Norcon Share Discussion Threads

[russman] 17/6/2018 09:34

Another 12c divi.
Chasing some accounts.

[russman] 20/10/2017 09:56

It is a 2006.

[russman] 20/10/2017 09:38

Just checking
Norcon is still a 1931 IoM Plc.
It has not re-registered as 2006 ltd.

[russman] 20/10/2017 09:06

Thanks I forgot the EGM.
I was looking at the previous one.

[charlie] 19/10/2017 12:34

The CFO told me that they had consulted IoM lawyers who said it was OK to send accounts only on request and not convene an EGM. I suspect (although he did not say this) that this is technically unlawful, but there is probably no basis for action because (a) they provide accounts on request and (b) management have 90 percent shareholding anyway.

They seem to want to provide the least information possible in response to any enquiry, which makes it a hassle to monitor the investmetn. But the dividend is nothing to complain about. Good year and they paid out much of the cash.

They amended the articles in January. Are you looking at the latest

[russman] 19/10/2017 10:08

I have re-read the Articles.
Arne is talking rubbish about our minority shareholder rights.

[russman] 17/10/2017 10:51

Arne sent me Annual Report y/e 31st Dec 2016.
First glance seems to have been a good year.
I did not get an invite to the AGM either.
One of my perks filling in proxy forms.

[norbert colon] 16/10/2017 22:34

Hi Charlie Thanks for the confirmation - that's around 9p / share which is incredible given they delisted at 19p! Has there since been a consolidation? Shareholders were frustrated when the company was listed that the previously decent divi was cut and looked unlikely to return; ultimately cut short by the delisting.Good luck to all remaining shareholders.

[charlie] 16/10/2017 22:10

Norbert the div was as Russman says above. Approx 12.14c per share.

Surprisingly the cheque that arrived from Capita was the equivalent in sterling (I say surprisingly because I often get dollar cheques from AIM companies which account in dollars).

[russman] 16/10/2017 09:13

Thanks
Annual Report & AGM shareholder rights are contained in Norcon's Articles.
IoM is slightly different to UK.
I will try another email; if that does not work I will explain my rights to them.

[norbert colon] 15/10/2017 19:09

What was the divi per share out of interest?

[charlie] 15/10/2017 17:44

CFO is [e-mail]

They are only providing accounts on request (say they can do this under IoM law). They are not very communicative. Nevertheless the dividend seems very satisfactory.

[russman] 15/10/2017 09:25

Received an interim divi 12.14c usd.
Not had any accounts yet.
Anyone got a director's email address?

[russman] 04/6/2017 08:57

I have not received the Annual Report & AGM notice.
I make the deadline Wed 7th June.

[russman] 15/1/2017 11:46

Seems a waste of effort changing the company articles.
Might as well re-register as a ltd company & return the excess capital to shareholders

[russman] 15/1/2017 11:44

The share count has increased from 49m 30/6/16 to 52m (54-2) on 31/12/16.
Must have been a lot of options.
3.24% i.e 2m shares were tendered.

[russman] 06/1/2017 09:59

That is your perogative.
I have a different opinion on the opportunity cost (& it might be different to 18%).
Minority were 9.5% at delisting; guess about 5% left after the tender.
I presume a small number are also held by current (&ex) employees.

[charlie] 05/1/2017 13:32

Russman I kept my shares as well. I believe Arnold Roerhort the former CEO has kept his 5%. If you email me as (EDITED) I would like to keep in touch.

[norbert colon] 26/12/2016 20:05

Russman. Most investors sold theirs in the market for almost 19p (I got 18.8p and 18.9p) back in July and since then the FTSE aim all share is up 18% so a big opportunity cost lost by holding on for any tender offer.

[russman] 26/12/2016 10:22

It will be interesting to know how many shares have been tendered.
NTAV per share could climb sharply.
The Directors have always had a majority.
If they want their investment back, I might be lucky.
I may get "ignored" but I am betting they do not want to chance it.

[diku] 07/10/2016 11:20

It depends upon the amount of money/shares originally invested....and if there are a few handful of investors holding off then surely the insiders might just give a sweetener to buy back shares...

[norbert colon] 07/10/2016 11:15

I hold some equity in at least one company that delisted in 2009 - there is very little chance of you ever getting fair value back unless the Directors want your paper badly. Better options out there for long money than delisted vehicles IMO

[russman] 07/10/2016 10:42

I play a very long game.
Only one way to find out.
I will keep you posted.

[norbert colon] 06/10/2016 11:42

Highly unlikely. I suggest Tender the lot.http://www.norconplc.com/index.php/news/item/212-Sold all mine into the market at 18.9p back in June

[diku] 06/10/2016 10:06

They might just give a small sweetner those few not tendering!...