Stanley Gibbons Share Discussion Threads

[gbh2] 04/10/2016 09:19

Looks like someone thinks its a bargain .

[waldof] 04/10/2016 09:01

Who the hell is buying all this stock....some big buys..cannot all be dippy pi's surely?

[gbh2] 04/10/2016 08:55

"old mate of Harry's"

I think you'll find that the vast majority of Board members are "old mates" that's how Job Networking works.

[deanroberthunt] 04/10/2016 08:43

the end game...it's insolvent

[graham1ty] 04/10/2016 07:06

New non exec. Head of audit committee. Ex senior partner of KPMG ? Amazingly overqualified genius to sort out this mess ?

No, and old mate of Harry's from an oil company, then Insingers. Hardly the highest quality. Do not know the bloke, and he may be brilliant. However, not the most appropriate background ?

[graham1ty] 04/10/2016 07:04

Superior, this is not a binary bet. At these levels is still worth £20m. If it was £5m Imwould agree with you. But the downside remains unknown, possibly the whole way to zero. And, until they prove they can actually trade stamps, at a profit, then there is no upside. What worried me yesterday ( among many many things) was that there was no current trading statement. So we still do not know, over six months into the new financial year, whether they are trading at a profit, or selling stock to raise cash.

Your gamble would need 300-400% upside for the risk. But it would be a £60-80m market cap by then.....and it is not worth that. In fact, in a couple of years time if it is back to say £40m market cap, everyone would be over the moon. And that is only just over 20p. This used (partly) to be an asset play, but they have just shown that the assets are worth far far less than thought.

[superiorshares] 03/10/2016 23:38

could be close to gambling time ?

[sikhthetech] 03/10/2016 10:16

A lot to take in...
They have made a lot of adjustments...
Question is this a new base to build on or wait for interims?

Going forward, will the market for rare collectibles continue to be strong... and will SG remain as a strong brand...
Haven't bought yet but considering it...

[gbh2] 03/10/2016 09:49

Not exactly a rush for the door by major holders so I'll hang on in and see if they can keep the savings adding up and flog a bit of their stock.

[konkel] 03/10/2016 08:33

Next stop...zero!

[tsmith2] 03/10/2016 08:24

In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the Group's ability to continue as a going concern. The Group has reported a net loss for the financial year of £29.3 million. This, together with the other matters explained in note 2 to the financial statements, indicates the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.Dear me

[njw2] 03/10/2016 08:11

As I said, someone in the city was pumping the life out of this. More pumping than an old brass down commercial street. That was warning bells for me. A lot of people due to that are long from 14 p plus and probably on margin as well so wouldn't be surprised to see a strip down orchestrated by the market stop them all out at some point.

[jim digriz] 03/10/2016 07:49

Graham1TY - the closest I can see to a statement about current trading is:

"Interiors was first to enter the restructuring phase, in January 2016, and the division has recently stabilised at the operating level, will move into the new Pall Mall premises before the end of the year and management is hopeful that, as the effects of the cost-cutting come through, it will be better positioned to trade profitability by the end of the financial year."

which might imply "not yet profitable", which is fairly obvious anyway...

DYOR

[brwo349] 03/10/2016 07:44

Emphasis of matter - Going concern

In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the Group's ability to continue as a going concern. The Group has reported a net loss for the financial year of £29.3 million. This, together with the other matters explained in note 2 to the financial statements, indicates the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.

[jim digriz] 03/10/2016 07:42

Nice kitchen sink job, and possibly a switch to an overconservative policy on the existing investment plan contracts?

"- an increase in the amount of creditors at 31 March 2015, by GBP33.5m, to reflect the revenues that have been written back but some of which is expected to be recognised in future years upon maturity of the plans, and an increase in stock by GBP18.6m to include those items where the Group has a contractual obligation to repurchase them from clients at the end of the investment plan term (notwithstanding that, historically, the majority of clients have not exercised this option at the end of their contract)"

[graham1ty] 03/10/2016 07:38

Can anyone spot any statement on current trading ? Must be there, but cannot see it ? It is after all six months into the year. Is a lot to read.

[graham1ty] 03/10/2016 07:34

This is going to take all day to read and digest. Very good section entitled "What went wrong" .....

[graham1ty] 03/10/2016 07:33

On a first read, they have written down investment contracts, acquisition goodwill and IT costs but NOT stock. Apart from a few items of furniture they could not find ( yes, that is what they say about Mallett) , the stock write down appears to be just £1.3m. So stock remains at £62m. Can they realise value ????!

[brownie69] 03/10/2016 07:31

OMG!

The true extent of the mismanagement and shocking investment decisions is finally revealed.

I would imagine that there must be grounds for an investigation regarding possible criminal charges against the departed board and possibly the previous auditors as well. Inept does not begin to describe it.

[gbh2] 03/10/2016 07:20

What a Sad Mess !!

All down to how the market views the situation now,

[graham1ty] 03/10/2016 07:12

The Market place shut down in September after about ten years of development and probably £10m of investment.....

Mike, what a bloody great mess

[buywell3] 01/10/2016 01:52

Another set of new auditors needed perhaps


2016:

March - Auditors for Stanley Gibbons resign believing the firm’s philatelic investment portfolios expose it to excessive risk.



Market report: Auditors stamp on Stanley Gibbons
Friday 15 July 20162

Stanley Gibbons shares dropped again
New auditors have been looking under the bonnet at stamps and collectibles dealer Stanley Gibbons — and they don’t like what they’ve found.

Shares in the AIM-listed company opened more than 20% down after new auditors BDO decided past accounts overstated revenues and the company warned that “historic reported revenue and profit will be materially reduced”.

[gbh2] 30/9/2016 19:49

Thanks Tom, I had a couple of exchanges some time ago but didn't know he'd gone, mind you that could explain the lack of reply ;)