at todays figures and taking a very broad brush -

Profit for the 9 months was €1.545M.

Financing costs (18%) were €5.196M. So if the financing costs were cut to 9% that would free up €2.598M of cash. If they were cut to 6% then that would free up €3.464M.

At 9% financing profits would more than double to €4.1M, at 6% they could go to €5M and that is just the last 9 months. Full year would be higher.

MCRB have said they are trying to refinance using debt, bonds and equity, but for IPF this is a steal, as once the debt is dealt with, they get a highly profitable, massively cash generating company, with up to date technology on which € millions has been spent.

All this presently valued at around £11M.

Hopefully MCRB can pull a rabbit out of the hat and not let all the hard work over the last couple of years go kerchinging, straight into IPF's coffers.

C'mon MCRB show us what you're made of!

xenawarriorprincess
18/11/2014
16:26
The market seems to approve as IPF is up 2% to 483p! Each 1% is equivalent to approximately £10m in market value.

A bit David and Goliath this one, but we all know who won that one, in the end.

At the least MCRB should get a bit of much needed publicity.

xenawarriorprincess
05/8/2014
18:45
Been meaning to do a post for a while - quite a bit going on behind the scenes I think. Will elaborate more later (probably weekend).

But results out today show eps of around 5p for the first 6 months of the year, around 90% of that generated in the last 3 months.

Has the company turned the corner? Is the latest quarter a one off, or the shape of things to come?

It appears that recent projects have been delayed due to financing issues. If they can sort out the high costs of their borrowings (presently around 18% pa), and recapitalise, then this company could generate some serious earnings.

xenawarriorprincess
03/5/2014
10:52
Annual Report 2013 issued earlier this week (30-4-14).

Nothing really new in there albeit the auditors were keen on emphasising that MCRB would need to refinance those bonds by March 2015 in order to continue to be a going concern.

Company still expect to be profitable in H1, directors got around €150K less last year due to reduced bonuses, and generally remained upbeat about prospects going forwards, and that future funding would be a combination of debt, bonds and equity.

Impaired loans were down significantly - by 11%, and thus credit quality up.

Directors seem to be on the ball regarding the financing, although in order to get that at reasonable rates they no doubt need to prove that they can sustain profitability going forwards.

First quarter figures are usually released in the first week or two of May, so hopefully they will continue to be good.

The borrowing costs at present do appear to be high, given general market circumstances, so refinancing this at favourable rates could have a big impact on future profits, and allow expansion into new markets.

No explanation for the large dip in share price during January/February, or its subsequent recovery in March to almost pre dip levels - were things going on that were not made public, or simple market shenanigans? Maybe we will never know.

A favourable refinancing deal could lead to a rerating of the share price.

Continuing to pick up a few as and when.

xenawarriorprincess
05/3/2014
17:59
Share price starting to turn of these results...
snadgey
28/2/2014
07:44
Final results out today:

Still digesting - bad & good news - a loss for the year but back to profit in the final quarter.

Group Loss After Tax FY 2013 of EUR1.6m (FY 2012: Profit of EUR1.7m), after EUR3.5m operating losses from New Businesses

Q4 2013 Group Profit After Tax of EUR0.3m (Q3 2013: Loss of EUR0.9m), reflecting quarterly loan issuance and the benefits of the previously announced programme of cost and revenue initiatives, which had a positive impact on operating margins in the fourth quarter.

dendria
26/2/2014
10:26
IPF reported good results today.

Slightly different offering based in Eastern Europe using offices and agents to sell financial products, rather then being an internet based operation.

Launch into Lithuanian market appears to have gone well - although this will be competition for MCRB.

Still holding and been buying in the dip.

MCRB should report soon, hopefully 2013 will soon be a distant memory, and we will get some strong guidance on better prospects going forwards. The presentation which accompanied the last quarter results showed the potential for MCRB having a great future. They just need to implement that plan - funds permitting.

MCRB have been very silent of late. Of course, Dermot Desmond sold out of OPAY recently having made a 7 fold return on his investment. I'm hoping he will do as well on MCRB.

Market capitalisation of £8million - ouch! Should be much higher - provided they start making a profit.

xenawarriorprincess
05/10/2013
11:46
strange - we've had nothing but sells go through since 13th Sept, yet the spread has started to narrow and the bid price move up from 62/63p to 65p

Needing them to start making some money in Australia (or at least break even!). Currently the best way to make money with this company is to take out one of their Australian loans and do what everyone else seems to be doing - not pay it back!

snadgey
30/8/2013
06:42
Agree Xena these results are bad. The gloss in the RNS can't hide the fact that growing lending is pointless if all the extra income is wiped out by defaults. Share fall fully justified.
grahamg8
29/8/2013
14:59
What an awful set of results.

Expected loss for the full year.

So no bonuses this year then, or next or the one after that. Quite what they got the bonuses for in the first place I've never been quite sure - just turning up possibly.

Will the directors dip their hands in their pockets and buy a few at these "bargain" prices?

Hopefully Dermot is now breathing fire in the direction of the boardroom.

Is it head rolling time, or is someone going to duck?

Lets see what Edison says about this.

xenawarriorprincess
28/7/2013
20:07
Thanks for posting your findings Xena. Much to keep our eye on here!

Australia seems to be bedding down - larger loans on longer terms now available. Still can't work out how their impairments were so high here - seems they were practically giving money away! The potential is there but we need to see some signs of improvement come their August announcement - we're now 12 months into this venture.

Sving looks interesting. The true test here will be whether they roll this out across other countries.

snadgey
28/7/2013
13:52
And has MCRB recently taken its eye off the ball?

