Tclarke Share Discussion Threads

[justthemoney] 06/7/2011 17:08

Reinvested dividends.

[pifedayo] 30/6/2011 11:47

Down on LSE but up on PLUS .... interesting.

[jonwig] 28/6/2011 12:43

Monkey ... it is a bit extreme, but that's the way things go in the construction sector.

COST has MCap of £140m and T/O of £920m, for example.

[monkey puzzle] 28/6/2011 10:42

£34m market cap v turnover of £180M...wtf is going on here?

[huttonr] 23/6/2011 10:28

Yes - probably the most likely !

[jonwig] 23/6/2011 10:13

Henderson are just sloppy, maybe?

[huttonr] 23/6/2011 09:42

jonwig - yes, I do find it somewhat opaque

However, I compared the Henderson RNS to the AXA RNS (Nov 2010) as I was thinking on the same lines as you, but section 9 is blank in the Henderson so ?

[jonwig] 23/6/2011 09:16

Huttonr ... this new RNS format for holdings is confusing, isn't it!

If you look at sections B and C on 'Qualifying Financial Instruments' you'll see these are blank. Things like CFDs and such count, but I don't think options do.

I think the clue is that they have become 'Indirect Holdings' - ie. held by clients of HGI or, more likely, by funds managed by HGI. So my reading is that HGI held the shares as beneficial owners then bought more and transferred them all to one or more of their funds. Anyone following their funds would pick this up next time the fund reported.

[effortless cool] 23/6/2011 09:09

No, they have simply bought some more shares.

[huttonr] 23/6/2011 09:06

I've just looked at the Henderson RNS - it seems to me that they have sold their shares and retained voting rights (possibly via a call option?) on a slightly larger number. So, probably reduced their financial involvement but kept an interest at lower cost in case there is bid activity?
Does anyone else agree with this view?

[geoff44] 23/6/2011 07:15

Looking good, great vfm divi still good. Strong order book. great investment.

[lord gnome] 21/6/2011 16:31

Afternoon all. I've just joined you and purchased my first stake here at 85p. Looks to have bottomed out. Assuming a reduced interim divi of around 2.25p, the yield still looks healthy. The company isn't going bust and potentially we will have a good recovery story in the next 12 months or so. Sounds convincing? Good enough for me anyway. I also liked Henderson upping their stake.

[jonwig] 21/6/2011 15:26

Henderson increases to 4,464,074 10.78% (figure in above post taken from AR hence not latest before today's RNS).

[jonwig] 19/6/2011 12:09

hvs - the directors aren't particularly loaded up and couldn't really fight one off:

R.H. Campbell ... 35,000
B.A. Stewart .... 21,000
M. Lawrence ..... 10,000
R.J. Race ........ 6,000
M.C. Crowder ..... 4,000
I. McCusker ...... 2,000
M.R. Walton ...... 2,000

Insti holdings make up over 40%:

AXA S.A. ................ 9.72% 4,025,249
Liontrust ............... 5.15% 2,130,228
Henderson Global Invs.... 5.14% 2,127,502
Legal & General Inv...... 3.91% 1,619,415
Walker Cripps Weddle Beck 3.67% 1,518,541
Barclays plc .............3.55% 1,468,812
DG Robson ................3.50% 1,451,906
TD Waterhouse (Europe)....3.12% 1,290,989
Brewin Dolphin Securities 3.01% 1,245,988

Why wait till autumn?

[hvs] 19/6/2011 09:41

It is very undervalued and could a bid target in the autumn.

[muangsing] 17/6/2011 14:58

jonwig

If you look note 5 in the prelims under the para

Underlying earnings per share

it gives the items amounting to £1.3m

ie the difference between operating profit of £6m

and underlying operating profit of £7.3m

Regards

[jonwig] 17/6/2011 12:45

MS - yes, of course. What I can't get from the reconciliation note is the £7.3m underlying profit. It's probably somewhere in the AR, but I must admit I haven't looked very closely.

[muangsing] 17/6/2011 12:17

jonwig

Thanks for your reply but I have to disagree.

note 8 begins with

profit from operations 6,017

depreciation 697

(depreciation is a non cash debit/expense so is added back to cash flow)

pension scheme credit (805)

(is a non cash credit /income so is deducted from cash flow)

to get to operating cash flow.

So it seems to me a pension credit has increased income by £807k as depreciation has reduced income by £697k

I don't have the accounts but possibly the debit of this entry has gone to the balance sheet in Note 21. Pension accounting is hard enough to understand in theory and is made doubly difficult because not all is dislosed in the accounts.

I agree with comment re how the share price is holding up

Regards

[jonwig] 17/6/2011 11:24

MUANG SING -

The item is also on Note 21 on p95 of the Annual Report. You'll see it says:

Defined benefit pension scheme credit .... (805)

- so it's a debit, ie. a loss. (Which is what we'd both have expected?)

By the way, an optimist would say the share price is pretty stable considering the way the market is behaving. I'll be looking to add I think.

[muangsing] 16/6/2011 20:14

If anyone can shed any light.

In the RNS dated 18/3/11 Final Results

note 8 wrt cash flows

defined benefit pension scheme credit (805) is a non cash credit ie profit.

Am I right in assuming that of the underlying operating profit of £7.3m,
greater than 10%, ie £805k, is made up of this accounting profit? And this
despite the fact that the pension fund is in deficit by over £9m

Regards

[one for the money] 10/6/2011 08:35

Glad to see the share price has gone up based on that, M'lord

[lord gnome] 09/6/2011 11:24

Confirmed - CTO out of FTSE All Share index.

[bench2] 04/6/2011 15:34

Pug and Golly you could get your wish CTO , Chas taylor and VP , all being booted out of the FTSE All Share at the end of June ... the first two because they are now both too small for FTSE Small Cap , will go to Fledgling index . VP fails on liquidity grounds ... it does not trade enough daily volume . The Index funds will dump these 3 stocks ... mkt knows this which is why they are all so weak . LTerm value contrarians love these situations .

[pifedayo] 03/6/2011 18:39

I tend to agree with the last two posts, but CTO is still a good company with a long established reputation.
I intend to hold through the downturn.

[goliard] 03/6/2011 16:39

About time too! Been waiting patiently for this to go below 80p. Still some way to go before I would be comfortable buying. There seems to be a lot of negativity in all sectors, especially construction at present, so it is hard to know where this could fall to.