Security Res. Share Discussion Threads

[fido] 31/12/2015 12:09

23 December 2015
Security Research Group plc
Board Appointment
The Board of Security Research Group plc is pleased to announce the appointment of John Arthur Warwick as Finance Director.

[fido] 07/10/2015 22:31

From Audiotel.





Interesting that although the sale went through on September 3rd, it was not reported on Asset Match until September 28th.
Asset match have not reported this transaction to shareholders.
I guess we should hear in the near future about any payout.

[skyship] 07/10/2015 17:08

Thnx Fido - So, cash of c£5.3m, ie c27.5p/share. Surely sufficient for a first pay-out and absolutely no good reason why not to return cash to shareholders.

Always suspicious when a BoD acts in illogical fashion, so hope they get on with it. Perhaps surprising that they haven't already announced a pay-out.

[fido] 07/10/2015 16:50

interceptor2,

As per my post above, lets see if this disposal prompts a payout.

[interceptor2] 07/10/2015 16:43

Thanks fido for the info.

Must admit that I had expected more, but Audiotel was the one that was difficult to value. Hopefully we will hear more news soon.

[fido] 07/10/2015 16:34

"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".

[skyship] 04/9/2015 06:56

Good to see the bid price rising; but with PSG surely likely to attract a bidder sometime soon, that 38p still seems rather parsimonious...

[battlebus2] 03/9/2015 17:30

In the auction that closed at 4pm today the 3rd September 2015, no shares traded. Highest bid was 38 pence per share.

[battlebus2] 19/8/2015 22:52

Looks like no sellers to me davidosh..

The next auction will close at 4pm on 3rd September 2015. An order book will appear here when orders have been received.

In the auction that closed on 4th June 2015, no shares traded. Highest bid was 35 pence per share.

Please direct any queries to [e-mail] or call 020 7248 2788.

[davidosh] 19/8/2015 22:39

What price were they in the auction ?

[battlebus2] 19/8/2015 17:16

Shares in auction at the minute.

[skyship] 19/8/2015 16:41

One would have thought PSG was a prime asset worthy of a good rating; especially in view of the cross-selling opportunities to all those solicitors,,,

[eezymunny] 19/8/2015 14:53

Thanks sladdjo, interesting.

FYI I believe the PSG deal fell through quite a while back - before the delisting etc, so may or may not be one of the two currently in (new) talks.

[skyship] 19/8/2015 14:29

sladdjo - many thanks for the above. Pity about PSG - but not a total waste of time as much of the due diligence format now established.

[meijiman] 19/8/2015 13:29

Thanks. Very good of you to attend and share your thoughts on the AGM.

[interceptor2] 19/8/2015 12:34

Thank you sladdjo appreciate the update.

Shame the PSG sale didn't work out, sounds like there could be news soon with one of the other companies. Think that there is a good return here, so happy to sit and await the outcome.

[sladdjo] 19/8/2015 12:21

The following are my notes from yesterday's AGM in case of interest.

Jonathan Mervis CEO & John Warwick FD attended on behalf of SRG. Apparently comp has ~700 shareholders. 1 other shrhlder present.


Tried to sell PSG but didn’t work out (think that they said that they came very close - they'd agreed price, terms, etc, but then bidder bought another comp.) Said that they sale process usually takes 6-7 months, so needed to start that again after it fell through. Didn't say much on current trading, just mentioned that transactions up 100k on last yr (altho that was mentioned in an rep so not sure if it refers to this yr or last...)

Currently in discussions to sell 1 company, and well down the line to sell another company. Audiotell (security but based on radio frequencies) is tough - taking time to prove benefits to customers and start selling new products that have been developed. MD has been replaced at 1 underlying comp (am assuming Audiotell) Overall feel that well in line to have all comps sold in the 3yr timeframe specified from last Dec. Chose not to do distribn as costs are ~ £70k (inc registrars, lawyers, etc.) each time, Will decided on return mechanism when going to do distn. Didnt want to give any estimate on multiples that they were looking for, or timeframes ...

[battlebus2] 04/7/2015 14:29

No nothing regarding the sale other than requoting the reasoning behind the decision not to return cash in April.

Only other piece on future developments,the Specialist Electronics Division will continue to develop additional new products and markets, the Property Information Services Division will expand its property information search offerings with particular attention being paid to its energy reports and the Packaging Solutions Division will attempt to expand its customer base.

[skyship] 04/7/2015 13:52

Many thanks to you both. Only have a small holding; but a 1% allocation is still something I care for!

Did they not say anything at all regarding future intentions beyond that absurdly priced buyback?

[battlebus2] 04/7/2015 11:59

I would hope so fido....As i said a brief summary for those who haven't seen it or indeed have your insight...

[fido] 04/7/2015 11:43

battlebus2,
I am well aware of the improved trading within the company.
The electronics division are very excited about products they have coming out this year while current trading is going well.
The property division is actually expanding by increasing its fully owned franchises so profits will increase going forward in an improving market.
Overall the company does not come across as one just being run before a sale but one that is investing in its future and looking forward to expanding profits.
If and when the businesses are sold then you should be looking at far greater prices than when it left the market.

[battlebus2] 04/7/2015 11:13

Received the annual report this morning, Overall a really improving picture imv.

brief summary for those who haven't seen it.

Operating profit of £1.1 million verses £1.7 in the previous year due to the legal settlement of £1.1 last time.

Special electronics division OP of £433,106 verses £26k
revenue also increased £2.7 million to £3 million

Property information solutions OP of £928,893 verses £844,679 in the previous year

Revenues also increased from £4.6 to £4.8 million. this division is now beginning to benefit from an increasing number of housing transactions

Packaging solutions OP of £374,422 verses £313,182 with a slight fall in revenue down from £1.6 to £1.5 million.

Cash balances increased from £3.4 to £4.8 million which represents 25p on it's own.

Summary, with new products and markets being developed in the specialist electronics division, an increasing number of housing transactions benefiting the property information services and the packaging division continuing to maintain it's consistent level of performance the future can be viewed with confidence.

AGM to be held on 18th of August at 11am at Vicarage house 58-60 Kensington Church Street London w8 4db

4 resolutions

1 to receive the account
2 to re appoint J P Mervis as director
3 to reappoint Milsted Langdon LLP as Auditors
4 Authority to buy back shares maximum 7,731,560 (40%) at not less than 20p
Authority expires in 15 months or conclusion of next AGM.

[eezymunny] 05/3/2015 17:38

Being delisted is indeed uncomfortable for me too, but hitherto I've always done OK in these situations. I shall remain optimistic until the final curtain and haven't yet seen anything to be overly pessimistic about.

Unless you obtain a shareholder registrar you can't tell how many shareholders there are but I'd guess in the 300-2000 range. So might be a couple/a few grand to make a distribution (with banking/post/registrar costs)?

[interceptor2] 05/3/2015 17:05

Like others here I shook my head when I read the April promised payment could be delayed, or not.

Good point from eezy, could be an announcement soonish, they have had over 3 month's to find a buyer for one of their divisions.

[battlebus2] 05/3/2015 16:52

Cheers eezy i was just about to take the vallium until i read your post, a symptom of delisting and a feeling of no control.