Syndicate Asset Management Share Discussion Threads

[oolaboob] 11/2/2010 17:43

G1
Sell or another worked buy? Given the last few weeks trades I'd say a worked buy and the fact the mm's didn't budge as such.

Either way it's in the price now but someone's hoovering (as has been said before)

[g1dvg2] 11/2/2010 17:32

Anybody got any ideas on this 39m sell at the end of the day?

[goatman] 11/2/2010 10:31

Hi guys.

I dipped my toe in this share yesterday. Ichy, I hope you are right. Looking at yesterday's trades as shown on ADVFN, my buy is the only one showing in a sea of sells!!!

G

[itchycrack] 11/2/2010 09:52

Someone is clearly hoovering up all these sells...something brewing :-)

[timbuck2] 10/2/2010 22:20

this may have been touched upon already

this is an RNS from last october................

Termination of Potential Offer Talks
The Board confirms that all approaches were rejected a number of weeks ago and since then the Company has not had any contact with any possible offeror. Accordingly, the Company announces that it is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers

[asa8] 10/2/2010 19:35

cheers for that nod just got in regards asa8

[mistryman] 10/2/2010 12:06

In the short term I can see this going up to arround 3p.

[loverat] 10/2/2010 11:57

Nope - there may be something to it and I guess that is what attracted all the interest. I have seen very high volume days here before news - not always necessarily good news too. Someone mentioned the possibilty of a bid - that is possible I suppose but I wonder at what price if one came. If the last bid was 6p then would anyone offer this amount now, even without the debt?

[itchycrack] 10/2/2010 11:48

I agree Stinto, there's definitely something going on in the background, looks like stakebuilding to me ahead of another possible takeover attempt. These large buys have been happening over the past few weeks, and are in the many millions of shares, not just a few hundred thousand. All IMHO of course, DYOR etc.

[stinto] 10/2/2010 11:46

Loverat, can you explain the huge buys yesterday though?
They weren't PI's buying in those quantities.

[loverat] 10/2/2010 11:44

I just get the feeling that this is a false rise and will settle back to previous levels. Also surprised there is so much interest here now - even from those on the CR thread when these were far cheaper last year. Just shows that often the best gains can be made before the herd arrives.

[loverat] 10/2/2010 10:24

All I am really saying AW is that I was trading this at a market cap as little as 3Million at a share price similar to today's.

Therefore to me, even taking the debt into account they are expensive.

[amazon_woman] 10/2/2010 10:23

We were comparing oct 08 on the big fall when it bounced around the 20p level, with now if they hit 3p then they were a bargain but lots of shares fell to ridiculous levels.

I bought on the back of the big buyers who are looking forward. Not getting too bogged down.

These kind of businesses are difficult to value as we never know what is going on behind the scenes. There would not seem to be too much risk at this level but who knows how high it will go.

Nothing else to say just going to see how it plays out now.

GL

[loverat] 10/2/2010 10:18

AW

Point taken but the shares actually fell from around 80p to 10p over a few days in late 2008. They went up a bit and then down as far as 3p in the first half of 2009. This was before all the dillution. Therefore you cannot use 20p as I was trading this stock on many occasions well below 10p.

Look back at the lowest price this fell to with the market cap at 132M and tell me I am wrong.

[itchycrack] 10/2/2010 10:09

Up we go again......... :-)

[nod] 10/2/2010 09:41

asa8 - have a read through the previous threads that cover the period from 2008 on (links below). There's very important information in there. There are not many posts as there was little interest in SAM back then.

I was following SAM because they had acquired funds that I had held for nearly 20 years (originally Rothschild Asset Management).

[amazon_woman] 10/2/2010 09:34

That's ok they are a bit difficult to interpret, I had to go back quite a bit but overall the above is correct.

There is obviously some corporate activity going on judging by the recent buying so we just need to wait and see what is going on.

AW

[lord gnome] 10/2/2010 09:34

So what value would you place on SAM now AW?
1% of FUM? If so, there is scope for SAM to double, but somehow I doubt it and I don't believe bid talk.

[owenski] 10/2/2010 09:27

Apologies for my apparent incorrect figs, were taken from last results

[amazon_woman] 10/2/2010 09:14

The last fund raising was to pay off debt so you cannot just compare market caps

AW

[amazon_woman] 10/2/2010 09:12

loverat in 2008 there were 132m shares in issue which equated to a market cap of arounf £26m at the time when the share price was around 20p, just after the fall it fell further. The funds under management then were around 5.8bn. They also had massive debt. Around £16m from the interims in 2008.

Now there are 1,804m shares with a market cap of around £43m FUM of £6.4bn plus £2bn from a recent acquisition so £8.4 bn.

If you compare MC with FUM we are not far out from 2008 but we now have NO debt.

You can't simply compare the figures from each year as you are not comparing like with like. SAM has historically raised funds for acquisitions so the basis for valuing the business change each time.

At 20p we were facing armeggedon and priced to go bust.

At 2.4p with no debt and NOT facing armeggedon we are undervalued. The funds under management are also some 50% higher.

Brief summary and I know the share price went lower etc but I hope that helps.

2008 mc 26m fum 5.8bn at time of market crash and lots of debt

2010 mc 43m fum 8.4bn at time of market recovery No debt


AW

[lord gnome] 10/2/2010 09:09

Shares in issue 1.8 billion (yes, that's 1,800,000,000) market cap £43 million. I bought into these on a whim - silly me. I now just want to get out with my shirt. These are fully valued on known fundamentals and I can't see much scope for making a profit.

[owenski] 10/2/2010 09:07

circa 522m shares
circa 12.8m mcap
Dont take my figs as gospel, too early in the morning for me

[loverat] 10/2/2010 08:04

asa8

If I remember correctly I think there were around 130 million shares after the big fall and I was trading them as I thought they were cheap at the time. Again, not too sure but I think the market CAP around the lows was 3 million or so.

Now the shares in ciirculation look to be over 10 times that amount and the market CAP around 42 million. Sorry, my figures are from memory and very rough but nod might be able to confirm or correct.

That is why I would be surprised if this goes above 3p. Yes they have paid the debt but I don't regard them as particularly cheap.

[asa8] 10/2/2010 07:56

aw im only asking u seem to be on all these boards all day u no what your on about i cant seem to find that information on this share regards asa8