Robinson Share Discussion Threads

[charo] 30/11/2021 10:50

But they must know by now whether they will meet forecast or not.
So in absence of update markets price in forecast will be met.
As to property why no update .
I am sitting on sidelines until update.

[castleford tiger] 30/11/2021 09:42

update is normally January

tiger

[charo] 30/11/2021 09:22

Company needs to update market.Will the forecast seond half 2 million operating profit be met,as includes second half contribution from schela plast,should be a given.
When will property sales agreed in march ,see interims,be announced.
Communication very poor for such a marketing led outfit.

[castleford tiger] 22/11/2021 22:25

Property market remains very strong.
I am sure it’s coming
Tiger

[ardee] 22/11/2021 21:54

The loan is not from pension assets. It is from an escrow account held as a conservative measure should further payments be required to be made into the fund. However it is likely that the £3M will not be paid over to the pension fund if the fund is still in surplus in 2023. In that instance it will be returned to the company.
My estimation of the surplus property value is circa £10M. However I am a little concerned that the current property sale has not yet been finalised.
This is a small company with a very conservative balance sheet which has the finance and the potential to grow and become more profitable.
I do have a reservation regarding the number of plants which they now operate. I would have thought that there must be potential to a least consolidate the UK plants into one site and thus achieve benefits of scale.

[charo] 16/11/2021 18:16

Missing point.The loan is from pensioner assets and is riskier than bank loan and with subordinated rights.
Trustee responsibility is to pensioners and unless on very favourable terms with full security should have told company to walk.

[1tx] 16/11/2021 16:31

Obviously as pension funds are only valued for the annual accounts we will not see a new valuation until the accounts for the period to 31/12/21 are published probably in March next year.FWIW I would expect an increase in pension assets & probably a reduction in liabilities;the latter caused by the fact that pension liabilities are measured against yields on government bonds & higher interest rate yields lead to lower liabilities.Robinson's pension fund is well funded & having been closed for over 20 years very mature in terms of age profile of members.I expect when the formal review is completed in 2023 it could be sold on to an insurance company with a return of surplus capital to the company as has happened elsewhere.Robinson may have some issues with rising prices of its raw materials which hopefully are short term and/or can be passed on & getting a rather modest return on capital but its pension plan is not a problem (unlike some other companies!).

[charo] 16/11/2021 15:21

Jaknife
Exactly.

[1tx] 16/11/2021 12:37

Re pension fund.Robinson's pension fund is in substantial surplus & has been for many years,currently it is around £9m in surplus over most recent valuation of liabilities and it is unlikely that Robinson will have to make further contributions,the fund has been closed since late 1990's.However Robinson has continued to make pension contributions to an escrow fund,on the assumption that the fund is not in surplus.If on the next full valuation of the pension fund which happens in 2023;the pension fund is still in surplus the escrow fund will be returned to the company,if not it will be paid to the pension fund.It is highly unlikely that that the fund will not be in surplus then.The loan is secured on uncharged property and is subject to interest at a commercial rate.

[charo] 16/11/2021 11:39

Read the charge document filed at companies House.

[arthur_lame_stocks] 16/11/2021 03:17

That'll probably come after the profit warning you were predicting a little while ago.

[charo] 15/11/2021 23:10

My bet is final dividend will not be paid,bank will insist on debt reduction.
Hey I may be completely wrong and second half results rebound and bank completely on board.I believe company has a great base but badly led.

[charo] 15/11/2021 23:05

Think you will find it is.Read the charge document clearly bank stands before pension company.That is what counts.

[charo] 15/11/2021 18:12

Same thing assets are pension assets not company.
In event of failure of group bank scoops lot.
A great deal is riding on second half results and sale of property.
The bulk of cash from first tranche allocated to pay deffered consideration.
Debt is uncomfortably High .

[charo] 15/11/2021 17:59

See note in accounts and registered charge at companies House.

[charo] 15/11/2021 17:48

Somewhat surprised that £2.7 million loan from pension fund is ranked behind bank loan.
Do pensioners know this and what premium has been negotiated for this Risky loan.

[charo] 03/11/2021 09:52

Sp down 47% since new ceo.now in last quarter when can we expect update on bullish outlook from chair.

[1tx] 02/11/2021 15:33

From memory the surplus property is in the books at approx £3.5m;the bulk of the fixed assets by value in the accounts relate to property,plant etc in present use in the business.