Share Name Share Symbol Market Type Share ISIN Share Description
Pro Global Ins. LSE:PROG London Ordinary Share GB00B1Z5KB73 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 14.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
13.00 15.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 0.19 -2.66 16
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 14.00 GBX

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Pro Global Ins. Investors    Pro Global Ins. Takeover Rumours

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Date Time Title Posts
02/4/201714:29Pro Global Insurance Solutions plc19

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Pro Global Ins. (PROG) Top Chat Posts

topvest: Its a partial write-off of the £5m goodwill. The Pro sale was a tad disappointing price wise, but if it delivers enhanced shareholder value on the ASTA stake then it was worth doing in my view. Time will tell.
topvest: Interesting news today. With the benefit of hindsight it explains the lack of news coming from Pro on their web-site and the somewhat downbeat comments. They have been working on this for a while, no doubt. Think the sale price is quite low given its pitched just above tangible net asset value. Anyway, PROG will be left as effectively a debt free cash shell with a 30% share in a very valuable asset, being Asta Capital. So what now? Four options: 1. Asta Capital now reverses into PROG - much cleaner and would be great for holders. As a listed company, I could see a valuation of the 100% being up to £100m. Asta have won lots more business this year and so last year's £6m PBT should be beaten. 2. The company distributes dividends received to shareholders now it has no debt to service. 3. The company exits its Astra Capital stake and returns funds to holders (unlikely from today's RNS). 4. PROG ends up delisting and minority holders lose out (unlikely as the majority holder ha always done the right thing to date). My favoured option is 1.
topvest: Looking at the Asta Capital 2015 statutory accounts, this associate looks a cracking business. Its expanding nicely with a £6m PBT and £4m PAT. This business alone, with a virtually ungeared balance sheet must be worth about £60m or £20m for the PRO share. Wouldn't a reverse takeover be fantastic if it ever came off! Even if it doesn't it's throwing out cash like there's no tomorrow and so should clear the Group borrowings within a reasonable timeframe.
topvest: Annual report is interesting. Think this company has very strong potential. In my view Asta is worth a third of £60m. It makes a £6m profit before the £1.5m preference share cost. If you say £20m less the £6m or so debt secured on it - you can see that the entire market capitalisation is supported by the Asta investment. Then, if you look at the Pro business that has real potential - all the companies are much improved if you look at the UK statutory accounts and they have a £5m new contract in Glasgow starting. The underlying businesses excluding Asta are also worth the entire market cap in my view. So, both ways you look at it I think this company is a great value investment. Only risk is it's majority owned but the ethics to date of Tawa owners has been good with Tawa returning some capital last year. Doubled-up my small holding. The company gets a very poor QVM rating on Stockopedia but it's historical financials are clouded by the former Tawa business. They have only had one clean year of trading which is 2015 and 2016 promises to be a year of significant growth. In 2 years this business will have been transformed from a loss making business to a profitable group. Cash flow is being pushed into working capital at this point given the growth in the debtor book, so no dividend just yet. Maybe a dividend in 2017 is my take.
russman: Shame. PROG are not doing themselves any favours.
topvest: Makes you wonder whether there is some corporate activity around the corner. Certainly very welcome that the share price has increased like this. Could they be interested in a reverse takeover of their associate perhaps? That would be very welcome.
russman: I have no ideas. I am not complaining. Have to dig out that Tawa share certificate.
smegster: Does anyone know what is going on here. Over the last couple of months there have been quite a few block buys of 10,000 and 7,500 shares, with the share price slowly moving, while today it jumped 20% (4p) based just on 4, 7,500 share buy. Is someone building a stake (although I'm not sure if this is possible when the top 4 shareholders own more than 85% of the share or are they the on'e buying). I'm quite happy with the share price moving up as I have a small stake, although it would be good to know why this is happening
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