Photo-me Share Discussion Threads

[essentialinvestor] 24/8/2020 19:58

Which is what I said in a earlier post.

[qvg] 24/8/2020 19:54

EssentialInvestor, sure you do not need a shareholding to table a bid. But the point is that if you exceed a shareholding you are forced to make a bid

[john09] 24/8/2020 19:30

23.73% he owns not 27.73%

Quite the difference if you’re starting to talk about the 30% level...

[essentialinvestor] 24/8/2020 19:21

You don't need to have a current holding to table a bid, to the best of my knowledge.

[azaman] 24/8/2020 19:04

Just for my knowledge, can a shareholder not hold any amount of shares and not make a bid ?

[essentialinvestor] 24/8/2020 18:46

Over 29.9% usually. Although there is some agreement that allows
a stake greater than 30% without requiring the holder to table a bid (I think).
Can't remember the legal term off hand, something like a whitewash agreement.

[bouleversee] 24/8/2020 18:37

Another 60k shares added so now owns 27.73%. Doesn't he have to make an offer if he gets to 30%?

[essentialinvestor] 19/8/2020 19:48

Normally you might say that share purchases on this scale
may indicate potential value.

Thing is you could have drawn a similar conclusion when Serge bought
huge amounts at almost 3 X the current share price

Worth watching.

[masurenguy] 19/8/2020 13:37

The 3 director purchases, of 1.9m shares over the past 7 days, have been made by Serge Crasnianski.

[knowing] 19/8/2020 13:12

Another large Director Buy

[azaman] 18/8/2020 11:25

What are all these statistics telling us ?

[masurenguy] 18/8/2020 11:06

Also worth noting that the French Private Equity Investment Fund, FPCI Montefiore Investment IV, invested a further £3.25m over the past 2 weeks to acquire another 7.56m shares. That increased their shareholding in PHTM by 40% and they have now expanded their position here by +130% -from 3.03% to 7.01% - over the past 9 weeks !

Major shareholders as at 18 August 2020
Serge Crasnianski: 89,608,217: 23.70%
Schroders PLC: 49,412,131: 13.07%
Dan David Foundation: 37,387,951: 8.62%
FIL Ltd 30,285,580: 8.01%
FPCI Montefiore Investment IV: 26,464,275: 7.01%
Premier Milton Group: 18,398,718: 4.87%

[johnv] 18/8/2020 09:55

Another 400000 bought by the Directors.

[waspfactory] 15/8/2020 08:04

ali47fish - if he wants a private company, he will have to buy our shares, so long as the company is solvent of course.

[dvb99] 13/8/2020 15:38

"Serge is 78 and his shareholding here is currently worth £41m. Draw your own conclusions !2

yes - he's in it for the long haul!!

[masurenguy] 13/8/2020 15:35

Serge is 78 and his shareholding here is currently worth £41m. Draw your own conclusions !

[ali47fish] 13/8/2020 14:29

serge the ceo has added 1 million shares - 23pc stake - what can it mean when ceo accumulates this way via a fund? will it be taken private and if so waht are the consequences - anyone with knowledge of thse matters please!

[lewaus97] 13/8/2020 14:06

Been some recent purchasing around the 44p mark by director and institutional investments. Could we start to see an increase in the share price over the coming weeks now things are starting to open up?

[apollocreed1] 21/7/2020 16:04

I saw the most amazing vending machine in Toulouse 2 years ago. You stick 1 Euro into it and it bakes you a freshly made baguette that pops out in a nice wrapper.

[tryone2] 18/7/2020 11:29

Makes me wonder what exactly is going on and the figures given need explaining in more detail how can a company with good share price s and a bucketloads of cash, cancel dividend, and within 3 months,go from a share price of well over 100p to a disgraceful 46p time to look a bit deeper, the cash burn seem wrong don’t forget the government money 💰

[rumobejo] 17/7/2020 14:09

let's see if directors pile in again if/when it hits sub 40p

[boonkoh] 17/7/2020 11:20

Some more political reshuffling today.

[azaman] 13/7/2020 18:11

If all the photo-booths are connected to broadband, these can be used to do many things. I wonder whether their research and development team is looking into this.

[thorpematt] 13/7/2020 17:46

EI,
Pies isn't a bad idea! Obviously for any sites in Cornwall a diverson to pasties would be applicable. I still think there's legs in PPE vending machines. Got to strike while the iron is hot.

On a more serious note, there really has been a perfect storm for this one. Right at the time when their long time cash cow (photo ID) is slowly being removed the world throws in a pandemic which affects not only its cash cow but also it's other supplements.

I see the assets here being its engineer set-up and its customer relationships. These 2 are huge positives and worth acquisition to a competitor.

I don't see the diversification as too troublesome. But two issues are tangible:
1. Engineering (a Laundry engineer and photbooth tech. are very different things with very different compliances and regulatory issues);
2. Supply chain - diversification diminishes purchase power and margin and adds huge complexity for admin. and learning curve for newer streams.

Most of all the concern is simply that those excellent operating margins, ROE, ROCE etc. are likely to reduce heavily without the golden goose laying its eggs and so any valuation cannot be base don historic earnings.

Guy Hewitt's recent Fincap note was useful but no guidance for 2021 was made (understandably). He did add this into the mix regarding cash position: -

"....We estimate that in the 1.5 months in lockdown at the end of
FY 2020, Photo-Me results reduced to a c.£11m EBITDA loss (see page 3) and saw
a net cash outflow of c.£14m including capex"

he also added that covenants had been breached and were due for re-negotiation.

Now for most businesses right now that's no concern with the bond market as it is, but again it's another uncertainty. So a brave investor would be needed at this stage I think.

[essentialinvestor] 13/7/2020 13:40

Matt, I would tend to wait fwiw, but there is always an outside chance this
is taken private.

What would be interesting to know is the current cash, borrowing levels.

Arguably high operational gearing here. Mentioned previously strategy looks a little messy,
fingers in too many pies?.