Signature Aviation Share Discussion Threads

[aos] 29/11/2004 10:27

This should be good news for Signet. News of a strengthening dollar:-

[maut too] 29/11/2004 07:37

INTERESTING ARTICLE FROM THE MAIL


French Connection is also one of only a handful of companies without an audit committee and just one non-executive director.


In a timely deal this year, Marks sold shares worth £35.6 million to fund a divorce from his wife, Alisa.


Only later did he admit that he might have taken his eye off the ball because of his well-publicised personal problems.


The French Connection case supports the view that good governance is important when the going gets tough and important decisions have to be taken.


Now analysts at Deutsche Bank have gone a significant step further. Their research, based on a system that quantifies risk associated with different styles of corporate governance, has found that investments in companies with high scores outperform* those with low marks by up to 25%. And companies with improving governance outperform those where standards are static or slipping.


The basic idea is that corporate governance is difficult and time consuming to measure, but is nevertheless a factor in assessing equity risk.


Companies are rated according to 50 governance issues, most of them objective and factual. These include the independence of the board, especially whether the chairman is independent; shareholder treatment, especially where they are in a minority; the level of information disclosed; and executive pay.


The Deutsche model not only incorporates current governance reforms, but goes beyond them. For example, it takes into account whether chief executives have other boardroom positions that might impinge on their time and whether directors face annual re-election - most currently rotate every three years.


Deutsche used these measures to identify five companies with some of the best corporate governance indicators - BHP Billiton, Brambles, Geest, George Wimpey and Great Portland Estates - and five of the worst - Antofagasta, Associated British Foods, Burberry, Egg and, by pure coincidence, French Connection.


The results are fascinating. The upper table (Figure 1) shows that shares in the former group have averaged an 18% increase this year, while those in the negative category showed no gain at all. That compares with a stock market rise of 7% over the same period.


Of course, corporate governance is just one ingredient to throw into the investment mix. Traditional financial measures, such as profitability and valuation, will always be vital in making investment decisions.


With that in mind, Deutsche picked a portfolio of ten companies, including BHP Billiton. So far, the results have been less conclusive, with the selections managing a 10% advance against 7% for the stock market as a whole.


This is a portfolio (figure 2) well worth following and Midas will look at it in three months to see how it has fared, but we would go further and add Shell.


The Anglo-Dutch oil giant recently announced a radical overhaul of its boardroom structure in the wake of a reserves scandal that initially hammered its share price.


Shell's plans include unifying the two boards, introducing a system of one share, one vote, and it is appointing an independent chairman. The company hopes that by improving its corporate governance it can avoid the internal auditing and reporting failures that led to a massive overstatement of its oil and gas reserves.


Shell's sensitivity to this issue was underlined on Friday when its shares fell on news that the planned corporate restructuring would take longer than previously expected.


But the die is cast. Investors have already applauded the boldness of the reforms, so failure to deliver on them is not an option.



Figure 1


% change in share price in 2004


How governance affects shares


The good

BHP Billiton: 26

Brambles: 33

Geest: 29

George Wimpey: -4

Great Portland: 8

Average: 18


The bad

Antofagasta: 7

Assoc British Foods: 26

Burberry: 12

Egg: -24

French Connection: -21

Average: 0



Figure 2


% change in share price in 2004


Companies that stick to the rules

Deutsche Banks' portfolio of 10 shares, plus Shell


Centrica: 6

Scottish & Southern: 21

ICI: 20

MFI: -22

Northern Foods: 16

Pennon: 32

Signet: 2

Smith & Nephew: 14

Taylor Weoodrow: -13

BHP Billiton: 26

Shell: 8

Average: 10




Midas is edited by Patrick Tooher

[maut too] 24/11/2004 09:03

MRS Stock talk : Signet dependent on dollar
24-Nov-2004 09:01
Signet Q3 result contains no
surprises, says Seymour Pierce.
"An excellently managed company, but
highly dependent on Christmas and
adversely affected by weakness of
dollar," says Seymour Pierce, and "the
latter may not recover for some time."
Shares are unlikely to perform until
currency moves. Has hold rating.
At 0900 GMT shares were flat at
104.5p.

0901 GMT Nov 24 2004

[maut too] 24/11/2004 07:52

Revenue recognition change for Signet
By AccountancyAge.com [23-11-2004]


Signet, the owner of US jewellery chains Kay Jewellers and Jared, has announced a change in the way it books sales, after revisions to UK accounting rules.
Link: ASB to issue guidance on revenue recognition
The British Jewellers reported in its interim results that it now spreads revenue from sales over the anticipated period of claims, instead of booking revenue at the date of sale. As a result, the group has restated previous years' results to reflect the change.

