Stanley Gibbons Share Discussion Threads

[skyship] 14/5/2009 13:50

As per my Post No.374 - target of 130p was hit, so exited and will look to re-enter @ 110p on a possible pullback to the 61.8% FIB retracement level; which could turn out to be the support level of the rising 50day MA:


free stock charts from www.advfn.com

[cambium] 14/5/2009 12:48

must be important its in Capitals!

[masurenguy] 14/5/2009 11:27

"THEN A BLUE LINE COULD BE HIT"

What blue line are you referring to there ?

[buywell2] 14/5/2009 09:50

75p retest suggested by chart

IF FTSE goes La La ALL THE WAY TO 3000 THEN A BLUE LINE COULD BE HIT

[riskblue] 13/5/2009 10:53

But then look at the similarities to the shape of your chart at the start of 2006. I suspect we are more likely to reflect the pattern that follows.

[buywell2] 09/5/2009 12:04

I think the FTSE has got ahead of itself

A correction is on the way and new lows will I believe be hit eg 3000

The chart for this share does not look good

[cambium] 07/5/2009 13:57

Its all lies their is only one type of Cambium, just ask my wife.

LOL Liars

[cambium] 07/5/2009 13:38

m....... Cambium, as in the growing layer of a stem of a plant

[pav 1] 04/5/2009 21:41

CALMBUM, well done......is it calmbum or cambium

[cambium] 04/5/2009 17:54

shame, I thought we'd of seen more speculators in at this price

the pro's were buying

The Company was notified on 30 April 2009 that, following an acquisition of
ordinary shares in the Company on 29 April 2009, Legal & General Group plc
is interested in 1,588,500 ordinary shares in Stanley Gibbons, representing
approximately 6.3 per cent of the issued share capital of the Company

700,000 at 106p, makes my purchase at 95p good value

[skyship] 29/4/2009 08:42

Lucky enough to have bought back in @ 97.35p yesterday - but only 50% of allocation - thought I'd top-up if the Market came off - now will look to add if we pullback to the 100p level!

Still, good timing, as technically the share price should recover January's gap-down. Short-term target 130p.

[cambium] 29/4/2009 08:06

back up to £2 then

[riskblue] 29/4/2009 08:03

Great start to the year. Not clear if this is driven by the change in accounting or purely new business, but hopefully will now start to move.

[trigger45] 29/4/2009 07:18

RNS Number : 3226R
Stanley Gibbons Group Limited
29 April 2009



FOR RELEASE 7AM WEDNESDAY 29 APRIL 2009







THE STANLEY GIBBONS GROUP LIMITED




'the Company'




TRADING STATEMENT







Ahead of the Annual General Meeting to be held later today, the Board of the Company is pleased to update the market with the following Trading Statement:




'Ascommunicated in our trading announcement of 20th March 2009, we have had a strong start to the year. In the traditionally least active first quarter, turnover (unaudited) was up 25% on the same period last year.




We have achieved strong sales to overseas clients as a direct result of our growing network of international sales agents. We intend to nurture these relationships further throughout the year and to continue to add new suitably qualified sales agents across the world.




At a time when the World investment community has learned the painful lesson of why diversification of wealth is critical and banks offer negligible returns on savings, our products, and investment services are well positioned to provide an attractive solution to distressed investors.




Most importantly, sales to collectors have performed well in the first quarter highlighting the stability and strength of the 'market of passion' which underpins our core business and should ensure resilient returns to shareholders on a long term basis.



Strong cash generation from operating activities in the first quarter mean our cash balances are being managed ahead of plan, notwithstanding our continued commitment to acquire the right kind of investment grade philatelic material in the market when opportunities arise.




We have recognised the need to invest in our internet strategy at the right level to accelerate this most important part of our strategy and we are currently strengthening our development team to achieve this aim.




Based on the evident strength in the market from our own customer recruitment and further validated by third party auction realisations in the period, we are confident of our ability to continue to grow both sales and profits for the remainder of the year.




The Company's final dividend of 2.75p net per share will be paid to Shareholders on 11 May 2009 and our interim results for the six months ending 30 June 2009 will be announced on 7 August 2009.'




For further information:




The Stanley Gibbons Group Limited

Michael Hall, Chief Executive [phone]




Seymour Pierce Ltd, NOMAD/Broker

Jonathan Wright [phone]

[riskblue] 15/4/2009 08:43

nice big buy this morning. Not sure what is holding this back now, unless someone is still reducing their position.

[chairman2] 07/4/2009 14:23

Thanks for posting the clarifications to the notes to the accounts.

definitely a more conservative treatment showing a healthy
balance between the marketing driven management and the financial
security and compliance team

[wilmdav] 02/4/2009 15:14

Heard from Mark Henley today.

Q. The Chairman's statement (AR page2) refers to £3.4m of deferred sales relating to extended credit contracts with a 12m buy-back guarantee.

The Financial Review, on page 6, refers to stock held on behalf of clients on extended credit active management investment portfolios, with a total cost of £2.4m. Would it be true to say that this stock and that associated with the deferred sales are one and the same?