They and Sving appear to have been late in filing some Q1 figures, and have had a warning shot fired across their bows on 19th July 2013 by the Bank of Lithuania. Not good publicity. By implication the figures now appear to have been filed.



They also have advertised for a Chief Accountant



The closing date appears to be 17th June 2013, with a start date today!

Are these two events linked?

Hopefully this is a minor blip in an otherwise good record, but I'm not sure bonuses should really be on the cards this year.

No doubt the Bank of Lithuania will now be breathing down their necks. Them and maybe Dermot Desmond. Something to concentrate the minds of management, I would suggest.

Lets see what the update due around 21st August reveals.

xenawarriorprincess
23/6/2013
13:23
And while I'm on it DD holds 33% of Reitumu Bank, who were the main provider of lending to MCRB, at around 13% pa.

In May 2012 Reitumu excercised options on 724,760 shares @45p. These had been granted by a 2010 loan agreement. By July these shares were acquired by DD's IIU Nominees. The loan facility was increased from E12M to E17M in November 2011.

In March 2012 MCRB issued its first bonds,(@18%) and borrowing via these now amounts to something like E45M, rendering much of Reitumu's facilities unnecessary.

In 2012 as a result of the bond issuance one Kai Karttunen received a success fee payment of E292K, and a further E33K for strategic and financing advisory work. Kai Kartutunen is the principal shareholder in MC Global.

So on the one hand there is Reitumu Bank being the principal MCRB funder upto early 2012, receiving options for this, which are subsequently bought by IIU, owned by DD, who is also a 33% shareholder in Reitumu.

And on the other hand there is Kai Karttunen, active in raising alternative, albeit more expensive sources of finance from early 2012, receiving substantial fees for this, and also being the founding shareholder and retaining 33% of MCRB via MC Global and its successors.

And on 31st January 2012 the board issued a "Related Party Clarification" RNS dealing with its relationship between Reitumu and itself. This was around the time it was about to wean itself off Reitumu's funding. May be someone thought the relationship was too close.

So from mid 2012 DD has effectively been pushed out of aquiring more shares in MCRB via Reitumu, and in May 2013 MC Global then stops new shares being issued and disallowing premption rights, thus preventing further dilution of its shareholdings.

Following that in June 2013 DD increases his shareholding from 14% to 26% via OE selling to IIU at a premium, and a few days prior to that MC Global reconsolidates its two shareholdings back to a single 32% holding under Smec Ou - did they get a whiff of what DD was upto?

Is this a bit of a battle, or do I simply have an over active imagination?

And if it is a bit of a battle, then there must be something worth battling about, bearing in mind MCRB is only valued at around £14M by the market.

Xena

xenawarriorprincess
23/6/2013
12:37
As I'm "on" MCRB at the moment I just thought I'd highlight what appears to be an anomoly -

3%+ shareholdings @ 31-12-10

MC Global Limited 7,980,187 45.88%
IIU Nominees Limited 1,856,521 10.67%
Orient Equity Partners 1,478,764 8.50%
Henry Nilert * 1,211,952 6.97%
Europanel AB 740,000 4.25%
P. Lorange 656,521 3.77%
Hansa Eastern European 533,333 3.07%

Total 83.11%

@ 31-12-11

MC Global Limited 7,659,039 45.88%
IIU Nominees Limited 1,856,521 11.12%
Orient Equity Partners 1,521,764 9.12%
Henry Nilert * 987,222 5.91%
Europanel AB 740,000 4.43%
P. Lorange 656,521 3.93%
P. Duleyrie 544,211 3.26%
Hansa Eastern European 533,333 3.19%

Total 86.84%

@ 31-12-12

MC Global Limited 7,659,039 43.37%
IIU Nominees Limited 2,581,281 14.62%
Orient Equity Partners 2,129,504 12.06%
Henry Nilert * 1,228,222 6.95%
P. Lorange 844,021 4.78%
P. Duleyrie 803,961 4.55%
Europanel AB 740,000 4.19%
Conils Ltd 681,577 3.86%
Hansa Eastern European 533,333 3.02%

Total 97.40%

@ 8-2-13

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%
Henry Nilert 1,228,222 6.95%
P. Lorange 844.021 4.78%
P. Duleyrie 803.961 4.55%
Europanel AB 740.000 4.19%
Conils Ltd 681.577 3.86%
Hansa Eastern European 533.333 3.02%

Total 86.81%

(hopefully the tables will come out right or it will all look a bit of a mess)

All these are taken from the Annual Reports. The % figures change due to issue of options, cancellations etc. But the 2012 figures cannot be right.

The 2013 MCF and Boxtel holdings come to 5,788,070. MC Global had 7,659,039, so thats 1,870,969 missing. MC Global retained (@ 8/2/13) 441,389, (2.5%) and Conlis took on 1/8/12 681,577 (we were never told where these came from), but that still leaves 748,003 shares adrift somewhere. The 2011 report does refer to 700,000 shares being bought back in December 2010, and then cancelled, but then the dates don't quite add up.

So clearly MC Global (the founding shareholder) have sometime, likely in 2012, reduced by 1,429,580 (around 10% of the total shareholdings), without an RNS ever having been issued - naughty! Maybe that explains the erratic share price performance in 2012.

And if Mr Desmond is thinking of mounting a cheeky bid, (and at this share price it would be cheeky) maybe they're wishing they hadn't sold. Mr Desmond may also have been the intended recipient of any new shares to be issued, hence the opposition to disallowing pre emption rights.

Following the AGM, MC Global, in the form of Smec, have now re established themselves as the largest share holder.

I wonder what will transpire next?

Xena

xenawarriorprincess
Chat Pages: 6  5  4  3  2  1

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