The previously-reported profit before tax for the year ended 31 January 2004 incurred a non cash reduction of £7.2m to £204.7m. For the 13 and 39 weeks ended 1 November 2003, profit before tax increased by £2.6m and £2.2m respectively.

The effect on reserves is a reduction of £35.1m net of deferred tax, with shareholders' funds at 31 January 2004 restated to £692.5m.

For the 13 weeks to 30 October, the jeweller reported pre-tax profits of £8.4m, up 9%, with group sales reaching £292.1m.

Terry Burman, group chief executive, said: 'We are pleased with the group's performance for the first nine months of the year. Further progress was made in the third quarter against the background of challenging trading conditions.'

[maut too] 24/11/2004 07:50

NEWS SNAP: Signet 3Q Pft +9%, Well Positioned For Xmas



By Michael Carolan, Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--Jewelry retailer Signet Group PLC (SIGY) Tuesday reported a 9% rise in its third-quarter profit and said it is well positioned for Christmas, despite tougher comparatives in the fourth quarter.

The company - which operates as Kay Jewelers in the U.S. and as H Samuel and Ernest Jones in the U.K. - said pretax profit for the three months to October 30 rose 9% to GBP8.4 million. Sales over the period were flat on the year at GBP292.1 million.

Stripping out the effects of currency movement, the pretax profit growth for the third-quarter would be 12% rather than the 9% reported, while sales would have been up 6%.

Signet does two-thirds of its business in the U.S. but reports results in sterling. Every cent the dollar moves against sterling impacts group pretax profit by GBP300,000.

Shore Capital analyst John Stevenson, who has a hold rating on the stock, said that with the third quarter accounting for just 4% of the group's full-year sales, "you cant get overly exited about it."

By 1315 GMT, the company's shares were up just 1.25 pence, or 1.2%, at 105.25 pence in a positive wider market.

Stevenson said the main concern was the company's prospects for the key Christmas trading period.

Chief Executive Terry Burman was giving little away. "While our businesses on both sides of the Atlantic face demanding comparatives they are well positioned to compete over the Christmas season," he said.

Both the U.S. and the U.K. operations posted positive sales growth in the third quarter. Before the effect of new store opening, sales in the U.K. grew 4.2%, with U.S. sales up 6.8% in U.S. dollar terms. However the weakness of the U.S. dollar once again hit the group's headline figures. Total U.S. sales actually decreased in sterling terms by 0.9% to GBP193.8 million.

Signet has said in the past that adverse currency translation only affects company profitability on paper, and has no bearing on its underlying cash flow. Revenue from the U.S. is never actually exchanged for sterling but rather reinvested or used to pay debt.

Company Web site:

-By Michael Carolan, Dow Jones Newswires; 44-20-7842-9278; michael.carolan@ dowjones.com

[maut too] 24/11/2004 07:49

MRS Stock talk : JP Morgan keeps Signet at buy
24-Nov-2004 07:20
JP Morgan reiterates Signet at buy
post Q3 results that were better than
expected.
Says positive surprises from US offset
weakness in UK, and high operating
leverage aided margin improvement.
Makes no changes to forecasts, keeps
SOP target of 118p.
Shares closed yesterday at 104.5p.

0720 GMT Nov 24 2004

[peterlowen] 23/11/2004 17:35

from 3rd sept 04

Deutsche says buy Signet (SIG.L) (135p price target).

wonder about brokers notes tomorrow ?

[mauts daughter] 23/11/2004 13:19

Hey maut, whats the next alias on iii then?Try Keef, thats free, no free Keef not three

[maut too] 23/11/2004 13:18

MRS Stock talk : Signet Q3 unlikely to excite
23-Nov-2004 13:17
Signet's Q3 results are unlikely to
have much impact on its shares, says
Shore Capital's John Stevenson.
With Q3 accounting for just 4% of FY
sales, "you can't get overly exited
about it," he says.
With little mention in the statement
of prospects for Christmas, Stevenson
is looking to the conference call later
in the day for pointers on FY outlook.
At 1305 GMT, shares up 0.7% at
104.75p. (MIC)

