Senterra Egy Share Discussion Threads

[gegg] 09/1/2005 18:42

IS THIS SHARE WORTH FOLLOWING? A simple "YES" or "NO" will do.

[dmhzx] 09/1/2005 13:40

Seanworld: Many thanks for that.
It does indeed summarise things quite nicely, but surely then my questions are even more relevant:
When the need for funds were announced share price was 6p.
Why then was there a need to negotiate a placing at just 1p?
Why do we have to have a 90% dilution at a 90% discount????
Also remember, despite what Bulford says, the placing has NOT yet been done, it still need the Turkeys to vote for Christmas.
He doesn't mention that shareholders have been kept in the dark over negotiations. - Why only 1P?: Who has been offered shares? Why were the existing shareholders deliberately excluded?
Surely a completely open offer isn't that expensive to run?
I can't help wondering what would have happened if in June the company had said they wanted to raise £5 million at 4p per share - or even 3??

If the company is that good, why was there a need for such a huge discount?

Even now, existing shareholders, if they want any more shares, will have to pay about 30% more than the favoured 'institutions'.

Also remember that Collins Stewart were paid £300,000 during which time the share price dropped over 80%.

The whole affair smells of either fish or gross incompetence, and I'm very disappointed in Bulford for not digging a bit further. He also fails to notice that the placing is in two tranches, and the buyers have only agreed to play ball if the Inland revenue agree to their tax breaks.

If nothing else, if in December net assets were just £300K, JL are having record sales, record profits, record orderbook, where did the other £1million go??
At the interims, net assets were £1.3 million, so £1 million has vanished in six months.

We know Collins Stewart has had at least £300K, and one of the dirctor's other businesses hav had another £75K at least.

This leaves over half a million pounds evaporating in six months.

Could the management be painting a deliberately gloomy picture to cover up their own disasterous negotiating abilities over the last six months?
The thing is we'll not know until after the placing (and maybe not even then) where all the shares have gone. (Expect City equities and Headless Brenan to be touting these soon).

Mind you, nearly all the other shareholders except me seem perfectly happy to support the board 100%. At least we've had no recent posters complaining but still not prepared to actually do anything.

[park1n] 09/1/2005 11:12

Seanworld,
Your post is most sensible I ve read for some time.You are right about Petards
products,they are I st class & having been to their base at Sunbury talked to
Finance director & picked their brochures, I could see their products (12 in
all) are a saleable & must have a long term future. I think I ll give them another 6 months to try & turn round the Co. They should get up the roof of
their building & shout out loud,look what we produce.

[seanworld] 08/1/2005 19:40

As u wish dmhzx.

This fallen angel from the booming security sector has the chance to double your money. This is one to watch in 2005



One day, back in November, I had meetings with four different companies. And the one that really interested me was Screen - not to be confused, by the way, with a different AIM share, Screen FX. I was interested because Screen operates in security - an industry in a sweet spot of growth. But chairman Tim Wightman made no secret of the fact that the real purpose of his visit to London that day was to prevent Screen from going bankrupt.

So let me describe how this company, which made its AIM debut in January 2002 at a share price of 55p, got into such a mess. The directors received bonuses for completing deals and then failed to manage them. Newly-acquired businesses were not integrated. Inadequate financial controls allowed sales to be overstated. Weak contracts with customers meant that Screen was not paid in the event of the failings of third parties. And it was losing out on a ton of extra revenue by selling equipment without any maintenance contracts.

Inevitable board changes followed. Adrian Merryman became chief executive in December 2002, but he did not move fast enough to satisfy Tim Wightman, who became chairman in June 2003 - Merryman left in November 2003.

With fresh money and management - the rot should have stopped

Wightman has now recruited a new finance director Chris Langridge, and new MDs for the two subsidiary companies Petards and Joyce-Loebl. They are David Hayes, who founded and subsequently sold specialist software business FSS, and Bill Conn who was previously MD of Alstom Transport and Siemens Power Generation.

Now, seven subsidiaries working autonomously from seven locations have been integrated into two companies at two locations. Overheads have been cut, customer contracts have been overhauled, and proper financial controls are in place.

Remarkably, despite all this, Screen managed to grow its turnover by 13% in 2003 over 2002, and a further 10% in the first half of 2004. This, though, resulted in the drain of working capital, which left Screen at death's door in November.