A. Yes, this is correct

Q. Would you be willing to explain the nature/terms of the 12m buy-back guarantees?

A. The clients have the option at the end of twelve months to not complete the deals and have their 10% deposits returned. Whilst we have no reason to believe these deals won't crystallise in 2009, as this buy back option exists the Board agreed it was appropriate and correct to not take any benefit in 2008.

Q. The Company's web site contains a page describing a very commendable "client reserve account" for protection against guaranteed minimum return commitments. How long has this been operational and how is this fund accounted for in the balance sheet?

A. It was opened in 2008 and is included in 'Cash and cash equivalents'.

The buy back option includes return of deposit. Seems a bit over the top. Presumably it is a temporary offering to reassure potential buyers in the current economic climate. No wonder the sales have been deferred!

I thought the 'client reserve account' must be new. This excellent policy decision will reassure potential clients and investors (including me) in the Company.

[wilmdav] 01/4/2009 13:54

No reply from Mark Henley in spite of sending a second email amending confusions present in the first. I suppose that might be a considered response to some of the critical bulletin board comments I have made during the past 6 months or so.

Actually I thought bookworm's criticism of parts of my TMF post were justified.

The company website has a page describing a "client reserve account" designed to cover commitments against guaranteed minimum return contracts.



In my email I asked if this was new. I also asked how it was accounted for in the balance sheet.

[bookworm1] 28/3/2009 14:34

Many thanks Chairman for your insights very helpful. I note that the IC write up about the results added that there were two large deals that had just gone through that had earned the company a profit of £1m which added to the deferred sales from 2008 means that Q1 results should be ahead of target. However the H1 results are usually lower than H2 so we will just have to see if they manage to spread out their sales over the year as they said they were attempting to do last year.

[wilmdav] 26/3/2009 12:30

Excellent posts, bookworm and Chairman. I did write to the FD before bookworm posted. No reply yet but I will report back when he does.

[chairman2] 25/3/2009 20:57

Thanks for the interesting posts again guys.

Much is a non-technical discussion and I suspect that
a technical review of the points raised would be just a
tad differrent in tone - and certainly less speculative.

The accounting treatment change is just that - a change
almost certainly dictated by auditors and the relatively new FD.
This is a more conservative accounting treatment of sales than
applied hitherto and I leave it to others to speculate on the
reasons why it was necessary and what it means for any review of
historical practice.

The crux of the issues discussed concern what are known as contingent
sales contracts. These are far more common than investors
generally suppose (the most frequent are "Sales with Reservation of title"
(ownership remains with the seller until the goods are paid for.)
In SGI's case the fact that the stock remains within the firm probably
tipped these contracts to being considered as 'non-sales' from
an accountant's perspective and more in the character of "deposits in
advance of purchase" or even option contracts (a right to buy but de
facto no 'obligation' to complete the purchase,)

Turning to the critical issue of the 3 year versus 12 month credit period
this too is almost certainly mandated by the accountants (FD, Audit
Committee, Auditors - it matters not much which is responsible). The critical
issues here relate to current versus long term debtors and creditors.
Put simply a 12 month sale contract will affect current assets whereas
a 3 year Sale contract is more in the character of a long-term loan.

The second topic which would benefit from a more techical insight is
the very complex issue of the proposed investment fund. The discussions
above set out the position as seen within the company but a viewpoint
from oustide SGI is what is critical here.

It is clear from the results and Michael Hall's various interviews
that attempts over the whole of the past year were focussed on getting
and established and professional fund management group to launch the
planned stamp investment fund. It is equally clear that to the considerable
frustration of the MD that these attempts failed - because of the
conservatism of the industry etc etc when faced with investment into
an unregulated market. The attractions of an established retail fund
management firm which has all the 'black box' tools needed to set up
a legally water-tight, third-party investment fund are obvious. But that
is especially important in the area of selling such a fund either directly
or through intermediaries. SGI has zero experience in what is a very
over supplied field.

Unfortunately for SGI even in the wild-west fronteir of offshore financial
centres the requirements of the various EU "Collective Investments Directives"
have to be met as they have been passed into Law across Europe. These
include an independent trustee to hold on behalf of investors all the physical 'investments'; an independent valuer with regular valuations
reported to investors; disclosure to investors by the 'managers', etc.

When it comes to selling units in the fund intermediaries
are faced with their own different set of regulatory hoops - the
most important of which in practical terms is a potential distinction
between what can be sold to 'retail' investors and what can be sold to
'professional' investors (basically not rich millionaire collectors but
regulated investment professionals.) There are plenty of investment
vehicles on the market that invest in unregulated investments so stamps
are not unique in this respect - but most of them target professionals.

I think I have said enough to show that this is no easy task - and it is especially tricky for SGI which appart from wanting to be 'manager' of
the fund appears to want to be all the other things as well. (They can't).
It is indeed fortunate that Martin Brailsford the Chairman has direct
involvement non-executive) with fund management companies on Guernsey.
But even with his background it is interesting that over several years
SGI has not been able to get a rare stamps fund off the ground - yet.