Security Res. Share Discussion Threads

[battlebus2] 19/7/2016 16:44

Thanks Skyship.

[skyship] 19/7/2016 16:23

Just spoke with John Warwick - Fin dir. (0207-368-3317)

He said they should be issuing the Accounts next week; they are already with the printers.

I asked whether they will be stating when they expect to return cash to shareholders, surely important having suspended a payment c18months ago.

He replied that they will be stating the way foward - not exactly the same thing.

I said I would phone back in a couple of weeks if the Accounts still haven't appeared; and if I needed further clarification on the large cash surplus.

[interceptor2] 19/7/2016 15:21

They did say that the sales process could take up to 3 years to complete, but agree it is frustrating when we know they are sitting on funds that could be sent to shareholders now.

Have a date in the diary 30th September 2016, by which time the second £500k payment for Audiotel will have been received, they said that they were waiting for additional funds to make it more cost effective before making the first payments.

So no excuses after 30th September, I have a note in my trading diary to start chasing the company after this date if there is no news about returning the cash by then.

[eezymunny] 19/7/2016 14:59

The website seems to be here now...



One wonders if they've sold Moore & Buckle, leaving PSG as the sole operating subsidiary?

Moore & Buckle have filed accounts for y/e 31/3/16. Pretty rubbish year, just profitable.

PSG has a new name - PSG Connect - and has also filed. PBT was 631k vs 683k last time.

The parent company ought to have net current assets in the region of £7-7.5m vs a market cap that would be c. £9.7m if it was still listed and had a share price of 50p. We'll see when SRG files accounts which is presumably quite soon.

Seems to me, still, that we should do OK if all above board. Like most, however, I'm frustrated that we've had no returns.

[meijiman] 19/7/2016 14:11

Very poor by the company. Should one be getting worried?

[battlebus2] 19/7/2016 13:58

I haven't received this years results as yet but will let u know as soon as I do.

[jimbob17] 19/7/2016 13:49

any news anyone ?
Their website seems to be down now too.

[skyship] 08/7/2016 16:17

Email sent - also queried why we didn't see any Interim Report to Sept'15...

If I lived in London I would go and hammer on the door!

[skyship] 08/7/2016 12:06

So true.

Battlebus - do you know whether we might expect the Finals any day now?

Think I'll email them...

[meijiman] 08/7/2016 11:49

We really do need some update news. Think the company is treating its shareholders with contempt!

[skyship] 27/5/2016 07:39

On 4th Jul'15 Battlebus posted the Annual Report when he rceived it. So perhaps just c5weeks before we get the annual Update.....but why no Interims.....hate being left in the dark for such a long time.

Fido - you posted the below the same day. Do you have any thoughts ahead of the upcoming?

==========================================================
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] 26/5/2016 20:43

Just let these take their course, should get a good return eventually imv.

[meijiman] 26/5/2016 19:26

I have a few of these. Does anyone have a view on the best course of action going forward. Don't fancy selling at 38p!

[battlebus2] 26/5/2016 19:03

Latest auction taking place until June 2nd, couple of sells available... BUY ORDERS SELL ORDERS
Depth Volume Cum. Volume PRICE (p) Cum. Volume Volume Depth
-- -- -- 38.0 8,200 8,200 1
-- -- -- 42.0 9,400 1,200 1

[battlebus2] 04/2/2016 23:26

Thanks eeza, been away a while and should have looked further back through the thread.

[eeza] 04/2/2016 23:06

Sky posted the reply he received. - 5 posts ago #266.


SKYSHIP
23 Jan'16 - 07:53 - 266 of 271 0 0

Didn't elicit much of a reply; but still a reply nevertheless!
==============================================================

Thank you for your letter of 13th January.

Since the delisting the Directors have continued to run SRG plc in the interests of all the shareholders as if it had retained its listing.

Interim repayments were deferred in favour of managing the process which will maximise the return to all shareholders as soon as practicable. The disposal programme of the two remaining assets, PSG and More & Buckle is in full swing. The above process is in the interests of all the shareholders.

Kind regards

Jonathan Mervis

[battlebus2] 04/2/2016 22:41

Any reply Skyship?

[eeza] 23/1/2016 09:14

Yes, Good morning, Sky, Capital Redemption of course you are correct. However, a return of Capital here is not likely to cost much, I would have thought - so why the reticence.
Given the duplicity, evident from the Directors here, in announcing a de-listing of the Co a mere 20 days following a bullish statement at their results last year, I would regard the statement ' in the interests of all shareholders' with some scepticism.

[skyship] 23/1/2016 08:50

eeza - Good morning to you. Exactly, can be done incredibly cheaply. Though APT was of course thru Capital Redemption, not a Tender; DREF did the same just last week. I think the Tender route is far more expensive due to the need for a Circular and associated advisor fees, as per LMS.

The cost of MTH's £6.1m Tender last year was 1.6% of the Tender value, ie c£100k.

[eeza] 23/1/2016 08:20

APT just returned ~£11mil to shareholders via Tender - costs of which were not expected, by APT, to have exceeded £7500.

[skyship] 23/1/2016 07:53

Didn't elicit much of a reply; but still a reply nevertheless!
==============================================================

Thank you for your letter of 13th January.

Since the delisting the Directors have continued to run SRG plc in the interests of all the shareholders as if it had retained its listing.

Interim repayments were deferred in favour of managing the process which will maximise the return to all shareholders as soon as practicable. The disposal programme of the two remaining assets, PSG and More & Buckle is in full swing. The above process is in the interests of all the shareholders.

Kind regards

Jonathan Mervis

[fido] 13/1/2016 20:36

SKYSHIP,
I would suggest that their argument would be that because they have only received half of the one disposals funds, with the remaining £500,000 due in September, then that does not constitute a full disposal. It could well be that a payout will be held back until September when they have the money in full.

[skyship] 13/1/2016 17:31

I've decided to write to the Company. Hopefully it will elicit a reply:
======================================================================

Dear Mr Mervis

On 5th March last year you made this announcement to shareholders:

“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.”

It is always a worry when companies delist; it is then a much greater worry when the Directors renege on past promises.

I hope you are either well advanced on a substantial further sale; or if not, you will reconsider and repay to shareholders the cash balance as previously promised. You may consider the costs are high; but shareholders are entitled to use their own money as they deem fit, rather than to have it languishing on deposit under the control of a delisted and less accountable Company.

A year has now passed since the delisting; so it would seem appropriate to consider an early, first repayment of c20p-25p.