In a moment I will tell you what Screen does. But first, let's look at December's capital raising. Screen issued 557m new shares at 1p each which after expenses, brings in £5.1m. Screen warned that its net assets were no more than half the value of its issued share capital, i.e. around £300,000.

The new boys have a great incentive to get this firm back on track

So after this issue, net assets will be c£5.4m, equivalent to 0.86p per share. And net debt should be around £4m. The directors have personally stumped up £275,000 for new shares, but have also been awarded options over 20.3m shares, with a further 28.1m options going to senior management. Now, these options can be exercised after three years, but only if Screen achieves earnings per share of "not less than 0.275p" in any of the next three years. If it hits that figure, shareholders will be winners also, because the shares would surely command a PE of 10, implying a doubling of the share price to 2.75p.

The placing announcement alluded to the steady improvement in revenue, the reduction of overheads, and offered optimism that the gross margin will rise in 2005. And that potential customers, deterred by Screen's parlous state, will now be prepared to commit orders.

So now to the business, and next time you are chased by a police car, think of this. That police car has a camera. It is recording every move you make. It has an automatic number plate recognition system that can tell the officer in an instant if you are driving a stolen car. Subsidiary Petards is a developer of security management and control systems.

It has over 250 installed systems in local and central government, police and security forces, ports, airports and railway stations. It does not make the hardware. In a typical job, for the Metropolitan Police, it integrated the monitoring of 3,500 surveillance cameras, previously watched from 50 separate control rooms, into just two 'super-centres'.

These machines monitor the monitors

In case you are wondering how many pairs of eyes are needed to follow 3,500 cameras, these are smart systems which automatically spot, and can instantly replay, anything suspicious such as the striking of a match. Petards also supplies mobile camera systems, incorporating passive infrared movement detectors, that can be mounted on trees or lamp-posts and transmit pictures via a wireless connection to another Petard product, a rugged laptop computer.

The other subsidiary Joyce-Loebl is also a well established company working mainly for the defence industry. Recent contracts include a missile approach warning system for the Lynx helicopter and the supply of radio equipment to the Ministry of Defence in the UK.

But it also has a video surveillance business that overlaps nicely with Petards, concentrating on the rail industry. The Paddington rail disaster, and fears that trains are soft targets for terrorism, has prompted the UK rail industry to introduce CCTV systems onto trains, both to monitor the passengers and driver, and to provide a 'black box' in the event of an accident. The Madrid rail bombing has added impetus, and Joyce-Loebl is working on a £2.7m order for Portuguese Rail on the Lisbon suburban line.

Security is in a massive bull trend

Governments are allocating extra cash to surveillance systems. Companies, afraid of being sued, are also spending in this area. Telecom utilities see surveillance and video streams as a good way of utilising broadband capacity. And with the number of monitors growing beyond the level that human guards can effectively monitor, automated threat identification and management systems are becoming essential.

[megordon] 08/1/2005 15:54

Seanworld is right it was tipped in RHPS.
Think this is the only tip on RHPS in years that hasn't risen for the days leading up to the issue of RHPS so I don't think anyone is interested - no shock there LOL

[dmhzx] 08/1/2005 10:31

More research here:

Two of the main sharholders are brokers with nominee accounts
TD Waterhouse and Barclays Personal Investment Management
We should be able to discount these as direct contacts re a vote.

This leaves Unicorn Asset Management as the largest single shareholder with just 3,5 million shares (5.5 %)
and
Tilney Investement Management with 3.4 %.

Currently the directors hold just under 3% between them. (But will have effectively given themselves nearly 10% of the new one).


It is also interesting that three out of the six directors are also on the remuneration committee.

On the face of, we'd only need about 10 million votes, which at todays prices looks like it represents just £100K.

Implications being that this company is mostly held by relatively small investors.

We have a real chance of doing this folks. Surely there must be more than two of us interested??

Have another look at the interims. There's absolutely no reason other than sheer apathy why this company should be given away for 1p a share.




[e-mail]

[dmhzx] 08/1/2005 09:40

And another thing!!

AIM shares can be held in a SIPP, AND are exempt from Inheritance Tax.

Seanworld: I find it hard to believe these have been tipped: Any chance of posting the details??

[seanworld] 07/1/2005 19:45

Tipped. Good rise Monday!

[dmhzx] 07/1/2005 16:45

Come on folks: There's STILL time to vote the placing down, chuck out the board and trade SEN into profit.

