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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Playgolf | PLG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.275 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.275 | 0.275 |
| Top Posts |
|---|
Posted at 08/4/2009 16:14 by wooly62 I keep reading Pharma's comments about the Sept/Oct cash and thought I'd see why he keeps mentioning it and what it really means. According to the 12/07 annual report, the east kilbride JV (which was 50:50 as per note 1 to the annual report) with kilmartin was the template for future business - so why was the JV unwound? In 9/08 PLG announced despite the JV having net assets of which their share was close to £1M, they were selling their stake for £500K (and received payment of £191K intercompany loan as part of the deal) - why would they sell their 50% share of a near £2M net asset business for £500K? To shore up cashflow or because they had no confidence in the business perhaps? the £15.5M NBV of land and buildings in the 12/07 a/cs compares to historical cost and subsequent expenditure, together totalling £9.9M. The valuations weer done by Humberts, the latest being Northwivck Park in June '06 - so the net asset position which keeps being referred to above is mostly revaluation of land and buildings 2-3 years ago - surely since that time the value would have fallen significantly? As there were in excess of £10M of loans at 6/08 and we know cash has since become an issue, I assume debt has risen since. Even at £10M I'm not convinced liquidation of the group would leave anything for shareholders due to the age of the latest valuation and likely alternative use values in today's market. Sorry guys, I'm not being paid to de-ramp, I just don't share your purported confidence in the business and see investment as no better than gambling. |
Posted at 08/4/2009 11:51 by bozzy_s And in 2 days you'll not give a toss about PLG as long as you've made your quick buck. All this rampety ramp is pointless, meaningless, nonsense. Just be honest and say 'please buy some shares so I can dump mine at a profit' |
Posted at 04/2/2009 10:32 by wooly62 well, the bizarre rise has proven unsustainable. so what was the trigger - was it simple manipulation and if so why? glad i didn't get sucked in against my instincts, although there was an opportunity to make a fast return if you got the timing right. if the mbo theory was right (which i doubt as i can't see why the management would want any more of what i believe is an ailing business than they already own) maybe an offer will be forthcoming once the price drops back to around 1p. i wouldn't bank on an offer from anyone.mryesyes - good observation re the non execs (who may just be jumping ship because they want to distance themselves from something) and reg'd office. one thing i'm not sure i understand though - what do you mean about this being a front for plg themselves to make money? |
Posted at 29/1/2009 22:28 by mryesyes Change of registered office PLUS resignation of all non exec directors means only one thing : delisting and a tender offer to you or you hold delisted stockSomeone got the wrong end of the stick, thought it was an MBO, and it started a mad bubble (easy in in mico cap like this) ending at 5p Trouble is the company may now decide to take advantage of this unexpected madness and place more stock at 1p + instead of the planned 1p tender offer to holders As of today they could place loads of stock at above 1p and dilute you into oblivion In any event their golf club was no more than a front for PLG itself to be used as a source of funds for them. Sell now the few of you who bought recently..... |
Posted at 29/1/2009 12:06 by eggbird Induna123,Themoneymonster has had another similar tip by the sounds of it, look interesting this is an extract of his very recent posts on the thread (CWO is the ticker) Very illiquid, could easilly do a PLG imho. themoneymonster2 - 29 Jan'09 - 10:00 - 1362 of 1371 There was no news in December from this holding company of machinery, engineering equipment and component parts manufacturing businesses operating from China. With the company having reported a pre-tax profit of ,546 and basic earnings per share of 1.10p for the six months ended 30th June 2008, the current share price looks to materially undervalue such performance and a balance sheet which at that date showed net cash of ,505. Our stance remains buy. From a broker update yesterday!! simonparker5 - 29 Jan'09 - 10:09 - 1363 of 1371 themoneymonster2, where did you see this broker update yesterday? themoneymonster2 - 29 Jan'09 - 10:14 - 1364 of 1371 It was sent as an email from GE&CR! They have a target price of 25p! They originally said buy at 12.5p, that would do me! Evil (Simon Cawkwell) said buy also at 5p!! simonparker5 - 29 Jan'09 - 10:17 - 1365 of 1371 Thanks themoneymonster2 - 29 Jan'09 - 10:19 - 1366 of 1371 See the "W" shape forming on the graph too?!!! Looks good for a return to 7p! themoneymonster2 - 29 Jan'09 - 10:36 - 1367 of 1371 HerE's the original tip! |
