Security Res. Share Discussion Threads

[skyship] 05/3/2015 16:50

Eezy - you're quite right of course; and that did actually cross my mind. Why make a distribution in April when they could make a much larger one in May/June... I prefer that more positive interpretation!

[eezymunny] 05/3/2015 16:46

You grumpy old lumps!

How about a cheerier angle - like they believe they are close to selling one or more divisions - in which case it's makes perfect sense to delay payments. Haven't you noticed how useless company registrars are? No doubt they charge a pretty penny to make distributions?

Only time will tell if this is a bit smelly but I'm inclined to believe not - the FD told me they'd be letting head office directors go (£400k pa savings from memory) in the foreseeable and that's what they've announced today.

[envirovision] 05/3/2015 16:45

Well that news backs up my decision earlier (post 214)

I note i mentioned bob morton but having a senior moment and cant remember why I mentioned him, is he a major shareholder, creditor or something else ?

[battlebus2] 05/3/2015 16:36

Hope the cash hasnt found another home lol.

[battlebus2] 05/3/2015 16:36

I agree Skyship, as the number of shareholders is minimal now, i hate it when i get this niggling feeling of something underhand....

[stegrego] 05/3/2015 16:35

So they are breaking promises already. Nice.

[skyship] 05/3/2015 16:24

Disappointing statement, especially as the costs for a distribution are not very high at all:
=================

Security Research Group PLC ("SRG" or the "Company") announces that on 31 March 2015 John Arthur Warwick, John David Gawain Holme and Tweedy McGarth Brown will cease to be Directors of SRG. John Arthur Warwick will continue in his role of Company Secretary and will continue to act as Group Accountant.

It has been previously announced that it was the intention of the Directors to make a payment to shareholders of 15p per share in April 2015. As making ad hoc payments incur not insignificant cumulative legal and administrative fees it is considered preferable to make an enhanced payment only once further funds have been realised from the disposal of one or more of SRG’s operating segments.

Contacts
Security Research Group plc
Jonathan Mervis, Chairman
0207 881 0800
John Warwick, Finance Director

[battlebus2] 04/3/2015 16:15

Could be worse and no one wants your stock, atleast if our stuck and need some funds you can sell 15k.

[battlebus2] 04/3/2015 15:20

First auction period with asset match ends tomorrow 5th March.

[battlebus2] 18/2/2015 15:00

15p to be returned in April was the last i heard.

[meijiman] 18/2/2015 14:16

try asset match for price quote

[skyship] 18/2/2015 14:00

I stayed in with a few, especially as we might expect a disposal or cash return in the short-term. Haven't heard anything....has anyone else?

[fido] 24/12/2014 08:13

cfro,
It all boils down to timeframes and whether you can wait the three years for the company to be wound up.
The greatest value will be had by those who wait but some like the non excec director obviously couldn`t and that is personal choice rathr than a reflection on the company.
As for confidence,those shares sold would have been brought by someone who obviously can wait for the value to be realised via asset sales so it depends on what way you look at it.
For my part, I`m staying in.

[cfro] 24/12/2014 07:50

Non-exc dumping!

Lovely vote of confidence that!

[battlebus2] 08/12/2014 13:21

I'm viewing it as a three year bond.

[eezymunny] 08/12/2014 13:11

I spoke with the FD John Warwick today to clarify a few points.

The delist/sell-off is being driven by the wishes of both the board and Bob Morton, whose various entities hold 40%+ of the shares.

Savings from regulatory admin, reduced director salaries and head office costs are estimated at £400k p.a. so there’s clearly logic in the delist+cost cutting process.

Board understands the inconvenience for PI’s but still feel best decision given plan. Holders with nominee accts will be welcome to meeting next week but can only vote with relevant docs from their broker. As I see the vote as a done deal anyway, this is somewhat irrelevant IMO.

News of any disposals will be put on website.

Property services arm was almost sold this year but couldn’t agree final price, so back at square one.

With respect to valuations, I suggested M&B should fetch in the region of 7xEBITDA. They’ve done around £300k op profit last few years, so I reckon worth c. £2-2.5m. The property business might be worth 5-6xEBITDA as profitability dependent on volume of housing transactions. I suggested might be worth current market cap £8.6m. Didn’t discuss Audiotel. SRG FD felt these reasonable numbers but beauty in eye of beholder etc and they may fetch more or less.

Not the intention of the board to MBO (on the cheap!) or similar.

I think I’m generally more comfortable after the call but the outcome clearly dependent on success of disposals process. I remain of the view that if disposals proceed on sensible valuations holders will get 80p+++ returned in due course. Having been royally shafted by Toye & Co last year and once or twice in the distant past I won’t dismiss the possibility of a poor outcome. These situations where a concert party have a majority of the shares can be tricky – but SRG have never done anything in the past to suggest this is a move which will be to the detriment of PI’s (as demonstrated by big cash return etc).

I’m planning to hold what I have, having trimmed a few last week. Moved those held in an ISA to a non-ISA account – my broker did this at the top end of the spread at my request (to maximise cash left in ISA).

Anyone left holding (or contemplating a purchase) clearly needs to balance my general optimism with the concerns raised by davidosh/sharesoc.

Fingers crossed for a healthy outcome (probably will have cramp by the time this is wound up ;) )

[j777j] 04/12/2014 20:17

Of course you didn't.Lies and reality a little hard to understand.

[stegrego] 04/12/2014 20:16

For info, I haven't actually lost any money here, just some profit.
Sorry to disappoint.

[j777j] 04/12/2014 20:12

Oh but it could not happen to a more spiteful pair of apparently human beings

[battlebus2] 04/12/2014 19:43

j777j i don't think anyone cares if yump and stegrego lose the lot but you, unfortunately it's on deaf ears mate.

[j777j] 04/12/2014 18:59

Stegrego and yump lose masses, what a lovely couple.

[envirovision] 03/12/2014 13:10

Actually decided to dump today, been re-reading all and decided director cant be trusted.