Speymill Share Discussion Threads

[1waving] 07/6/2010 11:51

From last interims, £1.705m drawn down from £3.3m available

'Financial position
Our Chief Executive, Bob MacDonald, and I reconfirmed
our commitment to Speymill by making a loan facility
of £3.3 million available to the Group at the beginning
of 2009 in order to provide it with a solid basis for
restructuring and to give it the ability to continue to
trade strongly. Group has drawn down only £1.705
million of the facility to date. Group has the right to
convert this loan into cumulative convertible preferred
shares as part of a public offering in which all the
existing shareholders of Speymill would be invited to
subscribe on the same terms (see note 8).'

Annual results should clear a few things up if they do get them out by the end of June -- If not, suspension until results posted !!

[titeuf_int] 07/6/2010 10:26

Here are some further information on SYG that you guys might find useful :

1) As you know the group has negative equity and got a 3 million loan from Mellon and Co.

"The Loan will be applied as working capital for the Group and Speymill Contracts Limited ("Speymill Contracts"). It is however currently the intention of the Board to convert the Loan into convertible preferred shares as part of an offer in which all shareholders of Speymill will have the opportunity to participate. Further announcements will be made on this in due course."

This loan finishes on 30/06/2010 !! So how is it going to be repaid ??

There will definitely be an equity raising whatever the outcome of teh SDIC issue => share price to fall further.

2) The group has not issued any annual results for 2009 !! Why do you think that is ? Under AIM regulation, they have 3 weeks to do so or be delisted !!
SO there is a huge risk of the group being delisted after the results of the strategic planning.

[jeffian] 07/6/2010 08:39

Looks like someone's noticed Friday's RNS!

[envirovision] 06/6/2010 15:49

Certainly you have a deranged sense of humour my friend.

Do you know what, sadly I can quite imagine your telling the truth, do you care to elaborate.

[machiavellianindian] 06/6/2010 13:18

notice the word "begs" - ROFLMAO and as 'for knowing nothing about the share' erm my dad wrote the business plan and one did his OWN research :)


anyway, horizontal now buyeeeeeeeeeeeeeee

[envirovision] 06/6/2010 13:11

I was just reading this thread, its quite funny how some posters or in this case windjammer are so far detached from the reality here. It begs the question why buy and hold shares that you know nothing about?

[jeffian] 06/6/2010 13:02

Special Dividend???!!! You are joking, right?

This serial loss-making contractor-trying-to-pretend-it's-a-fund-manager has negative equity, bleeds cash and is only prevented from breaching its banking covenants by a loan from its own CEO.

If it pays any divi - 'special' or otherwise - I'll eat my pants.

[scburbs] 06/6/2010 09:33

W1ndjammer,

I am not familiar wind the December 2007 valuation. However, helpfully there is a more recent June 2008 valuation of £1.6m!

"Speymill purchases remaining 49% of GOAL Service GmbH

The proposed consideration will consist of an immediate cash payment to Mr. Lanz of €1 million (approximately £797,000), with a further deferred component (the 'Performance Fee'), which is subject to an upper limit and which will only become payable to Mr. Lanz in the event that the underlying SDIC funds have achieved an average annual compound growth rate of over ten per cent. from the time of their launch in 2006 until March 2013 (the 'Relevant Period')."

[w1ndjammer] 06/6/2010 08:26

jeffian

december 2007 GOAL was valued at about £7,000,000
since then they have expanded and added value
SDIC are making an a aqusition so they intend to pay for
GOAL lets say £9,000,000
that means we as shareholders should get a special dividend.
which is what happend over at EML another Jim Mellon company
they just recieved a nice payout .

WJ.

[jeffian] 05/6/2010 14:46

Surprised there wasn't more of a reaction to Friday's RNS -

"The Company confirms that the board of Speymill ("the Board") has reached an
advanced stage in negotiating heads of terms with the board of SDIC ("Heads of
Terms") in relation to the termination of the Investment Management Agreement..."

SDIC shares plunged further (mind you, they've got plenty worse problems) but SYG shareholders don't seem to have taken on board that they are losing their management contract. Formerly a struggling building contractor, SYG was ramped up on the prospect of all the fund management fees it was going to generate. Well they lost Macau (I think?) and now SDIC. Looks like they're on their way back to being just a struggling building contractor.