Posted at 28/1/2009 13:52 by chesty1 Board Resignation (Playgolf (Holdings)TIDMPLG RNS Number : 3883M Playgolf (Holdings) PLC 28 January 2009 Playgolf (Holdings) plc ("Playgolf" or "the Company") Board Resignation Playgolf (Holdings) plc (AIM: PLG), the developer and operator of multi-sport facilities in the UK, has been informed that David Piggins, Non-Executive Director, has resigned from the Board with immediate effect, owing to the planned closure at the end of February of the Leamington Spa office, in order to concentrate on PowerPlay Golf. Nothing significant in that RNS but someone likes it...???? |
Posted at 15/2/2007 11:51 by azalea mangalThat's good news. Not a golfer myself, I was originally drawn to buying PLG because of the huge % of shares held by major investors and a flurry of the same buying large stakes. Since then, I remember reading (on this thread) only one comment on the facilites, which was not encouraging. Its possible that business is picking up, but until officially recognised perhaps unlikely to move the MM; whereas large buying might. In the absence of both and until there is something concrete to go on, I'm going with my theory. |
Posted at 23/2/2006 17:01 by beaufort1 There seems to be a fair bit of VCT/EIS investment in this share - Close Brothers have a lot, and Calculus EIS fund (who know their onions). However PLG have issued a minor profit warning for 2005 and made a slightly worrying comment about planning issues on Northwick with Brent Council. Potentially this is an exciting investment, but a bit early for me yet. I suspect a further price drop when the results come out. Has good asset backing, but what they really need is throughput of golfers into Northwick and then East Kilbride - early days on that score. |
Posted at 22/11/2005 12:11 by wooly62 I don't have any shares in PLG and have decided not to invest. Going back over the thread, I see lots of positive comments from the house broker, but price has been pretty flat (the recent upward trend falling a fall pretty much since the day they were listed). Even recently, the share price has fallen slightly. I am an occasional golfer and am interested in the idea of 6 hole golf as I simply don't have the time for 18 holes very often, but I'm not convinced there are enough "proper" golfers to generate the income levels needed to warrant a meningful rise in the share price I'm going to put this in my "monitor" file for now and wait to see how well Harrow performs before reconsidering investment. |
Posted at 21/7/2005 17:57 by affc21 Brokers (part) note for Playgolf (PLG):Daniel Stewart & Company Morning brief Playgolf 20 July 2005 PLG.L 15p BUY Playgolf is an innovative and experienced operator of golf-related operations across the UK. The company has established a platform of operations principally associated with golf ranges and courses. However, the real driver of future corporate growth has been Playgolf's development of an efficient operating and financing model surrounding its'urban golf centres', incorporating golf, retail and conference facilities. The first centre is due to open in October this year, with the second development, announced this morning, due to commence operations in Q4 2006. These centres are forecast to drive substantial growth in profitability and we estimate Playgolf will show its maiden PBT in FY06. Playgolf's shares have drifted since their IPO in June 2004. Although the investment community has been slow to reaffirm the attractive financial prospects behind this operation ahead of its imminent opening, the wider golfing and media communities have taken a keen interest in the project. Essentially, the 'golf-in-an-hour' concept is revolutionary and offers a brand new concept to existing golfers (a chance to play six exceptional golf holes) and those looking to take up the game (inexpensive opportunity to learn their skills in the range/school prior to playing). Crucially, the urban golf centres are not simply a creative new golf development, they also offer substantial returns on capital and we envisage cash payback on the Northwick Park site after a little more than three years. Furthermore, Playgolf securitised the future revenues from its retail, catering and conferencing partners in order to attain attractive rates on its debt funding. Playgolf stands at an exciting period of its development and is due to open the doors to consumers on its first golf centre on 1 October 2005. This should reaffirm the qualities of its operating and financial model. There has been a relatively long lead-time to profitability, but