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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Minorplanet | MPS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.00 | 6.00 |
| Top Posts |
|---|
Posted at 15/6/2010 16:33 by andre Hi Orange1 - enough said I think. Though TFC were never really a tracking company. Like Road Angel they just rode in on the wave of their name having set up to do something different altogether. No news from MPS may mean that nobody is getting paid so they don't care enough to tell the PI or market anything anyway. It is a shame when capitalism shows its ugly side as it has done here for many years. But that is what AIM is about I guess. Smaller, less regulated and riskier. All IMHO. |
Posted at 11/6/2010 19:43 by andre Hi mudbath.It's always nice to know that you are not talking to yourself - which to be honest I have thought I was many times over the years here. This has been a stock where few PI's have made money but previous management has made a killing in salaries etc. from a failing business which has been failing since it listed many years ago. The juxtaposition between talent and salary often displays a great chasm indeed. The end of MPS is effectively the end of tracking companies on the stock market. CYH gone private, EIT shamefully privatised by their management in a legalised scam. Now MPS died the death of 1000 cuts to the private investor. The bleed-out was long indeed. So much potential from so many companies turned into such a damp squib. The question is why? This is technology. It should be the future. The question is why did EIT, MPS, CYH et al all under-perform so greatly. Were the expectations too high? Maybe. Were the valuations too high? Definitely. Were the barriers to entry too low? Probably, in the end. But the end of tracking on the market does not indicate the end of technology or telematics itself here. It does show that in every gold rush there are crooks ready to take the unsuspecting (and fools who can easily be persuaded to part with their hard earned cash). And that bad business models even in good industries do not good businesses make. But I predict that the next phase will be those with better business models and management. Probably not vehicle tracking (although penetration of its potential remains seriously low). So watch out for telematics related companies in the future. Suppliers of shovels to the this market have done well privately as have the diversified and niche marketeers. I think the future is bright for technology, telematics and M2M (machine to machine) businesses. It's just a shame that what has transpired so far has not represented the potential or the future of these markets. Thieves, crooks and poor management saw this wave off. The next one however..... All IMHO of course. |
Posted at 10/6/2010 16:55 by andre And it is finally game over at MPS. Minorplanet Limited (UK branch and basically the only part that MPS ever had any obvious handle on, cost-wise) goes into administration. MPS2010 assumes all the assets including the IP. Digicore take a 25% stake in MPS2010 for £300K plus a £2.7M loan. They then install their finance guys in Leeds to keep a close eye for defaults on the many terms and conditions of the loan. Very shortly afterwards, Digicore recall the loan due to a default of the terms on the part of MPS (Digicore probably didn't actually let go of any of it anyway) - which explains the £3M value that they seemed to be attaching to the company when the market cap was £0.4M - they actually valued it at £0.3M. So they end up paying £0.3M and walking away with all of the shares in the UK company. Or maybe they don't even pay Terry back in which case the cost could be zero! What did small shareholders get out of this? You guessed it. And MPS? - left with loss making offshore business and no funds to keep it going. It is all over. The dog is finally dead. All IMHO. |
Posted at 03/6/2010 10:10 by andre So Digicore gave them 300k for working capital. Similar to the 300k that Terry Donavan loaned them at (I remember) 8% over base rate - this is carried over to the new company. They burned through that in about 3 months and paid 50% salaries two months running, I heard, because they didn't have the cashflow. Most likely scenario IMHO is that Digicore let them go bust now, take over the business for no further money from the administrators (as they will have secured the loan on something, hold all the IP anyway and are the only feasible way to keep the current customers tracking) and walk away with some IP that they may need plus all the ongoing customers who may re-sign new leases in time with Digicore. And if this happens then shareholders get nothing from the administrators IMHO. I can't see any reason at all to keep MPS going as far as Digicore is concerned. Cost to Digicore £3m for all of the assets of MPS. Value to shareholders - £0. All IMHO. |
Posted at 29/5/2010 14:52 by watchout2 Spending some time on the Digicore website, makes interesting reading and what a result for Mps, they would be bonkers to pay them back, let them take the 30% stake which of course looks to certain to happen given Mps's history andcurrent trading. "Fleet management and vehicle tracking group DigiCore Holdings on Tuesday announced its acquisition a 25 percent shareholding in MPS 2010, a newly formed subsidiary of Minorplanet System, an AIM provider of fleet management systems and services in the UK. MPS 2010 recently acquired Minorplanet's UK business, certain assets from Minorplanet's UK subsidiary and all of its Intellectual Property Rights. DigiCore, through its wholly owned subsidiary in the Netherlands DigiCore International Holdings BV, holds the 25 percent interest in MPS 2010. MPS 2010 has been funded by a shareholders loan of £3 million from DigiCore International Holdings BV, which includes £0.3 million provided for initial working capital. DigiCore's involvement in MPS 2010 is expected to bring wider commercial benefits to both businesses across all geographies, by combining the strengths of Minorplanet in the UK SME market, with its customer service and software competence, together with DigiCore's commercial presence and established position in the corporate market in the UK. Chief executive of DigiCore, Nick Vlok said: "Minorplanet is a long established business within the telematics sector with considerable experience and expertise." "We trust this is the start of a relationship that we can develop further for our mutual commercial benefit by taking advantage of growing demand for tracking solutions in the UK and mainland Europe." - I-Net Bridge" |