[nickcduk] 22/9/2009 11:31

Its not really panned out as it should have. Took my losses a long time ago after management decided to screw shareholders over with their bonus scheme. Nothing in the results to really excite. Speymill contracts still a huge liability which dwarfs anything good in the company. Not sure why management don't delist.

[jeffian] 22/9/2009 10:45

From the Interims out today -

"Highlights of the period

● Profit before tax for the half- year of £0.65 million (2008: £3.19 million)

● Group's property fund management and property services divisions delivered profits before tax of £1.3 million (2008: £2.8 million) and £0.94 million (2008: £0.76 million) respectively

● Group continues to execute its plan to downsize and restructure Speymill Contracts

● Speymill Contracts made a loss before tax of £1.28 million (2008: loss £0.34 million)


I see not a lot's changed in the last 3 1/2 years then!



"jeffian - 19 Apr'06 - 09:28 - 148 of 338 edit
........After all the hype, the reality is that this is a company still in transition. A lot of the prospects are already in the price and the jury's still out about the end result. They're valued at £30m for £13m turnover, operating losses and negligible assets. Yes, there's hope in the fund management side, but that's yet to be achieved and the formerly core - and still substantial proportionately - business of contracting is unexciting on both current performance and reported prospects."

[kibes] 17/8/2009 19:47

Sleepy - I don't know how much they get but I note that they are struggling to find the odd million quid whereas Jim Mellon (reported as worth £500 million) puts his money into SDIC? I guess he knows where to put it as he seems to be the main man for both.

[sleepy] 17/8/2009 16:39

Market cap 15m? I think it gets something like 10m pa for managing SDIC?

[kibes] 17/8/2009 16:27

Don't really understand the basis for valuing this, it doesn't own any property just manages it. All the German property is owned by Speymill Deutsche (SDIC) a separately listed company which with more than £1 billion of assets looks more interesting to me.

[1waving] 11/5/2009 12:52

Big moves on small increase in volume but the volume is still relatively light. Maybe a few are aware of something or maybe just the fundamentals reasserting themselves. The Speymill contracts issue seems to have been sorted so the worst is over and it could just be the fundamentals coming back into play.

[staffjam2] 08/5/2009 17:34

Well - this is certainly nice to see. Any ideas for the rise?

[1waving] 03/4/2009 08:55

If they have the info to produce a set of results, they should also be able to come out of suspension.

[1waving] 03/4/2009 08:05

Results on the 7th April

[mblago] 26/1/2009 15:54

I'm sure it won't be the last of his so called tips to go to the wall, I now know why I cancelled my subscription on T1ps, it can only have a few die hards left. Your right adyfc, he should carry a wealth warning on his forehead.

[jeffian] 23/12/2008 10:07

Ahem! As I was saying in 606 above and 2 years ago............ (I'm afraid that to those of us who have been in the business, this is not a huge surprise.)

"Speymill plc ('Speymill' or the 'Group')

Trading Update

........On 24 November, the Company announced that complexities relating to the outcome of a small number of projects at Speymill Contracts had led the Board to conclude that the outlook for that company's 2008 results was uncertain. The Board is now of the view that the effect of these issues is estimable and, combined with further slippages and write-offs on other projects, will reduce the Group's profit before tax for the year ended 31 December 2008 to around breakeven before an exceptional charge for goodwill (see below).

The expected losses at Speymill Contracts that are anticipated for 2008, coupled with management's expectations for that business in 2009, have led the Board of Speymill to conclude that goodwill capitalised on the Group balance sheet that is attributable to its investment in Speymill Contracts, in the amount of £944k, is materially impaired and that a charge against profits for the year ended 31 December 2008 is necessary in order to reduce its carrying value to an appropriate amount. The effect of this charge is likely to create an overall loss before tax for the Group in 2008.

On 24 July 2008, the Board announced that a major client had informed Speymill Contracts that certain development contracts, that had already been awarded to that company, had been deferred until the early part of 2009. The Group has now been informed that, due to the continuing downturn in economic conditions in the UK, these contracts have been cancelled. This matter does not create a further negative impact on the trading performance of Speymill Contracts or the Group for the financial year ended 2008, but will result in a material reduction of profit before tax for Speymill Contracts in 2009."