Safeland Share Discussion Threads

[tara7] 08/1/2010 15:42

ydderf, as you may or may not know i buy very low cap tiny AIM stocks just like this one.We both know value is here and loads of it. You are getting board i should think with no action , and when it comes its the wrong way .Down.!!! In my book it will be me buying your shares when after all these years you leave town. Good luck in any event.

[ydderf] 08/1/2010 15:26

tara7 - it never trades though.......and if there are no buyers and no sellers there is no market - suggest you provide some liquidity to the market by dumping yours.....

[tara7] 04/1/2010 13:38

Head office sold, costs cut, and the bottom of the market now past us. One gets 5 times what you put in here as shares are around 12.5p and nett assets well over 50p and going up. They have written down stock that should in the event get more when they sell. Assets may in that case be up to 6 or 7 times todays stock price.

[tara7] 01/1/2010 21:58

Yes, plus a bid, or a deal with new investors.Lets face it the banks want to make money again only way to do that is to get prices off the floor. Note also the cheap pound, what a snip this company would be.

[topvest] 01/1/2010 21:35

Lets hope so. Almost written this one-off, but it could all look very different in 6/12m time.

[tara7] 01/1/2010 21:08

If you read todays papers you will learn the the real estate sector has gone up 100% since its lows in March 09. Now SAF is at an all time low, has assets of well over 50p as is in my view going up this year.

[topvest] 30/12/2009 20:57

Wonder how much they sold this for?:



Seem to have sold this in Q4. Maybe there was some sort of condition imposed by the banks for breaching their covenants earlier in the year. Given this property wasn't previously pledged (according to the accounts), I suspect it has helped further reduce indebtedness.

[topvest] 30/12/2009 19:57

Yes, it's certainly cheap. I won't be putting any more money in though, as I'm not prepared to throw more money behind the Lipman's. Good opportunity for new investors though, if the Lipman's haven't totally lost their touch. What happened to all the exciting ventures that Larry Lipman put together a decade or so ago? Makes you wonder how leveraged their private property interests were?

[tara7] 30/12/2009 14:11

Depree not sure what price you bought at but with a 2.1m pound market cap this is today a steal.

[dupree] 08/12/2009 19:25

Well yes if you want. But it remains that they have frittered away 5p from the 63p nav/share, without altering property valuations up or down. Is it?. I know you read more carefully than I.
5/63rds is a lot. It's not a way to carry on. I am not very pleased with them just now. Clearly things look brighter ahead fingers crossed, but we do need more than following the property market up and down while burning cash.

[tara7] 07/12/2009 13:26

£560,000 loan costs per year and still falling as debt is repaid, so, one can see with property going up this gearing is just what shareholders want.!!

[tara7] 07/12/2009 13:02

Over the last 3 months comm property has gone up around 15%, [from a very, very, low base,] just see MNR for up to date valuations, gives one an idea how fast the market has turned .

[dupree] 07/12/2009 12:48

Or you might say, Tara, 63p of property going down 5p every six months.

[topvest] 07/12/2009 09:01

Interims not too bad. Cost savings are well overdue. Good to see that they have materially cut the debt position of the group. Should just about make it through the recession, in my opinion. Comment about the relationship with banks etc. is encouraging.

[crawford] 07/12/2009 08:14

5% increase a month - where do you get that figure from Tara?

[tara7] 07/12/2009 07:18

Results out, cut costs, and of the view market has turned. Time to buy if you can, 58p of property [going up at 5% a month] for 14p.

[tara7] 04/12/2009 11:04

If you look at accounts they are floating rates at an aver of 1.8% above base, as base is now half % you are spot on with 2.2%

[oregano] 04/12/2009 09:20

where does that number come from? the net finance costs in the '09 P&L were about £1.25m. they took out some new loans so maybe costs associated with that. but £400k of interest costs on £18m of loans seems unlikely - that's 2.2%! given their situation i's have thought they would be paying 6-7%.

[tara7] 03/12/2009 15:08

Interest about £400,000 pa so no worries on that point.

[oregano] 03/12/2009 09:51

presumably the issue is one of liquidity. if they aren't able to sell property, they have no income and may be unable to service their debt. In which case the banks are in control. their interest costs were about £1m last year from memory.

[tara7] 02/12/2009 21:49

Like the fact they have half assets in housebuilding, and most of the property is inside the M25.Plus the writedown of the property book was at the very bottom of the market in March this year. Some of that may come back, see[ MNR RNS ]today.

[topvest] 02/12/2009 21:22

It is a reliable business model, but not to pay the £2m a year of director salaries!

[dupree] 02/12/2009 12:06

dunno. I thought it was buildings.
The idea way back they could wheeler dealer property for quick profits, and my feeling is despite some early successes this didn't prove to be a reliable business model, especially with all the 'unsuitable (or whatever they say) market conditions' mentioned in annual reports along the way.
I wonder what the conditions are that would allow for more successes in that area?

[tara7] 30/11/2009 21:33

Had a good read of the two last reports, and it is clear to me they are not going bust, but may well have to take a pay cut.!!!. Even now i see they are not selling property at a loss. How many building plots do the have, do we know?

[topvest] 30/11/2009 20:54

Agreed - I think that's a fair summary.