1317 GMT Nov 23 2004

[maut too] 23/11/2004 13:15

CAS Signet Group : Well positioned for Xmas
23-Nov-2004 12:36

Signet Group said today that for the
13 weeks to Oct. 30, 2004 Group pretax
profit rose to #8.4m on sales of
#292.1m compared to #7.7m and #292.0m
respectively for the same period last
year.
Terry Burman, Group Chief Executive,
commented: "While our businesses on
both sides of the Atlantic face
demanding comparatives they are well
positioned to compete over the
Christmas season."
Further progress was made in the third
quarter against the background of
challenging trading conditions, Burman
said.
The US division again outperformed its
main competition with 6.8% like for
like sales growth. Sales leverage and
tight control of costs contributed to
the increase in US operating profit.
In the UK like for like sales
increased by 4.2% and operating profit
was up on last year before the
non-recurring #1.7million restructuring
charge.

ICV Edited News from Dow Jones
1236 GMT Nov 23 2004

[maut too] 23/11/2004 12:53

I have been tracking these for a week or two waiting on the figures - I like what I read and bought a few at sub 104.75

[eithin] 23/11/2004 12:35

Figures looking OK. Get in for an x-mas pressie. 120p for x-mas.

Terry Burman, Group Chief Executive, commented: "We are pleased with the Group's
performance for the first nine months of the year. Further progress was made in
the third quarter against the background of challenging trading conditions.

In the nine month period, Group profit before tax increased by 25% at constant
exchange rates. The US division again outperformed its main competition with
6.8% like for like sales growth. Sales leverage and tight control of costs
contributed to the increase in US operating profit. In the UK like for like
sales increased by 4.2% and operating profit was up on last year before the
non-recurring #1.7million restructuring charge.

While our businesses on both sides of the Atlantic face demanding comparatives
they are well positioned to compete over the Christmas season."

[eithin] 22/11/2004 14:09

Tony (?). The evening standard man recommended on Bloomberg this am. Feel fairly confident from these levels.

[the dart] 19/11/2004 07:24

I second the motion, £1.04 (LONG)

[eithin] 17/11/2004 16:39

Count me in from today. 104.97p.

[aos] 17/11/2004 16:35

mythicalman -I would have thought that getting listed on the NYSE would have helped the share price, but obviously not. Even the merger of two large department store chains in the US did not seem to stir us into action. Well, we can hope for more action tomorrow? Happy investing to you ;) By the way, are we the only two shareholders in the company. Looking at this bulletin board, there is so little activity.

[mythicalman] 17/11/2004 16:14

Signet chart shows Trading Cup with Handle.

(£1.16-0.60p)+(£1.16p) = Target of £2.33p

looks like a rally to new high coming

[aos] 12/11/2004 10:05

Hi Folks, could this be the start of our meteoric rise soon. The RNS was released at 09:52 this morning. I noticed that there were 2 buys, each of 1 million, shortly before the announcement.

RNS Number:1597F
Signet Group PLC
12 November 2004

Signet Group plc

(LSE: SIG and Nasdaq NMS: SIGY) November 12, 2004

SIGNET GROUP PLC - NYSE LISTING INVESTOR DAY
AND STORE TOUR
London - Signet Group plc (LSE: SIG and Nasdaq NMS: SIGY), the world's largest
specialty retail jeweler, will host a US Investor Day and Store Tour for
investors and analysts in New York on Monday, November 15. The event will mark
Signet's New York Stock Exchange listing on the following day, November 16.
Members of senior management will present a review of Group strategy and US
operations, followed by a tour of the Kay Jewelers store in the Queens Center.
The presentations will be made available via live webcast and replay on the
Group web site (www.signetgroupplc.com) from 1:45 p.m. EST (6:45 p.m. GMT) on
November 15.

Note: As of November 16, 2004, it is expected that Signet Group plc ADSs will be
listed on the NYSE under the ticker symbol "SIG." No new shares are to be issued
in conjunction with this listing. Signet ordinary shares trade on the London
Stock Exchange under the ticker symbol "SIG."

[master rsi] 03/11/2004 14:29

SIG 108.50-108.75p +2p

steady up today with volume 25.3M

[master rsi] 28/10/2004 09:01

Agincourt

do we know who is loosing money then ?

slowly rising again, and now is a week of that 108.25-108.50p +0.50p

[agincourt] 27/10/2004 11:34

Another one that JAK is shorting eh Hayestack?

[haystack] 27/10/2004 11:26

This certainly looks like it is going nowhere, but down

[master rsi] 26/10/2004 20:50

another day of good volume buying and on the up again

small but steady rise every day since last Friday.


Much the same picture at the ADR's on the US