Record Share Discussion Threads

[masurenguy] 07/1/2008 11:14

Some small sales pushing down the share price over the last couple of sessions.

[masurenguy] 02/1/2008 13:10

The full greenshoe exercise demonstates that demand exists for the oversubscription !

[macbonzo] 02/1/2008 12:58

OK, the greenshoe period has eneded. We all knew that it would only last until the 28th, is there something else which you are trying to say?

[masurenguy] 02/1/2008 10:14

Issued on Dec 27th.

ANNOUNCEMENT OF EXERCISE OF OVER-ALLOTMENT OPTION

Record plc (the "Company" or "Record") announces that, in connection with its
initial public offering of ordinary shares (the "Offer"), JPMorgan Cazenove
Limited ("JPMorgan Cazenove"), as stabilising manager, has today given notice to exercise in part the over-allotment option in respect of 4,384,576 existing
ordinary shares at the offer price of 160 pence per ordinary share. Following the exercise of the over-allotment option, 69,850,970 ordinary shares will be held in public hands, representing a free float of approximately 31.6% of the issued share capital of the Company.

Have amended the header information.

[masurenguy] 14/12/2007 13:24

An interesting recommendation from Worldwide BB last week.

Take this Record for a Spin
06.12.2007

In the shadow of Windsor Castle lies a very smart office block housing an even smarter set of around 50 people of whom over a third are millionaires. They operate a currency management service generating fees that rocketed 245 % from £ 12.3 m. in the first half of last year to £ 42.5 m. in the first half of 2007. Because overheads rise less than income, pretax profits soared by a stonking 269 % from £7.2m to £26.6m. The company is called RECORD Plc not because of its storming track record but simply because its founder goes by the unusual name of Neil Record.

Neil is a former Bank of England economist and just the sort of person you want around if you need to know how the Euro is going to perform against the Yen in 2008. He started the company nearly 25 years ago as a virtually unknown entity. Now clients come to him – a total of 150 at the last count. Taking positions in individual currencies is no different from buying equities or bonds and heavyweight investors view them as just another asset class. The beauty is that one manager can look after £ 2 billion just as easily as £ 1 billion and its little surprise that each employee generates an average profit of £ 1 m. a year.

Successful fund management groups like this can make superb long term growth investments because fees and profits are directly linked to assets under management which in Record's case stand at £ 26 billion. If good management enables these to grow by say 10 % and new funds coming in add another 10 %, then fees stand to rise by 20 %. Furthermore, this type of business is not very capital intensive and the bulk of profits are available for distribution via dividends. Record's cash balances shot up tenfold to £ 36 m. during the aforementioned period. The downside is that assets under management can evaporate very quickly if performance starts to deteriorate. This is why groups like this are quite conservatively rated compared to their growth rates. Appropriately enough it was the Queen's brokers, Cazenove, who have just brought Record to the main market (none of your AIM nonsense old boy !) and they seem to have pitched the valuation with more of an eye to current market conditions than to the company's record and prospects.

This presents a wonderful opportunity for the growth investor and we do not expect the shareprice to remain around 160p for too long. Let's assume earnings for the full year ending March 31st 2008 come in at 18 p a share and dividends start off at an annual rate of 5 p a share. Such a reasonable scenario would imply a current year price earnings multiple of only 8.9 and a yield of 3.1 %. When one considers that another similar management group which we have recommended in the past, Bluebay, sell at around 15 times current year earnings, it is not difficult to see why Record should not be priced nearer to 270 p. We particularly like the fact that 75 % of the shares are still owned by Neil and his colleagues leaving a float of only 25 %. This is clearly a very fast growing situation where the shareprice owes too much to recent market malaise and growth seekers should take full advantage.

[masurenguy] 14/12/2007 13:19

A very interesting new main market IPO on 28/11/07. Currency management and hedge fund operator Record plc was valued at £354m at the listing price of 160p. JP Morgan Chase has also taken a 6.3% holding in the company.

For the six months ended 30th September 2007, Record had revenues of £42.6m and an operating profit of £26.2 million. This puts them on course for a current year PER of circa 9 and with their current rate of growth the forward PE for year ending March 2009 could be as low as 5 or 6 !

[masurenguy] 14/12/2007 12:53

Record plc is a specialist currency investment manager and provider of currency hedging services for institutional clients. The company was founded by former BoE economist Neil Record in 1983. .

Company listed on the main market on 28/11/07, sponsored by JP Morgan Cazenove, placing 55.3m shares at 160p to raise £88.6m. This represented a float of circa 25% by increasing the number of issued shares to 221.4m. At this IPO price the market cap was £354m and insiders still retain the balance. Following the exercise of the over-allotment option on 27/12/07 a total of 69,850,970 ordinary shares will be held in public hands, representing a free float of approximately 31.6% of the issued share capital of the Company.

Company website:

I disposed of my original holding here many years ago and consequently will not be updating this thread. Good luck to other investors.

I reinvested here @31.5p in November 2018


Flag Counter inserted on 6/3/2019

[kangaroo joe] 03/12/2007 13:04

www.recordcm.com



I have some knowledge of what they do from the client perspective and rate them highly. Fullish value and only 25% float, but sparkling numbers!

[ian56] 02/9/2006 22:47

There will be a recession starting within 12 months in the US, UK, Germany, Italy and France.

This will be a consumer led recession.
The previous recession in 2001/02 was business led.

We are in a similar position to the beginning of September 2000 with an inverted yield curve.
There are similar chart structures for the period March 2000 to September 2000 and May 2006 to August 2006.

It is time to take a look at shorting consumer cyclicals and related stocks.

Suggestions with reasons to be posted here.

Regards,
Ian

[cashflo] 14/6/2005 19:34

Most parts the south that I regulaly travel through seem to have an unusually large number of cars for sale. We're all used to seeing an old banger with a for sale sign in it's window - but in the last few months a new phenomenon has emerged. Some quite new pretty decent cars are pitched for sale right outside their owners houses. Has anyone else noticed this? There's loads - you can't travel a few minutes down the road here without seeing another one. Perhaps they are all looking to pay of debt, downsizing etc?

It appears to me many 25 to 35 year olds are tapped right out, signs of a forthcomming recession?

[keevo] 13/2/2004 18:55

do they even have an address or website

[unlucky investor] 02/2/2004 16:18

Sorry drugbarron12, can't help you.

Done and dusted as far as i'm concerned, can't see them coming back now.

[drugbarron12] 05/1/2004 14:58

What is happening with this share, can anyone tell me?

[repooh] 02/10/2002 14:14

Some important news would be appreciated from someone in the know!!

[[e-mail]] 02/10/2002 13:11

I thought these shares were going to be re-listed in august it is now October, could anyone please help!!!!!!!

[[e-mail]] 28/9/2002 00:07

CAN ANYONE PLEASE TELL ME WHAT GOING ON WITH THIS COMPANY

[doyouwantfries] 13/9/2002 08:46

Keevo - 06 Jun'02 - 18:13 - 2 of 7


I have knowledge that the share will be re-listed in August. I'll keep you posted.




keevo - what months your knowledge saying this time?

[bitsofwood] 22/8/2002 16:45

Very mysterious. All right, I´ve waited this long, I can wait some more.

[keevo] 21/8/2002 16:48

Its waiting in the wings. Can't say more

[bitsofwood] 21/8/2002 08:44

August is nearly over, Keevo. Any further news?