Panmure Gordon Share Discussion Threads

[spooky] 13/5/2015 16:32

You do realise that there is a regulatory requirement for most of the cash.

[adamb1978] 13/5/2015 16:18

Reason for holding is that the capital structure will eventually get resolved either way and, in my view, is what is holding back the share price.

Either Qinvest will buy 100% or they'll sell the stake down. Holding the 40 odd % is pointless. And the recently announced acquisition shows that they're not intending to just let it drift - they're using the balance sheet to grow. Penny has dropped that having £12m cash sitting on the balance sheet wasnt exactly causing a valuation uplift so either use it or dividend it out

[discodave4] 13/5/2015 15:48

SalVery much the same as yourself, 6 months in and losing patience.DD

[isis] 13/5/2015 15:03

This share is very frustrating, but I'll stick with it as the fundamentals do add up.

Remember Moneysupermarket stayed between 150-200p for a longtime before they broke out and are nearly 300p - not the same market I know but it shows that the market doesn't always get it right.

Also it isn't easy finding value at the moment with many stocks fairly valued.

But as ever Caveat Emptor!

[salpara111] 13/5/2015 14:59

Unless they have something very positive to say at the AGM next week it looks like I will be leaving with a pretty chunky loss but better that than waste another 6 months waiting for news that might or might not be positive.
All very disappointing this investment.

[discodave4] 10/5/2015 13:51

Isis,Peer performance 8th May:Numis -1.8%, Cenkos -0.8%, Arden Partners nil, WHIreland nil, Charles Stanley +0.3%GLDD

[isis] 08/5/2015 16:25

Has to be one of the only shares down today.

I can do Calm.

[discodave4] 07/5/2015 19:49

Adam,Sorry but can't see it myself, post 994 includes overheads for CSS taken from year end results on a divisional breakdown.Am I missing something?.DD

[adamb1978] 07/5/2015 13:24

If this business were to trade on a similar multiple to CAY overall, it would be worth just over £10m

The Seucirities business should normally make about £10m revenue and be around break-even - thats after their share of CAY's overheads etc (for example, their share of CAY's plc costs). So before those allocations it should be proftable already and you would assume there should be a decent amount of synergies

If PMR can get it for £10m therefore, it seems like a reasonable price

[discodave4] 06/5/2015 22:03

Charles Stanley Securities:Year. Rev (£m). Op Profit (£m)2010 10.4 -0.092011 10.2 +1.032012 7.5 -0.62013 7.7 -0.72014 14.7 +3.21x to 3x Rev a reasonable price?The above includes the equity sales trading operations which I believe is not part of the deal.GLDD

[discodave4] 06/5/2015 20:17

Thanks topvest, just clocked the share price movement for CAY and my theory of ex div doesn't stack up - as you say, CAY did spike up at close, whereas PMR did the opposite.See what happens tomorrow here (ex div!).GLDD

[topvest] 06/5/2015 20:11

Given the PMR price went down and the Charles Stanley share price went up on the news it does imply that investors see this as better news for Charles Stanley. Depends on the price I suppose. I would probably conclude that Charles Stanley are in a strong position to get a reasonable price and PMR will pay a bit more than it should to empire build. Lets see...not long to wait!

[topvest] 06/5/2015 20:00

It's definitely a very good strategic fit at the right price!

"Charles Stanley Securities, the Group’s equity capital markets business focused on the small and mid-cap sector, has experienced lower revenues as a result of reduced secondary commissions in both equity and bond trading and lower corporate finance fees.
The division has been involved in raising a total of £77m on behalf of clients during the first half and currently acts for 46 retained clients. The division has a healthy pipeline of both M&A and equity capital market mandates for the second half of the financial year."

It lost £0.8m in H1 on the back of £4.2m of revenue. It normally does £10m+ of revenue and is break-evenish. My view is that <£5m is probably a good transformation deal. If they pay £10m not so good. I own shares in Charles Stanley as well so I'm neutral on the deal I suppose, albeit it's a much bigger deal to Panmure Gordon that it is Charles Stanley.

[discodave4] 06/5/2015 19:43

Is it ex div (2.5p) day today?.....hence drop rather than a reaction to the acquisition.The RNS 24th March does state record date is the 8th, usually ex is 2 days prior which would be today. But, it does also mention on the RNS that ex is the 7th - perhaps people have gone for the 2 day norm rather than what the RNS stated as being the ex div date?.GLDD

[salpara111] 06/5/2015 17:13

Sadly the market seems less enthusiastic!

[adamb1978] 06/5/2015 14:45

Has to be good news. They dont seem keen to return their cash pile so better off acquiring someone, stripping out all the central overheads and enhancing EPS

[isis] 06/5/2015 14:36

'The acquisition of this complementary business would result in a significantly enhanced offering to corporate and institutional clients.'

[sailing john] 06/5/2015 14:30

Agreed - at the right price

SJ

[speedsgh] 01/5/2015 13:26

Proposed placing and Notice of General Meeting -

"Horizon Discovery Group plc (LSE:HZD), the international life science company supplying research tools and services that power genomics research and the development of personalised medicines, is pleased to announce a conditional non-pre-emptive placing of 13,157,895 New Placing Shares at a Placing Price of 190 pence per share to raise approximately £25.0 million before expenses."

"... The Directors intend to use the net proceeds of the Placing receivable by the Company from the issue of the New Placing Shares, being approximately £24.2 million..."

Panmure are joint bookrunner alongside JP Morgan Cazenove with whom they will share the £0.8m fee.

[speedsgh] 28/4/2015 10:00

This news not so positive though. Cenkos appear to have replaced PMR as Nomad/broker to Kromek (KMK)...

Change of Adviser -

[speedsgh] 28/4/2015 09:52

PMR will have presumably earned some fees from this...

New financing of £7.1 million -

Panmure are Nominated Adviser and Corporate Broker.

[salpara111] 26/4/2015 14:29

AGM statement on the 18th May so we will just have to wait and see if they can make a positive enough statement to give the share price a bit of a lift.
I have set my hold limit as the end of May, I have waited far too long here for a result.

[paduardo] 19/4/2015 21:08

I wonder if pmr has got the curtis banks ipo. See story in telegraph. Advisors not named.