Sig Share Discussion Threads

[kingl] 18/3/2009 14:44

Putting my negative comments to one side for a moment, which to be fair only relate to the past and not the future, I have to say that today's share price has been quite strong so there must be some confidence out there.

The theoretical "ex-rights" price this morning was 80p, so if they can finish anywhere near £1 then that has to be judged as a big thumbs up.

They could prove to be a good long-term investment yet, but a market cap of £590m still seems a big ask in these markets in the short-term. I can't see profits after tax/goodwill anywhere near £100m this year.

[volsung] 18/3/2009 10:40

This is one of them short shares innit?

[kingl] 18/3/2009 08:56

quisqose - you have every right to be angry, I've been predicting this for some time too.

So lets get this straight ... a mere 0.8% reduction in like-for-like sales has resulted in results collapsing to near break even, balance sheet net assets moving from negative £12.8m to negative £131.6m, and a need to more than quadruple the number of shares in issue with a heavily discounted (not for long) rights issue.

I think Mr Tench's definitions of "reduced demand" and "further progress" must be different to mine.

RISK - that's the word that I have mentioned time and again in my posts, and it's a word that has not figured in SIG's thinking for the last 10 years.

Anyway, going to read the results now, but it feels like I'm going to do a post-mortem. :(

[amt] 18/3/2009 08:00

From interims Tench stated -
SIG has been through periods of reduced demand in various markets many times in the past. As well as the resilience provided by its
exposure to a broad range of market sectors and countries it has the proven management expertise and the experience to enable it to
outperform in challenging market conditions, and remains confident of further progress."

[richaims] 17/3/2009 13:12

Telegraph:

"SIG mulls raising new cash

SIG, Europe's largest provider of insulation, said that today that it may turn to shareholders for fresh capital to tackle its mounting debt pile.

By Rupert Neate
Last Updated: 8:52AM GMT 16 Mar 2009


Sheffield-based SIG has asked its brokers at JP Morgan Cazenove and Panmure Gordon to sound out investors over a potential £300m rights issue that could come as soon as its full-year results on Tuesday.

"The board confirms that it is considering a range of options including a potential equity raising," the company said in a statement on Monday.


SIG had net debts of £710m at the end of 2008, well above the group's £600m target. It has a market capitalisation of just £159.5m and analysts have raised concerns that continued weakness in trading could see the company breach its banking covenants.

The company has £70m of debt maturing in mid-2009 and a further £170m in 2010.

SIG's share price has fallen sharply since hitting a high of more than £13 in early 2007 following the collapse of first the US and then the UK housing market."

[dobcroft] 17/3/2009 09:38

Neither do I s34icknote ... madness.

[s34icknote] 17/3/2009 09:34

I don,t uderstand how these reached 139p yesterday!

[1nf3rn0] 17/3/2009 09:32

I reckon closer to 50p for the rights shares... Will one rights issue be enough to sort them out?

[dobcroft] 17/3/2009 09:19

I know ... doesn't look good.

Probably waiting until details of the rights issue are known.

Any guesses what price the "heavily discounted rights issue" will be set at then?

70p?

[wapper] 17/3/2009 09:13

Scheduled for today

[dobcroft] 17/3/2009 08:54

Wot no results?

[wapper] 16/3/2009 16:16

Results tomorrow.

[donny brassedoff] 16/3/2009 15:29

in auction , jubbly ;-)

[donny brassedoff] 16/3/2009 15:13

turned very positive on level 2 again, should retest day highs of nearly 140p me reckons.

[s34icknote] 16/3/2009 14:49

rights issue ! market loves at mo!

[topdoc] 10/3/2009 11:32

thanks Dobcroft and when are the accounts to be published?

[dobcroft] 10/3/2009 11:24

Perhaps the market is spooked by the idea that the accounts will be published shortly.

[topdoc] 10/3/2009 11:20

has nobody got any ideas?

[topdoc] 10/3/2009 09:33

Why this big drop today anyone?

[mrt8] 19/2/2009 10:14

These are being dragged down by the industry more than their own performance. Yes, they are slowing down, and there is bound to be a profit warning, but I would hope there would still be a decent profit announced. There are redundancies, which is normal in quiet times, let alone times of recession. m8

[s34icknote] 11/2/2009 19:31

Had a chat with driver from commercial office enviroments, our main supplier had their worst quarter for twenty five years !

People keep phoning me up for work!

Commercial is running at 50% below normal !

I will try buying back in after the axe of divi and profits warning!

Good luck all

[mrt8] 06/2/2009 11:38

Unable to get quote at present, although I did earlier. m8

[quisquose] 03/2/2009 12:15

I think this share will be sold more.

:)