Scapa Share Discussion Threads

[empirestate] 27/5/2010 08:59

there's the sellers orders making way 2x 372k

[empirestate] 27/5/2010 08:52

spooky, it will start to get considerable attention now the air is cleared with the legacy issues and underlying performance is significantly improving

[spooky] 27/5/2010 08:30

Well i've picked up quite a few of these over the last month so i obviously think there too cheap down here,it would be nice if a few more people shared the same opinion,i'm beginning to feel lonely :-o)

[empirestate] 27/5/2010 08:21

Tip sheets and broker upgrades should follow

[empirestate] 27/5/2010 08:02

can't ask for much better than that, with reducing pension liabs, claims covered by insurance, cash generation, increasing revenues and improved profitability, all i can say is that this is offering excellent value with GBP65M NAV and net NAV of GBP52M against a GBP16M mcap.

[empirestate] 26/5/2010 22:02

sp gets discounted on the back of more buying than we have seen for several weeks. very strange. still an overhang here waiting to clear but i reckon tomorrows stats will clear the way for some upside. if the last six months of 09 is anything to go by we could be profitable here now

[empirestate] 19/5/2010 21:58

still a bargain with GBP46M net NAV against the current mcap of GBP17M

[hvs] 18/5/2010 15:02

And its getting larger.

[spooky] 18/5/2010 14:15

It has been for a couple of years.

[hvs] 18/5/2010 13:57

The pension deficit is larger than market cap now.

[spooky] 18/5/2010 13:56

It would appear that i was misled when i was told that the seller had completed,it will happen one day,perhaps the results next week will speed things up.

[empirestate] 09/5/2010 16:25

holding up well here now. looks like a platform to build upon now

[empirestate] 29/4/2010 21:33

GoldE, yr time will be near, have faith

[goldeast] 29/4/2010 16:45

I worked for this company between 1977 - 1999, when my (paper ind) division was sold to Voith AG. I have quite a lot of shares from a sharesave scheme but they have sat dormant for years.

The asbestos claims relate to dryer fabrics for paper machines containing some asbestos that were supplied to the US market in the 1970's. My ex boss was handling the claims some time ago and I understand not a cent has been paid out, but of course, they have to accrue. I understand that most claims were put in by people who had no sight of these fabrics.

The business issue with Scapa is that they were predominantly a supplier to the paper industry, but branched into tapes. They went out and discounted to pick up business and the tape business grew very quickly. After an offer from Voith, they sold out the Ind Fabrics and paper division (rolls & fabrics) to Voith. The pensions were quite good - but mine was transferred to Voith in 2001 and I was able to retire at 51.

The problem though, is that they then hit a glass ceiling because they are so small in the market compared to others. I think that they have also suffered from weak management in the past few years.

As for myself, I gave up hope of a business revival and have waited for a takeover from a larger company for a long time.

[electronica] 29/4/2010 16:26

empirestate

I like Scapa a lot & have been profitably in & out a few times over the last couple of years.

I also believe that the 2 "issues" are being contained excellently. I can't, however, buck market sentiment & the "taint" of these issues still makes SCPA a "no-no" for many investors.

There will be a "sea change" in market sentiment to SCPA eventually - but when that will come is anybody's guess. I will continue to watch & look out for changes in the weather.

Good luck with your investment - you will make a profit at some time & sooner rather than later I hope.

[empirestate] 29/4/2010 16:06

electronica, from the IMS of 19th Nov, the pension deficit looks pretty much under control with the trustee agreement and as for the asbestos, looks like the insurers will hold good for these. the key here is the underlying improvement in operating performance which the co have already advised has made a significant improvement and move into trading profitably. the is plenty of muscle on the balance sheet above the current mcap. wouldn't expect too much if anything to be concerned about in the up and coming results as all the indicators point to the management having taken the required action necessary
to come back into profitability

[empirestate] 29/4/2010 15:53

electronica, what is the pension deficit here plse? has there been any indication in past reports of the asbestos compensation?

[electronica] 29/4/2010 15:26

Empirestate

Very little will happen here until Scapa disposes of its 2 legacy issuse -
- The vast Pension Fund deficit;
- The asbestosis compensation case load.

Both problems will "die away" eventually but until then I can't see a re-rating of SCPA. Neither of these problems can be easily solved with financial engineering - they can't be magiced away.

Without these 2 encumbrances SCPA would be easily a 5 bagger in short order - but this probably ain't going to happen.

[spooky] 29/4/2010 14:44

A little investigation would appear to suggest that the seller is indeed done,worth keeping an eye on.

[empirestate] 29/4/2010 11:07

just picked up a few here with stats on 27th may, like the 1.7 million buys and on a brief look at the books it looks good value. will do some proper book analysis tonight

[fillipe] 30/11/2009 00:44

Recent decent results, I thought. There have been a few solid buy nibbles but peeps seem to be really not atuned to the possibilities with Scapa.

f

[fillipe] 19/11/2009 11:15

Today's company results are showing the start of the turn upwards for the business.

f

[fillipe] 13/11/2009 09:55

Int's Nov 19th. Even a smidgeon of good news here will move this up.

Mkt cap is only £23m with sales ab. £175m and a very +++ nav.

f

[fillipe] 23/9/2009 11:31

Anyone watching SCPA?

f