Posted at 24/5/2010 12:01 by andre But Digicore are already in the UK and have been for a while now. Digicore in the UK was a franchise type company first, I believe. Then it landed the Royal Mail contract and got taken over by the South Africans. They have been running it here in competition to MPS ever since. Now they get 25% for the price of a loan. If MPS then they get paid back and still own 25%. If they fail then Digicore get a greater percentage of the company. But bear in mind, this is the UK arm only and not 25% of the PLC, I think?? Maybe davidosh has it right. Maybe they get a listing plus save a fortune in corporation tax moving forward?? All IMHO |
Posted at 21/5/2010 21:52 by andre Partly right cliley454. Selling the Australian subsidiary is supposed to be on the cards. That is how I think MPS think they can pay Digicore back. They simply cannot believe that they will trade their way out as every attempt to do so in the past has failed. So it must be something big in the offing and from what has been released I cannot see anything else.Key to this deal appears to be the £300K that Terry Donovan switched over to the new company. This too is repayable like the Digicore loan. So he must believe that money is going to come from somewhere. As for Digicore reversing into MPS? Not sure why they would want to to be honest. Listing is expensive and they just don't need it IMHO. So why get involved? Seems to me that they see value in the database of customers. That they think these can be easily re-signed is not rational in the current market. That there is value in the system itself is undeniable. That it stands up to some of the other systems in the market these days is fantasy IMHO. Then again if someone buys Australia then Digicore get 25%. Maybe that is the attraction and maybe MPS convinced Digicore that the deal was all but done? All of the above is IMHO of course. |
Posted at 21/5/2010 08:06 by cliley454 Minorplanet MPS. Market cap £400kIn the history of stock market failures that are still clinging to life, MPS must take top prize by far. Now just 6p, they were around 300p five years ago and have had at least one consolidation that I can recall. That was a 1 for 20 which equates to a drop from £60 to 6p. £1000 invested 5 years ago would leave you with the princely sum of just £1. So how have they managed to last so long? Well the business they have is quite good in every other aspect apart from financials. They have a highly valuable, cost saving Product with some very interesting Intellectual Property Rights. They have previously been profitable but with the current financial climate it looked as though they had finally reached the end of the road when they announced in April that the tax man was winding up their main subsidiary due to a £2m unpaid tax bill. Then on Friday evening, after hours, so totally missed by the market, they announced a deal. Whereby a newly formed subsidiary of Minorplanet had acquired out of administration the UK business and certain assets for a total of £3m. The money coming from DigiCore, an on the ball South African company. In the same line of business as MPS but on a much larger scale. So after taking away all of the waffle, the deal is DigiCore loan MPS the £3m which MPS must pay back by November. If they can't pay it back (how could they?) then the loan is converted into MPS stock at 12p a share and DigiCore end up with at least 30% of MPS. These are valued to go bust at just £400k. However they now have funding for the immediate future. The support of a larger player in their field, which will bring wider commercial benefits. Also the mention of DigiCore ending up with more than 30% of MPS is significant I believe, as above 29.9% and they have to make an offer for the company. Reading between the line it looks like DigiCore are wanting to reverse into MPS for the UK listing,. Regardless MPS must have impressed to get DigiCore to hand over £3m and it values MPS at double todays share price at the very least. All imho. |
Posted at 14/5/2010 19:37 by andre Check out the done deal. Minorplanet Limited into administration. Bought out of admin by a new arm - Minorplanet 2010. Just like Minorplanet in Germany and like EIT did. The difference being that the loan from Digicore of £2.7M will pay off debts. Whether it will pay them all is one question we cannot answer. Terry Donovan gets to secure his loan by transfer to the new company. Digicore get at least 25% of the new company. However, at MPS has anything changed? If they cannot stem the cash-bleed then another £300K will disappear just as fast as Terry's £300K did. It took just a few months for that to disappear. Expect a new share issue/share dilution again to repay the loan in due course IMHO. Can Digicore help, it is not clear how? That is what remains to be seen. Interesting that MPS waited until after market close on Friday night to announce though. |
Posted at 05/5/2010 17:40 by andre Market UpdateTIDMMPS RNS Number : 3815L Minorplanet Systems PLC 05 May 2010 Minorplanet Systems plc 5 May 2010 Minorplanet Systems plc ("Minorplanet" or the "Group") Further to the announcement of 22 April 2010, Minorplanet has today obtained an adjournment of the court hearing to execute a winding up petition against the Group's UK trading subsidiary Minorplanet Limited to enable a sale of the UK business to be finalised. Discussions remain ongoing and a further announcement will be made in due course. The Board believes that the Group and its other subsidiaries have sufficient funds to meet their immediate financial obligations and can continue to trade during this process. Minorplanet Systems plc Tel: 0113 346 7777 Terry Donovan, Chief Executive terry.donovan@minorp Richard Hopkin, Finance Director richard.hopkin@minor www.minorplanet.com Shore Capital & Corporate Ltd Tel: 020 7408 4090 Anita Ghanekar Edward Mansfield Rawlings Financial PR Limited Tel: 01653 618 018 Catriona Valentine catriona@rawlingsfin www.rawlingsfinancia This information is provided by RNS The company news service from the London Stock Exchange END Excuse me but aren't MPS supposed to tell the shareholders that they are in talks - never mind getting an ajournement to 'finalise' the sale of the UK business! Or is this not pertinent information to shareholders? I don't imagine the court would have granted it if they were not in talks. Aren't there rules on AIM about this stuff? |
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