For goodness sake, use your votes and DO SOMETHING.
Parkin, Sweetipye, davina Alice: get into gear we CAN do this.

All of you -- PLEASE, email me on [e-mail] and let me know how many shares you will put to a no vote, and how much cash you're prepared to contribute to a takeover. (or at least to buying more votes)

I'm quite happy to post a dialy buletin if there's any interest at all.

If you have certificates, make sure you use you vote.
If you're in a nominee account, write to the nominees and tell them you want to vote against ALL the proposals.

See if any of your friends might contribute.

Remember this company turns over 21 million. Although we don't know what the board has squandered since, at last result net assets were 1.3 million (after taking into account a 8.3 owed ot HBOS).
Total market cap today at mid price is just 700K. At a full buy price of 1.5p that's only 840K for the whole company.

- I know we can't get the whole lot on the market, but remember the current target is to get just over 51% of the the votes.


Please also remember, the board has already threatened to call in administrators if the placing is voted down. If administrators come in we have no rights at all, and past experience shows that the company will end up being 'bought' debt free from the administrators by the same crew who called them in. Any money actually retreived will go the administrators, whose charge is in the region of £400 an hour.

This means that if we win the vote, the existing board will have to go completely. - Remember when they announced that more cash might be needed in June, share price was 6p. By December, the placing was announced at 1p which was still 40% less than the price had by then been walked down to.

This is either total incompetence or deliberate eroding of shareholder value, and they must go.

Remember, for the time being at least, YOU own the company.

If the placing is agreed, you will own just about 10% of it and so will the board who oversaw an 85% fall in price in just 5½ months.

Potential fighting fund is currently running at just over £100K, - smallest sum so far 'offered' is £1000. - Every little helps as they say.

Hello hello anybody there??????

[park1n] 07/1/2005 09:40

Very quiet on this B/B,now this Co is going back to its origional name
Petards Vision Ltd, I would have thought there would be some reaction from
the big money talkers that have been contributing to this B/B.Mmmmmm!!

[park1n] 07/1/2005 09:40

Very quiet on this B/B,now this Co is going back to its origional name
Petards Vision Ltd, I would have thought there would be some reaction from
the big money talkers that have been contributing to this B/B.Mmmmmm!!

[divina] 03/1/2005 08:44

Folks

Well you cannot get in contact with Screen try this i suggest
Maybe he will be more forthcoming. With is Activities!!!!!


--------------------------------------------

Welcome to my website. It should keep you in touch with my activities and views as your representative in Parliament as well as my involvement in the local community.

I look forward to meeting many of you whilst out and about in the constituency. Meanwhile, if you have any concerns or issues you would like to raise then please do not hesitate to contact me.

Your voice counts and I want to hear what you have to say!
----------------------------------------------------

There you go YOUR VOICE COUNTS.

YEAHHHHHHHHH!!!! never trust an MP they are all! crooked

[sweetiepye] 02/1/2005 14:33

hi there

a new year' teaser for you

a shambolic board
a failed recovery
conflict of interest
fat fees

not too difficult is it ? only one guess required...







IAN TAYLOR MP

AND HIS DUD "BANK" INTERREGNUM - who made a fat fee of reorganising the business just over a year ago - but did not spell out the cost of the pathetic efforts at the time.........




the sooner little tim offloads this pompous individual the better for the company - the last two managements were respectively dishonest and poor but good ole ian had a firm hand in their selection so - tan tata ta


the sword of shame is won by IAN TAYLOR MP


and while we are at it - it was sick advice to cut out the suffering - an open offer, subject to approval at the egm, could have been tagged on to the circular - but corporate greed usually overlooks sensible and equitable things like that - it says nothing for the AIM regulators either - brains took an early holiday at a guess.........

bi bi and have a good nu years....

[beakybee] 31/12/2004 13:33

DMHZX. My E-Mail address is [e-mail]

[dmhzx] 29/12/2004 10:49

Hope you all had a good Christmas.
Campaign now starts in earnest.
I now have an email set up at yahoo.co.uk as dmhzx2000.
Please re-arrange to make a proper email address -I have heard that the moderators sometimes delete postings with addresses in.

Anyone prepared to
a) Vote against the proposal
b) Let me have a proxy in time
c) Prepared to put up some cash either for a bid or some more shares to get a vote - please indicate amount available.(Will sort out some safe method of organising this )

Please send me a mail.