the company is forecast to drive growth from its new venture and deliver further upside from the completion of its Scottish site in 2006. Investors have had to wait patiently for the promised returns, but they are imminent and the shares offer highly attractive upside from current levels. Forecasting a new venture carries risks (on the upside as well as downside) but, at 6.0x projected earnings to FY06, we rate the shares as a Buy. Daniel Stewart acts as Nominated Advisor and Broker to Playgolf Market Data Listing AIM Sector Leisure Market Cap £7.2m Enterprise Value £10.6m 12-month high/low 19p/11p Next results Nov '05 Source:DS&C/Proquote Company Statistics Shares in Issue 48m Dividend yield N/A Net debt £3.4m Interest cover 1.0x Source:DS&C/Proquote Share price performance Source; Bigcharts.com Analyst James Hollins 020 7847 0386 james.hollins@daniel Year Turnover EBITDA DS&C PBT* Tax DS&C EPS* DPS EV/EBITDA PER Yield End (£000) (£000) (£000) (%) (p) (p) (x) (x) (%) 12/04A 2,358 -174 -534 3 -1.5 0 N/A N/A 0 12/05E 3,166 336 -371 0 -0.8 0 31.3 N/A 0 12/06E 5,997 1,944 1,193 0 2.5 0 4.3 6.0 0 12/07E 8,049 2,816 2,290 10 4.3 0 2.1 3.5 0 * pre goodwill amortisation and exceptional charges. Source: Daniel Stewart & Co. 2004 results Playgolf remains at a relatively immature stage of its development in terms of profitability. We do not envisage EBITDA breakeven until H2 2005, with annual positive PBT from FY06. The FY04 results reflect this scenario and Playgolf reported an operating loss before interest and tax of £432k. Despite substantial revenue growth (+64% relative to FY03), due principally to the acquisition of the Barnet Copthall operations in January 2004, Playgolf saw an increase in losses before tax (pre-exceptionals and goodwill) from £131k to £534k. The minimal tax income (inflow of £16k) and share issue at the time of the IPO equate to annual loss per share of 1.5p. Figure 1: Playgolf results £000 2003 2004 % change Turnover 1,436 2,358 +64.2 Gross profit 912 1,493 +63.7 Operating costs -996 -1,922 +93.0 EBIT -84 -432 +414.3 EBIT margin (%) -5.8% -18.3% +12.5% pts EBITDA -60 -174 +190.0 Interest -47 -206 +338.3 PBT (pre-exceptionals & goodwill) -131 -534 +307.6 Tax 0 16 Tax rate (%) 0.0 3.0 Fully diluted shares (m) 34.9 EPS (pre-exceptionals & goodwill) -1.5p Source: Company, Daniel Stewart It has been a busy year for Playgolf in terms of corporate activity. On top of the ongoing development of Northwick Park, plus the negotiation with several UK Local Council's (concluded successfully with South Lanarkshire, as announced today), Playgolf has also completed several transactions aimed at cleaning up the corporate structure and driving profitability; Figure 2: Playgolf corporate activity FY04 Date Transaction Jan 2004 Acquired 100% of 'Golf Learning Centres' (Metro Golf) through intermediary company Playgolf (Barnet Copthall) for cash of £2m plus issue of 350,858 shares June 2004 Acquired 100% of 'Work for Fun' via the issue of 1.67m shares. Created goodwill of £7.2k (Work for Fun owns 26% of Playgolf Trafford and 26% of Playgolf Northwick Park) June 2004 Disposed of 50% holding in Playgolf (Calverly) to directors Piggins and Fox for £50k July 2004 Issued 11.8m shares at 16.67p at AIM listing, raising £1.99m July 2004 Acquired 10% minority interest in Playgolf Limited for 899.7k shares Source: Company, Daniel Stewart These activities have created a clearer organisational structure, focused primarily on the development of it golf and retail parks (Northwick Park and East Kilbride), also further enhancing its sales and margin within its other golf operations. Figure 3: Playgolf divisional structure Division Operations Northwick Park Opening autumn 2005, will have a two-tier range (60 bays), a 6-hole golf course consisting of leading signature holes, a short-game academy, adventure golf, a substantial golf school, nine baseball cages (there are 350 baseball teams in London), retail facilities, a restaurant and conferencing. Playgolf has a 99-year lease with the local authority that expires in 2101. The facilities are assumed to open 1 October, with c.30 staff (possibly higher at start). East Kilbride Planned opening Q4 2006, will have a two-tier range (60 bays), a 6-hole golf course consisting of leading signature holes, a short game academy, adventure golf, a substantial golf school, three baseball cages, retail facilities, a restaurant and conferencing. It will also have a premium health club and 11 five-a-side football pitches (these operations are due to be sold to a third party prior to development of the site) Trafford Park Was built in a JV with Peel Holdings (injecting £1.3m each) and have a 25+25 year lease. Trafford consists of a two-tier range and opened December 2000. The lease is structured so that Playgolf should benefit from upside in asset value if the development is sold. The company is forecast to pay c.£250k p.a. of rent for the next 5 years, on condition of building an adventure golf area. It has a leading coaching facility, a JJB superstore, conferencing facilities and a sports bar/café. Barnet Copthall This was acquired from Metro Golf for £2.6m (£2.15m in cash and the remainder in shares) in January 2004. The operation has operated since 1997, and was run by Chris Meadows who now performs the same role for Playgolf. Barnet Copthall has a two-tier range (48 bays), a golf school, a 9-hole academy course, a pro-shop and a popular local Italian restaurant (Metro Piazza) on the site. Heaton Park Playgolf's nine-year contract with Manchester council commenced in 1996 (extended to 20-years in 1997), and the company has a revenue share arrangement with the council. There is an 18-hole course (£10-14 per round) and 18-hole par 3 (£4-6 per round), a teaching academy and a bar/restaurant. There are c.35k rounds played per annum. Playgolf Holdings Holding company that pays management fees, expenses, salaries, legal fees, audit fees etc. Source: Company, Daniel Stewart Strategy Following a progressive expansion of the company's golf-related businesses, Playgolf is focusing on incremental sales and marketing growth within these divisions, but principally is looking to further develop its 'golf-in-an-hour' concept, combined with further golf, retail and F&B facilities. Further Local Council sign-ups Playgolf is searching across the UK to sign-up similar deals to that achieved with the Local Councils backing the Northwick Park and East Kilbride sites. The announcement this morning states that Playgolf is at 'well advanced' stages of discussions regarding a number of sites. Essentially, the company requires council approval to develop +40-acre sites (excluding the additional sports arenas which requires a larger site) on waste or under-utilised land that Playgolf will regenerate with attractive, green space. Furthermore, the councils benefit from rental income and provide a service to their residents that would have cost them time and money to develop. We believe that this attractive combination of benefits to the councils at zero cost and positive cash inflows should ensure that the number of potential sites for Playgolf is high. This should be further accentuated when Northwick Park is open and councillors can witness first-hand the creative use of space. Financing strategy With its Northwick Park and East Kilbride sites, Playgolf has established a highly cost effective method by which it can finance the golf, leisure and retail parks. The key element behind the company's efficient cash and working capital requirements is that it locates sites for which it does not have to pay for the land. As alluded to above, Playgolf takes its schemes to Local Councils and offers to make use of land for which the council would not have ordinarily received income. With this bargaining power, Playgolf ensures that it can secure use of the land for zero initial outlay. In terms of financing the build work, management has acted commercially and effectively securitised the future revenues from the retail, F&B and conferencing rentals (Playgolf receive minimum base rentals and a revenue share). Under this scheme the banks loan Playgolf substantial capital that is covered by the sub-tenancies and equates to a level from which Playgolf has access to 100% of the development costs. Costs and revenue model We estimate that the costs associated with developing the entire Northwick Park site are c.£6.75m. However, the company estimates that the initial valuation of the land (plus planning permission) is c.£3m, thus creating an asset with a final valuation, on build completion, of c.£9.75m. This material uplift in NAV provides a base that underpins the attractiveness of the shares as an asset-value play as well as a growth company. Clearly, as new sites are built, the operating margin should incrementally increase as central overheads are kept to a minimum. However, due to the disparate geographic location of the company's existing and forecast asset base, central overheads reflect only a small proportion of group costs. Our financial projections for the company's golf and leisure parks are detailed below, utilising Northwick Park as an example. The figures work on a number of assumptions, many of which will not be finalised until the site is fully operational (demand for golf lessons etc). However, the model provides a clear presentation of the potential profitability and cash returns on each new investment. We estimate that the Northwick Park site will show a ROIC of 33.3% by year three (up from 29.5% in year two). Cash payback is estimated at 3.13 years (month two of year four). |
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