BeakyBee: either post your email or send me one and I'll get back to you with intentions.

[beakybee] 25/12/2004 01:00

I got a letter from TD Waterhouse the other day, saying Screen was trying to change their name to 'Petards' at the next EGM. Anyone else hear about this piece of news ?

Nice of the company, that I have shares in to tell me this (not) !

I have loads of shares in this pile of crock and have never heard a single word from them. The website is as much use as a chocolate teapot. I begger belief with this lot. They really do my head in

DMHZX, you have my proxy vote on this and I'm willing to stump up cash in your bid. E-Mail me please.

Happy Christmas !

[wertyi13] 24/12/2004 12:53

Hi guy´s

Regarding raising the money.

If it is a viable profitable business, then the money you already have pledged would be enough for a bank to consider loaning the rest.

If they turn you down, walk away.

[felixakulw] 24/12/2004 12:51

you can use my 7500 (bought at 76p!!!) for what it's worth

rgds

felix

[dmhzx] 24/12/2004 12:45

taffee:
I know it's Christmas, but where's the sense in raising £650K to buy 10% of the new company?
If I can get 650K before the end of Jan, I can in theory buy the whole company and chuck out the board before the placing. - Certainly a controlling interest.

My available funds are now up to 70K, KeithFagan may have another 25K.

Dexdringle: How many shares would you be prepared to use to throw out all the proposals at the EGM??

As I said before, if the owners of this company do vote down a 1p placing, they will need at the same time to dump the board. If the board doesn't get dumped, they will call in administrators. At which point the shareholders become ignored by everyone. We're not even entitled to know which parts of the company have been sold or for how much.

At todays price. 1.5 million would buy the entire company. Joyce-loebl alone is worth more than that!!.


Make no mistake: This company is basically sound in spite of the board.
I AM seriously looking at making a bid. BUT PLEASE folks let me know how many votes I can count on. The more votes from you, the fewer shares I need to buy on the market, and the easier it gets to raise the funds.

[dexdringle] 23/12/2004 15:09

The directors have been 'allocated' 27,000,000 shares (£270k's worth) in the placing i.e. they will be buying these and part with £270k of their own money to do so.

The remaining 550,000,000 or whatever shares are being bought by friends of the business. For existing shareholders not to be offered an option to buy shares is a disgrace - 90% of our company is transferred to Uncle Tom Cobley at a massive massive discount to the shareprice all but recently. And how it costs £500k to place with a few holders I'll never know.

Oh well, once the city boys own it they'll have a vested interest in the thing. Mind you, they can sell at 2p and double their money thank you very much whereas most of us 'old' holders need at least a 20 fold increase in the price to stand still (and in some cases a 180 fold increase).

Unbelievable.

[keithfagan] 23/12/2004 14:29

dmhzx. I am interested and looking at finances at the moment. I have approx 25k already (I also have my oen marketing company if that helps...lol). Need to see all the relevant p&l accounts plus sales orders (actual) and potential for the next 12, 24 months. Interesting to see what deals the key Directors are on with remuneration and bonuses, one of the easiest ways to kill a company and make sure the bosses go away with full coffers.

[wertyi13] 22/12/2004 15:23

I once went to an egm, had a few drinks with the ceo etc, all very nice, reassured about the future an all that, bstrds lost me a small fortune, share price dropped 400% over following 6 months.

[park1n] 22/12/2004 15:17

Have just driven past Screen in Sunbury I saw some signs "to let"
outside a building just in front of their site,I thought it was
Screen,my heart missed a beat,but thank goodness it was nt them.
Neverless there did nt appear to be much movement around their
building. Like QuasimoDuck I am in the same boat as them,had
1.5K tied up for 3years, & can t do much about it.
Visited back in the Spring & chatted to their finance director who
seemed a lively fellow & left with some upbeat brochures extoling
their products 12 security systems,one in particular Number Plate
Recognition seemed very worthwhile & I know they got Tv coverage &
it is being used by Police. Their products seem saleable,but they
do not seem to promote them too well.
Lets hope the cash injection they are getting is put to good use.

[bangers] 22/12/2004 12:17

Itmak

Who was your short with then?

[itmak] 22/12/2004 10:39

I have now closed all my positions in this share ...profitable

As i can now see a period of "wait and see" resulting in shares just moving sidways within a tight bandwith.

Good luck all